Document:

Exhibit 10.3

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE
AGREEMENT, dated as of August 18, 2022 (this “Agreement”), is made by and among QCR Holdings, Inc.,
a Delaware corporation (the “Company”), and [●] (“Purchaser”).

 

W I T N E S S E T H:

 

WHEREAS,
the Company is offering up to $55,000,000 aggregate principal amount of the Company’s Fixed-to-Floating Rate Subordinated Notes
due 2037, to be issued pursuant to this Agreement, in the form attached hereto as Exhibit A, which aggregate amount is intended
to qualify as Tier 2 Capital;

 

WHEREAS,
Purchaser is an institutional “accredited investor,” as defined in Rule 501 of Regulation D (“Regulation
D”) under the Securities Act of 1933, as amended (the “Securities Act”), or a QIB (as defined herein);

 

WHEREAS,
the offer and sale of the Subordinated Notes (as defined herein) by the Company is being made in reliance upon the exemptions
from registration available under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D; and

 

WHEREAS,
Purchaser is willing to purchase from the Company one or more Subordinated Notes in the aggregate principal amount of $[●]
(the “Subordinated Note Amount”), in accordance with the terms, subject to the conditions and in reliance on, the representations,
warranties, covenants and agreements set forth herein and in the Subordinated Notes.

 

NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby,
the parties agree as follows:

 

1.            DEFINITIONS;
INTERPRETATION.

 

1.1            Definitions.
The following capitalized terms used in this Agreement have the meanings set forth below. Certain other capitalized terms used only in
specific sections of this Agreement may be defined in such sections.

 

“Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person.

 

“Certificate of Incorporation”
means the certificate of incorporation of the Company, as in effect on the Closing Date.

 

“Bank”
or “Banks” means each of: (i) Quad City Bank and Trust Company, a bank organized under the laws of the State of
Iowa; (ii) Cedar Rapids Bank and Trust Company, a bank organized under the laws of the State of Iowa; (iii) Community State
Bank, a bank organized under the laws of the State of Iowa; and (iv) Guaranty Bank (f/k/a Springfield First Community Bank), a bank
organized under the laws of the State of Missouri.

 

“Business Day”
means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of Illinois are permitted or required
by any applicable law or executive order to close.

 

     

     

    

 

“Bylaws”
means the Bylaws of the Company, as in effect on the Closing Date.

 

“Closing Date”
means the date hereof.

 

“Company Reports”
means (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, including
the audited financial statements contained therein and the information from the Company’s definitive proxy statement for its 2022
annual meeting of shareholders incorporated by reference into the Form 10-K; (ii) the Company’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2022, as filed with the SEC, including the unaudited financial statements contained therein; and
(iii) the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the SEC, including
the unaudited financial statements contained therein.

 

“Equity Interest”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and
all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase
any of the foregoing.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“FRB” means
the Board of Governors of the Federal Reserve System.

 

“GAAP”
means United States generally accepted accounting principles .

 

“Governmental Agency”
means (i) any federal, state, county or local governmental department, commission, board, regulatory authority or agency with jurisdiction
over the Company or any of its Subsidiaries, and (ii) any Regulatory Agency.

 

“Hazardous Materials”
means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes,
toxic or contaminated substances or similar materials, including any substances which are “hazardous substances,” “hazardous
wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable
environmental laws, ordinances or regulations.

 

“Hazardous Materials
Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation
or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401
et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery
Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic
Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C.
Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety
and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.;
and all comparable state and local laws, laws of other jurisdictions or orders and regulations.

 

“Indebtedness”
means and includes: (i) all items arising from the borrowing of money that, according to GAAP, would be included in determining total
liabilities as shown on the consolidated balance sheet of the Company or any of its Subsidiaries; and (ii) all obligations secured
by any lien in property owned by the Company or any of its Subsidiaries, whether or not such obligations shall have been assumed; provided,
however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course
of the Company’s or the Banks’ business (including federal funds purchased, advances from any Federal Home Loan Bank, secured
deposits of municipalities, letters of credit issued by the Company or the Banks and repurchase arrangements) and consistent with customary
banking practices and applicable laws and regulations.

 

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“Lease”
means any lease, license or other document providing for the use or occupancy of any portion of any Property, including all amendments,
extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating
thereto.

 

“Material Adverse
Effect” means any change or effect that would reasonably be expected to be material and adverse to (a) the business, operations,
affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company
to perform its obligations under this Agreement and the Subordinated Notes or (c) the validity or enforceability of this Agreement
or the Subordinated Notes.

 

“Maturity Date”
means September 1, 2037.

 

“Person”
means any individual, corporation (whether or not for profit), partnership, limited liability company, joint venture, association, trust,
unincorporated organization, government or any department or agency thereof (including a Governmental Agency) or any other entity or organization.

 

“Property”
means any real property owned or leased by the Company or any of its Subsidiaries.

 

“QIB” means
a Qualified Institutional Buyer as defined in Rule 144A under the Securities Act.

 

“Regulatory Agency”
means any federal or state agency charged with the supervision or regulation of depository institutions or holding companies of depository
institutions, or engaged in the insurance of depository institution deposits, or any court, administrative agency or commission or other
authority, body or agency having supervisory or regulatory authority with respect to the Company, the Banks or any of their Subsidiaries.

 

“SEC” means
the Securities and Exchange Commission.

 

“Subordinated Note”
or “Subordinated Notes” means the Fixed-to-Floating Rate Subordinated Notes due 2037, in the form attached hereto as
Exhibit A, as amended, restated, supplemented or modified from time to time, and any Subordinated Note delivered in substitution
or exchange for a Subordinated Note.

 

“Subsidiary”
means, with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly
owned by such Person.

 

“Tier 2 Capital”
has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217 and 12 C.F.R. Part 250, as amended,
modified and supplemented and in effect from time to time or any replacement thereof.

 

“Transaction Documents”
means this Agreement and the Subordinated Notes.

 

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1.2            Interpretations.
The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined. The words “hereof,”
 “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as
a whole and not to any particular provision of this Agreement. The word “including” when used in this Agreement without the
phrase “without limitation,” shall mean “including, without limitation.” All references to any law or regulation
shall mean such law or regulation as amended or modified from time to time, and any replacement thereof. All references to time of day
herein are references to Central Time unless otherwise specifically provided. All references to this Agreement and the Subordinated Notes
shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any reference in this Agreement
to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted
successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall
also include any amendment, replacement, extension or other modification thereof.

 

1.3            Exhibits
Incorporated. All Exhibits attached hereto are hereby incorporated into this Agreement.

 

2.            PURCHASE
AND SALE OF SUBORDINATED NOTES.

 

2.1            Purchase
and Sale of Subordinated Notes. The closing of the purchase and sale of the Subordinated Notes (the “Closing”)
shall occur at 10:00 a.m. (Eastern Time) on the Closing Date, or at such other place or time or on such other date as the parties
hereto may agree in writing. On the terms and subject to the conditions set forth herein, at the Closing, the Company shall issue and
sell to Purchaser, and Purchaser shall purchase from the Company, one or more Subordinated Notes in the form attached hereto as Exhibit A,
with an aggregate principal amount equal to the Subordinated Note Amount. Purchaser hereby waives any right of offset Purchaser may have
against the Company or any of its Subsidiaries with respect to the transactions contemplated by the Transaction Documents.

 

2.2            Company
Deliverables. On the Closing Date, the Company shall deliver to Purchaser (a) certificate, duly executed by the Secretary
or Assistant Secretary of the Company, setting forth (i) the Certificate of Incorporation; (ii) the Bylaws, (iii) resolutions
adopted by the board of directors of the Company or any committee thereof authorizing the execution, delivery and performance of the Transaction
Documents; and (iv) the incumbency of each officer of the Company authorized to execute any of the Transaction Documents; (b) a
certificate of existence of the Company issued by the Secretary of State of the State of Delaware; (c) an officer’s compliance
certificate, dated the Closing Date, (d) a CUSIP Number issued by the CUSIP Service Bureau (in cooperation with the SVO
(as defined below)), and (e) the opinion of Barrack Ferrazzano Kirschbaum & Nagelberg LLP, counsel to the Company, dated
as of the Closing Date, substantially in the form set forth as Exhibit B attached hereto addressed to Purchaser. Promptly
after the receipt from Purchaser of the Subordinated Note Amount, in an aggregate amount of $[●] in accordance with Section 2.3,
the Company shall deliver to Purchaser a definitive certificate representing the Subordinated Notes purchased by Purchaser with a principal
amount equal to the Subordinated Note Amount.

 

2.3            Purchaser
Deliverables. On the Closing Date, Purchaser shall deliver to the Company, promptly after receipt of the items described in the
first sentence of Section 2.2, the Subordinated Note Amount, by wire transfer of immediately available funds in accordance
with the instructions provided by the Company in writing prior to the date hereof.

 

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3.            REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

The Company hereby represents
and warrants to Purchaser that, except as disclosed in the Company Reports:

 

3.1            Organization
and Authority.

 

3.1.1            The
Company is a duly organized corporation, is validly existing and in good standing under the laws of the State of Delaware and has all
requisite corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform
its obligations under the Transaction Documents. The Company is duly qualified as a foreign corporation to transact business and is in
good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property
or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect.
The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended.

 

3.1.2            Each
Subsidiary of the Company has been duly organized and is validly existing as a corporation or limited liability company, or, in the case
of each Bank, has been duly chartered and is validly existing as an Iowa state-chartered bank or Missouri state-charted bank, as applicable,
in each case in good standing under the laws of the jurisdiction of its incorporation, has corporate or other applicable power and authority
to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign corporation to transact business
and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure so to qualify or to be in good standing would not reasonably be expected
to result in a Material Adverse Effect. All of the issued and outstanding Equity Interests in each Subsidiary of the Company have been
duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries of
the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim, with the exception that all of the
issued and outstanding stock of the Banks is pledged as collateral under a certain loan agreement between the Company and a correspondent
bank lender; none of the outstanding Equity Interests in any Subsidiary of the Company were issued in violation of the preemptive or similar
rights of any security holder of such Subsidiary of the Company or any other entity.

 

3.1.3            The
deposit accounts of the Banks are insured by the FDIC up to applicable limits. No Bank has received any notice or other information indicating
that such Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred
which could reasonably be expected to adversely affect the status of such Bank as an FDIC-insured institution.

 

3.2            Capital
Stock. The Certificate of Incorporation of the Company authorize the Company to issue 20,000,000 shares of common stock and 250,000
shares of preferred stock. As of the close of business on August 17, 2022, there were 16,884,721 shares of common stock issued and
outstanding and no shares of preferred stock issued and outstanding. There are, as of the date hereof, no outstanding options, rights,
warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold,
additional shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such agreement or
commitment to any Person other than the Company except pursuant to the Company’s equity incentive plans.

 

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3.3            Authorization;
Binding Agreements. The issuance of the Subordinated Notes pursuant to this Agreement, the borrowing of the aggregate of the
Subordinated Note Amount, the execution of the Transaction Documents and compliance by the Company with all of the provisions of the
Transaction Documents are within the corporate and other powers of the Company. This Agreement and the Subordinated Notes have been
duly authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the other parties
thereto, constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting creditors’ rights generally or by general equitable principles (collectively,
the “Enforceability Exceptions”). The Subordinated Notes have been duly authorized by the Company and when
executed by the Company, completed, issued, delivered to and paid for by Purchaser in accordance with the terms of this Agreement,
will have been duly issued and will constitute legal, valid and binding obligations of the Company, entitled to the benefits of the
terms of this Agreement and the Subordinated Notes, and enforceable in accordance with their terms, except as enforcement thereof
may be limited by the Enforceability Exceptions.

 

3.4            Exemption
from Registration. Neither the Company, nor any of its Subsidiaries or Affiliates, nor any Person acting on its or their behalf,
has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer
or sale of the Subordinated Notes. Assuming the accuracy of the representations and warranties of Purchaser set forth in this Agreement,
the Subordinated Notes will be issued in a transaction exempt from the registration requirements of the Securities Act. No “bad
actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”)
is applicable to the Company or, to the Company's knowledge, any Person described in Rule 506(d)(1) (each, a “Company Covered
Person”). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).

 

3.5            No
Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents by the Company nor compliance by the
Company with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate,
conflict with or result in a breach of, or constitute a default under: (1) the Certificate of Incorporation or Bylaws; (2) any
of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture,
mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement or instrument to which the Company or any Bank,
as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction,
decree or demand of any court, arbitrator, grand jury, or Governmental Agency applicable to the Company or any Bank; or (4) any statute,
rule or regulation applicable to the Company, except, in the case of items (2), (3) or (4), for such violations, conflicts
breaches and default that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company
and its Subsidiaries taken as a whole, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon any property or asset of the Company. Neither the Company nor any Bank is in default in the performance, observance or
fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating,
evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or any other agreement or instrument
to which the Company or any Bank, as applicable, is a party or by which the Company or any Bank, as applicable, or any of its properties
may be bound or affected, except, in each case, only such defaults that would not reasonably be expected to have, singularly or in the
aggregate, a Material Adverse Effect on the Company.

 

3.6            Governmental
Consents. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained by the Company
that have not been obtained, and no registrations or declarations are required to be filed by the Company that have not been filed in
connection with, or, in contemplation of, the execution and delivery of, and performance under, the Transaction Documents, except for
applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or “blue sky” laws of the
various states and any applicable federal or state banking laws and regulations. No Bank is a party to, or otherwise subject to, any legal
restriction or any agreement (other than customary limitations imposed by corporate law statutes, banking law statutes, rules and
policies, or other regulatory statutes) restricting the ability such Bank to pay dividends or make any other distributions to the Company.

