Document:

EX-4.7

 Exhibit 4.7 
  

 
  

L BRANDS, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Trustee 
  

 
 Indenture 

Dated as of [                    ]

  
  

Subordinated Debt Securities 
  

 
  

 

 This Cross Reference Sheet, showing the location in the Indenture of the provisions inserted pursuant to Section 310-318(a), inclusive, of the Trust Indenture Act of 1939, is not to be considered a part of the Indenture. 

TRUST INDENTURE ACT CROSS REFERENCE SHEET 
  

			
	 Sections of Trust Indenture Act
	  	 Sections of

Indenture

	310(a)(1)	  	10.05
	310(a)(2)	  	10.05
	310(a)(3)	  	Not Applicable
	310(a)(4)	  	Not Applicable
	310(b)	  	10.06
	310(c)	  	Not Applicable
	311	  	10.09
	312	  	9.03
	313	  	9.01
	314(a)	  	9.02
	314(b)	  	Not Applicable
	314(c)	  	14.03
	314(d)	  	Not Applicable
	314(e)	  	14.03
	315(a)	  	10.02(a)
	315(b)	  	10.03
	315(c)	  	10.02
	315(d)	  	10.02
	315(e)	  	6.08
	316(a)	  	6.06 and 7.03
	316(b)	  	6.07
	317(a)	  	6.03 and 6.04
	317(b)	  	5.03
	318(a)	  	14.04

  
 i 

 TABLE OF CONTENTS1 

 
  

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	Definitions	  	 	1	  
	
	ARTICLE 2	  
	SUBORDINATED DEBT SECURITY FORMS	  
			
	 Section 2.01.
	 	Forms Generally	  	 	11	  
	 Section 2.02.
	 	Forms of Subordinated Debt Securities	  	 	11	  
	 Section 2.03.
	 	Form of Trustee’s Certificate of Authentication	  	 	11	  
	
	ARTICLE 3	  
	THE SUBORDINATED DEBT SECURITIES	  
			
	 Section 3.01.
	 	Amount Unlimited; Issuable in Series	  	 	12	  
	 Section 3.02.
	 	Denominations	  	 	15	  
	 Section 3.03.
	 	Execution, Authentication, Delivery and Dating	  	 	15	  
	 Section 3.04.
	 	Temporary Subordinated Debt Securities	  	 	18	  
	 Section 3.05.
	 	Registration, Transfer and Exchange	  	 	18	  
	 Section 3.06.
	 	Mutilated, Destroyed, Lost and Stolen Subordinated Debt Securities	  	 	21	  
	 Section 3.07.
	 	Payment of Interest; Interest Rights Preserved	  	 	21	  
	 Section 3.08.
	 	Persons Deemed Owners	  	 	23	  
	 Section 3.09.
	 	Cancellation	  	 	23	  
	 Section 3.10.
	 	Computation of Interest	  	 	23	  
	 Section 3.11.
	 	Cusip and ISIN Numbers	  	 	24	  
	 Section 3.12.
	 	Payment in Currencies	  	 	24	  
	
	ARTICLE 4	  
	REDEMPTION OF SUBORDINATED DEBT SECURITIES; SINKING FUND	  
			
	 Section 4.01.
	 	Applicability of Right of Redemption	  	 	27	  
	 Section 4.02.
	 	Notice of Redemption	  	 	27	  
	 Section 4.03.
	 	Selection of Subordinated Debt Securities on Partial Redemption	  	 	28	  
	 Section 4.04.
	 	Deposit of Redemption Price	  	 	29	  
	 Section 4.05.
	 	Subordinated Debt Securities Payable on Redemption Date	  	 	29	  
	 Section 4.06.
	 	Subordinated Debt Securities Redeemed in Part	  	 	29	  
	 Section 4.07.
	 	Applicability of Sinking Fund	  	 	30	  
	 Section 4.08.
	 	Mandatory and Optional Sinking Funds	  	 	30	  
	 Section 4.09.
	 	Application of Sinking Fund Payments	  	 	31	  

  

	 	1 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 ii 

							
	
	ARTICLE 5	  
	COVENANTS	  
			
	 Section 5.01.
	 	Payment of Principal and Interest	  	 	32	  
	 Section 5.02.
	 	Maintenance of Offices or Agencies	  	 	32	  
	 Section 5.03.
	 	Money for Subordinated Debt Security; Payments to be Held in Trust	  	 	33	  
	 Section 5.04.
	 	Corporate Existence	  	 	34	  
	 Section 5.05.
	 	Annual Statement Concerning Compliance with Covenants	  	 	34	  
	 Section 5.06.
	 	Compliance with Covenants and Conditions May Be Waived by Holders of Subordinated Debt Securities	  	 	34	  
	
	ARTICLE 6	  
	REMEDIES	  
			
	 Section 6.01.
	 	Events of Default	  	 	37	  
	 Section 6.02.
	 	Acceleration of Maturity on Default; Waiver	  	 	38	  
	 Section 6.03.
	 	Collection of Amounts Due and Suits for Enforcement by Trustee	  	 	39	  
	 Section 6.04.
	 	Trustee Appointed Attorney-in-Fact for Holders to File Claims	  	 	40	  
	 Section 6.05.
	 	Application of Moneys Collected by Trustee	  	 	40	  
	 Section 6.06.
	 	Holders May Direct Proceedings and Waive Defaults	  	 	41	  
	 Section 6.07.
	 	Limitations on Right of Holders to Institute Proceedings	  	 	42	  
	 Section 6.08.
	 	Assessment of Costs and Attorneys’ Fees in Legal Proceedings	  	 	42	  
	 Section 6.09.
	 	Rights and Remedies Cumulative	  	 	43	  
	
	ARTICLE 7	  
	ACTIONS BY HOLDERS	  
			
	 Section 7.01.
	 	Actions by Holders	  	 	43	  
	 Section 7.02.
	 	Instruments	  	 	44	  
	 Section 7.03.
	 	Determining Principal Amount of Outstanding Subordinated Debt Securities	  	 	44	  
	 Section 7.04.
	 	Revocation by Holders of Consents to Action	  	 	45	  
	
	 ARTICLE 8
	   

	SUCCESSOR CORPORATION	  
			
	 Section 8.01.
	 	Company May Not Consolidate, etc., Except Under Certain Conditions	  	 	45	  
	 Section 8.02.
	 	Successor Corporation or Limited Liability Company to be Substituted	  	 	46	  
	 Section 8.03.
	 	Documents to be Given to the Trustee	  	 	46	  
	
	ARTICLE 9	  
	REPORTS BY THE COMPANY AND THE TRUSTEE; HOLDERS’
LISTS	  
			
	 Section 9.01.
	 	Reports by Trustee	  	 	46	  
	 Section 9.02.
	 	Reports by the Company	  	 	47	  
	 Section 9.03.
	 	Holders’ Lists	  	 	47	  

  
 iii 

							
	
	ARTICLE 10	  
	CONCERNING THE TRUSTEE	  
			
	 Section 10.01.
	 	Acceptance of Trusts Upon Specified Conditions	  	 	49	  
	 Section 10.02.
	 	Duties of Trustee in Case of Default	  	 	52	  
	 Section 10.03.
	 	Notice to Holders of Defaults	  	 	53	  
	 Section 10.04.
	 	Resignation of Trustee and Notice Thereof	  	 	53	  
	 Section 10.05.
	 	Qualifications of Trustee	  	 	54	  
	 Section 10.06.
	 	Disqualification of Trustee by Reason of Conflicting Interest	  	 	54	  
	 Section 10.07.
	 	Appointment of Successor Trustee	  	 	54	  
	 Section 10.08.
	 	Merger, Conversion or Consolidation of Trustee or Transfer of its Corporate Trust Business; Authentication of Subordinated Debt Securities by Successor Trustee	  	 	56	  
	 Section 10.09.
	 	Trustee May Rely on Officers’ Certificate	  	 	56	  
	
	ARTICLE 11	  
	SATISFACTION AND DISCHARGE	  
			
	 Section 11.01.
	 	Discharge of Indenture Upon Payment of Subordinated Debt Securities	  	 	57	  
	 Section 11.02.
	 	Discharge of Indenture Upon Deposit of Moneys	  	 	57	  
	 Section 11.03.
	 	Discharge of Certain Indebtedness Upon Deposit of Moneys	  	 	58	  
	 Section 11.04.
	 	Termination of Certain Obligations Upon Deposit of Moneys	  	 	59	  
	 Section 11.05.
	 	Certain Deposits With the Trustee To Be Held in Escrow	  	 	59	  
	 Section 11.06.
	 	Repayment to Company	  	 	60	  
	 Section 11.07.
	 	Reinstatement	  	 	60	  
	 Section 11.08.
	 	Indemnity for Government Obligations	  	 	61	  
	 Section 11.09.
	 	Deposits of Foreign Currencies	  	 	61	  
	
	ARTICLE 12	  
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  
			
	 Section 12.01.
	 	Liability Solely Corporate	  	 	61	  
	
	ARTICLE 13	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 13.01.
	 	Without Consent of Holders, Company and Trustee May Enter Into Supplemental Indentures for Specified Purposes	  	 	62	  
	 Section 13.02.
	 	Modification of Indenture by Supplemental Indenture with Consent of Holders	  	 	63	  
	 Section 13.03.
	 	Trustee to Join in Execution of Supplemental Indenture	  	 	65	  
	 Section 13.04.
	 	Effect of Supplemental Indenture	  	 	65	  
	 Section 13.05.
	 	Matters Provided for in Supplemental Indenture May Be Noted on Subordinated Debt Securities, or New Subordinated Debt Securities Appropriately Modified May Be Issued in Exchange for Outstanding Subordinated Debt
Securities	  	 	65	  

  
 iv 

							
	 Section 13.06.
	 	Supplemental Indentures to Conform to Trust Indenture Act	  	 	66	  
	
	ARTICLE 14	  
	SUBORDINATION	  
			
	 Section 14.01.
	 	Agreement to Subordinate	  	 	66	  
	 Section 14.02.
	 	Default On Senior Indebtedness	  	 	66	  
	 Section 14.03.
	 	Liquidation; Dissolution; Bankruptcy	  	 	67	  
	 Section 14.04.
	 	Subrogation	  	 	69	  
	 Section 14.05.
	 	Trustee to Effectuate Subordination	  	 	70	  
	 Section 14.06.
	 	Notice by the Company	  	 	70	  
	 Section 14.07.
	 	Rights of the Trustee; Holders of Senior Indebtedness	  	 	71	  
	 Section 14.08.
	 	Subordination May Not Be Impaired	  	 	71	  
	 Section 14.09.
	 	Article Applicable to Paying Agents	  	 	72	  
	 Section 14.10.
	 	Defeasance of this Article	  	 	72	  
	 Section 14.11.
	 	Subordination Language to be Included in Subordinated Debt Securities	  	 	72	  
	
	ARTICLE 15	  
	PROVISIONS OF GENERAL APPLICATION	  
			
	 Section 15.01.
	 	Benefits of Indenture	  	 	72	  
	 Section 15.02.
	 	Evidence of Compliance with Conditions Precedent; Form of Documents Delivered to Trustee	  	 	72	  
	 Section 15.03.
	 	Conflict with Trust Indenture Act	  	 	74	  
	 Section 15.04.
	 	Notices, etc., to Trustee and Company	  	 	74	  
	 Section 15.05.
	 	Notice to Holders; Waiver	  	 	74	  
	 Section 15.06.
	 	Effect of Headings and Table of Contents	  	 	75	  
	 Section 15.07.
	 	Successors and Assigns	  	 	75	  
	 Section 15.08.
	 	Separability Clause	  	 	75	  
	 Section 15.09.
	 	Governing Law	  	 	75	  
	 Section 15.10.
	 	Legal Holidays	  	 	75	  
	 Section 15.11.
	 	Execution in Counterparts	  	 	75	  
	 Section 15.12.
	 	Waiver of Jury Trial	  	 	75	  
	 Section 15.13.
	 	Force Majeure	  	 	76	  

  

					
	 Signatures and Seals
	  	 	73	  
	 Acknowledgements
	  	 	73	  
	 Exhibit A
	  	 	74	  

  

  
 v 

 INDENTURE 

INDENTURE, dated as of
[                    ], between L BRANDS, INC., a corporation organized and existing under the laws of the State of Delaware
(hereinafter called the “Company”) having its principal place of business at Three Limited Parkway, Columbus, Ohio 43230, and U.S. BANK NATIONAL ASSOCIATION, a corporation organized and existing under the laws of the State of
New York, as trustee (hereinafter called the “Trustee”) having its Corporate Trust Office at 10 West Broad Street, 12th Floor, Columbus, Ohio 43215, attention: Scott Miller, Vice President. 

WITNESSETH: 

WHEREAS, the Company has duly authorized the issue, in one or more series as in this Indenture provided, from time to time of its
debentures, notes, bonds and other evidences of indebtedness (herein called the “Subordinated Debt Securities” or “Securities”) and, to provide the general terms and conditions upon which the Subordinated Debt
Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 

WHEREAS, the Trustee has power to enter into this Indenture and to accept and execute the trusts herein created; and 

WHEREAS, the Company represents that all acts and things necessary to constitute these presents a valid indenture and legally binding
agreement according to its terms, have been done and performed, that the execution and delivery of the Subordinated Debt Securities of any series will, at the time of such execution and delivery, have been duly authorized by the Company and that any
such Subordinated Debt Securities, when so executed and delivered by the Company and when authenticated, issued and delivered by the Trustee, will be legal, valid and binding obligations of the Company; and the Company, in the exercise of each and
every legal right and power in it vested, executes this Indenture and proposes to make, execute, issue and deliver Subordinated Debt Securities from time to time as herein provided; 

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree that, in consideration of the acceptance and purchase of the
Subordinated Debt Securities by the holders thereof, the Company covenants and agrees with the Trustee, for the equal and proportionate benefit of all the holders from time to time of the Subordinated Debt Securities, without preference, priority or
distinction of any thereof over any other thereof by reason of priority in time of issuance or negotiation, or otherwise, as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 

 (2) all other terms used herein which are defined in the Trust Indenture Act, including terms
defined therein by reference to the Securities Act of 1933 (“Securities Act”) (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said
Trust Indenture Act and in said Securities Act as in force at the date of this Indenture; 
 (3) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles and the term “generally accepted accounting principles” means such accounting principles as are generally accepted at the time of
any computation; and 
 (4) the words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used principally in
Article 10, are defined in that Article. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of
that board or any committee of officers or other representatives of the Company duly authorized by a Board Resolution to act on behalf of that board or in its stead. 

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

“Business Day” means, when used with respect to any Place of Payment or any other particular location referred to in this
Indenture or in the Subordinated Debt Securities, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment or other particular location are authorized or obligated by law or
regulation to close. 
 “Capital Stock” for any entity means any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) shares issued by that entity. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or, if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties on such date. 

  
 2 

 “Company” means L Brands, Inc. and, subject to the provisions of Article 8,
shall also include its successors and assigns. 
 “Company Request” and “Company Order” mean,
respectively, a written request or order signed in the name of the Company by the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
 “Components”
with respect to a composite currency (including, but not limited to, the Euro) means the currency amounts that are components of such composite currency on the Conversion Date. If after such Conversion Date the official unit of any component
currency is altered by way of combination or subdivision, the number of units of such currency shall be divided or multiplied in the same proportion to calculate the Component. If after such Conversion Date two or more component currencies are
consolidated into a single currency, the amounts of those currencies as Components shall be replaced by an amount in such single currency equal to the sum of the amounts of such consolidated component currencies expressed in such single currency,
and such amount shall thereafter be a Component. If after such Conversion Date any component currency shall be divided into two or more currencies, the amount of such currency as a Component shall be replaced by amounts of such two or more
currencies, each of which shall be equal to the amount of such former component currency divided by the number of currencies into which such component currency was divided, and such amounts shall thereafter be Components. 

“Conversion Date” with respect to a composite currency (including, but not limited to, the Euro) has the meaning specified in
Section 3.12. 
 “Corporate Trust Office” means the principal office of the Trustee at which at any particular time its
corporate trust business shall be administered. The Corporate Trust Office of the initial Trustee shall be at the address set forth in the first paragraph of this Indenture until the Trustee shall notify the Company of a change thereof. 

“Corporation” includes corporations, associations, companies and business trusts. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

“Depositary” means, with respect to the Subordinated Debt Securities of any series issuable or issued in the form of one or
more Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.01 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary”
shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Subordinated Debt Securities of any such series shall mean the Depositary
with respect to the Global Securities of that series. 

  
 3 

 “Designated Senior Indebtedness” means any Senior Indebtedness of the Company
the principal amount of which is $20.0 million or more at the time of the designation of such Senior Indebtedness as “Designated Senior Indebtedness” by the Company, which designation shall be made in a written instrument delivered to the
Trustee. 
 “Dollar” or “$” means such coin or currency of the United States as at the time of payment is
legal tender for the payment of public and private debts. 
 “Euro” means such coin or currency of the European Union as at
the time of payment is legal tender for the payment of public and private debts. 
 “Event of Default” has the meaning
specified in Section 6.01. 
 “Exchange Rate” means (a) with respect to a currency (other than a composite currency)
in which payment is to be made on a series of Subordinated Debt Securities denominated in a composite currency, the exchange rate between such composite currency and such currency reported by the agency or organization, if any, designated pursuant
to Section 3.01(xiii), or, in the case of the Euro, by the Council of the European Union, as appropriate, or if such exchange rate is not or ceases to be so reported, then such exchange rate as shall be determined by the Company using, in its sole
discretion and without liability on its part, quotations from one or more major banks in The City of New York or such other quotations as the Company shall deem appropriate, on the applicable Regular or Special Record Date or the fifteenth day
immediately preceding Maturity, as the case may be, with respect to Subordinated Debt Securities of such series, (b) with respect to Dollars in which payment is to be made on a series of Subordinated Debt Securities denominated in a Foreign
Currency, the noon Dollar buying rate for that currency for cable transfers quoted in The City of New York on the Regular or Special Record Date with respect to such Interest Payment Date or the fifteenth day immediately preceding Maturity, as the
case may be, with respect to Subordinated Debt Securities of such series, as certified for customs purposes by the Federal Reserve Bank of New York, (c) with respect to a Foreign Currency in which payment is to be made on a series of
Subordinated Debt Securities denominated in Dollars or converted into Dollars pursuant to Section 3.12(d)(i), the noon Dollar selling rate for that currency for cable transfers quoted in The City of New York on the Regular or Special Record Date
with respect to such Interest Payment Date or the fifteenth day immediately preceding Maturity, as the case may be, with respect to Subordinated Debt Securities of such series, as certified for customs purposes by the Federal Reserve Bank of New
York, and (d) with respect to a Foreign Currency in which payment is to be made on a series of Subordinated Debt Securities denominated in a different Foreign Currency, the exchange rate between such Foreign Currencies determined in the manner
specified pursuant to Section 3.01(xvi). Except in the situation contemplated in (a) above, if for any reason such rates are not available with respect to one or more currencies for which an Exchange Rate is required, the Company shall use, in
its sole discretion and without liability on its part, such 

  
 4 

 
quotations of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the
currency in question, or such other quotations as the Company shall deem appropriate. Any reference herein to the “applicable” Exchange Rate shall mean the Exchange Rate as set forth in the applicable Exchange Rate Officer’s
Certificate. Unless otherwise specified by the Company, if there is more than one market for dealing in any currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency shall be that upon which
an issuer of securities denominated in such currency that is similar to the Company in all material respects would purchase such currency in order to make payments in respect of such securities. 

“Exchange Rate Officer’s Certificate” means, with respect to any date for the payment of principal of (and premium, if
any) and interest on any series of Subordinated Debt Securities, a certificate setting forth the applicable Exchange Rate as of the Regular or Special Record Date with respect to such Interest Payment Date or the fifteenth day immediately preceding
Maturity, as the case may be, with respect to Subordinated Debt Securities of such series and the amounts payable in Dollars and Foreign Currencies in respect of the principal of (and premium, if any) and interest on any such Subordinated Debt
Securities denominated in Euros, any other composite currency or any Foreign Currency, and signed by the Chairman or a Vice Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer or the Controller or any Assistant Controller of the Company, and delivered to the Trustee. 
 “Foreign Currency”
means a currency issued by the government of any country other than the United States. 
 “Global Security” means a
Subordinated Debt Security evidencing all or a part of a series of Subordinated Debt Securities, issued to the Depositary for such series in accordance with Section 3.03, and bearing the legend prescribed in Section 3.03(c). 

“Government Obligations” means securities that are (i) direct obligations of the United States for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States, which, in either case under Clause (i) or (ii), are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt; provided, that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such depository receipt. 

  
 5 

 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Holder” means a Person in whose name a Subordinated Debt Security is registered in the Security Register. 

“Indenture” means this instrument as originally executed and delivered, or as it may from time to time be supplemented,
amended or restated by or pursuant to one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, unless the context otherwise requires, shall include the terms of a particular series Subordinated Debt
Securities established as contemplated by Section 3.01. 
 “Interest” means, when used with respect to any non-interest
bearing Subordinated Debt Security which by its terms bears interest only after Maturity, the interest payable after Maturity. 

“Interest Payment Date” with respect to any Subordinated Debt Security means the Stated Maturity of an installment of
interest on such Subordinated Debt Security. 
 “Mandatory Sinking Fund Payment” has the meaning specified in Section 4.07.

 “Maturity” with respect to any Subordinated Debt Security means the date on which the principal of such Subordinated
Debt Security or any installment thereof becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call or redemption, operation of any sinking fund, repayment at the option of the
Holder or otherwise. 
 “Officers’ Certificate” means, when used with respect to the Company, a certificate signed by
the Chairman of the Board of Directors, the Chief Executive Officer or the Chief Financial Officer, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Opinion of Counsel” means an opinion in writing prepared in accordance with Section 15.02, if and to the extent that such
statements therein are applicable, and signed by legal counsel, who may be an employee of or of counsel to the Company, or may be other counsel satisfactory to the Trustee, which is delivered to the Trustee. 

“Optional Sinking Fund Payment” has the meaning specified in Section 4.07. 

“Original Issue Discount Security” means any Subordinated Debt Security that provides for an amount less than the principal
amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 

“Outstanding” means, when used as of any particular time with reference to Subordinated Debt Securities, subject to
Section 7.03, all Subordinated Debt Securities theretofore authenticated and delivered by the Trustee under this Indenture, except: 

  
 6 

 (i) Subordinated Debt Securities, or portions thereof, for which funds sufficient to pay the
principal thereof, premium, if any, thereon and all unpaid interest thereon at Maturity or to the date fixed for redemption shall have been deposited in trust for such purpose as provided herein with the Trustee or with any Paying Agent (other than
the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided that, if such Subordinated Debt Securities, or portions thereof, are to be redeemed, notice of such
redemption thereof shall have been given as provided herein, or provision reasonably satisfactory to the Trustee for the giving of such notice shall have been made; 

(ii) Subordinated Debt Securities theretofore cancelled by the Trustee or which have been surrendered to the Trustee for cancellation; and 

(iii) Subordinated Debt Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Subordinated Debt
Securities have been authenticated and delivered pursuant to this Indenture, other than with respect to any such Subordinated Debt Securities which there shall have been presented to the Trustee proof reasonably satisfactory to it that such
Subordinated Debt Securities are held by a bona fide purchaser in whose hands such Subordinated Debt Securities are valid obligations of the Company. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any
Subordinated Debt Securities on behalf of the Company. 
 “Payment Blockage Notice” has the meaning specified in Section
14.02(b). 
 “Payment Blockage Period” has the meaning specified in Section 14.02(b). 