 

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3.7            Possession
of Licenses. The Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively,
 “Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by them
except where the failure to possess such Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on the Company
or such applicable Subsidiary; the Company and each Subsidiary of the Company is in compliance with the terms and conditions of all such
Licenses, except where the failure to so comply would not, individually or in the aggregate, have a Material Adverse Effect on the Company
or such applicable Subsidiary of the Company; all of the Licenses are valid and in full force and effect, except where the invalidity
of such Licenses or the failure of such Licenses to be in full force and effect would not have a Material Adverse Effect on the Company
or such applicable Subsidiary of the Company; and neither the Company nor any Subsidiary of the Company has received any notice of proceedings
relating to the revocation or modification of any such Licenses.

  

3.8            Financial
Condition; Accounting Controls.

 

3.8.1            Company
Financial Statements. The financial statements of the Company included in the Company Reports (including the related notes, where
applicable), which have been made available to Purchaser (i) have been prepared from, and are in accordance with, the books and records
of the Company; (ii) fairly present in all material respects the results of operations, cash flows, changes in stockholders’
equity and financial position of the Company and its consolidated Subsidiaries for the respective fiscal periods or as of the respective
dates therein set forth (subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount),
as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting
and banking requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied
during the periods involved, except, in each case: (x) as indicated in such
statements or in the notes thereto; or (y) for any statement therein or omission therefrom which was corrected, amended or supplemented
or otherwise disclosed or updated in a subsequent Company Report; and (z) to the extent that any unaudited interim financial statements
do not contain the footnotes required by GAAP, and were or are subject to normal and recurring year-end adjustments, which were not or
are not expected to be material in amount, either individually or in the aggregate. The books and records of the Company have been,
and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements.
The Company does not have any material liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether
due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of the Company
contained in the Company Reports for the Company’s most recently completed quarterly or annual fiscal period, as applicable, for
liabilities incurred in the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions
contemplated hereby.

 

3.8.2            Absence
of Default. Since the end of the Company’s last fiscal year ended December 31, 2021, no event has occurred which
either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company the right to
accelerate the maturity of any material Indebtedness of the Company. The Company is not in default under any other Lease, agreement
or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which
could reasonably be expected to result in a Material Adverse Effect on the Company.

 

3.8.3            Solvency.
After giving effect to the consummation of the transactions contemplated by this Agreement, the Company has capital sufficient to carry
on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no
Indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or
defraud either present or future creditors of the Company or any Subsidiary of the Company.

 

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3.8.4            Ownership
of Property. The Company and each of its Subsidiaries has good and marketable title as to all real property owned by it and good
title to all assets and properties owned by the Company and such Subsidiary in the conduct of its businesses, whether such assets and
properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance sheet contained
in the Company Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the
ordinary course of business, since the date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests or
pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with, borrowing from
or other obligations to the Federal Home Loan Bank, inter-bank credit facilities, reverse repurchase agreements or any transaction by
any Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being contested in good
faith and (iii) such as do not, individually or in the aggregate, materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries. The Company and each of
its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that are material to the Company
or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as presently occupied and used
by it. Such existing Leases and commitments to Lease constitute or will constitute operating Leases for both tax and financial accounting
purposes except as otherwise disclosed in the Company Reports and the Lease expense and minimum rental commitments with respect to such
Leases and Lease commitments are as disclosed in all material respects in the Company Reports.

 

3.8.5            Accounting
Controls.

 

3.8.5.1            The
Company and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions
are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to
assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The
Company’s internal control over financial reporting is effective, and the Company is not aware of any material weaknesses in its
internal control. Since the date of the Company’s latest audited financial statements filed with the SEC, there has been no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting.

 

3.8.6            The
Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under
the Exchange Act). Such disclosure controls and procedures (i) are designed to ensure that material information relating to the Company,
including its consolidated subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial Officer
by others within those entities, and (ii) are effective to perform the functions for which they were established. The Company’s
auditors and the Audit Committee of the Board of Directors of the Company have not been advised that there is (A) any fraud, whether
or not material, that involves management or other employees who have a role in the Company’s internal controls, or (B) any
material weaknesses in internal controls. Since the date of the most recent evaluation of such disclosure controls and procedures, there
have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including
any corrective actions with regard to material weaknesses. The principal executive officer (or the equivalents) and principal financial
officer (or the equivalent) of the Company have made all certifications required by the Sarbanes-Oxley Act of 2002, and the statements
made in each such certification are accurate. The Company, its Subsidiaries and, to the Company’s knowledge, its directors and officers,
are each in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002.

 

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3.9            No
Material Adverse Effect. Since the end of the Company’s last fiscal year ended December 31, 2021, there has been no
development or event which has had or could reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

 

3.10            Legal
Matters.

 

3.10.1            Compliance
with Law. The Company and each of its Subsidiaries (i) has complied with and (ii) to the Company’s knowledge,
is not under investigation with respect to, and, to the Company’s knowledge, has not been threatened to be charged with or given
any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign
government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties,
except where any such failure to comply or violation would not reasonably be expected to have a Material Adverse Effect on the Company
and its Subsidiaries taken as a whole. The Company and each of its Subsidiaries is in compliance with, and at all times prior to the date
hereof has been in compliance with, (x) all statutes, rules, regulations, orders and restrictions of any domestic or foreign government,
or any Governmental Agency, applicable to it, and (y) its own privacy policies and written commitments to customers, consumers and
employees, concerning data protection, the privacy and security of personal data, and the nonpublic personal information of its customers,
consumers and employees, in each case except where any such failure to comply, would not result, individually or in the aggregate, in
a Material Adverse Effect. At no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received
any written notice asserting any violations of any of the foregoing that could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

3.10.2            Regulatory
Enforcement Actions. The Company, each Bank and its other Subsidiaries are in compliance in all material respects with all laws
administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply with which could reasonably
be expected to have a Material Adverse Effect. Subject to the following sentence, none of the Company, the Banks, the Company’s
or the Banks’ Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda,
commitment letter, supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application)
imposed by any Governmental Agency, nor are, to the Company’s knowledge, (i) any such restrictions threatened, (ii) any
agreements, memoranda or commitments being sought by any Governmental Agency, or (iii) any legal or regulatory violations previously
identified by, or penalties or other remedial action previously imposed by, any Governmental Agency remains unresolved. Notwithstanding
the foregoing, or anything to the contrary in this Agreement, the Company makes no representation or warranty with respect to any information
that constitutes confidential supervisory information within the meaning of applicable federal regulations.

 

3.10.3            Pending
Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the Company’s knowledge, threatened
or proposed, against the Company or any of its Subsidiaries at law or in equity or before or by any federal, state, municipal, or other
governmental department, commission, board, or other administrative agency, domestic or foreign, that, either separately or in the aggregate,
would reasonably be expected to have a Material Adverse Effect on the Company and any of its Subsidiaries, taken as a whole, or affect
issuance or payment of the Subordinated Notes; and neither the Company nor any of its Subsidiaries is a party to or named as subject to
the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic
or foreign, that either separately or in the aggregate, will have a Material Adverse Effect on the Company and any of its Subsidiaries,
taken as a whole.

 

    9

     

    

 

3.10.4            Environmental.
No Property is or, to the Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any Hazardous Materials, and neither the Company nor any of its
Subsidiaries has engaged in such activities. There are no claims or actions pending or, to the Company’s knowledge, threatened against
the Company or any of its Subsidiaries by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant
to any Hazardous Materials Law, except for such actions or claims that would not reasonably be expected to have a Material Adverse Effect
on the Company and its Subsidiaries taken as a whole.

 

3.10.5            Investment
Company Act. Neither the Company nor any of its Subsidiaries is an “investment company” or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

 

3.11            Use
of Proceeds. The Company intends to use the net proceeds it receives from the sale of the Subordinated Notes for general corporate
purposes, including to support regulatory capital ratios and potential future strategic opportunities.

 

3.12            Brokerage
Commissions. Neither the Company nor any Affiliate of the Company is obligated to pay any brokerage commission or finder’s
fee to any Person in connection with the transactions contemplated by this Agreement.

 

3.13            Tax
Matters. The Company, the Banks and each Subsidiary of the Company have (i) filed all material foreign, U.S. federal, state
and local tax returns, information returns and similar reports that are required to be filed, subject to any extensions, and all such
tax returns are true, correct and complete in all material respects, and (ii) paid all material taxes required to be paid by it and
any other material assessment, fine or penalty levied against it other than taxes (x) currently payable without penalty or interest,
or (y) being contested in good faith by appropriate proceedings.

 

3.14            Representations
and Warranties Generally. The representations and warranties of the Company set forth in this Agreement in any certificate or
other document delivered to Purchaser by or on behalf of the Company pursuant to or in connection with this Agreement are true and correct
as of the date hereof and as otherwise specifically provided herein or therein. None of the representations, warranties, covenants and
agreements made in this Agreement or in any certificate or other document delivered to Purchaser by or on behalf of the Company pursuant
to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material fact or any fact
necessary to make the statements contained therein not misleading in light of the circumstances when made. Any certificate signed by an
officer of the Company and delivered to Purchaser or to counsel for Purchaser shall be deemed to be a representation and warranty by the
Company to Purchaser as to matters set forth therein.

 

4.            REPRESENTATIONS
AND WARRANTIES OF PURCHASERS.

 

Purchaser hereby represents
and warrants to the Company as follows:

 

4.1            Legal
Power and Authority. Purchaser has all necessary power and authority to execute, deliver and perform its obligations under this
Agreement and to consummate the transactions contemplated hereby. Purchaser is an entity duly organized, validly existing and in good
standing under the laws its jurisdiction of organization.

 

    10

     

    

 

4.2            Authorization
and Execution. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the
part of such Purchaser, and, assuming due authorization, execution and delivery by the other parties thereto, this Agreement is a legal,
valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’
rights generally or by general equitable principles.

  

4.3            No
Conflicts. Neither the execution, delivery or performance of the Transaction Documents nor the consummation of any of the
transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether with or without the
giving of notice or lapse of time or both) under (i) Purchaser’s organizational documents, (ii) any agreement to
which Purchaser is party, (iii) any law applicable to Purchaser or (iv) any order, writ, judgment, injunction, decree,
determination or award binding upon or affecting Purchaser.

 

4.4            Purchase
for Investment. Purchaser is purchasing the Subordinated Notes for its own account and not with a view to distribution and with
no present intention of reselling, distributing or otherwise disposing of the same. Purchaser has no present or contemplated agreement,
undertaking, arrangement, obligation, Indebtedness or commitment providing for, or which is likely to compel, a disposition of the
Subordinated Notes in any manner.

 

4.5            Investor
Status. Purchaser is and will be on the Closing Date either (i) an institutional “accredited investor” as such
term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of
Regulation D, and has no less than $5,000,000 in total assets, or (ii) a QIB.

 

4.6            Financial
and Business Sophistication. Purchaser has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the prospective investment in the Subordinated Notes. Purchaser has relied solely upon its own knowledge
of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations
involved in deciding to invest in the Subordinated Notes.

 

4.7            Ability
to Bear Economic Risk of Investment. Purchaser recognizes that an investment in the Subordinated Notes involves substantial risk.
Purchaser has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to
hold the Subordinated Notes indefinitely, and further including the ability to bear a complete loss of all of Purchaser’s investment
in the Company.

 

4.8            Information.
Purchaser acknowledges that: (i) Purchaser is not being provided with the disclosures that would be required if the offer and sale
of the Subordinated Notes were registered under the Securities Act, nor is Purchaser being provided with any offering circular or prospectus
prepared in connection with the offer and sale of the Subordinated Notes; (ii) Purchaser has conducted its own examination of the
Company and the terms of the Subordinated Notes to the extent Purchaser deems necessary to make its decision to invest in the Subordinated
Notes; and (iii) Purchaser has availed itself of publicly available financial and other information concerning the Company to the
extent Purchaser deems necessary to make its decision to purchase the Subordinated Notes. Purchaser has reviewed the information set forth
in the Company Reports, the exhibits and schedules hereto and the information contained in the data room established by the Company in
connection with the transactions contemplated by this Agreement.

 

4.9            Access
to Information. Purchaser acknowledges that Purchaser and its advisors have been furnished with all materials relating to the
business, finances and operations of the Company that have been requested by Purchaser or its advisors and have been given the opportunity
to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning terms and conditions of the transactions
contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement.

 

    11

     

    

 

4.10            Investment
Decision. Purchaser has made its own investment decision based upon its own judgment, due diligence and advice from such advisors
as it has deemed necessary and not upon any view expressed by any other Person or entity. Neither such inquiries nor any other due diligence
investigations conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the Company’s
representations and warranties contained herein. Purchaser is not relying upon, and has not relied upon, any advice, statement, representation
or warranty made by any Person by or on behalf of the Company, except for the express statements, representations and warranties of the
Company made or contained in this Agreement. Furthermore, Purchaser acknowledges that nothing in this Agreement or any other materials
presented by or on behalf of the Company to Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax
or investment advice.