“Permitted Junior Securities” means: 

(1) the Company’s Capital Stock; or 

(2) debt securities issued pursuant to a confirmed plan of reorganization that are subordinated in right of payment to all Senior Indebtedness
and 
 (3) any debt securities issued in exchange for Senior Indebtedness to substantially the same extent as, or to a greater extent than,
the Subordinated Debt Securities are subordinated to the Senior Indebtedness under this Indenture. 
 “Person” means any
individual, partnership, corporation, exempted limited company, limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity or similar entity or government or political subdivision
or agency thereof. 
 “Place of Payment” means, when used with respect to the Subordinated Debt Securities of any series,
each place where the principal of (and premium, if any) or interest on the Subordinated Debt Securities of that series is payable, as specified in the manner contemplated by Section 3.01. 

  
 7 

 “Predecessor Security” of any particular Subordinated Debt Security means every
previous Subordinated Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Subordinated Debt Security; and, for the purposes of this definition, any Subordinated Debt Security authenticated and delivered
under Section 3.06 in lieu of a lost, destroyed or stolen Subordinated Debt Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Subordinated Debt Security. 

“Redemption Date” means, when used with respect to any Subordinated Debt Security to be redeemed, in whole or in part, the
date fixed for such redemption by or pursuant to this Indenture and the terms of such Subordinated Debt Security. 
 “Redemption
Price” means , when used with respect to any Subordinated Debt Security to be redeemed, the price (exclusive of accrued interest) at which it is to be redeemed pursuant to this Indenture and the terms of such Subordinated Debt Security.

 “Regular Record Date” for the interest payable on any Interest Payment Date on the Subordinated Debt Securities of any
series means the date specified for that purpose as contemplated by Section 3.01. 
 “Responsible Officer” means, when used
with respect to the Trustee, any officer or employee in the Corporate Trust Office of the Trustee or any other officer or employee of the Trustee customarily performing functions similar to those performed by any of the above-designated officers or
employees and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05. 

“Senior Indebtedness” unless otherwise specified in one or more indentures supplemental hereto or approved pursuant to a
Board Resolution in accordance with Section 3.01, means: 
 (i) the principal (including redemption payments), premium, if any, interest and
other payment obligations in respect of (A) indebtedness of the Company for money borrowed, (B) indebtedness evidenced by securities, debentures, bonds, notes or other similar instruments issued by the Company, including any such
securities issued under any deed, indenture or other instrument to which the Company is a party and (C) guarantees of any of the foregoing issued by the Company; 

(ii) all capital lease obligations of the Company; 

(iii) all obligations of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the
Company, all hedging agreements and agreements of a similar nature thereto and all agreements relating to any such agreements, and all obligations of the Company under any title retention agreement, but excluding trade accounts payable arising in
the ordinary course of business; 

  
 8 

 (iv) all obligations of the Company for reimbursement on any letter of credit, banker’s
acceptance, security purchase facility or similar credit transaction; 
 (v) all obligations of the Company to make payment pursuant to the
terms of financial instruments, such as (a) securities contracts and foreign currency exchange contracts, (b) derivative instruments, such as swap agreements (including interest rate and foreign exchange rate swap agreements), cap
agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts and commodity option contracts and (c) in the case of both (a) and (b) above, similar
financial instruments; 
 (vi) all obligations of the type referred to in clauses (i) through (v) above of other Persons for the
payment of which the Company is responsible or liable as obligor, guarantor or otherwise; 
 (vii) all obligations of the type referred to in
clauses (i) through (vi) above of other Persons secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the Company); and 

(viii) any deferrals, amendments, renewals, extensions, modifications and refundings of all obligations of the type referred to in clauses
(i) through (vii) above, in each case whether or not contingent and whether outstanding at the date hereof or thereafter incurred, 
 except, in
each case, for the Subordinated Debt Securities and (x) any such other indebtedness or deferral, amendment, renewal, extension, modification or refunding that contains express terms, or is issued under a deed, indenture or other instrument that
contains express terms, providing that it is subordinate to or ranks pari passu with the Subordinated Debt Securities, (y) trade accounts payable or accrued liabilities arising in the ordinary course of business and (z) indebtedness owed
by the Company to its Subsidiaries, which also shall rank equally in right of payment and upon liquidation with the Subordinated Debt Securities. 

Such Senior Indebtedness shall continue to be Senior Indebtedness and be entitled to the benefits of the subordination provisions of this
Indenture irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness and notwithstanding that no express written subordination agreement may have been entered into between the holders of such Senior Indebtedness
and the Trustee or any of the Holders. 
 “Special Record Date” for the payment of any Defaulted Interest means a date
fixed by the Trustee pursuant to Section 3.07. 
 “Stated Maturity” means, when used with respect to any Subordinated Debt
Security or any installment of interest thereon, the date specified in such Subordinated Debt Security as the fixed date on which the principal of such Subordinated Debt Security or such installment of interest is due and payable. 

  
 9 

 “Subordinated Debt Securities” has the meaning stated in the first recital of
this Indenture and more particularly means any Subordinated Debt Securities authenticated and delivered under this Indenture. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation or company, a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock or other equity interests having voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by reason of any contingency; provided, however, that “voting stock” shall not include stock or other equity interests which the Company or any of its
Subsidiaries owning such stock or other equity interests are required or have agreed not to vote, or the voting rights with respect to which have been granted to a Person other than the Company or any of its Subsidiaries; 

(2) any partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such
partnership; or 
 (3) any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such
Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the
managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person. 

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

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed,
except as provided in Section 13.06. 
 “United States” means the United States of America (including the States thereof
and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

  
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 ARTICLE 2 

SUBORDINATED DEBT SECURITY FORMS 

Section 2.01. Forms Generally. All Subordinated Debt Securities shall be substantially in such form as shall be established from
time to time in or pursuant to a Board Resolution (as set forth in such resolution or, to the extent established pursuant to rather than set forth in such resolution, an Officers’ Certificate detailing such establishment) or by one or more
indentures supplemental hereto, which shall set forth the information required by Section 3.01, and in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may
have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities regulatory authority or any securities exchange on which any of the Subordinated Debt Securities may be listed or of any
automated quotation system on which they may be quoted, or to conform to general usage, all as may be determined by the officers executing such Subordinated Debt Securities, as evidenced by their execution of the Subordinated Debt Securities. 

Subordinated Debt Securities in definitive form shall be printed, lithographed or engraved, or produced by any combination of these methods or
in any other manner determined by the officers executing such Subordinated Debt Securities, as evidenced by their execution of such Subordinated Debt Securities. 

Section 2.02. Forms of Subordinated Debt Securities. Each Subordinated Debt Security shall be substantially in such form as shall
be established from time to time in or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, which shall set forth the information required by Section 3.01. If so
provided as contemplated by Section 3.01, the Subordinated Debt Securities of a series shall be issuable in the form of one or more Global Securities. 

Section 2.03. Form of Trustee’s Certificate of Authentication. The form of the Trustee’s certificate of authentication
to be borne by each Subordinated Debt Security shall be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
		 		 	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

				
	Dated:	 		 	By:	 	 
		 		 		 	  Authorized Signatory

  
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 ARTICLE 3 

THE SUBORDINATED DEBT SECURITIES 

Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Subordinated Debt Securities that may be
authenticated and delivered under this Indenture is unlimited. 
 The Subordinated Debt Securities may be issued in one or more series.
There shall be established in or pursuant to one or more Board Resolutions and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Subordinated Debt Securities of any
series: 
 (i) the title of the Subordinated Debt Securities of the series (which shall distinguish the Subordinated Debt
Securities of the series from all other Subordinated Debt Securities, except to the extent that additional Subordinated Debt Securities of an existing series are being issued); 

(ii) the limit, if any, upon the aggregate principal amount of the Subordinated Debt Securities of the series which may be
authenticated and delivered under this Indenture (except for Subordinated Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Subordinated Debt Securities of the series pursuant to
Section 3.04, 3.05, 3.06, 4.06 or Section 13.05); 
 (iii) the issue price for such Subordinated Debt Securities, expressed
as a percentage of the aggregate principal amount; 
 (iv) the date or dates on which the principal of the Subordinated Debt
Securities of the series is payable; 
 (v) the rate or rates, if any, at which the Subordinated Debt Securities of the
series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record
Date for the interest payable on any Interest Payment Date; 
 (vi) any provisions relating to the deferral of interest
payments or extension of interest payments on the Securities of the series at the option of the Company or otherwise, including the duration of any such deferral or extension period and the maximum period during which interest payments may be
deferred or extended and any provisions relating to obligations of the Company or limitation on claims of Holders with respect to deferred interest; 

  
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 (vii) the place or places where the principal of (and premium, if any) or
interest on Subordinated Debt Securities of the series shall be payable; 
 (viii) the period or periods within which or the
date or dates on which, if any, the price or prices or ratios at which and the terms and conditions upon which Subordinated Debt Securities of the series may be redeemed, converted or exchanged, in whole or in part, at the option of the Company;

 (ix) the obligation, if any, of the Company to redeem, repay or purchase Subordinated Debt Securities of the series
pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the terms and conditions upon which Subordinated Debt Securities of the series shall
be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
 (x) whether the Subordinated Debt
Securities of the series shall be issued in whole or in part in the form of one or more Global Securities, the terms and conditions, if any, upon which such Global Securities may be exchanged in whole or in part for other Subordinated Debt
Securities and, the Depositary for such Global Security or Securities; 
 (xi) if other than denominations of $1,000 and any
integral multiple thereof, the denominations in which Subordinated Debt Securities of the series shall be issuable and whether any such denominations may change at any time while such Subordinated Debt Securities are outstanding, or upon
registration or transfer of, or in exchange for, or in lieu of, other Subordinated Debt Securities of the series pursuant to Sections 3.04, 3.05, 4.06 or 13.05; 

(xii) if other than the full principal amount thereof, the portion of the principal amount and/or accrued interest of
Subordinated Debt Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 or allowable in bankruptcy; 

(xiii) the currency or currencies of denomination of the Subordinated Debt Securities of the series, which may be in Dollars,
any Foreign Currency or any composite currency (including, but not limited to, the Euro), and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such
composite currency; 
 (xiv) the currency or currencies in which payment of the principal of (and premium, if any) and
interest on Subordinated Debt Securities of the series will be made, and the currency or currencies (in addition to Dollars), if any, in which payment of the principal of (and premium, if any) or interest on Subordinated Debt Securities of the
series, at the election of each of the Holders thereof, may also be payable; 

  
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 (xv) if the amount of payments of principal of (and premium, if any) or interest
on Subordinated Debt Securities of the series may be determined with reference to an index, formula or other method based on a coin, currency or currencies other than that in which the Subordinated Debt Securities of the series denominated or
designated to be payable, the manner in which such amounts shall be determined; 
 (xvi) if the payments of principal of (and
premium, if any) or the interest on the Subordinated Debt Securities of the series are to be made in a Foreign Currency other than the Foreign Currency in which such Subordinated Debt Securities are denominated, the manner in which the exchange rate
with respect to such payments shall be determined; 
 (xvii) if other than as set forth in this Indenture, any terms with
respect to subordination of such Subordinated Debt Securities, including, without limitation, the definition of “Senior Indebtedness”; 

(xviii) any listing of such Subordinated Debt Securities on any securities exchange; 

(xix) the applicability of any guarantees of the Subordinated Debt Securities; 

(xx) provisions, if any, granting special rights to the Holders of Subordinated Debt Securities of the series upon the
occurrence of such events as may be specified (including, without limiting the generality of the foregoing, any make-whole amount payable upon any such specified event); 

(xxi) whether the Subordinated Debt Securities of the series shall be subject to defeasance pursuant to either or both of
Sections 11.03 and 11.04; 
 (xxii) whether the Subordinated Debt Securities of the series shall be issued with warrants to
purchase such Subordinated Debt Securities or the Subordinated Debt Securities of any other series attached thereto; 

(xxiii) whether the Subordinated Debt Securities of the series shall be convertible or exchangeable into shares of common stock
or preferred stock of the Company, or any of its other Capital Stock, or any Capital Stock of any other issuer, cash, or any other property, or any combination of the foregoing, the terms on which such Subordinated Debt Securities are convertible,
including the initial conversion price, the conversion period, any events requiring an adjustment of the applicable conversion price and any requirements relating to the reservation of such shares of common stock or preferred stock for purposes of
conversion; and 
 (xxiv) any other terms of the Subordinated Debt Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture). 

  
 14 

 All Subordinated Debt Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to such Board Resolution or Officers’ Certificate or in any such indenture supplemental hereto. All Subordinated Debt Securities of any one series need not be issued at the
same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution, such Officers’ Certificate or in any such indenture supplemental hereto. 

Section 3.02. Denominations. The Subordinated Debt Securities of each series shall be issuable in registered form without coupons
in such denominations as shall be specified in accordance with the requirements of Section 3.01. In the absence of any such provisions with respect to the Subordinated Debt Securities of any series and except as provided in Section 3.03, the
Subordinated Debt Securities of such series shall be issuable in denominations of $1,000 or any integral multiple thereof. 

Section 3.03. Execution, Authentication, Delivery and Dating. 

(a) The Subordinated Debt Securities shall be executed on behalf of the Company by the Chairman of its Board of Directors, its Chief Executive
Officer or its Chief Financial Officer, and by its Treasurer, any Assistant Treasurer, Secretary or any Assistant Secretary under its corporate seal. The signature of any of these officers on the Subordinated Debt Securities may be manual or
facsimile. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Subordinated Debt Securities. Typographical and other minor errors or defects in any such
reproduction of the seal or any such signature shall not affect the validity or enforceability of any Subordinated Debt Security that has been duly authenticated and delivered by the Trustee. 

Subordinated Debt Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Subordinated Debt Securities or did not hold such offices at the date of such Subordinated
Debt Securities. 
 (b) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Subordinated Debt Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Subordinated Debt Securities; and the Trustee in accordance with the
Company Order shall authenticate and deliver such Subordinated Debt Securities. The Trustee shall be entitled to receive, prior to the authentication and delivery of such Subordinated Debt Securities, the Board Resolution, Officer’s Certificate
or supplemental indenture pursuant to which the terms and form of such Subordinated Debt Securities have been established, an Officers’ Certificate as to the absence of any event which is an Event of Default and an Opinion of Counsel stating
that: 
 (i) all instruments furnished by the Company to the Trustee in connection with the authentication and delivery of
such Subordinated Debt Securities conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Trustee to authenticate and deliver such Subordinated Debt Securities; 

  
 15 

 (ii) the form of such Subordinated Debt Securities has been established in
conformity with the provisions of this Indenture; 
 (iii) the terms of such Subordinated Debt Securities have been
established in conformity with the provisions of this Indenture; 
 (iv) in the event that the form or terms of such
Subordinated Debt Securities have been established in a supplemental indenture, the execution and delivery of such supplemental indenture have been duly authorized by all necessary corporate action of the Company, such supplemental indenture has
been duly executed and delivered by the Company and, assuming due authorization, execution and delivery by the Trustee, is a legal, valid, binding and enforceable instrument of the Company, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law); 

(v) the execution and delivery of such Subordinated Debt Securities have been duly authorized by all necessary corporate action
of the Company and such Subordinated Debt Securities have been duly executed by the Company and, assuming due authentication by the Trustee and delivery by the Company, are the legal, valid, binding and enforceable obligations of the Company,
entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law); and 
 (vi) such other matters as the Trustee may reasonably
request. 
 Notwithstanding the provisions of Section 3.01 and this Section 3.03 , if all the Subordinated Debt Securities of a series are
not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate or supplemental indenture otherwise required pursuant to Section 3.01 or the Company Order, Board Resolution, Officers’ Certificate or
supplemental indenture, and Opinion of Counsel required pursuant to this Section 3.03 at or prior to the time of authentication of each Subordinated Debt Security of such series if such documents were delivered at or prior to the time of
authentication upon original issuance of the first Subordinated Debt Security of such series to be issued. 
 (c) If the Company shall
establish pursuant to Section 3.01 that the Subordinated Debt Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with this
Section and the Company Order with respect to such series, 

  
 16 

 
authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Outstanding
Subordinated Debt Securities of such series issued and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the
Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially to the following effect: 

“UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SUBORDINATED DEBT SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SUBORDINATED
DEBT SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 
 (d) Each Depositary designated pursuant to Section 3.01 must, at the
time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

(e) The Trustee shall have the right to decline to authenticate and deliver any Subordinated Debt Security under this Section if the Trustee,
upon the advice of counsel, determines that such action may not lawfully be taken or if the Trustee, by a committee of Responsible Officers, shall determine in good faith that the authentication and delivery of such Subordinated Debt Security would
be unjustly prejudicial to Holders of Outstanding Subordinated Debt Securities or affect the Trustee’s own rights, duties or immunities under the Subordinated Debt Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee. 
 (f) Each Subordinated Debt Security shall be dated the date of its authentication, unless otherwise provided by
the terms established and contemplated by Section 3.01. 
 (g) No Subordinated Debt Security shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Subordinated Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or facsimile signature of one
of its authorized signatories, and such certificate upon any Subordinated Debt Security shall be conclusive evidence, and the only evidence, that such Subordinated Debt Security has been duly authenticated and delivered hereunder and is entitled to
the benefits of this Indenture. 
 (h) [Reserved]. 

  
 17 

 Section 3.04. Temporary Subordinated Debt Securities. Pending the preparation of
definitive Subordinated Debt Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Subordinated Debt Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Subordinated Debt Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Subordinated Debt Securities may determine, as evidenced by their execution of such Subordinated Debt Securities. In the case of Subordinated Debt Securities of any series, such temporary Subordinated
Debt Securities may be in global form, representing all of the Outstanding Subordinated Debt Securities of such series. 
 If temporary
Subordinated Debt Securities of any series are issued, the Company will cause definitive Subordinated Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Subordinated Debt Securities of such
series, the temporary Subordinated Debt Securities of such series shall be exchangeable for definitive Subordinated Debt Securities of such series upon surrender of the temporary Subordinated Debt Securities of such series at the office or agency of
the Company in a Place of Payment for such series without charge to the Holder. Upon surrender for cancellation of any one or more temporary Subordinated Debt Securities of any series, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Subordinated Debt Securities of such series in any authorized denominations. Until so exchanged, the temporary Subordinated Debt Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Subordinated Debt Securities of such series. 
 Section 3.05.
Registration, Transfer and Exchange. The Company shall cause to be kept a register (herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall register, and will register the transfer of, Subordinated Debt Securities. Separate registers may be kept for separate series of Subordinated Debt Securities. Unless and until otherwise determined by the Company, the Security Register shall be
kept at the office or agency of the Company maintained pursuant to Section 5.02, which office or agency is hereby appointed “Security Registrar” for the purpose of registering Subordinated Debt Securities and registering the transfer of
Subordinated Debt Securities as herein provided. At all reasonable times the Security Register shall be open for inspection by the Trustee during normal business hours. 

Upon surrender for registration of transfer of any Subordinated Debt Security of any series at the office or agency of the Company maintained
for such purpose, the Company shall execute, and the Trustee, upon receipt of a Company Order to do so, shall authenticate and deliver, in the name of the designated transferee or transferees, a like aggregate principal amount of one or more new
Subordinated Debt Securities of the same series in any authorized denominations. 
 Notwithstanding any other provision of this Section
3.05, unless and until it is exchanged in whole or in part for Subordinated Debt Securities in definitive registered 

  
 18 

 
form, a Global Security representing all or a portion of the Subordinated Debt Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of
such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

At the option of the Holder, Subordinated Debt Securities of any series (except a Global Security) may be exchanged for a like aggregate
principal amount of other Subordinated Debt Securities of the same series in any authorized denominations upon surrender of the Subordinated Debt Securities to be exchanged at such office or agency. Whenever any Subordinated Debt Securities are so
surrendered for exchange, the Company shall execute and the Trustee shall, upon receipt of a Company Order to do so, authenticate and deliver the Subordinated Debt Securities which the Holder making the exchange is entitled to receive, bearing
numbers not contemporaneously outstanding. 
 If at any time the Depositary for the Subordinated Debt Securities of a series notifies the
Company that it is unwilling or unable to continue as Depositary for the Subordinated Debt Securities of such series or if at any time the Depositary for the Subordinated Debt Securities of such series shall no longer be eligible under Section
3.03(d), the Company shall appoint a successor Depositary with respect to the Subordinated Debt Securities of such series. If a successor Depositary for the Subordinated Debt Securities of such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 3.01(x) shall no longer be effective with respect to the Subordinated Debt Securities of such series and the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Subordinated Debt Securities of such series, will authenticate and deliver, Subordinated Debt Securities of such series in definitive
registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such series, in exchange for such Global Security or Securities. 

The Company may at any time and in its sole discretion determine that the Subordinated Debt Securities of any series issued in the form of one
or more Global Securities shall no longer be represented by a Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Subordinated Debt
Securities of such series, will authenticate and deliver, Subordinated Debt Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of
the Global Security or Securities representing such series, in exchange for such Global Security or Securities. 
 If specified by the
Company pursuant to Section 3.01 with respect to a series of Subordinated Debt Securities, the Depositary for such series of Subordinated Debt Securities may surrender a Global Security for such series of Subordinated Debt Securities in exchange in
whole or in part for Subordinated Debt Securities of such series in definitive registered form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall, upon receipt of a Company
Order to do so, authenticate and deliver, without service charge, 

  
 19 

 (i) to the Person specified by such Depositary a new Subordinated Debt Security
or Securities of the same series, of any authorized denomination as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(ii) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount
of the surrendered Global Security and the aggregate principal amount of Subordinated Debt Securities authenticated and delivered pursuant to Clause (i) above. 

Upon the exchange of a Global Security for Subordinated Debt Securities in definitive registered form without coupons, in authorized
denominations, such Global Security shall be cancelled by the Trustee. Subordinated Debt Securities in definitive registered form without coupons issued in exchange for a Global Security pursuant to this Section 3.05 shall be registered in such
names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Subordinated Debt
Securities to or as directed by the Persons in whose names such Subordinated Debt Securities are so registered. 
 All Subordinated Debt
Securities issued upon any transfer or exchange of Subordinated Debt Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Subordinated Debt Securities
surrendered upon such transfer or exchange. 
 Every Subordinated Debt Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company, the Security Registrar or the Trustee) be duly endorsed by the appropriate persons and be accompanied by reasonable assurances that the endorsements are genuine and effective, or shall be accompanied by
a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the Trustee, duly executed by the Holder thereof or his attorney duly authorized in writing, and such other documentation as the Company, the Security
Registrar or the Trustee may reasonably require. 
 No service charge shall be made for any transfer or exchange of Subordinated Debt
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Subordinated Debt Securities, other than exchanges pursuant to
Section 3.04, 4.06 or 13.05 not involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or
exchange any Subordinated Debt Security of any particular series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Subordinated Debt Securities of such series selected for
redemption under 

  
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Section 4.02 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Subordinated Debt Security so selected for redemption in
whole or in part, except the unredeemed portion of any Subordinated Debt Security being redeemed in part. 
 Section 3.06.
Mutilated, Destroyed, Lost and Stolen Subordinated Debt Securities. If (i) any mutilated Subordinated Debt Security is surrendered to the Trustee or (ii) the Company and the Trustee receive evidence to their satisfaction of the
ownership of and the destruction, loss or theft of any Subordinated Debt Security, and there is delivered to the Company and the Trustee such security or indemnity as may be required by them to hold each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such Subordinated Debt Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order to do so, the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Subordinated Debt Security, a new Subordinated Debt Security of like tenor and principal amount, bearing a number not contemporaneously
outstanding. 
 In case any such mutilated, destroyed, lost or stolen Subordinated Debt Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Subordinated Debt Security, pay such Subordinated Debt Security. 