 

4.11            Private
Placement; No Registration; Restricted Legends. Purchaser understands and acknowledges that the Subordinated Notes are being
sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration
set forth in, respectively, Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities Act and Section 18 of
the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only if
exemptions from the Securities Act and applicable state securities laws are available to it. Purchaser is not subscribing for
Subordinated Notes as a result of or subsequent to any general solicitation or general advertising, in each case within the meaning
of Rule 502(c) of Regulation D, including any advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. Purchaser
further acknowledges and agrees that all certificates or other instruments representing the Subordinated Notes will bear the
restrictive legend set forth in the form of Subordinated Notes, which is attached hereto as Exhibit A. Purchaser further
acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the
Subordinated Notes or any interest therein without complying with the requirements of the Securities Act and the rules and
regulations promulgated thereunder and the requirements set forth in this Agreement. The Company has not made nor is it making any
representation, warranty or covenant, express or implied, as to the availability of any exemption from registration under the
Securities Act or any applicable state securities laws for the resale, pledge or other transfer of the Subordinated Notes, or that
the Subordinated Notes purchased by Purchaser will ever be able to be lawfully resold, pledged or otherwise transferred.

 

4.12            [RESERVED].

 

4.13            Accuracy
of Representations. Purchaser understands that the Company is relying and will rely upon the truth and accuracy of the foregoing
representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement.

 

4.14            Representations
and Warranties Generally. The representations and warranties of the Company set forth in this Agreement that do not contain
a “Material Adverse Effect” qualification or other express materiality or similar qualification shall be true and
correct in all material respects as of the date hereof and as of the Closing Date (except for any such representation or warranty
that is made only as of a specific date, in which case as of such specific date). The representations and warranties of the Company
set forth in this Agreement that contain a “Material Adverse Effect” qualification or any other express materiality or
similar qualification shall be true and correct as of the date hereof and as of the Closing Date (except for any such representation
or warranty that is made only as of a specific date, in which case as of such specific date).

 

    12

     

    

 

5.            GENERAL
COVENANTS AND AGREEMENTS.

 

5.1            Compliance
with Transaction Documents. The Company shall comply with, observe and timely perform each and every one of its covenants, agreements
and obligations under the Transaction Documents.

 

5.2            Compliance
with Laws.

 

5.2.1            Generally.
The Company shall comply and cause the Banks and each of its other Subsidiaries to comply in all material respects with all applicable
statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except,
in each case, where such noncompliance would not reasonably be expected to have a Material Adverse Effect on the Company.

 

5.2.2            Regulated
Activities. The Company shall not itself, nor shall it cause, permit or allow the Banks or any other of its Subsidiaries to (i) engage
in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably
be expected to have a Material Adverse Effect on the Company, or (ii) make any loan or advance secured by the capital stock of another
bank or depository institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution,
in each case other than in accordance with applicable laws and regulations and safe and sound banking practices.

 

5.2.3            Taxes.
The Company shall and shall cause the Banks and any other of its Subsidiaries to promptly pay and discharge all taxes, assessments and
other governmental charges imposed upon the Company, the Banks or any other of its Subsidiaries or upon the income, profits, or property
of the Company or any Subsidiary and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge
upon the property of the Company, the Banks or any other of its Subsidiaries. Notwithstanding the foregoing, none of the Company, the
Banks or any other of its Subsidiaries shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof
shall be contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be maintained on the books of the
Company, the Banks and such other Subsidiary.

 

5.2.4            Corporate
Existence. The Company shall do or cause to be done all things reasonably necessary to maintain, preserve and renew its corporate
existence and that of the Banks and the other Subsidiaries and its rights and franchises and those of the Banks and the other Subsidiaries
and each of the Banks shall remain a member bank of the Federal Reserve System.

 

5.2.5            [RESERVED].

 

5.3            Absence
of Control. It is the intent of the parties to this Agreement that in no event shall Purchaser, by reason of any of the Transaction
Documents, be deemed to control, directly or indirectly, the Company, and Purchaser shall not exercise, or be deemed to exercise, directly
or indirectly, a controlling influence over the management or policies of the Company.

 

5.4            Insurance.
At its sole cost and expense, the Company shall maintain, and shall cause each Subsidiary to maintain, bonds and insurance to such extent,
covering such risks as is required by law or as is usual and customary for owners of similar businesses and properties in the same general
area in which the Company or any of its Subsidiaries operates. All such bonds and policies of insurance shall be in a form, in an amount
and with insurers recognized as adequate by prudent business persons.

 

    13

     

    

 

5.5            Rule 144A
Information. While any Subordinated Notes remain “restricted securities” within the meaning of the Securities Act,
the Company will make available, upon request, to any seller of such Subordinated Notes the information specified in Rule 144A(d)(4) under
the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act.

 

5.6            NRSRO
Rating. The Company shall at all times maintain a Debt Rating for the Subordinated Notes
from an NRSRO while any subordinated notes remain outstanding. Evidence of such Debt Rating (or any change thereto) shall (a) be
delivered by the Company to the holders of the Subordinated Notes (i) simultaneously with the Closing Date (in the case of the initial
Debt Rating) and thereafter at least annually, and (ii) promptly upon any change in the Debt Rating, (b) set forth the Debt
Rating for such Notes, (c) refer to the CUSIP Number issued by the CUSIP Bureau Service in respect of such Subordinated
Notes, (d) address the likelihood of payment of both the principal and interest of such Subordinated Notes (which requirement shall
be deemed satisfied if the rating is silent as to the likelihood of payment of both principal and interest and does not otherwise include
any indication to the contrary), (e) not include any prohibition against sharing such evidence with the SVO or any other regulatory
authority having jurisdiction over the holders of the Subordinated Notes, and (f) include such other information describing the relevant
terms of the Subordinated Notes as may be required from time to time by the SVO or any other regulatory authority having jurisdiction
over the holders of the Subordinated Notes.

 

“Debt Rating” means
the debt rating of the Subordinated Notes as determined from time to time by any NRSRO.

 

“NRSRO” means (a) Kroll
Bond Rating Agency, LLC, Fitch, Inc., Moody’s or S&P, or successors thereto (b) any other credit rating agency that
is recognized as a nationally recognized statistical rating organization by the SEC so long as, in each case, any such credit rating agency
described in clause (a) or (b) above continues to be a nationally recognized statistical rating organization and is approved
as a “Credit Rating Provider” (or other similar designation) by the National Association of Insurance Commissioners.

 

“SVO” means the Securities
Valuation Office of the National Association of Insurance Commissioners.

 

6.            MISCELLANEOUS.

 

6.1            Waiver
or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement herein or in the Subordinated Notes
(including, in each case, past defaults) shall be effective against Purchaser or any Holder (as defined in the Subordinated Notes) unless
in writing and signed by the Holders of Subordinated Notes representing a majority of the aggregate outstanding principal of the Subordinated
Notes, and no waiver or amendment of any term, provision, condition or agreement herein shall be effective against the Company unless
in writing and signed by the Company. Notwithstanding the foregoing, without the consent of all holders of Subordinated Notes in writing,
no waiver or amendment of any term, provision, condition, covenant or agreement herein or in the Subordinated Notes (including, in each
case, past defaults) shall be effective against Purchaser or any Holder which purports to (a) change the Maturity Date or the stated
payment date of any payment of interest payable on any Security, or reduce the principal amount thereof, or any amount of interest payable
thereon; or (b) change the method of computing the amount of principal of the Subordinated Notes or any interest payable thereon
on any date, or change the coin or currency in which the Subordinated Notes or any payment of interest thereon is payable; or (c) impair
the right to institute suit for the enforcement of any payment described in clauses (a) or (b) on or after the same shall become
due and payable, whether at the Maturity Date or, in the case of redemption or repayment, on or after the redemption date or the repayment
date, as the case may be; or (d) change or waive the redemption or repayment provisions of the Subordinated Notes; or (e) reduce
the percentage in principal amount of the Subordinated Notes, the consent of whose holders is required for any such waiver or amendment;
or (f) modify any of the provisions of this Section, except to increase any such; or (g) adversely affect the ranking or priority
of the Subordinated Notes; or (h) waive any Event of Default pursuant to Section 6.1(a), Section 6.1(b) or Section 6.1(c) of
the Subordinated Note. No failure to exercise or delay in exercising, by Purchaser or any holder of the Subordinated Notes, of any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege
preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity.

 

    14

     

    

 

6.2            Severability.
Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect
the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions
of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion
had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application
thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application
of such provision to persons or situations other than those to which it shall have been held invalid or unenforceable, shall not be affected
thereby, but shall continue valid and enforceable to the fullest extent permitted by law.

 

6.3            Notices
and Payments. Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given
if in writing and if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt
requested, or if delivered by a responsible overnight commercial courier promising next business day delivery, addressed:

 

	if to the Company:	
    QCR Holdings, Inc.

    3551 7th Street

    Moline, Illinois 61265

    Attention: Todd A. Gipple

     

	with a copy to:	
    Barack Ferrazzano Kirschbaum & Nagelberg LLP

    200 West Madison Street, Suite 3900

    Chicago, Illinois 60606

	 	Attention:	Robert M. Fleetwood
	 	 	Abdul R. Mitha
	 	 	 
	if to Purchaser:	
    [●]

 

or to such other address or addresses as the party
to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice;
provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner
provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three
(3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the
Business Day following the date of delivery to such courier (provided next business day delivery was requested), or if emailed, upon confirmation
of receipt.

 

    15

     

    

 

All payments of principal and interest hereunder
payable to Purchaser shall be made by wire transfer (pursuant to Purchaser’s written write transfer instructions). Purchaser’s
initial wire transfer instructions are set forth on Schedule 1 hereto and may be modified from time to time in writing in a notice
to the Company pursuant to this Section 6.3.

 

6.4            Successors
and Assigns. This Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives, successors
and assigns; except that, unless Purchaser consents in writing, no assignment made by the Company in violation of this Agreement shall
be effective or confer any rights on any purported assignee of the Company. The term “successors and assigns” will not include
a purchaser of any of the Subordinated Notes from Purchaser merely because of such purchase.

 

6.5            No
Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no action or inaction whatsoever on the
part of Purchaser, shall be deemed to make Purchaser a partner or joint venturer with the Company.

 

6.6            Entire
Agreement. This Agreement and the Subordinated Note, along with any exhibits hereto or thereto, constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental
written agreement executed by the parties to be bound by such amendment. No party, in entering into this Agreement, has relied upon any
representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the Subordinated Notes.

 

6.7            Choice
of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois without giving
effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit any rights, powers or privileges which Purchaser
may have pursuant to any law of the United States of America or any rule, regulation or order of any department or agency thereof and
nothing herein shall be deemed to make unlawful any transaction or conduct by Purchaser which is lawful pursuant to, or which is permitted
by, any of the foregoing.

 

6.8            No
Third Party Beneficiary. This Agreement is made for the sole benefit of the Company and Purchaser, and no other Person shall be
deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any
other Person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder.

 

6.9            Captions;
Counterparts. Captions contained in this Agreement are for reference purposes only, and in no way define, limit or extend the
scope or intent of their respective provisions. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission, or
by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original
thereof.

 

6.10            Knowledge;
Discretion. All references herein to Purchaser’s or the Company’s knowledge shall be deemed to mean the knowledge
of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer or such other persons
holding equivalent offices. Unless specified to the contrary herein, all references herein to an exercise of discretion or judgment by
Purchaser, to the making of a determination or designation by Purchaser, to the application of Purchaser’s discretion or opinion,
to the granting or withholding of Purchaser’s consent or approval, to the consideration of whether a matter or thing is satisfactory
or acceptable to Purchaser, or otherwise involving the decision making of Purchaser, shall be deemed to mean that Purchaser shall decide
using the reasonable discretion or judgment of a prudent lender.

 

    16

     

    

 

6.11            Waiver
Of Right To Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION
DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF THE COMPANY OR PURCHASER. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED IN
THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL. THE PARTIES
FURTHER ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS
BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND (III) THIS WAIVER SHALL
BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

 

6.12            Expenses.
Except as otherwise provided in this Agreement, each of the parties will bear and pay all other costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated pursuant to this Agreement.

 

6.13            Survival.
Each of the representations and warranties set forth in this Agreement shall survive the consummation of the transactions contemplated
hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein
shall survive until, by their respective terms, they are no longer operative, other than those which by their terms are to be performed
in whole or in part prior to or on the Closing Date, which shall terminate as of the Closing Date.

 

[Remainder of page intentionally left blank]

 

    17

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative as of the date
first set forth above.

 

	 	COMPANY:
	 	 
	 	QCR Holdings, Inc.
	 	 
	 	By:	 
	 	Name:	Todd A. Gipple
	 	Title:	President, Chief Operating Officer and Chief Financial
    Officer

 

[Signature Page to Subordinated
Note Purchase Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned Purchaser has caused this Agreement to be executed by its duly authorized representatives
as of the date first set forth above.

 

	 	PURCHASER:
	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

[Signature Page to Subordinated
Note Purchase Agreement]

 

     

     

    

 

Exhibit A

 

Form of Definitive Subordinated Note

 

[See attached.]

 

     

     

    

 

 

FORM OF DEFINITIVE SUBORDINATED NOTE

 

QCR HOLDINGS, INC.

 

FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE
2037

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION
STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO
BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO
BE AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT;
OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE,
THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT).

 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY
(AS DEFINED HEREIN) AS EVIDENCED HEREBY (A) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY
FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (B) ARE SUBORDINATE
IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED HEREIN).

 

CERTAIN ERISA CONSIDERATIONS:

 

THE PURCHASER, HOLDER, OR TRANSFEREE OF THIS
SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE, PURCHASE OR HOLDING HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS
THAT (A) IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, OR (B) SUCH PURCHASER, HOLDER, OR
TRANSFEREE IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION
CLASS EXEMPTIONS 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS
SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH
RESPECT TO SUCH PURCHASE AND HOLDING.

 

     

     

    

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE
ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED
NOTE OR ANY INTEREST HEREIN.

 

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	No. 2022-[●]	 	 	CUSIP: 74727A AD6 

ISIN: US74727AAD63

 

QCR HOLDINGS, INC.

 

FIXED-TO-FLOATING RATE SUBORDINATED NOTE
DUE 2037

 

1.         Note
Purchase Agreement; Holders. This Subordinated Note is one of a duly authorized issue of notes of QCR Holdings, Inc., a Delaware
corporation (the “Company”), designated as the “Fixed-to-Floating Rate Subordinated Notes due 2037” (the “Subordinated
Notes”) in an aggregate principal amount of $55,000,000 and initially issued on August 18,
2022. The Company has issued this Subordinated Note under that certain Subordinated Note Purchase Agreement dated as of August 18,
2022, as the same may be amended or supplemented from time to time (“Note Purchase Agreement”), between the Company
and [●]. The holder of this Subordinated
Note (the “Holder”), by the acceptance of this Subordinated Note, agrees to and will be bound by all provisions of the Note
Purchase Agreement that are applicable to Purchaser (as defined therein) or holders of Subordinated Notes from time. All capitalized terms
not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Note Purchase Agreement. A copy of the
Note Purchase Agreement is on file at the Company and will be provided to the Holder of this Subordinated Note upon request.

 

2.          Payment.
The Company, for value received, promises to pay to [●] the principal sum of [●] DOLLARS (U.S.)
($[●]), plus accrued but unpaid interest on September 1, 2037 (“Stated Maturity Date”), unless redeemed
prior to such date, and to pay interest thereon (a) from and including August 18,
2022, to, but excluding, September 1, 2032, or the date of earlier redemption (the “Redemption Date”), at a
rate of 5.95% per annum, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each
year, commencing December 1, 2022 (each such date, a “Fixed Rate Interest Payment Date,” with the period from, and
including, August 18, 2022, to, but excluding, the first Fixed Rate Interest
Payment Date and each successive period from, and including, a Fixed Rate Interest Payment Date to, but excluding, the next Fixed
Rate Interest Payment Date being a “Fixed Rate Period”) and (b) from, and including, September 1, 2032, to,
but excluding, the Stated Maturity Date, unless redeemed prior to the Stated Maturity Date, at a rate equal to the Floating Interest
Rate (which is expected to be Three-Month Term SOFR) plus a spread of 300 basis points, or such other rate as determined
pursuant to this Subordinated Note, payable quarterly in arrears on March 1, June 1, September 1 and December 1
of each year through the Stated Maturity Date or earlier Redemption Date (each such date, including the Maturity Date, a
 “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates, the “Interest
Payment Dates,” with the period from, and including, September 1, 2032 to, but excluding, the first Floating Rate
Interest Payment Date and each successive period from, and including, a Floating Rate Interest Payment Date to, but excluding, the
next Floating Rate Interest Payment Date being a “Floating Rate Period”). The amount of interest payable on any Fixed
Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day
months up to, but excluding September 1, 2032, and, the amount of interest payable on any Floating Rate Interest Payment Date
during the Floating Rate Period will be computed on the basis of the actual number of days in the relevant Floating Rate Period
divided by 360. In the event that any scheduled Interest Payment Date for this Subordinated Note falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a
Business Day (any payment of interest made on such date will be treated as being made on the date that the payment was first due and
(x) except as set forth in clause (y) below, no interest on such payment will accrue for the period from and after such
scheduled Interest Payment Date and (y) any payment of principal on this Subordinated Note (including principal due on the
Stated Maturity Date of this Subordinated Note) that is due on a date that is not a Business Day shall be made on the next
succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding
Business Day); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a
Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment
Date will be the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include
interest accrued to, but excluding, such Business Day. All percentages used in or resulting from any calculation of Three-Month Term
SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to
0.00001%.

 

    A-3

     

    

 

(a) An “Interest
Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.

 

(b) The “Floating
Interest Rate” means:

 

		(i)	initially Three-Month Term SOFR
(as defined below).

 

		(ii)	Notwithstanding the foregoing clause (i) of this Section 2(b):

 

		(1)	If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a
Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect
to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holder and Section 2(c) will
thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest
Rate payable on the Subordinated Notes during a relevant Floating Rate Period.

 

		(2)	However, if the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined
as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Period will be equal
to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation
Agent.

 

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		(iii)	If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning
the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month
Term SOFR Conventions (as defined below) determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will
apply.

 

provided, that in no event
will the applicable Floating Interest Rate be less than zero per annum for any Floating Rate Period

 

		(c)	Effect of Benchmark Transition
Event.

 

		(i)	If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below)
on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during
the relevant Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates.

 

		(ii)	In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the
right to make Benchmark Replacement Conforming Changes from time to time.

 

		(iii)	Any determination, decision or election that may be made by the Calculation Agent pursuant to the benchmark
transition provisions set forth herein, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from
taking any action or any selection:

 

		(1)	will be conclusive and binding absent manifest error;

 

		(2)	if made by the Company as the Calculation Agent, will be made in the Company’s sole discretion;

 

		(3)	if made by the Calculation Agent other than the Company, will be made after consultation with the Company,
and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and

 

		(4)	notwithstanding anything to the contrary in this Subordinated Note, shall become effective without consent
from the Holder or any other party.

 

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		(iv)	For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement and the spread specified on the face hereof.

 

		(v)	As used in this Subordinated Note:

 

		1.	“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent
determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

		2.	“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current
Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine
the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event
no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the
first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:

 

		a.	Compounded SOFR;

 

		b.	the sum of: (i) the alternate rate that has been selected or recommended by the Relevant Governmental
Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment;

 

		c.	the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or

 

		d.	the sum of: (i) the alternate rate that has been selected by the Calculation Agent as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement
for the then-current Benchmark for U.S. Dollar denominated floating rate securities at such time and (ii) the Benchmark Replacement
Adjustment.

 

		3.	“Benchmark Replacement Adjustment” means the first alternative set forth in the order below
that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:

 

    A-6

     

    

 

		a.	the spread adjustment, or method for calculating or determining such spread adjustment (which may be a
positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement;

 

		b.	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; or

 

		c.	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Calculation Agent giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar denominated
floating rate securities at such time.

 

		4.	“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement,
any technical, administrative or operational changes (including changes to the definition of “Floating Rate Period,” timing
and frequency of determining rates with respect to each Floating Rate Period and making payments of interest, rounding of amounts or tenors
and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market
practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement
exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

		5.	“Benchmark Replacement Date” means the earliest to occur of the following events with respect
to the then-current Benchmark:

 

		a.	in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant
Reference Time in respect of any determination;

 

		b.	in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,”
the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which
the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

    A-7

     

    

 

		c.	in the case of clause (d) of the definition of “Benchmark Transition Event,” the date
of the public statement or publication of information referenced therein.

 

For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference
rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

For the avoidance of doubt, if the
event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

		6.	“Benchmark Transition Event” means the occurrence of one or more of the following events with
respect to the then-current Benchmark:

 

		a.	if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or
recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term
rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete
or (iii) the Calculation Agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not
administratively feasible;

 

		b.	a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

 

		c.	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for
the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar
insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has
ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or

 

    A-8

     

    

 

		d.	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark announcing that the Benchmark is no longer representative.

 

		7.	“Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday
nor a day on which banking institutions in the State of Illinois are authorized or required by law, regulation or executive order to be
closed.

 

		8.	“Calculation Agent” means
the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include the Company or any of its
Affiliates) to act in accordance with the terms of this Subordinated Note.

 

		9.	“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor,
with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with:

 

		a.	the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining Compounded SOFR; provided that:

 

		b.	if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined
in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected
by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. Dollar denominated floating rate securities
at such time.

 

For the avoidance of doubt, the calculation
of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 500 basis points per annum.

 

		10.	“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight)
having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 

		11.	“Federal Reserve” means the Board of Governors of the Federal Reserve System.

 

		12.	“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve
Bank of New York at http://www.newyorkfed.org, or any successor source.

 

    A-9

     

    

 

		13.	“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding
Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available)
that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available)
that is longer than the Corresponding Tenor.

 

		14.	“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and
Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional
booklet for interest rate derivatives published from time to time.

 

		15.	“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative
value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of
an index cessation event with respect to the Benchmark for the applicable tenor.

 

		16.	“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing
the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor
excluding the applicable ISDA Fallback Adjustment.

 

		17.	“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark
is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and
(2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark
Replacement Conforming Changes.

 

		18.	“Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor
thereto.

 

		19.	“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of
New York, as the administrator of the Benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website
(or such successor’s website).

 

		20.	“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

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		21.	“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as
the administrator of Term SOFR (or a successor administrator).

 

		22.	“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published
by the Term SOFR Administrator at the Reference Time for any interest period, as determined by the Calculation Agent after giving effect
to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be
rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

 

		23.	“Three-Month Term SOFR Conventions” means any determination, decision or election with respect
to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month
Term SOFR, or changes to the definition of “interest period”, timing and frequency of determining Three-Month Term SOFR with
respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that
the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially
consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner
as the Calculation Agent determines is reasonably necessary).

 

		24.	“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding any Benchmark
Replacement Adjustment.

 

The Company will pay interest on this Subordinated
Note to the Person who is the registered Holder at the close of business on the fifteenth (15th) calendar day prior to the applicable
Interest Payment Date. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent,
or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated
Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided, that the
Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment
(subject to surrender of this Subordinated Note in the case of a payment of interest on the Stated Maturity Date).

 

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3.        Paying
Agent and Registrar. The Company or any of its Subsidiaries may act as Paying Agent and/or Registrar, and the Company will act as
the initial Paying Agent and Registrar. The Company may change any Paying Agent or Registrar from time to time without notice to the Holder.
The Company will maintain an office or agency where Subordinated Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Subordinated Notes may be presented for payment (“Paying Agent”).
The Registrar will keep a register of the Subordinated Notes (“Subordinated Note Register”) and of their transfer and exchange.
The registered Holder of a Subordinated Note will be treated as the owner of the Subordinated Note for all purposes. The Company may appoint
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and
the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without
prior notice to the Holder; provided that no such removal or replacement will be effective until a successor Paying Agent or Registrar
will have been appointed by the Company and will have accepted such appointment. The Company or any of its Subsidiaries may act as Paying
Agent or Registrar, and the Company shall be the initial Paying Agent and Registrar for the Subordinated Notes. There will be only one
Subordinated Note Register.

 

4.          Subordination.

 

(a)            The
indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon, shall be
subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined below),
and will rank pari passu in right of payment with all other Subordinated Notes. For purposes of this Subordinated Note,
 “Senior Indebtedness” means (i) any of the Company’s indebtedness (including the principal of and premium, if
any, and unpaid interest on such indebtedness) for borrowed or purchased money including overdrafts, foreign exchange contracts,
currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether or not evidenced by
bonds, debentures, notes or other written instruments, including any obligations of the Company to general creditors, depositors or
trade creditors; (ii) the Company’s obligations under letters of credit, bank guarantees or bankers’ acceptances;
(iii) any of the Company’s indebtedness or other obligations with respect to commodity contracts, interest rate and
currency swap agreements, cap, floor, and collar agreements, currency spot and forward contracts, and other similar agreements or
arrangements designed to protect against fluctuations in currency exchange or interest rates; (iv) any guarantees, endorsements
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), or other similar contingent
obligations in respect of obligations of others of a type described in clauses (i), (ii), and (iii), whether or not such
obligation is classified as a liability on a balance sheet prepared in accordance with accounting principles generally accepted in
the U.S.; (v) all obligations and liabilities in respect of leases required in conformity with generally accepted accounting
principles to be accounted for as capitalized lease obligations on the Company’s balance sheet; (vi) all obligations and
other liabilities under any lease or related document in connection with the lease of real property which provides that the Company
is contractually obligated to purchase or cause a third party to purchase the leased property and thereby guarantee a minimum
residual value of the leased property to the lessor; (vii) all direct or indirect guarantees or similar agreements in respect
of, and the Company’s obligations or liabilities to purchase, acquire or otherwise assure a creditor against loss in respect
of, indebtedness, obligations or liabilities of others of the type described in clauses (i) through (vii) above; and
(viii) any and all refinancings, replacements, deferrals, renewals, extensions and refundings of, or amendments, modifications
or supplements to, any indebtedness, obligation or liability of the kind described in clauses (i) through (vi) above,
other than obligations ranking on a parity with the Subordinated Notes or ranking junior to the Subordinated Notes. Notwithstanding
the foregoing, if the Federal Reserve (or other competent regulatory agency or authority) promulgates any rule or issues any
interpretation that defines general creditor(s), the main purpose of which is to establish a criteria for determining whether the
subordinated debt of a bank holding company is to be included in its capital, then the term “general creditors” as used
herein the definition of Senior Indebtedness will have the meaning as described in that rule or interpretation. The term
 “Senior Indebtedness” does not include (A) any indebtedness of the Company which when incurred, and without respect
to any election under Section 1111(b) of the U.S. Bankruptcy Code, was without recourse to the Company, (B) any
indebtedness of the Company to any of its subsidiaries, (C) indebtedness to any employee of the Company, (D) any liability
for taxes, (E) any indebtedness of the Company which is expressly subordinate in right of payment to any other indebtedness of
the Company, and (F) renewals, extensions, modifications and refundings of any such indebtedness.