Upon the issuance of any new Subordinated Debt Security under this Section 3.06, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Company and the Trustee) connected therewith. 

Every new Subordinated Debt Security of any series issued pursuant to this Section 3.06 in lieu of any destroyed, lost or stolen Subordinated
Debt Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Debt Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Subordinated Debt Securities of such series duly issued hereunder. 

The provisions of this Section 3.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Subordinated Debt Securities. 
 Section 3.07. Payment of Interest;
Interest Rights Preserved. Interest on any Subordinated Debt Security which is payable and is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Person in whose name that Subordinated Debt Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. At the option of the Company, payment of interest on any Subordinated Debt Security may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register or, if so specified in the manner contemplated by Section 3.01, by wire transfer to an account designated by such Person in writing to the Trustee. 

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

(i) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Subordinated Debt
Securities (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each Subordinated Debt Security of such series, the date of the proposed payment and the Special Record Date therefor, which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. At the same time, the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this Clause provided. Unless the Trustee is acting as the Security Registrar, promptly after such Special Record Date the Company shall furnish the Trustee a list, or shall make arrangements
satisfactory to the Trustee with respect thereto, of the names and addresses of, and principal amounts of Subordinated Debt Securities held by, the Holders appearing on the Security Register at the close of business on such Special Record Date. In
the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Subordinated Debt
Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. 

Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names the Subordinated Debt Securities of such series (or their respective Predecessor Securities) are registered on such Special Record Date and shall no longer be payable pursuant to
the following Clause (ii). 
 (ii) The Company may make payment of any Defaulted Interest on the Subordinated Debt Securities
of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Subordinated Debt Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this Clause (ii), such manner of payment shall be deemed practicable by the Trustee. 

  
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 Subject to the foregoing provisions of this Section 3.07, each Subordinated Debt Security
delivered under this Indenture upon registration or transfer of or in exchange for or in lieu of any other Subordinated Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Subordinated
Debt Security. 
 Section 3.08. Persons Deemed Owners. Prior to due presentment of a Subordinated Debt Security for registration
or transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person whose name such Subordinated Debt Security is registered as the owner of such Subordinated Debt Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Section 3.07) interest on such Subordinated Debt Security and for all other purposes whatsoever, whether or not such Subordinated Debt Security shall be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 None of the Company, the Trustee, any Paying
Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. 
 Section 3.09. Cancellation. All Subordinated Debt Securities
surrendered for payment, redemption, registration, transfer or exchange or for credit against any payment in respect of a sinking or analogous fund, shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be
promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Subordinated Debt Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all
Subordinated Debt Securities so delivered shall be promptly cancelled by the Trustee. Acquisition by the Company of any Subordinated Debt Security shall not operate as a redemption or satisfaction of the indebtedness represented by such Subordinated
Debt Securities unless and until the same is delivered to the Trustee for cancellation. No Subordinated Debt Securities shall be authenticated in lieu of or in exchange for any Subordinated Debt Securities cancelled as provided in this Section,
except as expressly permitted in this Indenture. All cancelled Subordinated Debt Securities held by the Trustee may be disposed of, and the Trustee shall certify to the Company upon its request therefor any disposal thereof, unless, by a Company
Order, the Company shall direct that cancelled Subordinated Debt Securities be returned to it. 
 Section 3.10. Computation of
Interest. Except as otherwise specified as contemplated by Section 3.01 for Subordinated Debt Securities of any series, interest on the Subordinated Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day
months. 

  
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 Section 3.11. Cusip and ISIN Numbers. The Company in issuing the Securities may use
“CUSIP” and/or “ISIN” numbers (if then generally in use), and the Trustee shall use CUSIP or ISIN numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made
as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption, exchange or conversion. The Company will promptly notify, and in any event within 10 Business Days, the Trustee of any initial
CUSIP and/or ISIN numbers and of any changes in the CUSIP and/or ISIN numbers. 
 Section 3.12. Payment in Currencies.
(a) Payment of the principal of (and premium, if any) and interest on the Subordinated Debt Securities of any series shall be made in the currency or currencies specified pursuant to Section 3.01; provided that, if so specified in the
manner provided in Section 3.01, the Holder of a Subordinated Debt Security of such series may elect to receive such payment in any one of (i) Dollars and (ii) any other currency acceptable to the Trustee designated for such purpose
pursuant to Section 3.01. A Holder may make such election by delivering to the Trustee a written notice thereof, substantially in the form attached hereto as Exhibit A or in such other form as may be acceptable to the Trustee, not later than the
close of business on the Regular or Special Record Date immediately preceding the applicable Interest Payment Date or the fifteenth day immediately preceding Maturity, as the case may be, with respect to Subordinated Debt Securities of such series.
Such election shall remain in effect with respect to such Holder until such Holder delivers to the Trustee a written notice substantially in the form attached hereto as Exhibit A or in such other form as may be acceptable to the Trustee specifying a
change in the currency in which such payment is to be made; provided that any such notice must be delivered to the Trustee not later than the close of business on the Regular or Special Record Date immediately preceding the next Interest
Payment Date or the fifteenth day immediately preceding Maturity, as the case may be, with respect to Subordinated Debt Securities of such series in order to be effective for the payment to be made thereon; and provided further that no such
change in currency may be made with respect to payments to be made on any Subordinated Debt Security with respect to which notice of redemption has been given by the Company pursuant to Section 4.02. 

(b) Except as otherwise specified in the manner contemplated by Section 3.01, the Trustee shall deliver to the Company, not later than the
fourth Business Day following each Regular or Special Record Date with respect to an Interest Payment Date or the tenth Business Day immediately preceding Maturity, as the case may be, with respect to a series of Subordinated Debt Securities, a
written notice specifying, in the currency in which such series of Subordinated Debt Securities is denominated, the aggregate amount of the principal of (and premium, if any) and interest on such series of Subordinated Debt Securities to be paid on
such payment date. If payments in respect of such series of Subordinated Debt Securities are designated to be made in a currency other than the currency in which such series of Subordinated Debt Securities is denominated or if at least one Holder
has made the election referred to in Subsection (a) above with 

  
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respect to such series of Subordinated Debt Securities, then the written notice referred to in the preceding sentence shall also specify, in each currency in which payment in respect of such
series of Subordinated Debt Securities is to be made pursuant to said Subsection (a), the amount of principal of (and premium, if any) and interest on such series of Subordinated Debt Securities to be paid in such currency on such payment date. 

(c) The Company shall deliver to the Trustee, not later than the eighth Business Day following each Regular or Special Record Date or the tenth
day immediately preceding Maturity, as the case may be, with respect to a series of Subordinated Debt Securities, an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date in
respect of such Subordinated Debt Securities. Except as otherwise specified in the manner contemplated by Section 3.01, the amount receivable by Holders of a series of Subordinated Debt Securities who have elected payment in a currency other than
the currency in which such series of Subordinated Debt Securities is denominated as provided in Subsection (a) above shall be determined by the Company on the basis of the applicable Exchange Rate. 

(d) If the Foreign Currency in which a series of Subordinated Debt Securities is denominated ceases to be used both by the government of the
country that issued such currency and for the settlement of transactions by public institutions of or within the international banking community, then, with respect to each date for the payment of principal of (and premium, if any) and interest on
such series of Subordinated Debt Securities occurring after the final date on which such Foreign Currency was so used, all payments with respect to the Subordinated Debt Securities of such series shall be made in Dollars. If payment is to be made in
Dollars to the Holders of any such series of Subordinated Debt Securities pursuant to the provisions of the preceding sentence, then the amount to be paid in Dollars on a payment date by the Company to the Trustee and by the Trustee or any Paying
Agent to Holders shall be determined by the Trustee as of the Regular or Special Record Date immediately preceding the applicable Interest Payment Date or the fifteenth day immediately preceding Maturity, as the case may be, with respect to
Subordinated Debt Securities of such series, and shall be equal to the sum obtained by translating the specified Foreign Currency into Dollars at the applicable Exchange Rate on the last Record Date on which such Foreign Currency was so used in
either fashion; provided that payment to a Holder of a Subordinated Debt Security of such series shall be made in a different Foreign Currency if that holder has properly elected or properly elects payment in such Foreign Currency as provided
for by Subsection (a) above. 
 If a Holder of a Subordinated Debt Security denominated in a composite currency has elected payment in a
specified Foreign Currency as provided for by Subsection (a) above and such Foreign Currency ceases to be used both by the government of the country that issued such currency and for the settlement of transactions by public institutions of or within
the international banking community, such Holder shall, subject to Subsection (d)(i) below, receive payment in such composite currency; provided that such payment to such Holder shall be made in a different Foreign Currency or in Dollars
if that Holder has properly elected or properly elects payments in such Foreign Currency or in Dollars as provided for by Subsection (a) above. 

  
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 (i) If any composite currency in which a Subordinated Debt Security is
denominated or payable ceases to be used for the purposes for which it was established, then, with respect to each date for the payment of principal of (and premium, if any) and interest on a series of Subordinated Debt Securities denominated or
payable in such composite currency, as the case may be, occurring after the last date on which such composite currency was so used (the “Conversion Date”), all payments in respect of the Subordinated Debt Securities of such series shall be
made in Dollars; provided that payment to a Holder of a Subordinated Debt Security of such series shall be made in a Foreign Currency if that Holder has properly elected or properly elects payment in such Foreign Currency as provided for by
Subsection (a) above. 
 If payment in respect of Subordinated Debt Securities of a series denominated in any composite currency is to be
made in Dollars pursuant to the provisions of the preceding paragraph, then the amount to be paid in Dollars on a payment date by the Company to the Trustee and by the Trustee or any Paying Agent to Holders shall be determined by the Trustee as of
the Regular or Special Record Date immediately preceding the applicable Interest Payment Date or the fifteenth day immediately preceding Maturity, as the case may be, with respect to Subordinated Debt Securities of such series, and shall be equal to
the sum of the amounts obtained by translating each Component of such composite currency into Dollars at the applicable Exchange Rate for such Component on such Record Date or fifteenth day, as the case may be, multiplied by the number of units of
such composite currency that would have been so paid had such composite currency not ceased to be so used. If payment is to be made in a Foreign Currency to a Holder of a Subordinated Debt Security of such series pursuant to the preceding paragraph,
then the amount to be paid in such Foreign Currency on a payment date by the Company to the Trustee and by the Trustee or any Paying Agent to such Holder shall be determined by the Trustee as of such Record Date or fifteenth day, as the case may be,
and shall be determined by (A) translating each Component of such composite currency into Dollars at the applicable Exchange Rate for such Component on such Record Date or fifteenth day, as the case may be, and (B) translating the sum in
Dollars so obtained into such Foreign Currency at the applicable Exchange Rate for such Foreign Currency on such Record Date or fifteenth day, as the case may be. 

All decisions and determinations of the Trustee regarding the translation of Foreign Currency into Dollars or the translation of any composite
currency into Dollars or the translation of Dollars into Foreign Currency pursuant to this Subsection (d) shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company and all Holders of the
Subordinated Debt Securities. 
 If a Foreign Currency in which a series of Subordinated Debt Securities is denominated or in which payments
in respect of Subordinated Debt Securities of such series may be made ceases to be used both by the government of the country that issued such currency and for the settlement of transactions by public institutions of or within the international
banking community, the Company, in the event that it learns thereof (without any duty to investigate), will immediately give notice thereof to the Trustee (and the Trustee promptly thereafter will give notice to the relevant Holders in the manner

  
 26 

 
provided in Section 15.05) specifying the last date on which such Foreign Currency was so used in either fashion. In the event any composite currency in which a Subordinated Debt Security is
denominated or payable ceases to be used for the purposes for which it was established, the Company, upon learning thereof, will immediately give notice thereof to the Trustee (and the Trustee promptly thereafter will give notice to the relevant
Holders in the manner provided in Section 15.05) specifying the Conversion Date with respect to such composite currency and the Components of such composite currency on such Conversion Date. In the event of any subsequent change in any such
Component, the Company, upon learning thereof, will give notice to the Trustee similarly. The Trustee shall be fully justified and protected in relying and acting upon the information so received by it from the Company and shall not otherwise have
any duty or obligation to determine such information independently. 
 ARTICLE 4 

REDEMPTION OF SUBORDINATED DEBT SECURITIES; SINKING
FUND 
 Section 4.01. Applicability of Right of Redemption. Redemption of Subordinated Debt Securities (other
than pursuant to a sinking fund or analogous provision) permitted by the terms of any series of Subordinated Debt Securities shall be made in accordance with such terms and the applicable provisions of this Article; provided, however, that if
any such terms of a series of Subordinated Debt Securities shall conflict with any provision of this Article, the terms of such series shall govern. In addition, the Company may purchase, acquire or otherwise hold Subordinated Debt Securities. 

Section 4.02. Notice of Redemption. If the Company shall elect to redeem the Subordinated Debt Securities of any series in whole
or in part as aforesaid, it shall fix a date for redemption and give notice of its election so to redeem by mailing written notice, postage prepaid, at least 15 days but not more than 30 days before the Redemption Date, to each Holder of
Subordinated Debt Securities to be redeemed as a whole or in part. Any notice which shall be mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder shall receive such notice. Failure to
mail such notice, or any defect in the notice mailed, to the Holder of any Subordinated Debt Security designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Subordinated Debt
Security. 
 Each notice of redemption shall state: 

(i) such election to redeem on the part of the Company; 

(ii) the Redemption Date; 

(iii) the Place or Places of Payment where such Subordinated Debt Securities may be surrendered for payment of the Redemption
Price and any accrued interest; 

  
 27 

 (iv) the Redemption Price, or if the Redemption Price is not then ascertainable,
the manner of calculation thereof; 
 (v) that the Subordinated Debt Securities designated in such notice for redemption are
required to be presented on or after such Redemption Date and at such Place or Places of Payment and that interest to the Redemption Date on the Subordinated Debt Securities called for redemption will be paid as specified in said notice and shall
cease to accrue thereon on such date; 
 (vi) if less than all Outstanding Subordinated Debt Securities of a series are to be
redeemed, the notice shall also identify (and, in the case of partial redemption, state the principal amounts of) the particular Subordinated Debt Securities that are to be redeemed. 

(vii) in case of partial redemption, the notice shall state the portion of the principal amount thereof to be redeemed and
shall state that on and after the date fixed for redemption, upon surrender of such Subordinated Debt Security, a new Subordinated Debt Security of the same series in aggregate principal amount equal to the unredeemed portion thereof will be issued;
and 
 (viii) that the redemption is for a sinking fund, if such is the case; and 

(ix) the CUSIP Number and, if applicable, the ISIN Number of the Subordinated Debt Securities being redeemed. 

Any notice of redemption of Subordinated Debt Securities at the option of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company. 
 Section 4.03. Selection of Subordinated Debt Securities on
Partial Redemption. Except as otherwise specified in the manner contemplated by Section 3.01 for the Subordinated Debt Securities of any series, if the Company shall at any time elect to redeem less than all the Subordinated Debt Securities of
such series then Outstanding, it shall notify the Trustee of the principal amount of Subordinated Debt Securities to be redeemed before the mailing of the notice of redemption pursuant to Section 4.02, and thereupon the Trustee shall select, in such
manner as the Trustee shall deem appropriate and fair and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Subordinated Debt Securities of such series or any integral multiple thereof
that is also an authorized denomination, but in no event shall such portion be less than $1,000) of the principal amount of Subordinated Debt Securities of such series of a denomination larger than the minimum authorized denomination for
Subordinated Debt Securities of such series. 
 The Trustee shall promptly notify the Company in writing of the Subordinated Debt Securities
selected for redemption and, in the case of any Subordinated Debt Security selected for partial redemption, the principal amount thereof to be redeemed. 

  
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 For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Subordinated Debt Securities shall relate, in the case of any Subordinated Debt Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Subordinated Debt Security that has been
or is to be redeemed. 
 Section 4.04. Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 5.03) an amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on, all the Subordinated Debt Securities or portions thereof which are to be redeemed on that date, in the currency or currencies in which such Redemption Price shall be paid. 

Section 4.05. Subordinated Debt Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the
Subordinated Debt Securities so to be redeemed shall, on the Redemption Date specified in such notice, become due and payable at the applicable Redemption Price, together with interest accrued thereon to such Redemption Date, and from and after such
Redemption Date (unless the Company shall default in the payment of such Redemption Price or any such accrued interest), interest on such Subordinated Debt Securities shall cease to accrue. Upon surrender of such Subordinated Debt Securities for
redemption in accordance with said notice, such Subordinated Debt Securities shall be paid by the Company at the applicable Redemption Price, together with interest accrued to the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Subordinated Debt Securities, or one or more Predecessor Securities, registered as such on the relevant Record Dates according to their
terms and the provisions of Section 3.07. 
 If any Subordinated Debt Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal thereof and premium, if any, thereon shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in such Subordinated Debt Security. 

Section 4.06. Subordinated Debt Securities Redeemed in Part. Any Subordinated Debt Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company, the Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Subordinated Debt Security without service charge, a new
Subordinated Debt Security or Subordinated Debt Securities of the same series, in any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the
Subordinated Debt Security so surrendered, except that if a Global Security is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global
Security or Securities in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. 

  
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 Section 4.07. Applicability of Sinking Fund. Redemption of Subordinated Debt
Securities permitted or required pursuant to a sinking fund for the retirement of Subordinated Debt Securities of a series shall be made in accordance with the applicable provisions of this Article, except as otherwise specified in the manner
contemplated by Section 3.01 for Subordinated Debt Securities of such series. 
 The minimum amount of any sinking fund payment provided for
by the terms of Subordinated Debt Securities of any series is herein referred to as a “Mandatory Sinking Fund Payment”, and any payment in excess of such minimum amount provided for by the terms of Subordinated Debt Securities of any
series is herein referred to as an “Optional Sinking Fund Payment”. The cash amount of any Mandatory Sinking Fund Payment shall be subject to reduction as provided in Section 4.08. 

Section 4.08. Mandatory and Optional Sinking Funds. In lieu of making all or any part of any Mandatory Sinking Fund Payment with
respect to any series of Subordinated Debt Securities in cash, the Company may at its option (a) deliver to the Trustee Subordinated Debt Securities of such series therefore purchased or otherwise acquired (except upon redemption pursuant to
the mandatory sinking fund) by the Company or receive credit for Subordinated Debt Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Company and delivered to the Trustee
for cancellation pursuant to Section 3.09, (b) receive credit for Optional Sinking Fund Payments (not previously so credited) made pursuant to this Section 4.08, or (c) receive credit for Subordinated Debt Securities of such series (not
previously so credited) redeemed by the Company through any optional redemption provision contained in the terms of such series. Subordinated Debt Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Subordinated Debt Securities. 
 On or before the 45th day next preceding each sinking fund payment date
for any series, the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the portion of the Mandatory Sinking Fund Payment to be satisfied by credit of Subordinated Debt Securities of such series, (b) stating
that none of the Subordinated Debt Securities of such series has theretofore been so credited, (c) stating whether or not the Company intends to exercise its right to make an Optional Sinking Fund Payment with respect to such series and, if so,
specifying the amount of such Optional Sinking Fund Payment which the Company intends to pay on or before the next succeeding sinking fund payment date and (d) specifying such sinking fund payment date. Any Subordinated Debt Securities of such
series to be credited and required to be delivered to the Trustee in order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to
Section 3.09 to the Trustee with such written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such written statement shall be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally
obligated to make all the cash payments or payments therein referred to, if any, on or before the next 

  
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succeeding sinking fund payment date. Failure of the Company, on or before any such 45th day, to deliver such written statement and Subordinated Debt Securities specified in this paragraph, if
any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the Mandatory Sinking Fund Payment for such series due on the next succeeding sinking fund payment date shall be
paid entirely in cash without the option to deliver or credit Subordinated Debt Securities of such series in respect thereof and (ii) that the Company will make no Optional Sinking Fund Payment with respect to such series as provided in this
Section 4.08. 
 Section 4.09. Application of Sinking Fund Payments. If a Mandatory Sinking Fund Payment or Optional Sinking
Fund Payment made in cash with respect to a particular series of Subordinated Debt Securities, plus any unused balance of any preceding sinking fund payments made in cash with respect to such series, shall exceed $50,000 (or a lesser sum if the
Company shall so request), such funds shall be applied by the Trustee on the sinking fund payment date provided for in the terms of a particular series of Subordinated Debt Securities next following the date of such payment, unless the date of such
payment shall be a sinking fund payment date, in which case such payment shall be applied on such sinking fund payment date, to a redemption of Subordinated Debt Securities of such series at the Redemption Price specified therein. Not less than 45
days (unless a shorter period shall be satisfactory to the Trustee) before each such sinking fund payment date, the Trustee shall select, in the manner provided in Section 4.03, for redemption on such sinking fund payment date, a sufficient
principal amount of Subordinated Debt Securities of such series to absorb said funds, as nearly as may be, and shall, at the expense and in the name of the Company, thereupon cause notice of the redemption of such Subordinated Debt Securities to be
given in substantially the manner provided in Section 4.02 for the redemption of Subordinated Debt Securities in part at the option of the Company, except that the notice of redemption shall also state that such Subordinated Debt Securities are
being redeemed for the sinking fund. Any sinking fund moneys not so applied by the Trustee to the redemption of Subordinated Debt Securities of such series shall be added to the next sinking fund payment received in funds by the Trustee and,
together with such payment, shall be applied in accordance with the provisions of this Section 4.09. Any and all sinking fund moneys held by the Trustee on the last sinking fund payment date with respect to Subordinated Debt Securities of such
series, and not held for the payment or redemption of particular Subordinated Debt Securities of such series, shall be applied by the Trustee to the payment of the principal of the Subordinated Debt Securities of such series at Maturity. 

On or prior to each sinking fund payment date, the Company shall pay to the Trustee a sum equal to all interest accrued to the date fixed for
redemption on Subordinated Debt Securities to be redeemed on such sinking fund payment date pursuant to this Section 4.09. 
 The
Trustee shall not redeem any Subordinated Debt Securities of a series with sinking fund moneys or mail any notice of redemption of Subordinated Debt Securities of such series by operation of the sinking fund during the continuance of any Event of
Default (other than an Event of Default occurring as a consequence of this paragraph) of which the Trustee has actual knowledge, except that if the notice of redemption of any 

  
 31 

 
Subordinated Debt Securities of such series shall theretofore have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Subordinated Debt Securities if cash
sufficient for the purpose shall be deposited with the Trustee in accordance with the terms of this Article 4. Except as aforesaid, any moneys in the sinking fund at the time any such Event of Default shall occur and any moneys thereafter paid into
the sinking fund shall, during the continuation of such Event of Default, be held as security for the payment of all the Subordinated Debt Securities of such series; provided, however, that in case such Event of Default shall have been cured
or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys are required to be applied pursuant to the provisions of this Section 4.09. 