 

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(b)            The
subordination provisions of this Section 4 are for the benefit of the holders of Senior Indebtedness.

 

(c)            In
the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding in connection therewith, relative to the Company or to its creditors, as such, or to its assets, or (ii) any liquidation,
dissolution or other winding up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy,
or (iii) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company: (A) holders
of Senior Indebtedness shall be entitled to receive payment in full in cash of the principal thereof, premium, if any, additional amounts
owing in respect thereof, if any, and interest (including interest accruing after the commencement of any such proceeding) to the date
of payment on the Senior Indebtedness before the Holder shall be entitled to receive any payment of principal of or interest on the Subordinated
Notes; and (B) until the Senior Indebtedness is paid in full in cash, any indebtedness to which the Holder would be entitled but
for this Section 4 shall be made to holders of Senior Indebtedness as their interests may appear for the application to the payment
thereof, except that the Holder may receive securities that are subordinated to Senior Indebtedness to at least the same extent as this
Subordinated Note. In the event that, notwithstanding the foregoing provisions of this Section 4, the Holder shall have received
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including by way
of set-off or any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness
of the Company being subordinated to the payment of this Subordinated Note, before all Senior Indebtedness is paid in full or payment
thereof provided for, and if such fact shall, at or prior to the time of such payment or distribution, have been made known in writing
to the Holder of this Subordinated Note, then and in such event such payment or distribution shall be paid over or delivered forthwith
to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution
of assets of the Company for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all
Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness.
Any taxes that have been withheld or deducted from any payment or distribution in respect of this Subordinated Note, or any taxes that
ought to have been withheld or deducted from any such payment or distribution that have been remitted to the relevant taxing authority,
shall not be considered to be an amount that the Holder of this Subordinated Note receives for purposes of this Section.

 

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(d)            The
Company may not pay principal, premium, interest or additional amounts owing with respect to this Subordinated Note and may not acquire
this Subordinated Note for cash or property other than capital stock of the Company if: (i) any default in the payment of principal,
premium, if any, or interest on any Senior Indebtedness beyond any applicable grace period with respect thereto occurs and is continuing;
(ii) a default on Senior Indebtedness occurs and is continuing that permits holders of such Senior Indebtedness (or a trustee on
their behalf) to accelerate its maturity, or (iii) a default under any Senior Indebtedness is the subject of judicial proceedings
or the Company receives a notice of the default from trustee, agent or representative of a holder of any Senior Indebtedness. The Company
may resume payments on this Subordinated Note and may acquire it when: (i) the default is cured or waived; or (ii) this Section 4
otherwise permits the payments or acquisition at that time.

 

(e)            In
the event that this Subordinated Note is declared due and payable before its Stated Maturity Date, then and in such event the holders
of Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior
Indebtedness or provision shall be made for such payment in cash, before the Holder of this Subordinated Note is entitled to receive any
payment (including any payment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated
to the payment of the Subordinated Notes) by the Company on account of the principal of, premium, if any, additional amounts owing in
respect thereof, if any or interest on the Subordinated Notes or on account of the purchase or other acquisition of Subordinated Notes.
  In the event that, notwithstanding the foregoing, the Company shall make any payment to the Holder of this Subordinated Note prohibited
by the foregoing provisions of this Section 4, and if such fact shall, at or prior to the time of such payment, have been made known
to the Holder, then and in such event such payment shall be paid over and delivered forthwith to the trustee, agent or representative
with respect to such Senior Indebtedness.

 

(f)            If
payment or distribution on account of the Subordinated Notes of any character or security, whether in cash, securities or other property,
is received by the Holder in contravention of any of the terms of this Section 4 and before all Senior Indebtedness has been paid
in full, such payment or distribution or security will be received in trust for the benefit of, and must be paid over or delivered and
transferred to the trustee, agent or representative with respect to such Senior Indebtedness for application, in accordance with the priorities
then existing among those holders of Senior Indebtedness for application to the payment of all Senior Indebtedness remaining unpaid to
the extent necessary to pay all Senior Indebtedness in full.

 

(g)            No
right of any holder of Senior Indebtedness to enforce the subordination of the indebtedness evidenced by this Subordinated Note shall
be impaired by any act or failure to act by the Company or by its failure to comply with this Subordinated Note or the Note Purchase Agreement.

 

    A-14

     

    

 

5.          Redemption.

 

(a)          The
Company may, at its option, on any Interest Payment Date on or after September 1, 2032, redeem this Subordinated Note, in whole or
in part, subject to prior approval of the Federal Reserve, to the extent that such approval is required. In addition, the Company may
redeem all, but not a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or a 1940
Act Event (each as defined below). Any redemption of this Subordinated Note shall be subject to the prior approval of the Federal Reserve
(or its designee) or any successor agency, and any other bank regulatory agency, to the extent such approval shall then be required by
law, regulation or policy. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with
respect to any redemption permitted under this Subordinated Note will be equal to 100% of the principal amount of this Subordinated Note,
or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the Redemption Date. “Tier
2 Capital Event” means the receipt by the Company of an opinion of independent bank regulatory counsel to the effect that, as a
result of (i) any amendment to, or change (including any announced prospective amendment or change) in, the laws or any regulations
thereunder of the U.S. or any rules, guidelines or policies of an applicable regulatory authority for the Company, or (ii) any official
administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective
or which pronouncement or decision is announced on or after the original issue date of the Subordinated Notes, the Subordinated Notes
do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 capital (or its then equivalent
if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Federal Reserve (or any successor
regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company. “Tax Event”
means the receipt by the Company of an opinion of independent tax counsel to the effect that, as a result of (i) an amendment to
or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the U.S. or
any of its political subdivisions or taxing authorities, (ii) a judicial decision, administrative action, official administrative
pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt
or promulgate any ruling, regulatory procedure or regulation, (iii) an amendment to or change in any official position with respect
to, or any interpretation of, an administrative or judicial action or a law or regulation of the U.S. that differs from the previously
generally accepted position or interpretation, or (iv) a threatened challenge asserted in writing in connection with an audit of
the Company’s federal income tax returns or positions or a similar audit of any of the Company’s subsidiaries or a publicly
known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that
are substantially similar to the Subordinated Notes, in each case, occurring or becoming publicly known on or after the original issue
date of the Subordinated Notes, there is more than an insubstantial risk that interest payable by the Company on the Subordinated Notes
is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for U.S. federal
income tax purposes. “1940 Act Event” means an event requiring the Company to register as an investment company pursuant to
the Investment Company Act of 1940, as amended.

 

(b)          If
less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing
the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to
the Holder. For purposes of clarity, upon a partial redemption, a like percentage of the principal amount of every Subordinated Note held
by every Holder shall be redeemed.

 

    A-15

     

    

 

(c)          If
notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered
for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption,
all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated
Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default in the payment of the Redemption Price),
except only the right of the Holder thereof to receive the amount payable on such redemption, without interest.

 

6.          Events
of Default; Acceleration. An “Event of Default” means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a)    failure
to pay interest on any this Subordinated Note for thirty (30) days after the payment is due and payable; or

 

(b)    failure
to pay the principal of this Subordinated Note when due, either at maturity, upon redemption, by declaration or otherwise; or

 

(c)    failure
of the Company to observe or perform any other covenant or agreement that applies to the Subordinated Notes for sixty (60) days after
the Company has received written notice of the failure to perform in the manner specified in the Note Purchase Agreement; or

 

(d)            the
entry of an order for relief against the Company under the U.S. Bankruptcy Code by a court having jurisdiction in the premises or a decree
or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other applicable Federal
or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company under the U.S. Bankruptcy Code or any other applicable Federal or State law, or appointing
a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a
period of ninety (90) consecutive days; or

 

(e)            the
consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under the U.S Bankruptcy Code or any other applicable Federal or State law, or the consent
by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action.

 

The Holder shall not have
the right to accelerate the maturity of the Subordinated Notes unless there is an Event of Default specified under Section 6(d) or
Section 6(e).  If an Event of Default specified in Section 6(d) or Section 6(e) occurs, then the principal
amount of all of the outstanding Subordinated Notes, including any accrued and unpaid interest on the Subordinated Notes and premium,
if any, shall become and be immediately due and payable without any declaration or other act on the part of the Holder.

 

    A-16

     

    

 

8.          
Merger or Sale of Assets. The Company shall not consolidate with or merge into any other corporation or sell, convey, transfer,
lease or otherwise dispose of all or substantially all of its properties and assets and the properties and assets of its subsidiaries,
taken as a whole, to any Person, unless:

 

(a)            either
the Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is merged or
the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company and its subsidiaries,
taken as a whole, shall be a corporation organized and existing under the laws of the United States of America or any State or the District
of Columbia, and shall expressly assume the due and punctual payment of the principal, premium, if any, and interest, if any, on the Subordinated
Notes and the performance of every covenant to be performed or observed in connection with the Subordinated Notes; and

 

(b)            immediately
after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become
an Event of Default, shall have happened and be continuing.

 

9.          Denominations,
Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered
and this Subordinated Note may be exchanged as provided in the Note Purchase Agreement. The Registrar may require the Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and
fees required by law.

 

10.           Charges
and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any
redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities
or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that
may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange.

 

11.         Persons
Deemed Owners. The Company, Paying Agent and Registrar, and any other agent of the Company, may treat the Person in whose name this
Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither the
Company, Paying Agent nor Registrar, nor any such other agent, will be affected by notice to the contrary.

 

12.         Amendments;
Waivers. Section 6.1 of the Note Purchase Agreement permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time
by the Company and the Holders in accordance with Section 6.1 of the Note Purchase Agreement. The Note Purchase Agreement also contains
provisions permitting the Holders of specified percentages in principal amount of the then outstanding Subordinated Notes, on behalf of
the holders of all Subordinated Notes, to waive past defaults under the Note Purchase Agreement and their consequences. Any such consent
or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this
Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Subordinated Note.

 

    A-17

     

    

 

13.         No
Impairment. No reference herein to the Note Purchase Agreement and no provision of this Subordinated Note or of the Note Purchase
Agreement will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest of
this Subordinated Note at the Stated Maturity Date.

 

14.         No
Sinking Fund; No Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note
is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary.

 

15.         No
Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Note Purchase Agreement
or in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or
future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through
the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of
any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.

 

16.         Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A
(= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

17.         Available
Information. Requests by the Holder to the Company may be made to: QCR Holdings, Inc., 3551 7th Street, Moline, Illinois
61265, Attention: Todd A. Gipple.

 

18.         Governing
Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS OR PRINCIPLES OF CONFLICT OF LAWS
THAT WOULD APPLY THE LAWS OF A DIFFERENT JURISDICTION.

 

[Signature page follows]

 

    A-18

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Subordinated Note to be duly executed.

 

	 	QCR Holdings, Inc.
	 	 	 
	 	By:	 
	 	Name:	Todd A. Gipple
	 	Title:	President, Chief Operating Officer
    and Chief Financial Officer

 

[Signature Page to Definitive Note]

 

     

     

    

 

ASSIGNMENT FORM

 

To assign this Subordinated Note, fill in the
form below: (I) or (we) assign and transfer this Subordinated Note to:

 

 

 

(Print or type assignee’s name, address and
zip code)

 

 

 

(Insert assignee’s social security or tax
I.D. No.)

 

and irrevocably appoint _______________________ agent to transfer this
Subordinated Note on the books of the Company. The agent may substitute another to act for him.

 

	Date:	 	 	Your signature:	 
	 	 	 	(Sign exactly as your name appears on the face of this Subordinated Note)
	 	 	 	 	 
	 	 	 	Tax Identification No:	 

 

	Signature Guarantee:	                         

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)).

 

The undersigned certifies
that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the
Company. “Affiliate” means, with respect to any Person, such Person’s immediate family members, partners, members
or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control
with said Person and their respective Affiliates. “Person” means an individual, a corporation (whether or not for profit),
a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or
any department or agency thereof or any other entity or organization.

 

In connection with any transfer
or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of
this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company,
the undersigned confirms that this Subordinated Note is being:

 

     

     

    

 

CHECK ONE BOX BELOW:

 

 ̈     (1)     acquired
for the undersigned’s own account, without transfer;

 

 ̈     (2)     transferred
to the Company;

 

 ̈     (3)     transferred
in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);

 

 ̈     (4)     transferred
under an effective registration statement under the Securities Act;

 

 ̈     (5)     transferred
in accordance with and in compliance with Regulation S under the Securities Act;

 

 ̈     (6)    transferred
to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a
signed letter containing certain representations and agreements; or

 

 ̈     (7)     transferred
in accordance with another available exemption from the registration requirements of the Securities Act.

 

Unless one of the boxes is checked, the Paying
Agent will refuse to register this Subordinated Note in the name of any person other than the registered Holder thereof; provided, however,
that if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer of this Subordinated
Note, in its sole discretion, such legal opinions, certifications and other information as the Paying Agent may reasonably request to
confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act such as the exemption provided by Rule 144 under such Act.

 

	 	Signature:	 

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15).