ARTICLE 5 

COVENANTS 

Section 5.01. Payment of Principal and Interest. The Company covenants and agrees for the benefit of each series of Subordinated
Debt Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Subordinated Debt Securities of such series in accordance with the terms of the Subordinated Debt Securities of such series and this
Indenture. 
 The Company shall pay interest on overdue principal of a Subordinated Debt Security of any series at the rate of interest
prescribed therefor in such Subordinated Debt Security and, to the extent lawful, it shall pay interest on overdue installments of interest at the same rate. 

At the option of the Company, payment of principal (and premium, if any) and interest on the Subordinated Debt Securities may be made either
by wire transfer or (subject to collection) by check mailed to the address of such person entitled thereto at such address as shall appear in the Securities Register; provided that, in connection with payment by wire transfer, the Paying
Agent shall have received appropriate wire transfer instructions at least five (5) Business Days prior to the applicable payment date. 

Section 5.02. Maintenance of Offices or Agencies. As long as any of the Subordinated Debt Securities shall remain outstanding, the
Company will maintain or will cause to be maintained, in each Place of Payment for any series of Subordinated Debt Securities, one or more offices or agencies where Subordinated Debt Securities of such series may be presented or surrendered for
payment, exchange and registration of transfer as provided in this Indenture and where notices and demands to or upon the Company in respect of this Indenture and of the Subordinated Debt Securities of such series may be served. The Company will
give written notice to the Trustee of the location of any such office or agency and of any change in the location thereof. In case the Company shall fail to maintain any such office or agency or to give such notice of its location or of any change
in the location thereof, presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby initially appoints the Corporate Trust Office of the Trustee as its office or agency for
all the above purposes. 

  
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 Section 5.03. Money for Subordinated Debt Security; Payments to be Held in Trust. If
the Company shall at any time act as its own Paying Agent with respect to any series of Subordinated Debt Securities, then, on or before each date on which the principal of (and premium, if any) or interest on any of the Subordinated Debt Securities
of that series shall become payable, by their terms or as a result of the calling thereof for redemption, the Company will set apart and segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such
principal (and premium, if any) or interest which shall have become so payable until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will notify the Trustee of its action or failure so to act and of any
failure by any other obligor upon the Subordinated Debt Securities of that series to make any such payment. 
 If the Company shall appoint
and at the time have a Paying Agent for the payment of the principal of (and premium, if any) or interest on any series of Subordinated Debt Securities, then, on or before the date on which the principal of (and premium, if any) or interest on any
of the Subordinated Debt Securities of that series shall become payable as aforesaid, the Company will pay to such Paying Agent a sum sufficient to pay such principal (and premium, if any) or interest, to be held in trust for the benefit of the
Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will notify the Trustee of its action or failure so to act. 

If such Paying Agent shall be other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 5.03, (i) that such Paying Agent shall hold all sums held by it for the payment of the principal of (and premium, if any) or interest
on the Subordinated Debt Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; (ii) that such Paying Agent shall give the
Trustee notice of any default by the Company or any other obligor upon the Subordinated Debt Securities of that series in the making of any payment of the principal of (and premium, if any) or interest on the Subordinated Debt Securities of that
series when the same shall have become due and payable; and (iii) that such Paying Agent shall, at any time during the continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so held in trust by it.

 Anything in this Section 5.03 to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or by any Paying Agent (other than the Trustee) as required by this Section 5.03, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent. 
 Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Subordinated Debt Securities of any series and remaining unclaimed for two years after such principal (and premium, if
any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be 

  
 33 

 
discharged from such trust; and the Holder of such Subordinated Debt Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

Section 5.04. Corporate Existence. Subject to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors or senior
management of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 5.05. Annual Statement Concerning Compliance With Covenants. The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year, a written statement signed by the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Treasurer or any Assistant Treasurer of the Company, stating that: 

(a) a review of the activities of the Company during such year with regard to its compliance with this Indenture has been made under such
director or officer’s supervision; and 
 (b) to the best of such director or officer’s knowledge , based on such review, the
Company has fulfilled all its obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof.

 Section 5.06. Compliance With Covenants and Conditions May Be Waived By Holders of Subordinated Debt Securities. Anything in
this Indenture to the contrary notwithstanding, the Company or any Subsidiary may fail or omit in any particular instance to comply with any term, provision or condition set forth in this Article 5 or in a supplemental indenture with respect to any
series of Subordinated Debt Securities if the Company shall have obtained and filed with the Trustee, before or after the time for such compliance, evidence (as provided in Article 7) of the consent of the Holders of at least a majority in aggregate
principal amount of the Subordinated Debt Securities of such series at the time Outstanding, either waiving such compliance in such instance or generally waiving compliance with such term, provision or condition, but no such waiver shall extend to
or affect any obligation not waived by the terms of such waiver or impair any right consequent thereon. 
 Section 5.07. Change of
Control. 
 If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Subordinated Debt
Securities, Holders of Subordinated Debt Securities will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Securities

  
 34 

 
pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate
principal amount of Subordinated Debt Securities repurchased plus accrued and unpaid interest, if any, on the Subordinated Debt Securities repurchased, to the date of purchase (the “Change of Control Payment”). Within 30 days
following any Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to Holders of Subordinated Debt
Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Subordinated Debt Securities on the date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The notice shall, if mailed prior to the date
of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Subordinated Debt Securities as a result of a Change of
Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions herein, the Company shall be required to comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts. 
 On the
Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Subordinated Debt Securities or portions of Subordinated Debt Securities properly tendered pursuant to the Change of Control Offer;
(ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Subordinated Debt Securities or portions of Subordinated Debt Securities properly tendered; and (iii) deliver or cause to be delivered to
the Trustee the Subordinated Debt Securities properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Subordinated Debt Securities or portions of Subordinated Debt Securities being purchased. 

“Below Investment Grade Rating Event” means the Subordinated Debt Securities are rated below an Investment Grade Rating by
both of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of
Control (which 60-day period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of
Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at the Company’s request that the

  
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reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of
Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries;
(2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial
owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors (as defined below). Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned subsidiary of a holding company that has agreed to be bound by the terms of
the Securities and (2) the Holders of the voting stock of such holding company immediately following that transaction are substantially the same as the Holders of the Company’s voting stock immediately prior to that transaction. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the
Company who (1) was a member of such Board of Directors on the date of original issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without
objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to
rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

  
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 “S&P” means Standard & Poor’s Ratings Services, a division of
McGraw-Hill Financial, Inc. 
 ARTICLE 6 

REMEDIES 

Section 6.01. Events of Default. Except where otherwise indicated by the context or where the term is otherwise defined for a
specific purpose, the term “Event of Default” as used in this Indenture with respect to Subordinated Debt Securities of any series shall mean one of the following described events unless it is either inapplicable to a particular series or
it is specifically deleted or modified in the supplemental indenture Officer’s Certificate, if any, under which such series of Subordinated Debt Securities is issued: 

(a) the failure of the Company to pay any installment of interest on any Subordinated Debt Security of such series, when and as the same shall
become due and payable, which failure shall have continued unremedied for a period of 30 days or, if interest deferral is applicable to such series pursuant to Section 3.01, failure to pay in full the interest accrued on any Subordinated Debt
Securities of such series when such interest becomes due and payable upon the conclusion of an interest deferral period having the maximum permitted length specified pursuant to Section 3.01 and continuance of that failure for a period of 30 days
thereafter; 
 (b) the failure of the Company to pay the principal or premium, if any, on any Subordinated Debt Security of such series, when
and as the same shall become payable, whether at maturity as therein expressed, by call for redemption (otherwise than pursuant to a sinking fund), by declaration of acceleration as authorized by this Indenture or otherwise; 

(c) the failure of the Company to pay a sinking fund installment, if any, when and as the same shall become due and payable by the terms of a
Subordinated Debt Security of such series, which failure shall have continued unremedied for a period of 30 days; 
 (d) the entry by a court
having jurisdiction in the premises of a decree or order for relief in respect of the Company in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Company or for substantially all of its property, or ordering the winding-up or
liquidation of the Company’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; 

  
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 (e) the commencement by the Company of a voluntary case under the Federal bankruptcy laws, as now
or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company to the entry of an order for relief in an involuntary case under any such law,
or the consent by the Company to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or for substantially all of its property, or the making by it of an
assignment for the benefit of creditors; or 
 (f) the occurrence of any other event of default with respect to the Subordinated Debt
Securities of such series as provided in a supplemental indenture applicable to such series of Subordinated Debt Securities or a Board Resolution or Officer’s Certificate pursuant to which such series of Subordinated Debt Securities is
established. 
 Section 6.02. Acceleration of Maturity on Default; Waiver. If any one or more Events of Default shall happen
with respect to Subordinated Debt Securities of any series at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in aggregate principal amount
of the Subordinated Debt Securities of such series then Outstanding may, and upon the written request of the Holders of a majority in aggregate principal amount of such Subordinated Debt Securities then Outstanding the Trustee shall, declare the
principal amount (or, if the Subordinated Debt Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of and all accrued but unpaid interest (if any) on
all the Subordinated Debt Securities of such series then Outstanding, if not then due and payable, to be due and payable, and upon any such declaration the same shall become and be immediately due and payable, anything contained in this Indenture or
in the Subordinated Debt Securities of such series to the contrary notwithstanding; provided that no Event of Default with respect to Subordinated Debt Securities of a series, except with respect to an Event of Default under Subsections (e)
and (f) of Section 6.01, shall constitute an Event of Default with respect to Subordinated Debt Securities of any other series. The foregoing provision, however, is subject to the condition that, if at any time after the principal amount (or
specified amount) of and all accrued but unpaid interest (if any) on all the Subordinated Debt Securities of such series shall have been so declared to be due and payable, all arrears of interest, if any, upon all the Subordinated Debt Securities of
such series (with interest, to the extent that interest thereon shall be legally enforceable, on any overdue installment of interest at the rate borne by the Subordinated Debt Securities of such series) and all amounts owed to the Trustee and any
predecessor trustee hereunder under Section 10.01(a) and all other sums payable under this Indenture (except the principal of the Subordinated Debt Securities of such series which would not be due and payable were it not for such declaration), shall
be paid by the Company, and every other default and Event of Default under this Indenture shall have been cured to the reasonable satisfaction of the Holders of a majority in aggregate principal amount of the Subordinated Debt Securities of such
series then Outstanding, or provision deemed by such Holders to be adequate therefor shall have been made, then and in every such case the Holders of a majority in aggregate principal amount of the Subordinated Debt

  
 38 

 
Securities of such series then Outstanding may, on behalf of the Holders of all the Subordinated Debt Securities of such series, waive the Event of Default by reason of which the principal of the
Subordinated Debt Securities of such series shall have been so declared to be due and payable and may rescind and annul such declaration and its consequences; but no such waiver, recission or annulment shall extend to or affect any subsequent
default or Event of Default or impair any right consequent thereon. Any declaration by the Trustee pursuant to this Section 6.02 shall be by written notice to the Company, and any declaration or waiver by the Holders of Subordinated Debt Securities
of any series pursuant to this Section 6.02 shall be by written notice to the Company and the Trustee. 
 Section 6.03. Collection
of Amounts Due and Suits for Enforcement by Trustee. If the Company shall fail for a period of 30 days to pay any installment of interest on the Subordinated Debt Securities of any series, or shall fail to pay the principal of and premium, if
any, on any of the Subordinated Debt Securities of such series when and as the same shall become due and payable, whether at maturity, or by call for redemption (otherwise than pursuant to a sinking fund), by declaration as authorized by this
Indenture or otherwise, or shall fail for a period of 30 days to make any sinking fund payment as to a series of Subordinated Debt Securities, then, upon demand of the Trustee, the Company will pay to the Trustee for the benefit of the Holders of
the Subordinated Debt Securities of such series then Outstanding the whole amount which then shall have become due and payable on all the Subordinated Debt Securities of such series, with interest to the date of payment on the overdue principal (and
premium, if any) and (to the extent that payment of such interest is enforceable under applicable law on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Subordinated Debt Securities of such series) on the overdue installments of interest at the rate borne by the Subordinated Debt Securities of such series, and all amounts owed to the Trustee and any predecessor trustee
hereunder under Section 10.01(a). 
 Until such demand is made by the Trustee, the Company may pay the principal of and interest on the
Subordinated Debt Securities of any series to the Holders, whether or not the principal of, and interest on, the Subordinated Debt Securities of such series be overdue. 

In case the Company fails forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor upon the Subordinated Debt Securities of such series, and collect the moneys adjudged or decreed to be payable out of the property of the Company or any other obligor upon the
Subordinated Debt Securities of such series, wherever situated, in the manner provided by law. Every recovery of judgment in any such action or other proceeding, subject to the payment to the Trustee of all amounts owed to the Trustee and any
predecessor trustee hereunder under Section 10.01(a), shall be for the ratable benefit of the Holders of such series of Subordinated Debt Securities which shall 

  
 39 

 
be the subject of such action or proceeding. All rights of action upon or under any of the Subordinated Debt Securities or this Indenture may be enforced by the Trustee without the possession of
any of the Subordinated Debt Securities and without the production of any thereof at any trial or any proceeding relative thereto. 

Section 6.04. Trustee Appointed Attorney-in-Fact for Holders to File Claims. The Trustee is hereby appointed, and each and every
Holder, by receiving and holding Subordinated Debt Securities, shall be conclusively deemed to have appointed the Trustee, the true and lawful attorney-in-fact of such Holder, with authority to make or file (whether or not the Company shall be in
default in respect of the payment of the principal of (and premium, if any) or interest on any of the Subordinated Debt Securities), in its own name and as trustee of an express trust or otherwise as it shall deem advisable, in any receivership,
insolvency, liquidation, bankruptcy, reorganization or other judicial proceeding relative to the Company or any other obligor upon the Subordinated Debt Securities or to their respective creditors or property, any and all claims, proofs of claim,
proofs of debt, petitions, consents, other papers and documents and amendments of any thereof, as may be necessary or advisable in order to have the claims of the Trustee and any predecessor trustee hereunder and of the Holders allowed in any such
proceeding and to collect and receive any moneys or other property payable or deliverable on any such claim, and to execute and deliver any and all other papers and documents and to do and perform any and all other acts and things, as it may deem
necessary or advisable in order to enforce in any such proceeding any of the claims of the Trustee and any predecessor trustee hereunder and any of the Holders, and any receiver, assignee, trustee, custodian or debtor in any such proceeding is
hereby authorized, and each and every holder, by receiving and holding Subordinated Debt Securities, shall be conclusively deemed to have authorized any such receiver, assignee, trustee, custodian or debtor to make any such payment or delivery only
to or on the order of the Trustee, and to pay to the Trustee any amount due it and any predecessor trustee hereunder under Section 10.01(a); provided, however, that nothing herein contained shall be deemed to authorize or empower the Trustee
to consent to or accept or adopt, on behalf of any Holder, any plan of reorganization or readjustment of the Company affecting the Subordinated Debt Securities or the rights of any Holder thereof, or to authorize or empower the Trustee to vote in
respect of the claim of any Holder in any such proceeding. 
 Section 6.05. Application of Moneys Collected by Trustee. Any
moneys collected by the Trustee with respect to a series of Subordinated Debt Securities under this Article 6 shall be applied in the following order, at the date or dates fixed by the Trustee and, in the case of the distribution of such moneys on
account of principal (and premium, if any) or interest, upon presentation of the Subordinated Debt Securities and the notation thereon of the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First: To the payment of all amounts due to the Trustee and any predecessor trustee hereunder under Section 10.01(a); 

Second: In case the principal of the Outstanding Subordinated Debt Securities of such series shall not have become due and be unpaid, to the
payment of interest on the 

  
 40 

 
Subordinated Debt Securities of such series, in the order of the Maturity of the installments of such interest, with interest (to the extent that such interest is legally enforceable and has been
collected by the Trustee) upon the overdue installments of interest at the rate borne by such Subordinated Debt Securities, such payments to be made ratably to the Persons entitled thereto; 

Third: In case the principal of the Outstanding Subordinated Debt Securities of such series shall have become due and payable, by declaration
or otherwise, to the payment of the whole amount then owing and unpaid upon the Subordinated Debt Securities of such series for principal (and premium, if any) and interest, with interest on the overdue principal (and premium, if any) and (to the
extent that such interest is legally enforceable and has been collected by the Trustee) upon overdue installments of interest at the rate borne by the Subordinated Debt Securities of such series, and in case such moneys shall be insufficient to pay
in full the whole amounts so due and unpaid upon the Subordinated Debt Securities of such series, then to the payment of such principal (and premium, if any) and interest without preference or priority of principal and premium, if any, over
interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Subordinated Debt Security of such series over any other Subordinated Debt Security of such series,
ratably according to the aggregate amounts of such principal (and premium, if any) and accrued and unpaid interest. The Holders of each series of Subordinated Debt Securities denominated in any composite currency or a Foreign Currency shall be
entitled to receive a ratable portion of the amount determined by the Trustee by converting the principal amount Outstanding of such series of Subordinated Debt Securities and matured but unpaid interest on such series of Subordinated Debt
Securities in the currency in which such series of Subordinated Debt Securities is denominated into Dollars at the applicable Exchange Rate as of the date of declaration of acceleration of the Maturity of the Subordinated Debt Securities (or, if
there is no such Exchange Rate as of such date for the reasons specified in Section 3.12(d)(i), such Exchange Rate on the date specified in such Section). 

Any surplus then remaining shall be paid to the Company or to such other Persons as shall be entitled to receive it. 

Section 6.06. Holders May Direct Proceedings and Waive Defaults. The Holders of a majority in aggregate principal amount of the
Outstanding Subordinated Debt Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee hereunder, or of exercising any trust or power hereby conferred
upon the Trustee with respect to the Subordinated Debt Securities of such series; provided, however, that, subject to the provisions of Section 10.01 and 10.02, the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would be unduly prejudicial to Holders not joining in such direction or would involve the Trustee in personal liability. The Trustee may take any
other action which is not inconsistent with such direction. 
 Prior to any declaration accelerating the Maturity of the Subordinated Debt
Securities of any series, the Holders of a majority in aggregate principal amount of the 

  
 41 

 
Outstanding Subordinated Debt Securities of such series may on behalf of the Holders of all of the Subordinated Debt Securities of such series waive any past default or Event of Default hereunder
and its consequences, except a default in the payment of the principal of (and premium, if any) or interest on any Subordinated Debt Security of such series. Upon any such waiver the Company, the Trustee and the Holders of the Subordinated Debt
Securities of such series shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. Whenever any
default or Event of Default hereunder shall have been waived as permitted by this Section 6.06, said default or Event of Default shall for all purposes of the Subordinated Debt Securities of such series and this Indenture be deemed to have been
cured and to be not continuing. 
 Section 6.07. Limitations on Right of Holders to Institute Proceedings. No Holder of any
Subordinated Debt Security of any series shall have any right to institute an action, suit or proceeding at law or in equity with respect to this Indenture, or for the execution of any trust hereunder or for the appointment of a receiver or for any
other remedy hereunder, in each case with respect to an Event of Default with respect to such series of Subordinated Debt Securities, unless (i) such Holder previously shall have given to the Trustee written notice of the occurrence and
continuation of one or more Events of Default with respect to such series of Subordinated Debt Securities; (ii) the Holders of 25% in aggregate principal amount of the Outstanding Subordinated Debt Securities of such series shall have requested
the Trustee in writing to take action in respect of the matter complained of; and (iii) unless such Holder or Holders have offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be
incurred therein or thereby and the Trustee, for 60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding, and such notification, request and offer
of indemnity are hereby declared in every such case to be conditions precedent to any such action, suit or proceeding by any Holder of any Subordinated Debt Security of such series, it being understood and intended that no one or more of such
Holders shall have any right in any manner whatsoever by his or their action to enforce any right hereunder, except in the manner herein provided, and that every action, suit or proceeding at law or in equity shall be instituted, had and maintained
in the manner herein provided and for the equal benefit of all Holders of the Outstanding Subordinated Debt Securities of such series; provided, however, that nothing contained in this Indenture or in the Subordinated Debt Securities of such
series shall affect or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and (subject to Section 3.07) interest on the Subordinated Debt Securities of such series to the
respective Holders of such Subordinated Debt Securities at the Stated Maturity or Maturities expressed in such Subordinated Debt Securities, or affect or impair the right, which is also absolute and unconditional, of such Holders to institute suit
to enforce any such payment. 
 Section 6.08. Assessment of Costs and Attorneys’ Fees in Legal Proceedings. All parties to
this Indenture agree, and each Holder of any Subordinated Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any action, suit or proceeding for the enforcement of any right or

  
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remedy under this Indenture, or in any action, suit or proceeding against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such action, suit or
proceeding of an undertaking to pay the costs of such action, suit or proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such action, suit or
proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 6.08 shall not apply to any action, suit or proceeding instituted by the
Trustee, to any action, suit or proceeding instituted by any one or more Holders holding in the aggregate more than 10% in principal amount of the Outstanding Subordinated Debt Securities of any series, or to any action, suit or proceeding
instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any of the Subordinated Debt Securities of such series, on or after the respective Stated Maturity or Maturities expressed in such
Subordinated Debt Securities (or, in the case of redemption, on or after the Redemption Date). 
 Section 6.09. Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or rights or remedy or remedies, and each and every right and remedy shall, to the extent permitted
by law, be cumulative and shall be in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. 

No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any default or Event of Default shall
impair any such right or remedy or shall be construed to be a waiver of any such default or Event of Default or an acquiescence therein, and every right and remedy given by this Article 6 to the Trustee and to the Holders, respectively, may be
exercised from time to time and as often as may be deemed expedient by the Trustee or by the Holders, as the case may be. 
 In case the
Trustee or any Holder shall have proceeded to enforce any right or remedy under this Indenture and the proceedings for the enforcement thereof shall have been discontinued or abandoned because of waiver or for any other reason or shall have been
adjudicated adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions and rights hereunder, and thereafter all rights,
remedies and powers of the Trustee and the Holders shall continue as though no such proceedings had been taken, except as to any matters so waived or adjudicated. 

ARTICLE 7 
 ACTIONS
BY HOLDERS 
 Section 7.01. Actions by Holders. Whenever in this Indenture it is provided that the
Holders of a specified percentage or a majority in aggregate principal amount of Outstanding Subordinated Debt Securities of any series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), such action may be taken by (a) a meeting of the Holders in accordance with Article 8 or (b) by any instrument or instruments of a substantially similar tenor executed and delivered by the requisite
number of Holders in accordance with the provisions of this Article 7. 