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR
(3) ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received
such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim
the exemption from registration provided by Rule 144A.

 

	Date:	 	 	Signature:	 

 

[Signature Page to Definitive Note]

 

     

     

    

 

Exhibit B

 

Form of Opinion of Counsel

 

		1.	Based solely on our review of a certificate of good standing of the Company dated August 18, 2022,
the Company is duly incorporated, validly exists as a corporation and is in good standing under the General Corporation Law of the State
of Delaware. Further, the Company has all requisite corporate power to carry on its business as currently conducted.

 

		2.	The Company has all necessary corporate power and authority to execute, deliver and perform its obligations
under the Transaction Documents to which it is a party and to consummate the transactions contemplated thereby.

 

		3.	The Subordinated Note Purchase Agreement (the “Purchase Agreement”) has been duly and
validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms.

 

		4.	The Subordinated Notes being purchased by Purchaser at the Closing have been duly authorized, executed
and delivered by the Company. When paid for by Purchaser in accordance with the terms of the Purchase Agreement, the Subordinated Notes
will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

		5.	To our knowledge, no consent, approval or authorization of, or registration, filing or declaration with,
any governmental agency or body having jurisdiction over the Company by the Company is required in connection with the execution, delivery
or performance by the Company of the Purchase Agreement or the Subordinated Notes.

 

		6.	No registration under the Securities Act of 1933, as amended (the “Securities Act”),
of the Subordinated Notes is required in connection with the sale of the Subordinated Notes by the Company to Purchaser in the manner
contemplated by the Purchase Agreement, assuming (i) the accuracy and completeness of Purchaser’s representations set forth
in the Purchase Agreement, and those of the Company set forth in the Purchase Agreement, and (ii) the compliance with the procedures
set forth in the Purchase Agreement by each party thereto, nor was it necessary in connection with this offering, sale and delivery of
the Subordinated Notes purchased by you at the Closing, under the circumstances contemplated by the Purchase Agreement, to qualify an
indenture in respect of the Subordinated Notes under the Trust Indenture Act of 1939.

 

		7.	The execution and delivery of the Transaction Documents by the Company, the performance by the Company
of its obligations thereunder, and the issuance and sale of the Subordinated Notes in accordance with the terms of the Purchase Agreement
do not and will not (i) conflict with
or violate any of the terms or provisions of the Company’s Certificate of Incorporation or Bylaws, (ii) to our knowledge, violate
or conflict with any judgment, decree or order identified to us by the Company (we note that none were identified) of any court or any
judicial, regulatory or other legal or governmental agency or body having jurisdiction over the Company, or (iii) violate any applicable
provisions of the General Corporation Law of the State of Delaware, except in each of the cases of clauses (i) and (ii), for any
such conflict, breach, violation or default which has been waived by the party or parties with power to waive such conflict, breach, violation
or default.

 

     

     

    

 

		8.	The Company is not, and immediately after giving effect to the offering and sale of the Subordinated Notes
to Purchaser and the application of the proceeds thereof as described in the Purchase Agreement will not be, an “investment company”
or, to our knowledge, an entity “controlled” by or acting on behalf of an “investment company” required to be
registered as such within the meaning of the Investment Company Act of 1940, as amended.

 

		9.	None of the transactions contemplated by the Purchase Agreement (including, without limitation, the use
of the proceeds from the sale of the Subordinated Notes) will violate or result in a violation of Regulation T, U or X of the Board of
Governors of the United States Federal Reserve System, 12 CFR, Part 220, Part 221 and Part 224, respectively.

 

		10.	To our knowledge, there is not pending or threatened any action, suit, proceeding, to which the Company
or any Subsidiary is a party, or to which the property of the Company or any Subsidiary is subject, before or brought by any court or
governmental agency or body, domestic or foreign, which are expected to result in a Material Adverse Effect.

 

[Signature Page to Definitive Note]

 

     

     

    

 

Schedule 1

 

Initial Wire Transfer Instructions

 

All payments on account of Subordinated
Notes held by Purchaser shall be made by wire transfer of immediately available funds for credit to:

 

[●]

 

Each
such wire transfer shall set forth the name of the Company, the full title (including the applicable coupon rate and final maturity
date) of the Subordinated Notes, a reference to CUSIP No. 74727A AD6 and the due date and application (as among principal, premium
and interest) of the payment being made.

 

[Signature Page to Definitive Note]Exhibit 4.2

 

WASTE CONNECTIONS, INC.

 

as Issuer,

 

to

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

 

as Trustee

 

 

Seventh
SUPPLEMENTAL INDENTURE,

 

Dated as of August 18, 2022,

 

to Indenture dated as of November 16, 2018

 

 

$750,000,000

 

4.200% Senior Notes due 2033

 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE One
    SECURITY FORMS	1
	 	 	 
	SECTION 1.1.  	Forms of Notes	1
	SECTION 1.2.  	Price	2
	SECTION 1.3.  	Denominations	2
	SECTION 1.4.  	Payment; Interest	2
	 	 	 
	ARTICLE Two
    AMENDMENTS TO BASE INDENTURE PROVISIONS	2
	 	 	 
	SECTION 2.1.  	Generally	2
	SECTION 2.2.  	Additional Definitions	2
	SECTION 2.3.  	Replaced Definitions	6
	SECTION 2.4.  	Issuable in Series	6
	SECTION 2.5.  	Book-Entry Provisions for
    Global Securities	6
	SECTION 2.6.  	CUSIP Numbers	7
	SECTION 2.7.  	Selection of Securities
    to be Redeemed	7
	SECTION 2.8.  	Notice of Redemption	7
	SECTION 2.9.  	Optional Redemption	8
	SECTION 2.10.  	Limitation on Liens	10
	SECTION 2.11.  	Limitations on Sale and
    Leaseback Transactions	13
	SECTION 2.12.  	Withholding Taxes and Other
    Taxes	14
	SECTION 2.13.  	When the Company May Merge,
    Amalgamate, Etc.	17
	SECTION 2.14.  	Covenant Defeasance	17
	SECTION 2.15.  	Change of Control Triggering
    Event	17
	SECTION 2.16.  	Notices	20
	SECTION 2.17.  	Consent to Jurisdiction
    and Service	20
	 	 	 
	ARTICLE Three
    MISCELLANEOUS	20
	 	 	 
	SECTION 3.1.  	Construction	20
	SECTION 3.2.  	Conflicts	21
	SECTION 3.3.  	Successors and Assigns	21
	SECTION 3.4.  	Severability	21
	SECTION 3.5.  	Benefits of the Indenture	21
	SECTION 3.6.  	Governing Law	21
	SECTION 3.7.  	Defined Terms	21
	SECTION 3.8.  	Counterparts	21
	SECTION 3.9.  	Concerning the Trustee	22

 

    i

     

    

 

Seventh
SUPPLEMENTAL INDENTURE, dated as of August 18, 2022 (the “Seventh Supplemental Indenture”), between WASTE
CONNECTIONS, INC., a corporation existing under the laws of Ontario, Canada (the “Company”), and U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION, a U.S. national banking association and successor in interest to U.S. Bank National Association, as trustee
under the Base Indenture referred to below (the “Trustee”).

 

WHEREAS, the Company entered
into an Indenture with the Trustee, dated as of November 16, 2018 (the “Base Indenture” and, as amended and supplemented
by this Seventh Supplemental Indenture, the “Indenture”), providing for the issuance of senior debt securities, unlimited
as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have
such other provisions as authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors; and

 

WHEREAS, the Company proposes
to issue $750,000,000 aggregate principal amount of its 4.200% Senior Notes due 2033 (the “Notes,” and all references
to Securities in the Base Indenture shall be deemed to refer also to the Notes unless the context otherwise provides); and

 

WHEREAS, Section 9.1 of
the Base Indenture provides that the Company and the Trustee may enter into a supplemental indenture, to among other things, establish
the form or terms of Notes as permitted by the Base Indenture without the consent of any Securityholder; and

 

WHEREAS, the entry into this
Seventh Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Base Indenture; and

 

WHEREAS, all things necessary
have been done to make this Seventh Supplemental Indenture, when executed and delivered by the Company, the legal, valid and binding
agreement of the Company, in accordance with its terms; and

 

WHEREAS, all things necessary
have been done to make the Notes, when executed and delivered by the Company and authenticated by the Trustee as provided for in the
Indenture, the legal, valid and binding agreements of the Company, in accordance with their terms; and

 

NOW, THEREFORE, THIS Seventh
SUPPLEMENTAL INDENTURE WITNESSETH, the parties hereto mutually covenant and agree as follows:

 

ARTICLE One

 

SECURITY
FORMS

 

SECTION 1.1.  Forms
of Notes. The Notes and any Additional Notes shall be in substantially the form of Exhibit A hereto 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 the 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 exchange on which the Notes may be listed, or
to conform to usage. The terms and provisions set forth in the Notes shall constitute, and are hereby made a part of the Indenture and,
to the extent applicable, the Company and the Trustee, by their execution and delivery of the Base Indenture and this Seventh Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

     

     

    

 

SECTION 1.2.  Price.
The Notes (excluding any Additional Notes) shall be issued at 99.728% of the aggregate principal amount of $750,000,000.

 

SECTION 1.3.  Denominations.
The Notes shall be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 1.4.  Payment;
Interest. The principal amount of each Note shall be payable on January 15, 2033. Each Note shall bear interest from and including
the date of issuance, or the most recent Interest Payment Date (as defined below), at the fixed rate of 4.200% per annum. The dates on
which interest on the Notes shall be payable shall be January 15 and July 15 of each year, commencing January 15, 2023
(the “Interest Payment Dates”). The regular record date for interest payable on the Notes on any Interest Payment
Date shall be January 1 and July 1, as the case may be, immediately preceding such Interest Payment Date.

 

ARTICLE Two

 

AMENDMENTS
TO BASE INDENTURE PROVISIONS

 

SECTION 2.1.  Generally.
The Base Indenture is hereby amended or amended and restated, in each case solely with respect to the Notes, as indicated in the following
sections.

 

SECTION 2.2.  Additional
Definitions. Section 1.1 of the Base Indenture is hereby amended by adding the following definitions in correct alphabetical
order:

 

“Additional Notes”
shall have the meaning set forth in Section 2.1.

 

“Agent Members”
shall have the meaning set forth in Section 2.14.7(a).

 

“Applicable Procedures”
means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures
of the Depositary for such Security to the extent applicable to such transaction and as in effect at the time of such transfer or transaction.

 

“Attributable
Debt” means the present value of the rental payments during the remaining term of the lease included in the Sale and
Leaseback Transaction. To determine that present value, the Company uses a discount rate equal to the lease rate of the Sale and Leaseback
Transaction or, if the lease rate is not known to the Company, the weighted average interest rate of all series of securities outstanding
at the time under the indenture compounded semi-annually. For these purposes, rental payments do not include any amounts required to
be paid for taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute
payments for property rights. In the case of any lease that the lessee may terminate by paying a penalty, if the net amount (including
payment of the penalty) would be reduced if the lessee terminated the lease on the first date that it could be terminated, then this
lower net amount will be used.

 

    2

    

    

 

“Change of Control”
means the occurrence of any of the following after the date of issuance of the Notes:

 

(a)            the
direct or indirect sale, lease, 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 assets of the Company and its Subsidiaries taken as a whole to any
 “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than
to the Company or one of its Subsidiaries;

 

(b)            the
consummation of any transaction (including any merger, amalgamation or consolidation) the result of which is that any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee
of the Company or any of its Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings
or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a “group”
(as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a
trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock;

 

(c)            the
Company consolidates with, or merges or amalgamates with or into, any person, or any person consolidates with, amalgamates with, or merges
with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged
for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving or resulting person immediately
after giving effect to such transaction;

 

(d)            during
any period of twelve (12) consecutive calendar months, individuals who were members of the Board of Directors on the first day of such
period cease to constitute a majority of the Board of Directors unless such new directors were approved by a majority of the directors
who were directors on the first day of such period; or

 

(e)            the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

“Change of Control
Offer” shall have the meaning set forth in Section 12.1(a).

 

“Change of Control
Payment” shall have the meaning set forth in Section 12.1(a).

 

“Change of Control
Payment Date” shall have the meaning set forth in Section 12.1(b)(iv).

 

“Change of Control
Purchase Notice” shall have the meaning set forth in Section 12.1(c)(i).

 

    3

    

    

 

“Change of Control
Triggering Event” means the Notes cease to be rated Investment Grade by at least two of the three Rating Agencies on any date
during the Trigger Period. If a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the
Notes will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period. Notwithstanding the
foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control
unless and until such Change of Control has actually been consummated.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Consolidated Tangible
Assets” means the total amount of assets of the Company and its consolidated subsidiaries less the value of all intangible
assets, calculated based on the Company’s most recent balance sheet filed with the Securities and Exchange Commission.

 

“Excluded Holder”
shall have the meaning set forth in Section 4.8(b).

 

“Fitch”
means Fitch Ratings Inc. and any successor to its rating agency business.

 

“GAAP” means
accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

“H-15”
shall have the meaning set forth in Section 3.7(c).

 

“Indebtedness”
means (a) all obligations for borrowed money or on which interest charges are customarily paid, all as shown on the balance sheet
of the indebted party, (b) all items that would be included as liabilities on a balance sheet in accordance with GAAP as of the
date at which Indebtedness is to be determined, and (c) all indebtedness secured by a security interest in property owned or being
purchased by the indebted party and all guarantees of Indebtedness.