  
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 Section 7.02. Instruments. In order to be effective to take any action under this
Article 7, an instrument shall (a) be in writing, (b) express the action to be taken, (c) be executed by or on behalf of a Holder who is such (i) if such instruments have been requested by the Company or the Trustee pursuant to a
written notice mailed to all Holders of the affected series, on the date such notice is mailed or (ii) in any other case, on the date the first instrument expressing such action is delivered to the Trustee, and (d) indicate the principal
amount of Subordinated Debt Securities to which the instrument relates. Each such instrument must be duly acknowledged or witnessed. If such instrument is executed by a Person other than the Holder, then such instrument shall include, or be
accompanied by proof acceptable to the Trustee of, such Person’s authority to execute the instrument. 
 The ownership of Subordinated
Debt Securities shall be proved by the Security Register. The Trustee may accept such other proof or may require such additional proof of any other matter referred to in this Section 7.02 as it shall reasonably deem appropriate or necessary. 

Section 7.03. Determining Principal Amount of Outstanding Subordinated Debt Securities. In determining whether the Holders of the
requisite principal amount of Outstanding Subordinated Debt Securities have given any authorization, demand, direction, request, notice, waiver or consent or taken any other action under this Indenture, Subordinated Debt Securities owned by the
Company or any other obligor on the Subordinated Debt Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such authorization, demand, direction, request, notice, waiver, consent or action, only Subordinated Debt Securities which the Trustee knows are so owned shall be disregarded. Subordinated Debt Securities so owned which
have been pledged in good faith may be regarded as Outstanding for the purposes of this Section 7.03 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Subordinated Debt Securities and that the
pledgee is not the Company or any other obligor upon the Subordinated Debt Securities or any Affiliate of the Company or such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be
full protection to the Trustee. 
 For purposes of determining the principal amount of Outstanding Subordinated Debt Securities of any
series the Holders of which are required, requested or permitted to give any request, demand, authorization, direction, notice, consent, waiver or take any other action under this Indenture, (i) each Original Issue Discount Security shall be
deemed to have the principal amount determined by the Trustee that could be declared to be due and payable pursuant to the terms of such Original Issue Discount Security as of a date fixed by the Trustee and (ii) each Subordinated Debt Security
denominated in a Foreign Currency or composite currency shall be deemed to have the principal amount determined by the Trustee by translating the principal amount of such Subordinated Debt Security in the currency in which such Subordinated Debt
Security is denominated into Dollars at the applicable Exchange Rate as of a date fixed by the Trustee. 

  
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 Upon receipt of instruments representing the Holders of a sufficient amount of Subordinated Debt
Securities to take the action stated thereon, the Trustee shall promptly tabulate such instruments and deliver a report thereof to the Company. 

Section 7.04. Revocation by Holders of Consents to Action. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 7.01, of the taking of any action by the Holders of the requisite proportion of Outstanding Subordinated Debt Securities of any series, any Holder of a Subordinated Debt Security that is shown by the evidence to be included among
the Subordinated Debt Securities whose Holders consented to such action may, by filing written notice with the Trustee and upon proof of holding as provided in Section 7.02, revoke such action so far as concerns such Subordinated Debt Security.
Except as aforesaid, any such action taken by the Holder of any Subordinated Debt Security shall be conclusive and binding upon such Holder and upon all future Holders of the same Subordinated Debt Security and the Holder of every Subordinated Debt
Security issued upon the transfer thereof or in exchange therefor or in lieu thereof, irrespective of whether or not any notation in regard thereto is made upon such Subordinated Debt Security or any Subordinated Debt Security issued in exchange or
substitution therefor. 
 ARTICLE 8 

SUCCESSOR CORPORATION 

Section 8.01. Company May Not Consolidate, etc., Except Under Certain Conditions. The Company covenants that it will not merge or
consolidate with any other Person or sell, convey, transfer or otherwise dispose of all or substantially all of its assets to any other Person, unless (i) either the Company shall be the continuing corporation, or the successor Person (if other
than the Company) shall be a corporation or a limited liability company organized and existing under the laws of the United States of America or a state thereof or the District of Columbia and such corporation or limited liability company, as the
case may be, shall expressly assume the due and punctual payment of the principal of, and premium, if any, and interest, if any, on all the Subordinated Debt Securities according to their tenor, and the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such corporation or limited liability company, as the case
may be, and (ii) the Company or such successor corporation or limited liability company, as the case may be, shall not, immediately after such merger or consolidation, or such sale, conveyance, transfer or other disposition, be in default in
the performance of any such covenant or condition. In the event of any such merger, consolidation, sale, conveyance (other than by way of lease), transfer or other disposition, the predecessor company may be dissolved, wound up and liquidated at any
time thereafter. 

  
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 Section 8.02. Successor Corporation or Limited Liability Company to be Substituted.
Subject to compliance with Section 8.01, nothing contained in this Indenture or in the Subordinated Debt Securities shall be deemed to prevent the consolidation or merger of the Company with or into any other corporation, or the merger into the
Company of any other corporation, or the sale or lease by the Company of its property and assets as, or substantially as, an entirety, or otherwise. 

In case of any such merger, consolidation, sale, conveyance (other than by way of lease), transfer or other disposition, and upon any such
assumption by the successor corporation or limited liability company, such successor corporation or limited liability company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company,
and the Company shall be relieved of any further obligation under this Indenture and under the Subordinated Debt Securities. Such successor corporation or limited liability company thereupon may cause to be signed, and may issue either in its own
name or in the name of L Brands, Inc., any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation or limited liability
company, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Subordinated Debt Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication, and any Subordinated Debt Securities which such successor corporation or limited liability company thereafter shall cause to be signed and delivered to the Trustee for that
purpose. All the Subordinated Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Subordinated Debt Securities theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Subordinated Debt Securities had been issued at the date of the execution hereof. 
 In case of any such
merger, consolidation, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Subordinated Debt Securities thereafter to be issued as may be appropriate. 

Section 8.03. Documents to be Given to the Trustee. The Trustee, subject to the provisions of Article 10, shall be provided with
an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition complies with the provisions of this Article 8. 

ARTICLE 9 
 REPORTS
BY THE COMPANY AND THE TRUSTEE; HOLDERS’ LISTS 

Section 9.01. Reports by Trustee. 

(a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of the initial
issuance of Securities under this Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such 
Section 313(a). 

  
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 (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee in writing when the Securities are listed on any stock exchange and of any
delisting thereof. 
 Section 9.02. Reports by the Company. 

(a) Reports and Information to be Filed with Trustee. The Company will file with the Trustee, within 30 days after the Company files the same
with the Commission, copies of the annual reports and of the information, documents and other reports which the Company may be required to file with the Commission pursuant to the provisions of Section 13 or Section 15(d) of the Exchange
Act (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe); or, if the Company is not required to file information, documents or reports pursuant to the provisions of either of such Sections,
then the Company will file with the Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to the
provisions of Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange, as may be prescribed in such rules and regulations. 

(b) Additional Information to Be Filed with Trustee and Commission. The Company will file with the Trustee and the Commission, in accordance
with rules and regulations prescribed by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required by such rules
and regulations. 
 (c) Reports to Holders. The Company will transmit to all Holders, within 30 days after the filing thereof with the
Trustee (unless some other time shall be fixed by the Commission), in the manner and to the extent provided in Section 901(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to the
provisions of Subsections (a) and (b) above as may be required by rules and regulations prescribed from time to time by the Commission. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates). 

  
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 Section 9.03. Holders’ Lists. 

(a) Names and Addresses of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee with respect
to the Subordinated Debt Securities of each series for which it acts as Trustee: 
 (i) at least semi-annually, within 15
days after each Regular Record Date with respect to such Subordinated Debt Securities, a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of such Subordinated Debt Securities, as of such Regular
Record Date; and 
 (ii) at such other times as the Trustee may request in writing, within 30 days after receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that so long as the Trustee shall be the Security Registrar, no such list need be
furnished. 
 (b) Trustee to Preserve Information. The Trustee will preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of Holders so furnished or caused to be furnished to it by the Company or received by it in its capacity as Paying Agent or Security Registrar. The Trustee may (1) destroy any information furnished to
it as provided in Subsection (a) above upon receipt of new similar information so furnished to it; and (2) destroy any information received by it as Paying Agent or Security Registrar, but not until 45 days after a subsequent interest payment
shall have been made. 
 (c) Trustee to Furnish Certain Information to Holders on Request. Promptly after receipt by the Trustee of a written
application by any three or more Holders (hereinafter referred to as the “applicants”) stating that such applicants desire to communicate with other Holders with respect to their rights under this Indenture or under the Subordinated
Debt Securities, and accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, and by reasonable proof that each such applicant has owned a Subordinated Debt Security for a period of at least six
months preceding the date of such application, the Trustee shall, at its election, either 
 (i) afford to such applicants
access to all information furnished to, or received by, and preserved by, the Trustee pursuant to the provisions of this Section 9.03; or 

(ii) inform such applicants as to the approximate number of Holders according to the most recent information so furnished to,
or received by, and preserved by, the Trustee, and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 

If the Trustee shall elect not to afford to such applicants access to such information, the Trustee shall, upon the written request of such
applicants, mail to each Holder whose name and address are contained in the information so furnished to, or received by, and preserved by, the Trustee, a copy of the form of proxy or other 

  
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communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of such mailing, unless, within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in
the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of the objections specified in the written statement so filed, or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing, that all objections so sustained have been met, and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with
reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 

Each and every Holder of a Subordinated Debt Security, by receiving and holding the same, agrees with the Company and the Trustee that none of
the Company, the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with the provisions of this Subsection (c), regardless
of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under this Subsection (c). 

ARTICLE 10 

CONCERNING THE TRUSTEE 

Section 10.01. Acceptance of Trusts Upon Specified Conditions. The Trustee accepts the trusts created by this Indenture upon the
terms and conditions hereof, including the following, to all of which the parties hereto and the Holders from time to time of the Subordinated Debt Securities agree: 

(a) Trustee Entitled to Compensation and Expenses; Indemnification. The Trustee shall be entitled to such compensation as is agreed upon in
writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company agrees to pay such compensation, and all other
reasonable expenses (including the fees and expenses of Trustee’s counsel), disbursements and advances incurred or made by the Trustee hereunder, promptly on demand from time to time as such services shall be rendered and as such expenses shall
be incurred. The Company also agrees to indemnify each of the Trustee and any predecessor trustee hereunder for, and to hold it or them harmless against, any loss, liability, claim, damage, cost or expense incurred without its or their own
negligence or willful misconduct, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its or their duties, as well as the costs and expenses of defending itself or themselves
against any claim or liability in connection with the exercise or performance of any of its or their 

  
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powers or duties hereunder. As security for the performance of the obligations of the Company under this Subsection (a), the Trustee shall have a lien therefor on any moneys held by the Trustee
hereunder prior to any rights therein of the Holders. Notwithstanding any provisions of this Indenture to the contrary, the obligations of the Company to indemnify the Trustee under this Section 10.01(a) shall survive any satisfaction and discharge
under Article 11. 
 (b) Trustee May Act by Agents and Attorneys. The Trustee may execute any of the trusts or powers hereof and perform any
duty hereunder either directly or by its agents and attorneys and shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(c) Trustee Not Responsible for Recitals of Fact. The Trustee shall not be responsible in any manner whatsoever for the correctness of the
recitals contained herein or in the Subordinated Debt Securities (except its certificates of authentication thereon), all of which are made by the Company solely; and the Trustee shall not be responsible or accountable in any manner whatsoever for
or with respect to the validity or execution or sufficiency of this Indenture or of the Subordinated Debt Securities (except its certificates of authentication thereon), and the Trustee makes no representation with respect thereto. The Trustee shall
not be accountable for the use or application by the Company of any Subordinated Debt Securities, or the proceeds of any Subordinated Debt Securities, authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 (d) Trustee May Consult With Counsel. The Trustee may consult with counsel, and, to the extent permitted by Section 10.02, any advice of
counsel shall be full and complete authorization and protection in respect of any action taken or suffered to be taken by the Trustee hereunder in good faith and in accordance with such advice. 

(e) Trustee May Rely Upon Certificate as to Adoption of Resolutions; Requests May Be Evidenced by Officers’ Certificate. The Trustee, to
the extent permitted by Section 10.02, may rely upon the certificate of the Secretary or one of the Assistant Secretaries of the Company as to the adoption of any resolution by the Board of Directors or stockholders of the Company, and any request,
direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by, and whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, offering
or omitting any action hereunder, the Trustee may rely upon, an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed). 

(f) Trustee May Become Owner or Pledgee of Subordinated Debt Securities. The Trustee or any agent of the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Subordinated Debt Securities and, subject to Sections 10.06 and 10.09, may otherwise deal with the Company with the same rights it would have had if it were not a Trustee or such agent. 

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

(h) Action at Request of or with Consent of Holder Binding on Future Holders. Any action taken by the Trustee pursuant to any provision hereof
at the request or with the consent of any Person who at the time is the Holder of any Subordinated Debt Security shall be conclusive and binding in respect of any such Subordinated Debt Security upon all future Holders thereof or of any Subordinated
Debt Security or Securities that may be issued for or in lieu thereof in whole or in part, whether or not such Subordinated Debt Security shall have noted thereon the fact that such request or consent had been made or given. 

(i) Trustee May Rely on Instruments Believed by It to Be Genuine. Subject to the provisions of Section 10.02, the Trustee may rely conclusively
and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties. 
 (j) Trustee Need Not Exercise Rights or Powers Unless
Indemnified by Holders. Subject to the provisions of Section 10.02, the Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any Holders, pursuant to
any provision of this Indenture, unless one or more Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by it therein or thereby. 

(k) Trustee Not Liable for Action Taken or Omitted in Good Faith. Subject to the provisions of Section 10.02, the Trustee shall not be liable
for any action taken or omitted by it in good faith and believed by it to be authorized or within its discretion or within the rights or powers conferred upon it by this Indenture. 

(l) Trustee Not Bound to Make Investigation. Subject to the provisions of the first paragraph of Section 10.02, the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture or other paper or document (including mathematical
calculations therein). 
 (m) Trustee Not Deemed to Have Knowledge of Default. Subject to the provisions of Section 10.02, the Trustee shall
not be deemed to have knowledge or notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless the Holders of not less than 25% of the Outstanding Subordinated Debt Securities of any
series notify the Trustee in writing thereof. 

  
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 (n) In no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(o) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

Section 10.02. Duties of Trustee in Case of Default. If one or more Events of Default with respect to the Subordinated Debt
Securities of any series shall have happened, then, during the continuance thereof, the Trustee shall, with respect to the Subordinated Debt Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and shall
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. 

None of the provisions of this Indenture shall be construed as relieving the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that, anything contained in this Indenture to the contrary notwithstanding: 

(a) When No Default Subsisting. Unless and until an Event of Default with respect to the Subordinated Debt Securities of any series shall have
happened, which at the time is continuing, 
 (i) the Trustee undertakes to perform such duties and only such duties with
respect to the Subordinated Debt Securities of that series as are specifically set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee, whose duties and obligations shall be determined
solely by the express provisions of this Indenture; and 
 (ii) the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express provisions of this Indenture; but in the case of any
such certificates or opinions which, by the provisions of this Indenture, are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not investigate mathematical calculations or other facts stated therein); 
 (b) Trustee Not Liable for Error of
Judgment Made in Good Faith by Responsible Officer. The Trustee shall not be liable to any Holder or to any other Person for error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (c) Trustee Not Liable for Certain Action or Non-Action at Direction of Holders of Majority of
Subordinated Debt Securities. The Trustee shall not be liable to any Holder or to any other Person with respect to any action taken or omitted to be taken by it in good faith, in accordance with the direction of Holders given as provided in Section
6.06, relating to the time, method and place of conducting any proceeding for any remedy available to it or exercising any trust or power conferred upon it by this Indenture. 

None of the provisions of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any
personal financial liability in the performance of any of its duties hereunder or in the exercise of any of its right or remedies, if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 Section 10.03. Notice to Holders of Defaults. Within 90 days after the
occurrence thereof, the Trustee shall give to the Holders of the Subordinated Debt Securities of a series, as provided in Section 901(c), notice of each default with respect to the Subordinated Debt Securities of such series known to the
Trustee, unless such default shall have been cured before the giving of such notice (the term “default” for the purposes of this Section 10.03 being hereby defined to be the events specified in Section 6.01, which are, or after notice or
lapse of time or both would become, Events of Default as defined in said Section); but, unless such default be the failure to pay the principal of (or premium, if any) or interest on any of the Subordinated Debt Securities of such series when and as
the same shall become due and payable, or to make any sinking fund payment as to Subordinated Debt Securities of the same series, the Trustee shall be protected in withholding such notice, if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Subordinated Debt Securities of such series. 

Section 10.04. Resignation of Trustee and Notice Thereof. The Trustee, or any successor to it hereafter appointed, may at any time
resign and be discharged of the trusts hereby created with respect to any one or more or all series of Subordinated Debt Securities by giving to the Company notice in writing and by mailing notice thereof to the Holders of the Subordinated Debt
Securities of such series at their addresses as the same shall then appear in the Security Register. Such resignation shall take effect upon the appointment of a successor Trustee and the acceptance of such appointment by such successor Trustee. Any
Trustee hereunder may be removed with respect to any series of Subordinated Debt Securities at any time by the Holders of a majority in aggregate principal amount of the Outstanding Subordinated Debt Securities of such series, acting pursuant to the
provisions of Article 7 or Article 8. 
 Upon its resignation or removal, any Trustee shall be entitled to the payment of reasonable
compensation for the services rendered hereunder by such Trustee and to the payment of all reasonable expenses incurred hereunder and all moneys then due to it hereunder. The Trustee’s rights to indemnification provided in Section 10.01(a)
shall survive its resignation or removal. 

  
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 Section 10.05. Qualifications of Trustee. There shall at all times be a Trustee under
this Indenture, and such Trustee shall at all times be a corporation organized and doing business under the laws of the United States or of any State, which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by Federal or State authority and which has a combined capital and surplus of not less than $10,000,000. For the purposes of this Section 10.05, the combined capital and surplus of any such Trustee shall be deemed to be
the combined capital and surplus as set forth in the most recent report of its condition published by such Trustee; provided that such reports are published at least annually, pursuant to law or to the requirements of a Federal or State
supervising or examining authority. If such Trustee or any successor shall at any time cease to have the qualifications prescribed in this Section 10.05, it shall promptly resign as Trustee hereunder. 

Section 10.06. Disqualification of Trustee by Reason of Conflicting Interest. 

(a) Trustee to Resign. If the Trustee has or shall acquire any conflicting interest, as the term “conflicting interest” is defined in
the Trust Indenture Act of 1939, with respect to the Subordinated Debt Securities of any series, the Trustee shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign with
respect to the Subordinated Debt Securities of that series, such resignation to become effective upon the appointment of a successor Trustee and the acceptance by such successor Trustee of such appointment. If the Trustee shall resign, the Company
shall take prompt steps to have a successor appointed in the manner provided in Section 10.07. 
 (b) Notice to Holders of Failure to Resign.
In the event that the Trustee shall fail to comply with the provisions of Subsection (a) above, the Trustee shall, within ten days after the expiration of such 90 day period, transmit notice of its failure in that regard to the Holders as provided
in Section 901(c). 
 (c) Right of Holders to Petition for Removal of Trustee. Subject to the provisions of Section 6.07, any Holder of
a Subordinated Debt Security of any series, who has been a bona fide Holder of a Subordinated Debt Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to the Subordinated Debt Securities of that series and the appointment of a successor Trustee, if the Trustee shall fail, after written request therefor by such Holder, to comply with the
provisions of Subsection (a) above. 
 Section 10.07. Appointment of Successor Trustee. In case at any time the Trustee shall
resign, or shall be removed (unless the Trustee shall be removed as provided in Subsection (c) of Section 10.06, in which event the vacancy shall be filled as provided in said Subsection), or shall become incapable of acting, or shall be adjudged a
bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if any 

  
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public officer shall take charge or control of the Trustee or of its property of affairs for the purpose of rehabilitation, conservation or liquidation with respect to the Subordinated Debt
Securities of one or more series, a successor Trustee with respect to the Subordinated Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Subordinated Debt Securities of
one or more or all of such series and that at any time there shall be only one Trustee with respect to the Subordinated Debt Securities of any series) may be appointed by the Holders of a majority in aggregate principal amount of the Outstanding
Subordinated Debt Securities of that or those series, by an instrument or instruments in writing signed in duplicate by such Holders and filed, one original thereof with the Company and the other with the successor Trustee; but, until a successor
Trustee shall have been so appointed by the Holders of Subordinated Debt Securities of that or those series as herein authorized, the Company by Board Resolution, or, in case all or substantially all the assets of the Company shall be in the
possession of one or more custodians or receivers lawfully appointed, or of trustees in bankruptcy or reorganization proceedings (including a trustee or trustees appointed under the provisions of the Federal bankruptcy laws, as now or hereafter
constituted), or of assignees for the benefit of creditors, such receivers, custodians, trustees or assignees, as the case may be, by an instrument in writing, shall appoint a successor Trustee with respect to the Subordinated Debt Securities of
such series. Subject to the provisions of Sections 10.04, 10.05 and 10.06, upon the appointment as aforesaid of a successor Trustee with respect to the Subordinated Debt Securities of any series, the Trustee with respect of the Subordinated Debt
Securities of such series shall cease to be Trustee hereunder. After any such appointment (other than by the Holders of Subordinated Debt Securities of that or those series) the person making such appointment shall forthwith cause notice thereof to
be mailed to the Holders of Subordinated Debt Securities of such series at their addresses as the same shall then appear on the Security Register; but any successor Trustee with respect to the Subordinated Debt Securities of such series so appointed
shall immediately and without further act, be superseded by a successor Trustee appointed by the Holders of Subordinated Debt Securities of such series in the manner above prescribed, if such appointment be made prior to the expiration of one year
from the date of the mailing of such notice by the Company, or by such receivers, trustees or assignees. 
 If any Trustee with respect to
the Subordinated Debt Securities of one or more series shall resign because of conflict of interest as provided in Section 10.06(a) and a successor Trustee shall not have been appointed by the Company or by the Holders of the Subordinated Debt
Securities of such series or, if any successor Trustee so appointed shall not have accepted its appointment within 30 days after such appointment shall have been made, the resigning Trustee may apply to any court of competent jurisdiction for the
appointment of a successor Trustee. If in any other case a successor Trustee shall not be appointed pursuant to the foregoing provisions of this Section 10.07 within three months after such appointment might have been made hereunder, the Holder of
any Subordinated Debt Security of the applicable series or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, in any such case, after such notice, if any, as such court may
deem proper, appoint a successor Trustee. 

  
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 Any successor Trustee appointed hereunder with respect to the Subordinated Debt Securities of one
or more series shall execute, acknowledge and deliver to its predecessor Trustee and to the Company, or to the receivers, trustees, assignees or court appointing it, as the case may be, an instrument accepting such appointment hereunder, and
thereupon such successor Trustee, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations with respect to such series of such predecessor Trustee with like
effect as if originally named as Trustee hereunder, and such predecessor Trustee, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to pay over, and such successor Trustee shall be entitled to receive, all
moneys and properties held by such predecessor Trustee as Trustee hereunder. Nevertheless, on the written request of the Company or of the successor Trustee or of the Holders of at least 10% in aggregate principal amount of the Outstanding
Subordinated Debt Securities of such series, such predecessor Trustee, upon payment of its said charges and disbursements, shall execute and deliver an instrument transferring to such successor Trustee upon the trusts herein expressed all the
rights, powers and trusts of such predecessor Trustee and shall assign, transfer and deliver to the successor Trustee all moneys and properties held by such predecessor Trustee; and, upon request of any such successor Trustee, the Company shall
make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Trustee all such authority, rights, powers, trusts, immunities, duties and obligations. 