 

“Investment Grade”
means a rating of BBB– or better by Fitch (or its equivalent under any successor rating category of Fitch), Baa3 or better by Moody’s
(or its equivalent under any successor rating category of Moody’s) and a rating of BBB– or better by S&P (or its equivalent
under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency
or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Par Call Date”
shall have the meaning set forth in Section 3.7(a).

 

“Principal Property”
means any (i) waste processing, waste disposal or resource recovery plant or similar facility, together with fixtures thereon and
the land underlying such facility (including any improvements thereon) and (ii) the Company’s corporate headquarters, together
with fixtures thereon and the land underlying such building or buildings (including any improvements thereon), in each case, located
within the United States or Canada and owned by or leased to the Company or any Restricted Subsidiary except (a) any such land,
land improvements or fixtures (x) owned or leased jointly or in common with one or more persons other than the Company and any
Restricted Subsidiaries in which the Company’s and its Restricted Subsidiaries’ interest does not exceed 50%, or (y) which
the Board of Directors determines is not material in importance to the Company’s total business or (b) any portion of such
land, land improvements or fixtures that the Board of Directors determines in good faith not to be of material importance to the use
or operation thereof.

 

    4

    

    

 

“Rating Agency”
means each of Fitch, Moody’s and S&P; provided, that if any of Fitch, Moody’s or S&P ceases to rate the Notes
or fails to make a rating of the Notes publicly available for reasons outside the Company’s control, the Company may appoint another
 “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act
as a replacement for such Rating Agency and the Company shall give notice of such appointment to the Trustee.

 

“Relevant Taxing
Jurisdiction” shall have the meaning set forth in Section 4.8(a).

 

“Remaining Life”
shall have the meaning set forth in Section 3.7(c).

 

“Restricted
Subsidiary” means any Subsidiary of the Company (other than any Subsidiary of which the Company owns less than all of
the outstanding Voting Stock) (a) principally engaged in, or whose principal assets consist of property used by the Company or
any Restricted Subsidiary in, the storage, collection, transfer, interim processing, disposal or recycling of waste within the United
States or Canada or (b) which the Company designates as a Restricted Subsidiary in an Officer’s Certificate delivered to
the Trustee.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 

“Sale
and Leaseback Transaction” shall have the meaning set forth in Section 4.7.

 

“Security Instrument”
means any security agreement, chattel mortgage, assignment, financing or similar statement or notice, continuation statement, other agreement
or instrument, or amendment or supplement to any thereof, providing for, evidencing or perfecting any Security Interest or lien.

 

“Security Interest”
means any interest in any real or personal property or fixture which secures payment or performance of an obligation and shall include
any mortgage, lien, encumbrance, charge or other security interest of any kind, whether arising under a Security Instrument or as a matter
of law, judicial process or otherwise.

 

“Taxes”
shall have the meaning set forth in Section 4.8(a).

 

“Treasury Rate”
shall have the meaning set forth in Section 3.7(c).

 

    5

    

    

 

“Trigger Period”
means the period commencing on the earlier of (1) the first public announcement by the Company of any Change of Control (or pending
Change of Control) and (2) such Change of Control, and ending 60 days following the consummation of such Change of Control (which
Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly
announced that it is considering a possible ratings change).

 

“Voting Stock”
of any person as of any date means the capital stock or share capital of such person that is at the time entitled to vote generally in
the election of the board of directors of such person.

 

SECTION 2.3.  Replaced
Definitions. Section 1.1 of the Base Indenture is hereby amended by replacing in whole the following definitions in lieu of
the corresponding existing definitions, so that in the event of a conflict with the definitions of terms in the Base Indenture, the following
definitions shall control:

 

“Additional Amounts”
shall have the meaning set forth in Section 4.8(a)(iii).

 

“Depositary”
means, with respect to the Notes, The Depository Trust Company (“DTC”), its nominees and successors, or another person
designated as Depositary by the Company, which must be a clearing agency registered under the Exchange Act.

 

SECTION 2.4.  Issuable
in Series. Section 2.1 of the Base Indenture shall be amended and restated in its entirety to read as follows:

 

“The aggregate
principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued
in one or more Series. Additional Notes of the same class and Series (the “Additional Notes”) may be issued
in one or more tranches from time to time, without notice to or the consent of the existing holders of the Notes. All Securities of a
Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture
or Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In
the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method
by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters, provided that all Series of Securities, including the Notes
and Additional Notes, shall be equally and ratably entitled to the benefits of the Indenture.”

 

SECTION 2.5.  Book-Entry
Provisions for Global Securities. A new Section 2.14.7 shall be added after 2.14.6 in the Base Indenture, which shall read
as follows:

 

“Section 2.14.7
Book-Entry Provisions for Global Securities.

 

(a)            Members
of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under such Global Security, and the Depositary
may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall
impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of
a Holder of any Security.

 

    6

    

    

 

(b)            The
Depositary or its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for all purposes under
this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to the
Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security will be shown only on, and the transfer
of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members.”

 

SECTION 2.6.  CUSIP
Numbers. Section 2.15 of the Base Indenture is amended by adding the following sentence at the end of the current provision:

 

“If Additional
Notes are not fungible with the Notes for U.S. federal income tax purposes, they shall be issued under a separate CUSIP number and ISIN
from that under which the Notes are issued.”

 

SECTION 2.7.  Selection
of Securities to be Redeemed. Section 3.2 of the Base Indenture shall be amended and restated in its entirety to read as follows:

 

“If less than all the Notes are to be redeemed,
the Trustee shall select the particular Notes to be redeemed in any, by lot or in any other manner that the Trustee deems fair and appropriate,
including by lot or other method, unless otherwise required by law or applicable stock exchange requirements (as certified by the Company
to the Trustee), subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee
shall make the selection from the Notes outstanding not previously called for redemption. The Trustee may select for redemption portions
of the principal of the Notes that have denominations greater than a principal amount of $2,000. Securities of the Series and portions
of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable
in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply
to portions of Securities of that Series called for redemption.”

 

SECTION 2.8.  Notice
of Redemption. The first paragraph of Section 3.3 of the Base Indenture shall be amended and restated in its entirety to read
as follows: “At least 10 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption
by first-class mail (or by electronic transmission or otherwise in accordance with the Applicable Procedures) to each Holder whose Securities
are to be redeemed, with a copy to the Trustee.”

 

    7

    

    

 

SECTION 2.9.  Optional
Redemption. A new Section 3.7 shall be added after Section 3.6 of the Base Indenture, which shall read as follows:

 

“Section 3.7
Optional Redemption.

 

(a)            Prior
to October 15, 2032 (three months prior to their maturity date) (the “Par Call Date”), the Company may redeem
the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage
of principal amount and rounded to three decimal places) equal to the greater of (i)(a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date)
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points,
less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Notes to be redeemed, plus,
in the case of either clause (i) or (ii), accrued and unpaid interest thereon to the redemption date.

 

(b)            On
or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

 

(c)            The
Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption
date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release
published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15”
(or any successor designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury
constant maturities — Nominal” (or any successor caption or heading) (the “Treasury Rate”).
In determining the Treasury Rate, the Company shall select, as applicable: (i) the yield for the Treasury constant maturity on
H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (ii) if
there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield
corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life — and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (iii) if there is
no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant
maturity on H.15 closest to the Remaining Life. For purposes of this Section 3.7(c), the applicable Treasury constant maturity
or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable,
of such Treasury constant maturity from the redemption date.

 

If on the third business
day preceding the redemption date H.15 or any successor designation or publication is no longer published, the Company shall calculate
the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City
time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but
there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity
date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall
select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to
par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City
time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable
United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal
amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

 

    8

    

    

 

The Company’s
actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

 

(d)            In
the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as
the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part.
If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal
amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the
name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by DTC (or another
depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary.

 

(e)            Unless
the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes
or portions thereof called for redemption.

 

(f)            Notice
of any redemption of Notes may, at the Company’s discretion, be given subject to one or more conditions precedent, including, but
not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of
indebtedness or an acquisition or other strategic transaction involving a change of control in the Company or another entity). If such
redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied or otherwise waived on or prior to
the business day immediately preceding the relevant redemption date.

 

The Company shall
notify holders of any such rescission as soon as practicable after the Company determines that such conditions precedent will not be
able to be satisfied or the Company is not able or willing to waive such conditions precedent, in each case subject to applicable procedures
of DTC. Once notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of
redemption, the Notes called for redemption will become due and payable on the redemption date and at the applicable redemption price
as set forth in this Section 3.7.

 

    9

    

    

 

(g)            The
Company is entitled to redeem the Notes then outstanding, at its option, at any time, in whole but not in part, upon not less than 15
nor more than 60 days’ prior notice, with a copy to the Trustee, to the registered address of each Holder (such notice to be provided
not more than 90 days before the next date on which the Company would be obligated to pay Additional Amounts), at a redemption price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject
to the right of Holders of Notes of record on the relevant record date to receive interest due on an interest payment that is on or prior
to the redemption date), in the event the Company becomes, or will become, obligated to pay, on the next date on which any amount may
be payable with respect to the Notes, any Additional Amounts as a result of (i) a change in, or amendment to, the laws or regulations
of any Relevant Taxing Jurisdiction or (ii) a change in any official position or the introduction of an official position regarding
the application or interpretation thereof (including a holding by a court of competent jurisdiction), which is publicly announced and
becomes effective on or after the issue date of the Notes and such Additional Amounts cannot (as certified in an Officer’s Certificate
to the Trustee) be avoided by the use of reasonable measures available to the Company. Notice of the Company’s intent to redeem
the Notes pursuant to this Section 3.7(g) shall not be effective until such time as it delivers to the Trustee an (1) Officer’s
Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions
precedent to such right of redemption have occurred and (2) opinion of independent legal counsel stating that the Company is or
will become obligated to pay Additional Amounts because of an amendment to or change in law or regulation or position as set forth in
this Section 3.7(g).”

 

SECTION 2.10.  Limitation
on Liens. A new Section 4.6 shall be added after Section 4.5 in the Base Indenture, which shall read as follows:

 

“Section 4.6     Limitation
on Liens.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or suffer to exist, directly or indirectly,
any Indebtedness secured by a Security Interest upon any Principal Property of the Company or of a Restricted Subsidiary, whether owned
as of the date of this Indenture or hereafter acquired, without making effective provision (and the Company hereby covenants that in
any such case it shall make or cause to be made effective provision) whereby the Notes then outstanding and any other Indebtedness of
the Company or any Restricted Subsidiary then entitled thereto shall be secured by such Security Interest equally and ratably with (or
prior to) any and all other Indebtedness of the Company or any Restricted Subsidiary thereby secured for so long as any such other Indebtedness
of the Company or any Restricted Subsidiary shall be so secured; provided, that nothing in this Section 4.6 shall prevent,
restrict or apply to Indebtedness secured by:

 

(i)            any
Security Interest upon property or assets existing at the time of the acquisition thereof, which Security Interest secures obligations
assumed by the Company or any Restricted Subsidiary;

 

    10

    

    

 

(ii)            any
conditional sales agreement or other title retention agreement with respect to any property or assets acquired by the Company or any
Restricted Subsidiary;

 

(iii)           any
Security Interest existing on the property or assets or shares of stock of an entity at the time such entity is merged or amalgamated
with or into or consolidated with the Company or any Restricted Subsidiary or at the time of a sale, lease or other disposition of the
property or assets of such entity as an entirety or substantially as an entirety to the Company or any Restricted Subsidiary or at the
time such entity becomes a Restricted Subsidiary;

 

(iv)           any
Security Interest existing on the property, assets or shares of stock of any successor entity that becomes the Company in accordance
with the provisions of Section 5.1 of the Base Indenture;

 

(v)            any
Security Interest upon property or assets (x) existing at the time of, or created within 360 days after, the acquisition of such
property or assets, or (y) securing Indebtedness incurred to finance all or part of the purchase price of such property or assets
or the cost of constructing, improving, developing or expanding such property or assets that was incurred before, at the time of, or
created within 360 days after, the later to occur of the completion of such construction, improvement, development or expansion or the
commencement of commercial operation or use of the property or assets;

 

(vi)           any
Security Interest that secures any Indebtedness of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary or by
the Company to a Restricted Subsidiary;

 

(vii)          mechanics’,
materialmen’s and other like liens (including those relating to construction, repair and storage) incurred in the ordinary course
of business;

 

(viii)         any
Security Interest arising by reason of deposits or security given to governmental agencies required in order to do business with the
government;

 

(ix)            Security
Interests for taxes, assessments or governmental charges not yet delinquent or Security Interests for taxes, assessments or governmental
charges already delinquent but the validity of which is being contested in good faith;

 

(x)       
      Security Interests (including judgment liens) arising in connection
with legal proceedings so long as such proceedings are being contested in good faith and, in the case of judgment liens, execution thereon
is stayed;

 

(xi)            landlords’
liens on fixtures located on property leased by the Company or any Restricted Subsidiary in the ordinary course of business;

 

    11

    

    

 

(xii)           any
Security Interest in favor of any governmental authority in connection with the financing of the cost of construction or acquisition
of property;

 

(xiii)          any
Security Interest incurred in connection with pollution control, sewage or solid waste disposal, industrial revenue or similar financings;

 

(xiv)   
       any Security Interest created by any program providing for the
financing, sale or other disposition of trade or other receivables qualified as current assets in accordance with GAAP entered into by
the Company or by any Restricted Subsidiary, provided that such program is on terms comparable for similar transactions, or any document
executed by the Company or any Restricted Subsidiary in connection therewith, and provided that such Security Interest is limited to
the trade or other receivables in respect of which such program is created or exists and the proceeds thereof; or

 

(xv)          any
extension, renewal or refunding (or successive extensions, renewals or refundings) in whole or in part of any Indebtedness secured by
any Security Interest referred to in the foregoing clauses (i) through (xiv), inclusive, provided that the Security Interest securing
such Indebtedness shall be limited to the property or assets which, immediately prior to such extension, renewal or refunding, secured
such Indebtedness and additions to such property or assets, and the principal amount of such refinancing Indebtedness secured by such
Security Interest does not exceed (x) the principal amount of such Indebtedness being refinanced plus (y) the aggregate amount
of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection with such
above-referenced refinancings.