Section 10.08. Merger, Conversion or Consolidation of Trustee or Transfer of its Corporate Trust Business; Authentication of
Subordinated Debt Securities by Successor Trustee. Any corporation into which the Trustee or any successor to it in the trusts created by this Indenture shall be merged or converted, or any corporation with which it or any successor to it shall
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee or any such successor to it shall be a party, or any corporation to which the Trustee or any successor to it shall sell or otherwise
transfer all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee under this Indenture without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture with respect to one or more series of
Subordinated Debt Securities, any of such Subordinated Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such
Subordinated Debt Securities so authenticated; and in case at that time any of the Subordinated Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Subordinated Debt Securities either in the name of
any predecessor Trustee hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Subordinated Debt Securities or in this Indenture provided that the
certificate of the Trustee shall have. 
 Section 10.09. Trustee May Rely on Officers’ Certificate. Subject to
Section 10.02, and subject to the provisions of Section 15.02 with respect to the certificates  

  
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required thereby, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
suffering any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers’ Certificate with respect thereto delivered to the Trustee, and such Officers’ Certificate, in the absence of negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered to be taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01. Discharge of Indenture Upon Payment of Subordinated Debt Securities. If and when the principal of (and premium, if
any) and interest on all the Outstanding Subordinated Debt Securities of any series and all other sums due hereunder (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid
as provided in Section 3.06) shall have been fully paid, this Indenture shall cease and terminate, and, upon receipt of a Company Request accompanied by the Officers’ Certificate and Opinion of Counsel required by Section 15.02, and upon proof
being given to the reasonable satisfaction of the Trustee that all the Subordinated Debt Securities have been paid or satisfied, and upon payment of the costs, charges and expenses incurred or to be incurred by the Trustee in relation thereto or in
carrying out the provisions of this Indenture, the Trustee shall cancel this Indenture and execute and deliver to the Company such instruments as shall be requisite to evidence the satisfaction hereof. 

If at any time no Subordinated Debt Securities have been issued and authenticated or if all previously issued and authenticated Subordinated
Debt Securities of any series have been cancelled or delivered to the Trustee for cancellation (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in
Section 3.06), upon receipt of a Company Request accompanied by the Officers’ Certificate and Opinion of Counsel required by Section 15.02, and upon payment of the costs, charges and expenses incurred or to be incurred by the Trustee in
relation thereto or in carrying out the provisions of this Indenture, the Trustee shall cancel this Indenture and execute and deliver to the Company such instruments as shall be requisite to evidence the satisfaction hereof. 

Section 11.02. Discharge of Indenture Upon Deposit of Moneys. If, at the Maturity of the Subordinated Debt Securities of any
series, the Company shall deposit with the Trustee, in trust for the benefit of the Holders thereof, Cash or Government Obligations, maturing as to principal and interest in such amounts and at such times as will insure the availability of cash
sufficient (in case Government Obligations have been so deposited, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee) to pay the principal of (and
premium, if any) and interest on all of the Outstanding Subordinated Debt Securities of such series (other than any Securities of such series which shall have 

  
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been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 3.06), and shall pay all costs, charges and expenses incurred or to be incurred by the Trustee in
relation thereto or in carrying out the provisions of this Indenture, the Trustee, upon receipt of a Company Request accompanied by the Officers’ Certificate and Opinion of Counsel required by Section 15.02, shall cancel and satisfy this
Indenture with respect to the Subordinated Debt Securities of such series. The Trustee shall apply the moneys so deposited to the payment to the Holders of the Subordinated Debt Securities of such series of all sums due thereon for principal (and
premium, if any) and interest. 
 Section 11.03. Discharge of Certain Indebtedness Upon Deposit of Moneys. If this Section 11.03
is specified in the manner contemplated by Section 3.01 to be applicable to Subordinated Debt Securities of any series, the Company shall be deemed to have paid and discharged the entire indebtedness on all Outstanding Subordinated Debt Securities
of such series if the Company shall (a) deposit with the Trustee, in trust for the benefit of the Holders thereof, (1) Cash or Government Obligations, maturing as to principal and interest in such amounts and at such times as will insure
the availability of cash sufficient (in case Government Obligations have been so deposited, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee) to
pay or (2) such amount of Government Obligations as will or will together with the income thereon, without consideration of any reinvestment thereof, be sufficient to pay the principal of (and premium, if any) and interest on the Subordinated
Debt Securities of such series, as such payments shall become due from time to time, and (b) pay or make arrangements satisfactory to the Trustee for paying all costs, charges and expenses incurred by the Trustee in relation thereto or in
carrying out the provisions of this Indenture in relation thereto, then this Indenture shall cease to be of further effect with respect to Subordinated Debt Securities of such series (except as to (i) rights of registration of transfer,
substitution and exchange of Subordinated Debt Securities of such series, (ii) rights of Holders to receive payments of the principal of (and premium, if any) and interest on the Subordinated Debt Securities of such series as such payments
shall become due from time to time and other rights, duties and obligations of Holders as beneficiaries hereof with respect to the amounts so deposited with the Trustee, (iii) provisions, if any, applicable to such series relating to optional
redemption and Mandatory and Optional Sinking Fund Payments and (iv) the rights, obligations and immunities of the Trustee hereunder (for which purposes the Subordinated Debt Securities of such series shall be deemed Outstanding)), and the
Company shall have no further obligations or liability with respect to any Subordinated Debt Securities of such series. 
 In any such case
the Trustee, upon receipt of a Company Request accompanied by the Officers’ Certificate and Opinion of Counsel required by Section 15.02, shall execute and deliver to the Company such instruments as shall be requisite to evidence the
satisfaction thereof with respect to Subordinated Debt Securities of such series. The Trustee shall apply the amounts so deposited and the proceeds thereof to the payment to the Holders of the Subordinated Debt Securities of such series of all sums
due thereon for principal (and premium, if any) and interest. 

  
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 Section 11.04. Termination of Certain Obligations Upon Deposit of Moneys. If this
Section 11.04 is specified in the manner contemplated by Section 3.01 to be applicable to Subordinated Debt Securities of any series, the Company’s obligations on all Subordinated Debt Securities of such series shall be deemed to be terminated
on the 91st day after the Company deposits with the Trustee, in trust for the benefit of the Holders thereof, (a) funds sufficient to pay, or (b) such amount of Government Obligations as will or will together with the income thereon,
without consideration of any reinvestment thereof, be sufficient to pay the principal of (and premium, if any) and interest on all of the Subordinated Debt Securities of such series, as such payments shall become due from time to time; provided,
however, that no Event of Default under Section 6.01(d) or 6.01(e) or event which, with notice or lapse of time or both, would constitute such an Event of Default, shall have occurred and be continuing on such date; and provided further
that such termination shall not relieve the Company of its obligations under the Subordinated Debt Securities of such series and this Indenture to pay when due the principal of (and premium, if any) and interest on the Subordinated Debt Securities
of such series if not paid (or considered paid) when due from the funds and Government Obligations (and the income thereon) so deposited. Notwithstanding the termination of any obligations of the Company in accordance with this Section 11.04, the
Company’s rights and obligations under Sections 3.05, 3.06, 5.01, 5.02, 5.03, 9.03, 10.01, 10.04, 11.05 and 11.06, and provisions, if any, applicable to such series relating to optional redemption and Mandatory and Optional Sinking Fund
Payments, shall survive until the Subordinated Debt Securities of such series are no longer Outstanding. Thereafter the Company’s rights and obligations under Sections 10.01, 11.05 and 11.06 shall survive. 

After a deposit as provided herein, the Trustee, upon receipt of a Company Request, shall acknowledge in writing the discharge of the
Company’s obligations under this Indenture with respect to Subordinated Debt Securities of a particular series except for those surviving obligations specified above. The Trustee shall apply the amounts so deposited and the proceeds thereof to
the payment to the Holders of the Subordinated Debt Securities of such series of all sums due thereon for principal (and premium, if any) and interest. 

Section 11.05. Certain Deposits With the Trustee To Be Held in Escrow. Any deposits with the Trustee referred to in
Section 11.03 or 11.04 shall be irrevocable (except to the extent provided in Section 11.06) and shall be made under the terms of an escrow trust agreement in form and substance satisfactory to the Trustee. If any Outstanding Subordinated
Debt Securities of a series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any Mandatory or Optional Sinking Fund Payments, the applicable escrow trust agreement shall
provide therefor, and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. The agreement shall provide that, upon
satisfaction of any Mandatory Sinking Fund Payments, whether by deposit of funds, application of proceeds of deposited Government Obligations or, if permitted, by delivery of Subordinated Debt Securities, the Trustee shall pay or deliver over to the
Company as excess funds pursuant to Section 11.06 all funds or obligations then held under the agreement and allocable to the Mandatory Sinking Fund Payments so satisfied. 

  
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 If Subordinated Debt Securities of a series with respect to which such deposits are made may be
subject to later redemption at the option of the Company or pursuant to Optional Sinking Fund Payments, the applicable escrow trust agreement may, at the option of the Company, provide therefor. In the case of an optional redemption in whole or in
part, such agreement shall require the Company to deposit with the Trustee on or before the date on which notice of redemption is given funds sufficient to pay the Redemption Price of the Subordinated Debt Securities to be redeemed together with all
unpaid interest thereon to the Redemption Date. Upon such deposit of funds, the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 11.06 all funds or obligations then held under such agreement and allocable to the
Subordinated Debt Securities to be redeemed. In the case of exercise of optional Sinking Fund Payment rights by the Company, such agreement may, at the option of the Company, provide that upon deposit by the Company with the Trustee of funds
pursuant to such exercise the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 11.06 all funds or obligations then held under such agreement for such series and allocable to the Subordinated Debt Securities to be
redeemed. 
 Section 11.06. Repayment to Company. The Trustee and any Paying Agent shall promptly pay or return to the Company
upon Company Request any money or Government Obligations held by them at any time that are not required for the payment of the principal of (and premium, if any) and interest on the Subordinated Debt Securities of any series for which money or
Government Obligations have been deposited, including any such money or Government Obligations held by the Trustee under any escrow trust agreement entered into pursuant to Section 11.05. 

The provisions of the last paragraph of Section 5.03 shall apply to any money held by the Trustee or any Paying Agent under this Article that
remains unclaimed for two years after the Maturity of any series of Subordinated Debt Securities for which money or Government Obligations have been deposited pursuant to Article 11. 

Section 11.07. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money and/or Government Obligations
deposited in trust in accordance with Section 11.03 or 11.04 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application (including
any such order or judgment requiring the payment of such money and/or Government Obligations to the Company), the Company’s obligations under this Indenture and the Subordinated Debt Securities shall be revived and reinstated as of such date,
until such time as the Trustee or such Paying Agent is permitted to apply all such money and/or Government Obligations in accordance with Section 11.03 or 11.04, as the case may be; provided, however, that if the Company has made any payment
of the principal of (or premium, if any) or interest on any Subordinated Debt Securities because of the reinstatement of its obligations, the Company shall be entitled to receive the aggregate amount of such payments from the Trustee or such Paying
Agent as excess funds pursuant to Section 11.06. In the event that for any reason the Trustee or such Paying Agent is unable to pay any such amount pursuant to Section 11.06, the Company shall be subrogated to the rights of the Holders of
such Subordinated Debt Securities to receive such payments from the money and/or Government Obligations held by the Trustee or such Paying Agent pursuant to Section 11.05. 

  
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 Section 11.08. Indemnity for Government Obligations. The Company shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the deposited Government Obligations or the principal or interest received on such Obligations other than any amount payable by or on behalf of the Holders.

 Section 11.09. Deposits of Foreign Currencies. Notwithstanding the foregoing provisions of this Article Eleven, if the
Subordinated Debt Securities of any series are payable in a Foreign Currency, the coin or currency or currency unit or the nature of the government obligations to be deposited with the Trustee under the foregoing provisions of this Article 11 shall
be as set forth in the Officers’ Certificate or established in the supplemental indenture under which the Subordinated Debt Securities of such series are issued. 

ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 12.01. Liability Solely Corporate. No recourse shall be had for the payment of the principal
of (or premium, if any) or interest on any Subordinated Debt Security or for any claim based thereon or otherwise in respect thereof or of the indebtedness represented thereby, or upon any obligation, covenant or agreement of this Indenture, against
any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitutional
provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and the Subordinated Debt Securities are solely corporate obligations, and that no
personal liability whatsoever shall attach to, or be incurred by, any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any
successor corporation, because of the incurring of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained in this Indenture or in any of the Subordinated Debt Securities or to
be implied herefrom or therefrom, and that all liability, if any, of that character against every such incorporator, stockholder, officer and director is, by the acceptance of the Subordinated Debt Securities and as a condition of, and as part of
the consideration for, the execution of this Indenture and the issue of the Subordinated Debt Securities, expressly waived and released. 

  
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 ARTICLE 13 

SUPPLEMENTAL INDENTURES 

Section 13.01. Without Consent of Holders, Company and Trustee May Enter Into Supplemental Indentures for Specified Purposes. The
Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any one or more or all of the following purposes: 

(a) to add to the covenants and agreements of the Company, to be observed thereafter and during the period, if any, in such supplemental
indenture or indentures expressed, and to add Events of Default, in each case for the protection or benefit of the Holders of all or any series of the Subordinated Debt Securities (and if such covenants, agreements and Events of Default are to be
for the benefit of fewer than all series of Debt Securities, stating that such covenants, agreements and Events of Default are expressly being included for the benefit of such series as shall be identified therein) provided, that in respect
of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or
may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the
Subordinated Debt Securities of such series to waive such an Event of Default; 
 (b) to evidence and provide for the acceptance of
appointment hereunder by a successor trustee with respect to the Subordinated Debt Securities of one or more series or to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 10.07; 
 (c) to evidence the succession of another
corporation to the Company, or successive successions, and the assumption by a successor, transferee or lessee corporation of the covenants and obligations of the Company contained in the Subordinated Debt Securities of one or more series and in
this Indenture or any supplemental indenture; 
 (d) to cure any ambiguity or to correct or supplement any provision contained herein or in
any indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make any other provision in regard to matters or questions arising under this Indenture which
the Board of Directors may deem necessary or desirable and which shall not materially adversely affect the interests of the Holders of the Subordinated Debt Securities; provided, however, that any amendment made solely to conform the
provisions of this Indenture to the description of the Securities of a series contained in the prospectus or other offering document pursuant to which such Subordinated Debt Securities were sold will not be deemed to adversely affect the interests
of the Holders of such Subordinated Debt Securities; 
 (e) to prohibit the authentication and delivery of additional series of Subordinated
Debt Securities; 

  
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 (f) to establish the forms and terms of the Subordinated Debt Securities of any series as
permitted in Sections 2.01, 2.02 and 3.01 and to delete or modify any covenants or Events of Default with respect to such Subordinated Debt Securities, or to authorize the issuance of additional Subordinated Debt Securities of a series previously
authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue, authentication or delivery of the Subordinated Debt Securities of any series, as herein set forth, or other conditions,
limitations or restrictions thereafter to be observed; 
 (g) to add guarantees with respect to the Subordinated Debt Securities of any
series or to secure the Subordinated Debt Securities of any series; 
 (h) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee with respect to the Subordinated Debt Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one trustee, pursuant to the requirements of Section 10.07; and 
 (i) to modify, eliminate or add to the
provisions of this Indenture to such extent as shall be necessary to effect or maintain the qualification of this Indenture under the Trust Indenture Act. 

Subject to the provisions of Section 13.03, the Trustee is authorized to join with the Company in the execution of any such supplemental
indenture, to make the further agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property or assets thereunder. 

Any supplemental indenture authorized by the provisions of this Section 13.01 may be executed by the Company and the Trustee without the
consent of the Holders of any of the Outstanding Subordinated Debt Securities, notwithstanding any of the provisions of Section 13.02. 

Section 13.02. Modification of Indenture by Supplemental Indenture with Consent of Holders. With the consent (evidenced as
provided in Article 7) of the Holders of not less than a majority in aggregate principal amount of the Subordinated Debt Securities at the time Outstanding which are affected by such indenture supplemental hereto (each series voting as a class), the
Company, when authorized by a Board Resolution and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Subordinated Debt Securities of such series to be affected; provided, however, that no such supplemental
indenture shall: 
 (a) change the Stated Maturity of principal of, or any installment of principal of or interest on (except for any
deferral of interest permitted pursuant to Section 3.01) any Subordinated Debt Security; 

  
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 (b) reduce the rate or extend the time of payment of interest, if any, on any Subordinated Debt
Security, or alter the manner of calculation of interest payable on any Subordinated Debt Security (except for any deferral of interest permitted pursuant to Section 3.01 or as part of any remarketing of the Subordinated Debt Securities of any
series, or any interest rate reset with respect thereto, in each case in accordance with the terms thereof); 
 (c) reduce the amount of the
principal or premium, if any, on any Subordinated Debt Security; 
 (d) make the principal thereof or interest or premium thereon payable in
any coin or currency other than that provided in the Subordinated Debt Securities; 
 (e) reduce the percentage in principal amount of
Subordinated Debt Securities of any series, the Holders of which are required to consent to any such supplemental indenture or any waiver of any past default or Event of Default; 

(f) impair the right to institute suit for the enforcement of any such payment on or after the Maturity thereof as provided in Section 6.02;

 (g) modify any provision of Section 6.06, 13.02 or Section 5.06 (except to increase any such percentage or to provide that certain other
provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Security so affected); or 
 (h) modify,
without the written consent of the Trustee, the rights, duties or immunities of the Trustee. 
 without, in the case of each of the foregoing clauses (a)
through (h), the consent of the Holder of each Security so affected. A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Subordinated Debt Securities, or which modifies the rights of the Holders of Subordinated Debt Securities of such series with respect of such provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Subordinated Debt Securities of any other series. 
 It shall not be necessary for the consent of the Holders under this Section
13.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section 13.02,
the Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of Subordinated Debt Securities of each series affected thereby at their addresses as they shall then appear in the Security
Register. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  
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 Section 13.03. Trustee to Join in Execution of Supplemental Indenture. Upon receipt
of a Company Request accompanied by: 
 (a) a supplemental indenture duly executed on behalf of the Company; 

(b) a copy of a Board Resolution, certified by the Secretary or an Assistant Secretary of the Company, authorizing the execution of said
supplemental indenture; 
 (c) an Opinion of Counsel and an Officer’s Certificate, each stating that said supplemental indenture
complies with, and that the execution thereof is authorized or permitted by, the provisions of this Indenture; and 
 (d) if said
supplemental indenture shall be executed pursuant to Section 13.02, evidence (as provided in Article 7) of the consent thereto of the Holders required to consent thereto as in Section 13.02 provided, 

then the Trustee shall join with the Company in the execution of said supplemental indenture unless said supplemental indenture affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into said supplemental indenture. 

Section 13.04. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 13, this Indenture shall be and be deemed to be modified and amended in accordance therewith and, except as herein otherwise expressly provided, the respective rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the Holders of the Subordinated Debt Securities of any series affected, as the case may be, shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 13.05. Matters Provided for in Supplemental Indenture May Be Noted on Subordinated Debt Securities, or New Subordinated Debt
Securities Appropriately Modified May Be Issued in Exchange for Outstanding Subordinated Debt Securities. Subordinated Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the
provisions of this Article 13 may bear a notation in a form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Subordinated Debt Securities of any series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Subordinated Debt Securities of such series then Outstanding in equal aggregate principal amounts, and such exchange shall be made without cost to the Holders of such Subordinated Debt Securities. 

  
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 Section 13.06. Supplemental Indentures to Conform to Trust Indenture Act. Every
supplemental indenture executed pursuant to the provisions of this Article 13 shall conform to the requirements of the Trust Indenture Act. 

ARTICLE 14 

SUBORDINATION 

Section 14.01. Agreement to Subordinate. 

(a) The Company covenants and agrees, and each Holder of Subordinated Debt Securities of each series issued hereunder by such Holder’s
acceptance thereof likewise covenants and agrees, that (except as otherwise specified as contemplated by Section 3.01 for Subordinated Debt Securities of any series) all Subordinated Debt Securities shall be issued subject to the provisions of this
Article 14 and each Holder of a Subordinated Debt Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. 

(b) The payment by the Company of the principal of (and premium, if any), and interest on, the Subordinated Debt Securities issued hereunder
shall, to the extent and in the manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter
incurred. 
 (c) No provision of this article shall prevent the occurrence of any default or Event of Default or Enforcement Event hereunder.

 Section 14.02. Default On Senior Indebtedness. 

(a) No direct or indirect payment by or on behalf of the Company of principal of, premium, if any, or interest on the Subordinated Debt
Securities (other than in Permitted Junior Securities), whether pursuant to the terms of the Subordinated Debt Securities or upon acceleration, by way of repurchase, redemption, defeasance or otherwise, will be made if, at the time of such payment,
there exists a default in the payment when due of all or any portion of the obligations under or in respect of any Senior Indebtedness, whether at maturity, on account of mandatory redemption or prepayment, acceleration or otherwise, and such
default shall not have been cured or waived or the benefits of this Section 14.02(a) waived by or on behalf of the holders of Senior Indebtedness. 

(b) In addition, during the continuance of any non-payment event of default with respect to any Designated Senior Indebtedness pursuant to
which the maturity thereof may be accelerated, and upon receipt by the Trustee of written notice (a “Payment Blockage Notice”) from a holder or holders of such Designated Senior Indebtedness or the trustee or agent acting on behalf
of such Designated Senior Indebtedness, then, unless and until such event of default has been cured or waived or has ceased to exist or such Designated Senior Indebtedness has been discharged or repaid in full in cash, or the requisite holders of
such Designated Senior Indebtedness have 

  
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otherwise agreed in writing, (a) no payment of any kind or character with respect to any principal of, premium or interest on or distribution will be made by or on behalf of the Company on
account of or with respect to the Subordinated Debt Securities (other than in Permitted Junior Securities) and (b) the Company may not acquire any Subordinated Debt Securities for cash, property or otherwise, during a period (a “Payment
Blockage Period”) commencing on the date of receipt of such Payment Blockage Notice by the Trustee and ending 179 days thereafter. 

Notwithstanding anything herein to the contrary, (x) in no event will a Payment Blockage Period extend beyond 179 days from the date the
Payment Blockage Notice in respect thereof was given and (y) not more than one Payment Blockage Period may be commenced with respect to the Subordinated Debt Securities during any period of 360 consecutive days. No event of default that existed
or was continuing on the date of commencement of any Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period may be, or be made, the basis for the commencement of any other Payment Blockage
Period by the holder or holders of such Designated Senior Indebtedness or the trustee or agent acting on behalf of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default
has been cured or waived for a period of not less than 90 consecutive days. 
 (c) In the event that, notwithstanding the foregoing, any
payment shall be received by the Trustee when such payment is prohibited by Section 14.02(a) or Section 14.02(b) such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or
their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company,
to the extent necessary to pay such Senior Indebtedness in full, in cash, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness, before any payment or distribution is made to
the Holders or to the Trustee. 
 Section 14.03. Liquidation; Dissolution; Bankruptcy. 

(a) Upon any distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any
total or partial dissolution, winding-up, liquidation or reorganization of the Company, whether voluntary or involuntary, assignment for the benefit of creditors or marshalling of the Company’s assets, or in bankruptcy, insolvency, receivership
or other similar proceedings, whether voluntary or involuntary, all principal, premium, if any, and interest due or to become due to all Senior Indebtedness of the Company shall first be paid in full in cash, or such payment duly provided for to the
satisfaction of the holders of the Senior Indebtedness, before the Holders are entitled to receive or retain any payment; and upon any such dissolution or winding-up or liquidation or reorganization, any payment by the Company, or distribution of
assets of the Company of any kind or character whether in cash, property or securities, which the Holders or the Trustee would be entitled to receive from the Company, except for the provisions of this Article, shall be paid by the Company or

  
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by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee under this Indenture if received by
them or it, directly to the holders of Senior Indebtedness of the Company or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been
issued, as their respective interests may appear, as calculated by the Company, to the extent necessary to pay such Senior Indebtedness in full in cash, or to cause such payment to be duly provided for to the satisfaction of the holders of the
Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders or to the Trustee. 

(b) In the event that, notwithstanding Section 14.03(a), any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, prohibited by Section 14.03(a), shall be received by the Trustee before all Senior Indebtedness of the Company is paid in full, or provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, to the extent necessary to pay such Senior Indebtedness in full, in cash, after giving effect to
any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders or to the Trustee. 

(c) For purposes of this Article 14, the words “cash, property or securities” shall not be deemed to include shares of stock of the
Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article with respect
to the Subordinated Debt Securities to the payment of all Senior Indebtedness of the Company that may at the time be outstanding; provided, however, that (i) such Senior Indebtedness is assumed by the new corporation, if any, resulting
from any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or
the merger of the Company into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of the assets of the Company, to another corporation or limited liability company
upon the terms and conditions provided for in Article 8 of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 14.03 if such other corporation or limited liability company
shall, as part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 14 of this Indenture. Nothing in Section 14.02 or in this Section 14.03 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 10.01(a) of this Indenture. 

  
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 (d) If the Trustee or any Holder of Subordinated Debt Securities does not file a proper claim or
proof of debt in the form required in any proceeding referred to above prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized, and has the right, to
file an appropriate claim or claims for or on behalf of such Holder of Subordinated Debt Securities. 
 Section 14.04.
Subrogation. 
 (a) Subject to the payment in full of all Senior Indebtedness of the Company then outstanding, the rights of the
Holders shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until the principal of and premium, if
any, and interest on the Subordinated Debt Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the Holders
or the Trustee would be entitled except for the provisions of this Article 14, and no payment over pursuant to the provisions of this Article 14 to or for the benefit of the holders of such Senior Indebtedness by Holders or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of such Senior Indebtedness. It is understood that the provisions of this Article 14 are and are
intended solely for the purposes of defining the relative rights of the Holders, on the one hand, and the holders of such Senior Indebtedness, on the other hand. 

(b) Nothing contained in this Article 14 or elsewhere in this Indenture or in the Subordinated Debt Securities is intended to or shall impair,
as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of (premium, if any) and interest on the
Subordinated Debt Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of Senior
Indebtedness nor shall anything herein or therein prevent the Trustee or any Holder of Subordinated Debt Securities from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any,
under this Article of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 

(c) Upon any payment or distribution of assets of the Company referred to in this Article 14, the Trustee, subject to the provisions of Section
10.01 of this Indenture, and the Holders shall be entitled to rely conclusively upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or the Holders, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this article. 

  
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 Section 14.05. Trustee to Effectuate Subordination. Each Holder of Subordinated Debt
Securities by such Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf, if so directed by the Company to take such action as may be necessary or appropriate to effectuate the subordination provided in
this Article 14 and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 
 Section 14.06.
Notice by the Company. 
 (a) The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact
known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Subordinated Debt Securities pursuant to the provisions of this Article 14. 

Notwithstanding the provisions of this Article 14 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Subordinated Debt Securities pursuant to the provisions of this Article 14, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a Holder or holders of Senior Indebtedness or from any representative or trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the
provisions of Section 10.01 of this Indenture, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 14.06 at least two Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Subordinated Debt Security), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which such money was received, and shall not be affected by any notice to the contrary that may be received by
it within two Business Days prior to such date. 
 (b) The Trustee, subject to the provisions of Section 10.01 of this Indenture, shall be
entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder), to establish that such notice has been given by
a holder of such Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder
of such Senior Indebtedness to participate in any payment or distribution pursuant to this Article 14, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article and, if such evidence is not furnished, the Trustee may
defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

  
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 Section 14.07. Rights of the Trustee; Holders of Senior Indebtedness.

 (a) The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 14 in respect of any Senior
Indebtedness at any time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

(b) With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article 14 and no implied covenants or obligations with respect to the holders of such Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Section 10.01 of this Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to
Holders, the Company or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article 14 or otherwise. 

Section 14.08. Subordination May Not Be Impaired. 

(a) No right of any present or future holder of any Senior Indebtedness of the Company to enforce subordination provided in this Article 14
shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with. 
 (b) Without
in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders, without incurring responsibility
to the Holders and without impairing or releasing the subordination provided in this Article 14 or the obligations hereunder of the Holders to the holders of such Senior Indebtedness, do any one or more of the following: (a) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such
Senior Indebtedness is outstanding; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness; (c) release any Person liable in any manner for the collection of such
Senior Indebtedness; and (d) exercise or refrain from exercising or waive any rights against the Company and any other Person. 
 (c)
Each present and future holder of Senior Indebtedness shall be entitled to the benefit of the provisions of this Article notwithstanding that such holder is not a party to this Indenture. 

  
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 Section 14.09. Article Applicable to Paying Agents. In case at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article 14 shall in such case (unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article 14 in addition to or in place of the Trustee; provided, however, that this Section 14.09 shall not apply
to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 
 Section 14.10. Defeasance of this
Article. Notwithstanding anything contained herein to the contrary, payments from cash or the proceeds of U.S. Government Obligations held in trust under Article 11 hereof by the Trustee and which were deposited in accordance with the terms of
Article 11 hereof and not in violation of Section 14.02 hereof for the payment of principal of and premium, if any, and interest on the Subordinated Debt Securities shall not be subordinated to the prior payment of any Senior Indebtedness or subject
to the restrictions set forth in this Article, and none of the Holders or the Trustee shall be obligated to pay over any such amount to the Company or any holder of Senior Indebtedness or any representative or trustee therefor or any other creditor
of the Company. 
 Section 14.11. Subordination Language to be Included in Subordinated Debt Securities. Unless otherwise
provided as contemplated by Section 3.01, each Subordinated Debt Security shall contain a subordination provision which will be substantially in the following form: 

“The Subordinated Debt Securities of this series are subordinated in right of payment, in the manner and to the extent set forth in the
Indenture, to the prior payment in full of all Senior Indebtedness (as defined in the Indenture, or as set forth in one or more indentures supplemental hereto, in or pursuant to a Board Resolution in accordance with Section 3.01 of the Indenture or
in this Subordinated Debt Security). Each Holder by accepting a Subordinated Debt Security of this series agrees to such subordination and authorizes the Trustee to give it effect.” 

ARTICLE 15 

PROVISIONS OF GENERAL APPLICATION 

Section 15.01. Benefits of Indenture. Nothing in this Indenture or in the Subordinated Debt Securities, express or implied, is
intended, or shall be construed, to confer upon, or to give to, any Person other than the parties hereto and their successors and the Holders of Subordinated Debt Securities any right, remedy or claim under or by reason of this Indenture or any
covenant, condition, stipulation, promise or agreement hereof or herein, and all covenants, conditions, stipulations, promises and agreements hereof and herein shall be for the sole and exclusive benefit of the parties hereto and their successors
and of the Holders of the Subordinated Debt Securities. 

  
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 Section 15.02. Evidence of Compliance with Conditions Precedent; Form of Documents
Delivered to Trustee. As evidence of compliance with the conditions precedent provided for in this Indenture (including any covenants, compliance with which constitutes a condition precedent) which relate to the satisfaction and discharge of
this Indenture or to any other action to be taken by the Trustee upon Company Order or Request, the Company will furnish to the Trustee an Officers’ Certificate, stating that such conditions precedent have been complied with, and an Opinion of
Counsel stating that, in the opinion of such counsel, such conditions precedent have been complied with. 
 Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture shall include (1) a statement that each individual making such certificate or opinion has read such condition or covenant; (2) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of each such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and (4) a statement as to whether or not, in the opinion of each such individual, such condition
or covenant has been complied with. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any
specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company
unless such officer or counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Notwithstanding any provision of this Indenture authorizing the Trustee conclusively to rely upon any certificates or opinions, the Trustee
before granting any application by the Company or taking or refraining from taking any other action in reliance thereon, may require any further evidence or make any further investigation as to the facts or matters stated therein which it may, in
good faith, deem reasonable in the circumstances, and in connection therewith the Trustee may examine or cause to be examined the pertinent books, records and premises of the Company or of any Subsidiary; and the Trustee shall, in any such case,
require such further evidence or make 

  
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such further investigation as may be requested by the Holders of a majority in principal amount of the Subordinated Debt Securities then Outstanding; provided that, if payment to the
Trustee of the costs, expenses and liabilities likely to be incurred by it in making such investigation is not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee before making such
investigation may require reasonable indemnity against such costs, expenses or liabilities. Any further evidence that may be requested by the Trustee pursuant to any of the provisions of this paragraph shall be furnished by the Company at its own
expense, and any cost, expenses and liabilities incurred by the Trustee pursuant to any of the provisions of this paragraph shall be paid by the Company, or, if paid by the Trustee, shall be repaid by the Company, upon demand, with interest at the
lowest rate borne by the Subordinated Debt Securities of any series, but in no event less than 5%, and, until such repayment, shall be secured by a lien on any moneys held by the Trustee hereunder prior to any rights therein of the Holders of
Subordinated Debt Securities. 
 Section 15.03. Conflict with Trust Indenture Act. If any provision of this Indenture limits,
qualifies or conflicts with another provision included in this Indenture which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

Section 15.04. Notices, etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or
action of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(i) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office, or 
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(ii) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at Two Limited Parkway, Columbus, Ohio 43230, attention: Chief Financial Officer, or at any other address previously furnished in writing to
the Trustee by the Company. Any request, demand, authorization, direction, notice, consent or waiver addressed as provided in this Subsection (ii) and given by first-class mail, postage prepaid, shall be conclusively presumed given when mailed. 

Section 15.05. Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall

  
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affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice. Waivers of notice by Holders shall be with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

If, in the event of suspension of regular mail service or for any other reason, it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 15.06. Effect of Headings and Table of Contents. The Article, Section and Subsection headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 
 Section 15.07. Successors and Assigns. All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 15.08. Separability Clause. In case any provision in this Indenture or in the Subordinated Debt Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 15.09. Governing Law. This Indenture and the Subordinated Debt Securities shall be governed by and construed in accordance
with the laws of the State of New York. 
 Section 15.10. Legal Holidays. In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Subordinated Debt Security shall not be a Business Day at any Place of Payment for such Subordinated Debt Security, then (notwithstanding any other provision of this Indenture or of the Subordinated Debt
Securities) payments of principal (and premium, if any) and interest need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on
the Interest Payment Date or Redemption Date, or at the Stated Maturity, and no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to the date of such payment. 

Section 15.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 15.12. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
 75 

 Section 15.13. Force Majeure. In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

IN WITNESS WHEREOF, L BRANDS, INC. has caused this Indenture to be executed in its corporate name by one of its officers thereunto duly
authorized, and its corporate seal to be hereunto affixed and to be attested by its Secretary, an Assistant Secretary, its Treasurer or an Assistant Treasurer, and U.S. BANK NATIONAL ASSOCIATION has caused this Indenture to be executed in its
corporate name by one of its officers thereunto duly authorized, all as of the date first above written. 
  

					
	L BRANDS, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	Attest:    	 	 
		 	Name:	 	
		 	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	Attest:    	 	 
		 	Name:	 	
		 	Title:	 	

  
 76 

 Exhibit A 

Form of election to receive payments in [Dollars or other applicable currency] or to rescind such election 

The undersigned, registered owner of certificate number R-[  ], representing [name of series of Subordinated Debt Securities] of
L Brands, Inc. (the “Subordinated Debt Securities”) in an aggregate principal amount of [  ], hereby. 
  ̈    elects to receive all payments in respect of the Debt Securities in [Dollars or other applicable currency], it being understood that such election shall take effect as provided in
the Subordinated Debt Securities and, subject to the terms and conditions set forth in the indenture under which the Subordinated Debt Securities were issued, shall remain in effect until it is rescinded by the undersigned or until such certificate
is transferred. 
  ̈    rescinds the election previously submitted by
the undersigned to receive all payments in respect of the Debt Securities in [Dollars or other applicable currency], it being understood that such rescission shall take effect as provided in the Subordinated Debt Securities. 

 

	
	   

	(Name of Owner)
	
	
	   

	(Signature of Owner)EX-4.1

 Exhibit 4.1 

BANK OF AMERICA CORPORATION 

6.200% NON-CUMULATIVE PREFERRED STOCK, SERIES CC 

DEPOSIT AGREEMENT 
 among 

BANK OF AMERICA CORPORATION, 

COMPUTERSHARE INC., 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., together, the Depository, 

and 
 THE HOLDERS FROM TIME TO
TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of January 28, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	DEFINED TERMS	  
			
	 Section 1.1.
	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	   
			
	 Section 2.1.
	 	 Appointment of Depository
	  	 	2	  
	 Section 2.2.
	 	 Book-Entry System; Form and Transfer of Receipts
	  	 	2	  
	 Section 2.3.
	 	 Deposit of Stock; Execution and Delivery of Receipts
	  	 	5	  
	 Section 2.4.
	 	 Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.5.
	 	 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock
	  	 	6	  
	 Section 2.6.
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	7	  
	 Section 2.7.
	 	 Lost Receipts, etc.
	  	 	7	  
	 Section 2.8.
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.9.
	 	 Redemption of Stock
	  	 	8	  
	
	ARTICLE III	  
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	  
			
	 Section 3.1.
	 	 Filing Proofs; Certificates and Other Information
	  	 	9	  
	 Section 3.2.
	 	 Payment of Taxes or Other Governmental Charges
	  	 	9	  
	 Section 3.3.
	 	 Warranty as to Stock
	  	 	10	  
	 Section 3.4.
	 	 Warranty as to Receipts
	  	 	10	  
	
	ARTICLE IV	  
	THE DEPOSITED SECURITIES; NOTICES	  
			
	 Section 4.1.
	 	 Cash Distributions
	  	 	10	  
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	10	  
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	  
	 Section 4.5.
	 	 Voting Rights
	  	 	12	  
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	  
	 Section 4.7.
	 	 Delivery of Reports
	  	 	13	  
	 Section 4.8.
	 	 Lists of Receipt Holders
	  	 	13	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE V	  
	THE DEPOSITORY, THE DEPOSITORY’S AGENTS, THE REGISTRAR AND THE CORPORATION	  
			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents
	  	 	14	  
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation
	  	 	15	  
	 Section 5.3.
	 	 Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation
	  	 	15	  
	 Section 5.4.
	 	 Resignation and Removal of the Depository; Appointment of Successor Depository
	  	 	17	  
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	18	  
	 Section 5.6.
	 	 Indemnification by the Corporation
	  	 	18	  
	 Section 5.7.
	 	 Fees, Charges and Expenses
	  	 	18	  
	 Section 5.8.
	 	 Tax Compliance
	  	 	19	  
	
	ARTICLE VI	  
	AMENDMENT AND TERMINATION	  
			
	 Section 6.1.
	 	 Amendment
	  	 	19	  
	 Section 6.2.
	 	 Termination
	  	 	20	  
	
	ARTICLE VII	  
	MISCELLANEOUS	  
			
	 Section 7.1.
	 	 Counterparts
	  	 	20	  
	 Section 7.2.
	 	 Exclusive Benefit of Parties
	  	 	20	  
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	21	  
	 Section 7.4.
	 	 Notices
	  	 	21	  
	 Section 7.5.
	 	 Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent
	  	 	22	  
	 Section 7.6.
	 	 Holders of Receipts Are Parties
	  	 	22	  
	 Section 7.7.
	 	 Governing Law
	  	 	22	  
	 Section 7.8.
	 	 Headings
	  	 	22	  
			
	 Exhibit A
	 	 Form of Receipt
	  	 	A-1	  

  
 -ii- 

 THIS DEPOSIT AGREEMENT dated as of January 28, 2016 (this “Agreement”), among
(i) BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association and
the wholly-owned subsidiary of Computershare (the “Trust Company” and together with Computershare, the “Depository”), and (iii) the Holders from time to time of the Receipts described in this Agreement. 

RECITALS 
 WHEREAS,
the parties desire to provide, as set forth in this Agreement, for the deposit of shares of the Corporation’s perpetual 6.200% Non-Cumulative Preferred Stock, Series CC, $0.01 par value, from time to time with the Depository for the purposes
set forth in this Agreement and for the issuance hereunder of Receipts (as defined herein) evidencing Depositary Shares (as defined herein) in respect of the Stock (as defined herein) so deposited; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Agreement; 
 NOW, THEREFORE, in consideration of the premises, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
  

	 	Section 1.1.	Definitions. 

 The following definitions shall for all purposes, unless otherwise indicated,
apply to the respective terms used in this Agreement: 
 “Certificate” shall mean the Certificate of Designations filed or to be
filed with the Secretary of State of the State of Delaware establishing the Stock as a series of preferred stock of the Corporation. 

“Corporation” shall mean Bank of America Corporation, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

 “Depository” shall have the meaning set forth in the Preamble of this Agreement. 

“Depositary Shares” shall mean the depositary shares, each representing one one-thousandth of a share of the Stock and evidenced by
a Receipt. 
 “Depository’s Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1. 

 “Depository’s Office” shall mean the principal office of the Depository in Canton,
Massachusetts, at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall mean one
of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of those
Depositary Shares and shall include the DTC Receipt, as defined in Section 2.2, where appropriate. 
 “Record Holder” or
“Holder” as applied to a Receipt shall mean the person in whose name that Receipt is registered on the books of the Depository maintained for such purpose. 

“Registrar” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts as herein provided, and, if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Registrar shall be deemed, as applicable, to refer as well to
the register maintained by such successor Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
 “Stock” shall mean the shares of the Corporation’s 6.200% Non-Cumulative Preferred Stock, Series CC, $0.01 par
value, with a liquidation preference of $25,000 per share, designated in the Certificate. 
 “Transfer Agent” shall mean the Trust
Company or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts and the deposited Stock. 

ARTICLE II 
 APPOINTMENT
OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; 
 DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER 

AND REDEMPTION OF RECEIPTS 
  

	 	Section 2.1.	Appointment of Depository 

 The Corporation hereby appoints Computershare and Trust Company,
collectively, as Depository for the Stock, and each of Computershare and Trust Company hereby accepts such appointment as Depository for the Stock, on the terms and conditions set forth in this Agreement. 

 

	 	Section 2.2.	Book-Entry System; Form and Transfer of Receipts. 

 The Corporation and the Depository shall
make application to The Depository Trust Company (“DTC”) for acceptance of all of the Receipts for its book-entry settlement system. The Corporation hereby appoints the Depository acting through any authorized officer thereof as its
attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the
Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with book-

  
 2 

 
entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and
registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such
legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. 
 If DTC
subsequently ceases to make its book-entry settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for book-entry settlement. If the Receipts are not eligible for book-entry form,
the Depository shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners of the Depositary Shares previously
evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. 
 Beneficial owners of Depositary
Shares through DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name, except as described below. 

The DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling
or unable to continue to make its book-entry settlement available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the
Corporation at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed within 90 days of the date the Corporation is so informed in writing, or (iii) the Corporation in its
sole discretion notifies the Depository in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the
result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, upon receipt by
the Depository of the DTC Receipt for cancellation and any other necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt
definitive Receipts in physical form evidencing such Depositary Shares and to make appropriate entries in the register with respect thereto. 

Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time
such quantities of Receipts as the Depository may request to enable the Depository to perform its obligations under this Agreement. 
 The
DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference, with appropriate insertions, modifications and omissions, as hereinafter
provided and shall be 

  
 3 

 
engraved or otherwise prepared so as to comply with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any of the events described above
resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository, pending preparation of definitive Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3, shall execute
and deliver temporary Receipts which may be printed, lithographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depository will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in the first paragraph of Section 2.3, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Agreement as definitive Receipts. 
 Receipts shall be executed by the Depository by the manual or facsimile
signature of a duly authorized officer of the Depository; provided that, if a Registrar for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by manual or facsimile signature of a duly
authorized officer of such Registrar. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the preceding sentence. The Registrar shall record
on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a proper and duly authorized signatory of the
Depository shall bind the Depository, notwithstanding that such signatory ceased to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance of such receipts. 

Receipts may be endorsed with, or have incorporated in the text thereof, such legends or recitals or changes not inconsistent with the
provisions of this Agreement all as may be required by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Registrar as provided in Section 2.4, the
Depository may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any
notice provided for in this Agreement and for all other purposes. 

  
 4 

	 	Section 2.3.	Deposit of Stock; Execution and Delivery of Receipts. 

 Subject to the terms and conditions of
this Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement by delivery to the Depository, including via electronic book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed
to by the Company and the Depository), properly endorsed or accompanied, if required by the Depository, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depository, together with (i) all such certifications
as may be required by the Depository in accordance with the provisions of this Agreement, including the resolutions of the Board of Directors of the Corporation or a committee of the Board of Directors, as certified by the Secretary or any Assistant
Secretary of the Corporation on the date thereof as being complete, accurate and in effect, relating to issuance and sale of the Stock, (ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions, or a letter
of counsel to the Corporation authorizing reliance on such counsel’s opinions delivered to the underwriters named therein, relating to, (A) the existence and good standing of the Corporation, (B) the due authorization of the
Depositary Shares and the status of the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities Act relating to the Depositary Shares, and (iii) a
written order of the Corporation, directing the Depository to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited
Stock. Shares of deposited Stock shall be held by the Depository in an account to be established by the Depository at the Depository’s Office, or at such other place or places as the Depository shall determine. As Registrar and Transfer Agent
for the deposited Stock, Trust Company will reflect changes in the number of shares of deposited Stock held by it by notation, book-entry or other appropriate method. 

Upon receipt by the Depository of shares of Stock deposited in accordance with the provisions of this Section 2.3, together with the
other documents required as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer Agent) in the name of the Depository or its nominee, the Depository, subject to the terms and conditions of
this Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depository referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the
aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depository shall execute and deliver such Receipt or Receipts at the
Depository’s Office or such other offices, if any, as the Depository may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

 

	 	Section 2.4.	Registration of Transfer of Receipts. 

 Subject to the terms and conditions of this Agreement,
the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or
accompanied by a properly executed instrument of transfer, including a guarantee of the signature thereon from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc.
(the 

  
 5 

 
“Signature Guarantee”), and any other evidence of authority as may be reasonably required by the Trust Company (or successor Registrar or Transfer Agent). Thereupon, the Depository
shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.

  

	 	Section 2.5.	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. 

 Upon
surrender of a Receipt or Receipts at the Depository’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this
Agreement, the Depository shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver
such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or
Receipts may withdraw the number of whole shares of Stock and all money represented thereby by surrendering such Receipt or Depositary Shares represented by the Receipts at the Depository’s Office or at such other offices as the Depository may
designate for such withdrawals. Thereafter, without unreasonable delay, the Depository shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Stock and all money
represented by the Receipt or Receipts, or Depositary Shares represented by such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to
receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depository in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the number of whole shares of Stock to be withdrawn, the Depository shall at the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order,
a new Receipt evidencing such excess number of Depositary Shares; provided, however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share. 

Delivery of the Stock and money being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as
the Depository may deem appropriate (or in such other manner as may be agreed to by the Company and the Depository), which, if required by the Depository, shall be properly endorsed or accompanied by proper instruments of transfer including, but not
limited to, a Signature Guarantee. 
 If the Stock and the money being withdrawn are to be delivered to a person or persons other than the
Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository, and the Depository may require that the Receipt or
Receipts surrendered by such Holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

  
 6 

 Delivery of the Stock and the money represented by Receipts surrendered for withdrawal shall be
made by the Depository at the Depository’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may
be designated by such Holder. 
  

	 	Section 2.6.	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 

 As a
condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depository, any of the Depository’s Agents or the Corporation may require payment to it of a sum
sufficient for the payment (or, in the event that the Depository or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Sections 3.2 and 5.7, may require
the production of evidence satisfactory to it as to the identity and genuineness of any signature, including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or the Corporation may establish
consistent with the provisions of this Agreement and applicable law and as may be required by any securities exchange on which the Stock, the Depositary Shares or the Receipts may be listed. 

The deposit of the Stock may be refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may
be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary
or advisable by the Depository, any of the Depository’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this
Agreement. 
  

	 	Section 2.7.	Lost Receipts, etc. 

 In case any Receipt shall be mutilated, destroyed, lost or stolen, the
Depository in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt,
upon (i) the filing by the Holder thereof with the Depository of evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof; (ii) the Holder
thereof furnishing of the Depository with reasonable indemnification satisfactory to the Depository and the provision of an open penalty surety bond satisfactory to the Depository and holding it and the Corporation harmless; and (iii) the
payment of any reasonable expense (including reasonable fees, charges and expenses of the Depository) in connection with such execution and delivery. 
  

	 	Section 2.8.	Cancellation and Destruction of Surrendered Receipts. 

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

  
 7 

	 	Section 2.9.	Redemption of Stock. 

 Whenever the Corporation shall be permitted and shall elect to redeem
shares of Stock in accordance with the terms of the Certificate, it shall (unless otherwise agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 30 days and not more than 60 days prior to the
Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depository to be so redeemed and the applicable redemption price, which notice shall be accompanied by a
certificate from the Corporation stating that such redemption of Stock is in accordance with the provisions of the Certificate. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to Computershare
the redemption price of the Stock to be redeemed, which redemption price shall include, if required by the provisions of the Certificate, an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption and any other
applicable amounts, all in accordance with the provisions of the Certificate, the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall mail notice of the Corporation’s redemption of Stock and the
proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage prepaid (or another reasonably acceptable transmission method), not less than 30 days and not more than 60 days
prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear
on the records of the Depository; but neither failure to mail any notice of redemption of Depositary Shares to one or more Holders nor any defect in any notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of
the proceedings for redemption as to the other Holders. Each notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary
Shares held by any Holder are to be redeemed, the number of Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be
surrendered for payment of the redemption price; and (v) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot. 
 Notice having been mailed
(or transmitted) by the Depository as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption)
(i) dividends on the shares of Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights
of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption
notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare at a
redemption price per Depositary Share equal to one one-thousandth of the redemption price per share of Stock so redeemed plus all money represented by such Depositary Shares, including, if required by the provisions of the Certificate,

  
 8 

 
all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Stock to be so redeemed and have not theretofore been paid. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder of such
Receipt upon its surrender to the Depository, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depository shall not issue
any Receipt evidencing a fractional Depositary Share and cash will be payable in respect of fractional interests. 
 Computershare shall, to
the extent permitted by law, release or repay to the Corporation any funds deposited by or for the account of the Corporation for the purpose of redeeming any Depositary Shares that remain unclaimed at the end of three years from the applicable
Redemption Date, without further action necessary on the part of the Corporation. 
 The Corporation acknowledges that the bank accounts
maintained by Computershare in connection with the services provided under this Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and
for its benefit of funds held in those accounts from time to time. Neither the Corporation nor the record holders will receive interest on any deposits or funds held by Computershare hereunder. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS OF 
 RECEIPTS AND THE CORPORATION 

 

	 	Section 3.1.	Filing Proofs; Certificates and Other Information. 

 Any Holder of a Receipt may be required
from time to time to file proof of residence, or other matters or other information, to execute certificates and to make such representations and warranties as the Depository or the Corporation may reasonably deem necessary or proper. The Depository
or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or
other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

 

	 	Section 3.2.	Payment of Taxes or Other Governmental Charges. 

 Holders of Receipts shall be obligated to make
payments to the Depository of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money represented by the Depositary Shares evidenced by such Receipt may be
refused until any such payment due is made, and any dividends , interest payments or other distributions may be withheld or any part of or all the Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be
sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends , interest payments or other distributions or the proceeds of any

  
 9 

 
such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

 

	 	Section 3.3.	Warranty as to Stock. 

 The Corporation hereby represents and warrants that the Stock, when
issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of the related Receipts. 

 

	 	Section 3.4.	Warranty as to Receipts. 

 The Corporation hereby represents and warrants that the Receipts,
when issued, will represent legal and valid interests in the Depositary Shares, and each Depositary Share will represent one one-thousandth interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the
Stock and the issuance of the Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1.	Cash Distributions. 

 Whenever Computershare, as distribution agent, shall receive any cash
dividend or other cash distribution on the Stock, Computershare shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as
are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold, and shall
withhold, from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in
an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount Computershare shall distribute to such record holder shall be rounded up to the next highest whole cent; otherwise, such fractional
amount shall be disregarded by the Depository; provided, however, upon the Depository’s request, the Corporation shall pay the additional amount to the Depository for distribution. 

Each Holder of a Receipt shall provide Computershare with its certified tax identification number on a properly completed Form W-8 or W-9, as
may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the
distributions to be made hereunder. 
  

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

 Whenever Computershare shall
receive any distribution other than cash, rights, preferences or privileges upon the Stock, Computershare shall, subject to Sections 3.1 and 3.2, 

  
 10 

 
distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that Computershare may deem equitable and practicable for accomplishing such distribution. If in the opinion of Computershare
such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or Computershare withhold an amount on account of taxes or governmental charges) Computershare
deems, after consultation with the Corporation, such distribution not to be feasible, Computershare may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made
available for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or
property to Computershare, and Computershare shall not make any distribution of such securities or property to the Holders of Receipts, unless the Corporation shall have provided an opinion of counsel stating that such securities or property have
been registered under the Securities Act or do not need to be registered in connection with such distributions. 
  

	 	Section 4.3.	Subscription Rights, Preferences or Privileges. 

 If the Corporation shall at any time offer or
cause to be offered to the persons in whose names the deposited Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any
other nature, such rights, preferences or privileges shall in each such instance be communicated to the Depository and thereafter made available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation
with the Corporation) may determine, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depository in its discretion with the approval of the
Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depository or the Corporation determines that it is not lawful or (after consultation with the Corporation) not feasible
to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or
privileges, then Computershare, in its discretion (with approval of the Corporation, in any case where the Depository has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections 3.1 and 3.2, be distributed by Computershare to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depository whether registration under the Securities Act of the securities to which any rights, preferences
or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or 

  
 11 

 
privileges relate, and the Corporation agrees with the Depository that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or
privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders
to exercise such rights, preferences or privileges. In no event shall the Depository make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration
statement shall have become effective, or the Corporation shall have provided to the Depository an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the
Securities Act. 
 The Corporation shall notify the Depository whether any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depository that the Corporation will use
its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or
privileges. 
  

	 	Section 4.4.	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

 Whenever any cash
dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Stock, or whenever the Depository shall receive
notice of any meeting at which holders of the Stock are entitled to vote or of which holders of the Stock are entitled to notice, or whenever the Depository and the Corporation shall decide it is appropriate, the Depository shall in each such
instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Stock) for the determination of the Holders of Receipts who shall be entitled to
receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for
any other appropriate reasons. 
  

	 	Section 4.5.	Voting Rights. 

 Subject to the provisions of the Certificate, upon receipt of notice of any
meeting at which the holders of the Stock are entitled to vote, the Depository shall, as soon as practicable thereafter, mail to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4, a notice prepared by the
Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depository as to the exercise of the voting
rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depository to give a discretionary proxy to a person designated by the Corporation) and
a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted, in
accordance with the instructions set forth in such requests, the maximum number of whole shares 

  
 12 

 
of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action
which may be deemed necessary by the Depository in order to enable the Depository to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will not vote (but at its
discretion, may appear at any meeting with respect to such Stock unless directed otherwise by the Holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders. 

 

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

 Upon any
change in par or stated value, split-up, combination or any other reclassification of the Stock, subject to the provisions of the Certificate, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to
which it is a party, the Depository may in its discretion with the approval of, and shall upon the instructions of, the Corporation, and (in either case) in such manner as the Depository may deem equitable, (i) make such adjustments as are
certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Stock, in each case as may be
necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which
shall be received by the Depository in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case the Corporation may in its
discretion direct the Depository to execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary
herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization,
merger or consolidation to surrender such Receipts to the Depository with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and
property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

 

	 	Section 4.7.	Delivery of Reports. 

 The Depository shall furnish to Holders of Receipts any reports and
communications received from the Corporation which are received by the Depository, as the holder of the Stock, and which the Corporation is required to furnish to the holders of the Stock. 

 

	 	Section 4.8.	Lists of Receipt Holders. 

 Reasonably promptly upon request from time to time by the
Corporation, at the sole expense of the Corporation, the Depository shall furnish to it a list, as of the most recent 

  
 13 

 
practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITORY, THE DEPOSITORY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

 

	 	Section 5.1.	Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents. 

Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance
with the provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the terms of any transfer agency agreement between the
Corporation and the Depository, the terms of such transfer agency agreement shall control. 
 The Registrar shall keep books at the
Depository’s Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar, the Depository shall open its books for inspection by the Record Holders of Receipts as directed
by the Corporation; provided that any Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares
evidenced by the Receipts. 
 The Registrar may close such books, at any time or from time to time, when deemed expedient by it in
connection with the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Stock
represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depository will appoint a registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any
requirements of such exchange. Such registrar (which may be the Trust Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depository upon the request or with the approval of
the Corporation. If the Receipts, Depositary Shares or Stock are listed on one or more other securities exchanges, the Registrar will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of
transfer, surrender and exchange of the Receipts, Depositary Shares or Stock as may be required by law or applicable securities exchange regulation. 

The Depository may from time to time appoint Depository’s Agents to act in any respect for the Depository for the purposes of this
Agreement and may from time to time appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s Agents, provided that the Depository will notify the Corporation of any such appointment or variation or
termination of such appointment. 

  
 14 

	 	Section 5.2.	Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall incur any liability to any Holder of a Receipt if
by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depository, the Depository’s Agent or the Registrar, by reason of
any provision, present or future, of the Corporation’s Amended and Restated Certificate of Incorporation (including the Certificate) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the
Depository, the Depository’s Agent, the Registrar or the Corporation shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Agreement provide shall
be done or performed. Nor shall the Depository, any Depository’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of
any act or thing which the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement except, in case of any such exercise
or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence or willful misconduct of the party charged with such exercise or failure to exercise, or as otherwise explicitly set forth in this Agreement. 

 

	 	Section 5.3.	Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation assumes any obligation or shall be subject to any
liability under this Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
 None of the
Depository, any Depository’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts, which, in
its opinion, may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be reasonably required. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall be liable for any action or any failure to act by
it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information.
The Depository, any Depository’s Agent, any Registrar and the Corporation may each rely, and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties. 
 The Depository shall indemnify the Corporation against any liability
which may directly arise out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their gross negligence, willful misconduct or bad faith. 

  
 15 

 The Depository shall not be responsible for any failure to carry out any instruction to vote any
of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or inaction is not taken in bad faith. The Depository undertakes, and any Registrar shall be required to undertake, to perform such duties and only
such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depository or any Registrar. 

The Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the Registrar may own, buy, sell and deal in any
class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to any
such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate or subsidiary or the Depository’s Agent or the Registrar hereunder. The Depository may also act as trustee, transfer agent or registrar
of any of the securities of the Corporation and its affiliates. 
 It is intended that none of the Depository, any Depository’s Agent
or the Registrar, acting as the Depository’s Agent or Registrar, as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depository, any Depository’s Agent and the Registrar are acting only in a ministerial capacity as Depository or Registrar for the Stock. 

None of the Depository (or its officers, directors, employees or agents), any Depository’s Agent or the Registrar makes any
representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its
counter-signatures thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein. 

The Depository assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the Depository makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depository hereunder or of the Depositary Shares, as to the validity or
sufficiency of this Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depository shall not be accountable for the use or application by
the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 Notwithstanding anything to the contrary herein, no
party to this Agreement shall be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by breach of any provision of this Agreement even
if apprised of the possibility of such damages. 
 The Depository shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depository
shall not be responsible for 

  
 16 

 
advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depository believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depository hereunder, or in the administration of any of the provisions of this Agreement, the Depository shall deem it necessary or desirable that a matter be proved or established prior to taking,
omitting or suffering to take any action hereunder, the Depository may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation,
any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depository receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depository or which proves or establishes the applicable matter to the satisfaction of the Depository. 
 The Depository
undertakes not to issue any Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to and are then on deposit with the Depository. The Depository also undertakes not to sell,
except as provided herein, pledge or lend Depositary Shares or any shares of deposited Stock by it as Depository. 
 The Depository shall
not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive
the termination of this Agreement and any succession of any Depository, Registrar or Depository’s Agent. 
  

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

 The Depository
may at any time resign as Depository hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depository and its acceptance of such appointment as hereinafter
provided. 
 The Depository may at any time be removed by the Corporation by notice of such removal delivered to the Depository, such
removal to take effect upon the appointment of a successor Depository hereunder and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depository acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, appoint a successor Depository, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depository shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depository may petition any court of competent jurisdiction for the appointment
of a successor Depository. Every successor Depository shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depository, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depository under this 

  
 17 

 
Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of
all outstanding Receipts and such records, books and other information in its possession relating thereto. 
 Any entity into or with which
the Depository may be merged, consolidated or converted shall be the successor of the Depository without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depository may
authenticate the Receipts in the name of the predecessor Depository or its own name as successor Depository. 
  

	 	Section 5.5.	Corporate Notices and Reports. 

 The Corporation agrees that it will deliver to the Depository,
and the Depository will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depository’s books, copies of all notices and reports (including without limitation financial
statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and Restated Certificate of Incorporation (including the
Certificate), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depository with such number of copies of such documents as the Depository may
reasonably request. In addition, the Depository will transmit to the Record Holders of Receipts at the Corporation’s expense, including applicable fees, such other documents as may be requested by the Corporation. 

 

	 	Section 5.6.	Indemnification by the Corporation. 

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

 

	 	Section 5.7.	Fees, Charges and Expenses. 

 The Corporation agrees promptly to pay the Depository the
compensation to be agreed upon with the Corporation for all services rendered by the Depository hereunder and to reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depository without negligence, willful misconduct or 

  
 18 

 
bad faith on its part (or on the part of any agent or Depository’s Agent) in connection with the services rendered by it (or such agent or Depository’s Agent) hereunder. The Corporation
shall pay all charges of the Depository in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay all
transfer and other taxes and governmental charges arising solely from the existence of the depository arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by
Receipts. If, at the request of a Holder of Receipts, the Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the
Depository may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request of such Holder of Receipts. The Depository shall
present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depository may agree. 
  

	 	Section 5.8.	Tax Compliance. 

 Computershare and, where applicable, the Trust Company, on its own behalf and
on behalf of the Corporation, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with
respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall
include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depository shall comply with any direction received from the Corporation with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depository shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
request to the Corporation or to its authorized representatives. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 
  

	 	Section 6.1.	Amendment. 

 The form of the Receipts and any provisions of this Agreement may at any time and
from time to time be amended by agreement between the Corporation and the Depository in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than a change in fees) which shall materially and
adversely alter the rights of the Holders of Receipts shall be effective unless such amendment shall have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every Holder of an
outstanding receipt at the time any such amendment becomes effective shall 

  
 19 

 
be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement. 

Notwithstanding the foregoing, in no event shall the Corporation be required to execute any amendment which may impair the right, subject to
the provisions of Sections 2.6 and 2.7 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depository with instructions to deliver to the Holder the Stock and all money represented
thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depository’s
execution of any amendment, the Corporation shall deliver to the Depository a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1, except
that, if, under the foregoing paragraph, such amendment would require approval of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed to have consented and agreed to such amendment for purposes of the statement
in such certificate that such amendment is in compliance with the terms of this Section 6.1. 
  

	 	Section 6.2.	Termination. 

 This Agreement may be terminated by the Corporation or the Depository only if
(i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.9, or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or
winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

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

MISCELLANEOUS 
  

	 	Section 7.1.	Counterparts. 

 This Agreement may be executed in any number of counterparts, and by each of the
parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same effect as an original signature. 
  

	 	Section 7.2.	Exclusive Benefit of Parties. 

 This Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

  
 20 

	 	Section 7.3.	Invalidity of Provisions. 

 In case any one or more of the provisions contained in this
Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed
thereby. 
  

	 	Section 7.4.	Notices. 

 Any and all notices to be given to the Corporation hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at 

Bank of America Corporation 

Bank of America Corporate Center 

NC1-007-06-11 
 100 North Tryon
Street 
 Charlotte, North Carolina 28255 

Attn: Corporate Treasury – Global Funding Transaction Management 

Facsimile: (704) 548-5999 

Email: TMTreasuryFunding@bankofamerica.com 
 or
at any other addresses of which the Corporation shall have notified the Depository in writing. 
 Any and all notices to be given to the
Depository hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depository at the
Depository’s Office at 
 Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 250
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 
 or at any other address
of which the Depository shall have notified the Corporation in writing. 
 The Depository shall give any and all notices directed to be
given by the Corporation to any Record Holder of a Receipt in writing, which notices shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder at
the address of such Record Holder as it appears on the books of the Depository. 
 Delivery of a notice sent by mail or by facsimile
transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof 

  
 21 

 
in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depository or the Corporation may, however, act upon any facsimile transmission received
by it from the other, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
  

	 	Section 7.5.	Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent. 

Unless otherwise set forth on a certificate duly executed by an authorized officer of the Corporation, the Corporation hereby appoints the
Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository hereunder and the Receipts, and the Trust Company and Computershare hereby accept
their respective appointments. With respect to the appointments of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock and the Receipts, each of the
Corporation, the Trust Company and Computershare, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository hereunder, respectively, as if
explicitly named in each such provision. 
  

	 	Section 7.6.	Holders of Receipts Are Parties. 

 The Holders of Receipts from time to time shall be parties to
this Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts. The provisions of this Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no rights
shall be granted to any other person by virtue of this Agreement. 
  

	 	Section 7.7.	Governing Law. 

 This Agreement and the Receipts of each series and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

 

	 	Section 7.8.	Headings. 

 The headings of articles and sections in this Agreement and in the form of the
Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein
or in the Receipts. 
 [Signature page follows.] 

  
 22 

 IN WITNESS WHEREOF, the Corporation, Computershare and the Trust Company have duly executed this
Agreement as of the day and year first above set forth. 
  

			
	BANK OF AMERICA CORPORATION
		
	By:	 	 /s/ Angela C. Jones

	Name:	 	Angela C. Jones
	Title:	 	Managing Director
	
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Shirley A. Nessralla

	Name:	 	Shirley A. Nessralla
	Title:	 	Vice President, Manager
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Shirley A. Nessralla

	Name:	 	Shirley A. Nessralla
	Title:	 	Vice President, Manager

  
 [SIGNATURE PAGE
TO DEPOSIT AGREEMENT – SERIES CC] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 THE DEPOSITARY SHARES
REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 

[To be included in any DTC Receipt or other global Receipt: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.] 
  

			
	 Number DR-    
	  	                 Depositary Shares
		  	(CUSIP 060505286)

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, 

EACH REPRESENTING ONE ONE-THOUSANDTH OF ONE SHARE OF 

6.200% NON-CUMULATIVE PREFERRED STOCK, SERIES CC, OF 

BANK OF AMERICA CORPORATION 

Incorporated under the laws of the State of Delaware 

(See reverse for certain definitions.) 

Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national banking association, acting jointly as
Depository (the “Depository”), hereby certifies that CEDE & CO. is the registered owner of                     
(                ) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one one-thousandth of a share of 6.200% Non-Cumulative Preferred
Stock, Series CC, liquidation preference $25,000 per share, par value $0.01 per share (the “Stock”), of BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), on deposit with the Depository, subject to the terms
and entitled to the benefits of the Deposit Agreement dated as of January 28, 2016 (the “Deposit Agreement”), among the Corporation, Computershare Inc., Computershare Trust Company, N.A. and the Holders from time to time of the
Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and 

 
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been
executed by the Depository by the manual or facsimile signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar. 
  

							
	Dated:                     	 		 	Computershare Inc. and Computershare Trust Company, N.A., as Depository
				
		 		 	By:	 	  

		 		 	Authorized Officer

 Countersigned and Registered: 

Computershare Trust Company, N.A., 
 Transfer Agent and Registrar

  

			
	By:	 	  

	Authorized Signatory

 [FORM OF REVERSE OF RECEIPT] 

BANK OF AMERICA CORPORATION 

UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE
DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 6.200% NON-CUMULATIVE PREFERRED STOCK, SERIES CC, OF BANK OF AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE SECRETARY OF THE CORPORATION OR THE
DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without charge to each holder of a depositary receipt who so
requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences or
rights. Such request may be made to the Corporation or to the Registrar. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE
CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following abbreviations, when used in the
inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM – as tenants in common
	  	 UNIF GIFT MIN ACT - 

        Custodian        

	 TEN ENT – as tenants by the entireties
	  	(Cust)                        (Minor)
	 JT TEN – as joint tenants with right of survivorship and not as
            tenants in common
	  	 Under Uniform Gifts to Minors

Act
                        

    (State)

 Additional abbreviations may also be used though not in the above list. 

For value received,
                                         
                    hereby sell, assign and transfer unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	

  

			
	  
	 	
	 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 
	 	
	  
	 	
	  
	 	

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

	NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

 

			
		  	  

	SIGNATURE(S) GUARANTEED:	  	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE
17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]