 

Notwithstanding the foregoing
provisions of this Section 4.6(a), the Company or any of its Restricted Subsidiaries may create, incur, assume or suffer to exist
any Indebtedness secured by a Security Interest without so securing the Notes if, at the time such Security Interest becomes a Security
Interest upon any Principal Property of the Company or such Restricted Subsidiary and after giving effect thereto, the aggregate outstanding
principal amount of all Indebtedness of the Company and its Restricted Subsidiaries secured by Security Interests and permitted by this
sentence (including the Attributable Debt in respect of Sale and Leaseback Transactions, but excluding Attributable Debt in respect of
any Sale and Leaseback Transactions the proceeds of which have been applied in accordance with Section 4.7(b)) does not exceed
15% of Consolidated Tangible Assets.

 

(b)            In
the event that the Company shall hereafter secure the Notes equally and ratably with or prior to any other obligation or Indebtedness
pursuant to the provisions of this Section 4.6, the Trustee is hereby authorized to enter into an indenture or agreement supplemental
hereto and to take such action, if any, as it may deem advisable to enable it to enforce effectively the rights of the Holders of the
Notes so secured, equally and ratably with or prior to such other obligations or Indebtedness.”

 

    12

    

    

 

SECTION 2.11.  Limitations
on Sale and Leaseback Transactions. A new Section 4.7 shall be added after the newly added Section 4.6 of the Base Indenture,
which shall read as follows:

 

“Section 4.7     Limitations
on Sale and Leaseback Transactions.

 

The Company will not, and will
not permit any Restricted Subsidiary to, enter into any arrangement with any person providing for the leasing to the Company or any Restricted
Subsidiary of any Principal Property owned or hereafter acquired by the Company or such Restricted Subsidiary (except for temporary leases
for a term of not more than three years and except for leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries),
which Principal Property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such person (herein
referred to as a “Sale and Leaseback Transaction”) unless:

 

(a)            the
Company or such Restricted Subsidiary would be permitted pursuant to Section 4.6 to incur Indebtedness secured by a Security Interest
on the Principal Property to be leased, in an aggregate principal amount equal to the Attributable Debt associated with such Sale and
Leaseback Transaction, without equally and ratably securing the Notes;

 

(b)            within
180 days after the effective date of the Sale and Leaseback Transaction, the Company applies an amount equal to the fair value (as determined
by the Board of Directors) of such Principal Property to be leased to the redemption or retirement of the Notes and/or any other Securities
issued under the Indenture or to the payment or other retirement of other Indebtedness of the Company that ranks senior to or pari passu
with the Notes or of Indebtedness incurred by any Restricted Subsidiary (other than, in either case, Indebtedness owned by the
Company or any Restricted Subsidiary); or

 

(c)            within
180 days after entering into the Sale and Leaseback Transaction, the Company enters into a bona fide commitment or commitments to expend
for the acquisition or capital improvement of a Principal Property an amount at least equal to the fair value (as determined by the Board
of Directors) of such Principal Property to be leased.

 

Notwithstanding the foregoing,
the Company may, and may permit any Restricted Subsidiary to, effect any Sale and Leaseback Transaction that is not allowable under clauses
(a) through (c) of this Section 4.7 if, at the time of such Sale and Leaseback Transaction, the Attributable Debt associated
with such Sale and Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness secured by Security
Interests upon Principal Property pursuant to the last sentence of Section 4.6(a), does not exceed 15% of Consolidated Tangible
Assets. The calculation of such aggregate principal amount of outstanding Indebtedness secured by Security Interests upon Principal Property
shall exclude (i) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and
expenses incurred in connection with any refinancing and (ii) any Attributable Debt in connection with which the Company has purchased
property, retired or defeased Indebtedness as described in Section 4.7(b).”

 

    13

    

    

 

SECTION 2.12.  Withholding
Taxes and Other Taxes. A new Section 4.8 shall be added after the newly added Section 4.7 of the Base Indenture, which
shall read as follows:

 

“Section 4.8     Withholding
Taxes and Other Taxes.

 

(a)            All
payments made by or on behalf of the Company under or with respect to the Notes will be made without withholding or deduction for, or
on account of, any present or future tax, duty, assessment or other governmental charge (including penalties, interest and other liabilities
related thereto) (“Taxes”) imposed or levied by or on behalf of (1) the government of Canada or any province
or territory of Canada, (2) any other jurisdiction in which the Company is organized or otherwise is resident for tax purposes
or (3) any jurisdiction from or through which payment is made, in each case including any political subdivision or any authority
or agency therein or thereof having power to tax (each, a “Relevant Taxing Jurisdiction”), unless required by law
or the interpretation or administration thereof. If the Company is obligated to withhold or deduct any amount on account of Taxes imposed
by a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes, the Company shall:

 

(i)            make
such withholding or deduction;

 

(ii)            remit
the full amount deducted or withheld to the relevant government authority in accordance with the applicable law;

 

(iii)            subject
to the limitations in Section 4.8(b), pay such additional amounts (“Additional Amounts”) as additional interest
as may be necessary so that the net amounts received by each Holder, after such withholding or deduction (including any such withholding
or deduction on such Additional Amounts) will not be less than the amount such Holder would have received if such Taxes had not been
withheld or deducted;

 

(iv)            furnish
to the Trustee for the benefit of the Holders and beneficial owners of Notes, within 60 days after the date of the payment or remittance
of any Taxes is due pursuant to applicable law, certified copies of an official receipt of the relevant government authority for all
amounts deducted or withheld pursuant to applicable law, or if such receipts are not reasonably obtainable, other documentation evidencing
the remittance by the Company of those Taxes; and

 

(v)            at
least 15 days prior to each date on which any Additional Amounts are payable, deliver to the Trustee an Officer’s Certificate setting
forth the calculation of the Additional Amounts to be paid and such other information as the Trustee may request to enable the Trustee
to pay such Additional Amounts to Holders of Notes on the payment date.

 

(b)            Notwithstanding
the foregoing Section 4.8(a), no Additional Amounts will be paid with respect to or in respect of a payment made to or in respect
of any Holder or beneficial owner of the Notes (an “Excluded Holder”):

 

(i)            with
which the Company does not deal at arm’s length (within the meaning of the Income Tax Act (Canada)) at the time of making
such payment;

 

(ii)            for
or on account of Canadian withholding Taxes imposed on a payment under or with respect to a Note that is deemed under subsection 214(16)
of the Income Tax Act (Canada) (or any similar successor provision or equivalent provision of any provincial or territorial law)
to be a dividend;

 

    14

    

    

 

(iii)            for
or on account of any Taxes that are imposed or withheld as a result of the presentation of any Note for payment (where presentation is
required) by or on behalf of a Holder or beneficial owner who would have been able to avoid such Taxes by presenting the relevant Note
to another Paying Agent;

 

(iv)            which
is subject to such Taxes by reason of the Holder or the beneficial owner of the Note (or a fiduciary, settlor, beneficiary, partner of,
member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial
owner is an estate, trust, nominee, partnership, limited liability company or corporation) being a resident, domiciliary or national
of, incorporated in, or engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having
some present or former connection with the Relevant Taxing Jurisdiction otherwise than solely by the mere acquisition, holding or disposition
of the Notes or the receipt of payments or enforcement of rights thereunder;

 

(v)            for
or on account of any Taxes imposed or deducted or withheld by reason of the failure of the Holder or beneficial owner of the Note to
complete, execute and deliver to the Company, any reasonable form or document concerning such Holder’s or beneficial owner’s
nationality, citizenship, residence, identity or connection with the Relevant Taxing Jurisdiction, provided (1) such form or document
is required by law (including any applicable tax treaty) or by reason of the interpretation or administration of such law in order to
enable the Company to make payments on the Note without deduction or withholding for Taxes, or with deduction or withholding of a lesser
amount, and (2) the Company has provided a timely written request to the Holder for such form or document;

 

(vi)            for
or on account of any Taxes imposed or withheld as a result of the presentation of any Note for payment (where presentation is required)
more than 30 days after the relevant payment is first made available for payment to the Holder or beneficial owner (except to the extent
that the Holder or beneficial owner would have been entitled to Additional Amounts had the Note been presented on the last day of such
30-day period);

 

(vii)            for
or on account of any estate, inheritance, gift, sales, transfer, excise, personal property or similar Tax;

 

(viii)            for
or on account of any Tax that is payable otherwise than by withholding from payments under or with respect to the Notes (other than taxes
payable pursuant to Regulation 803 of the Income Tax Act (Canada), or any similar successor provision or equivalent provision
of any provincial or territorial law);

 

(ix)            if
the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment, to the extent that such payment
would be required to be included in income under the laws of the Relevant Taxing Jurisdiction for tax purposes, of a beneficiary or settlor
with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to such Additional
Amounts had that beneficiary, settlor, member or beneficial owner been the Holder of the Note;

 

    15

    

    

 

(x)            for
or on account of any Tax imposed pursuant to Sections 1471 through 1474 of the Code (including any amended or successor version), any
current or future regulations or official interpretations thereof, any fiscal or regulatory legislation, rules or practices adopted
pursuant to an intergovernmental agreement, treaty or convention between a non-U.S. jurisdiction and the United States with respect to
the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code;

 

(xi)            for
or on account of any Taxes imposed by the United States or any political subdivision thereof; or

 

(xii)            for
or on account of any combination of the exceptions listed in clauses (i) through (xi) immediately above.

 

(c)            Any
reference in this Indenture to the payment of principal, premium, if any, interest, purchase price, redemption price or any other amount
payable under or with respect to any Note will be deemed to include the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof. The Company’s obligation to make payments of Additional Amounts
will survive any termination of this Indenture or the defeasance of any rights hereunder.

 

(d)            Without
duplication of the foregoing, the Company shall indemnify and hold harmless each Holder and beneficial owner of Notes (other than an
Excluded Holder), and upon written request therefor, shall reimburse each such Holder and beneficial owner (without duplication), for
the full amount of (x) any Taxes imposed by a Relevant Taxing Jurisdiction and paid by such Holder or beneficial owner as a result
of payments made under or with respect to the Notes and (y) any Taxes levied or imposed and paid by such Holder or beneficial owner
with respect to any reimbursement under (x) above, but excluding any such Taxes on or computed by reference to such Holder’s
or beneficial owner’s net income, revenue, profits or capital.

 

(e)            Without
duplication of the foregoing, the Company shall pay any present or future stamp, issue, registration, court or documentary taxes or any
other excise, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, delivery, issuance, registration
or enforcement of the Notes, this Indenture or any other document or instrument in relation thereto, and the Company shall indemnify
the Holders and beneficial owners of the Notes for any such amounts (including penalties, interest and other liabilities related thereto)
paid by such Holders and beneficial owners.

 

(f)            Each
Holder or beneficial owner of the Notes shall cooperate with the Company and the Trustee to provide any information or documentation
reasonably requested by the Company or the Trustee in connection with the foregoing and to assist the Company or the Trustee in determining
the applicable withholding tax rate and the amount of Additional Amounts or indemnity payments payable in respect thereof (though the
foregoing shall impose no obligation on the Trustee other than pursuant to applicable laws or regulations).”

 

    16

    

    

 

SECTION 2.13.  When
the Company May Merge, Amalgamate, Etc.. The first paragraph of Section 5.1 of the Base Indenture shall be amended and
restated in its entirety to read as follows:

 

“The Company
shall not, in a single transaction or through a series of related transactions, consolidate with or merge or amalgamate with or into,
or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”)
if such transaction or series of transactions, in the aggregate, would result in a conveyance, transfer or lease of all or substantially
all of the properties and assets of the Company and its Restricted Subsidiaries on a consolidated basis to any successor person, unless:

 

(a)            the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of Canada or any province or territory thereof or any U.S. domestic jurisdiction and assumes by supplemental indenture
the Company’s obligations under the Notes and the Indenture; and

 

(b)            immediately
after giving effect to such transaction, no default or event of default shall have occurred and be continuing.”

 

SECTION 2.14.  Covenant
Defeasance. The first paragraph of Section 8.4 of the Base Indenture shall be amended and restated in its entirety to read
as follows:

 

“The Company may omit to
comply with respect to the Notes with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 5.1
as well as Article XII (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with
respect to the Notes under Section 6.1), provided that the following conditions shall have been satisfied:”

 

SECTION 2.15.  Change
of Control Triggering Event. A new Article XII shall be added after Article XI of the Base Indenture, which shall read
as follows:

 

“ARTICLE XII

 

PURCHASE OF
NOTES AT THE OPTION OF THE HOLDERS

 

Section 12.1     Purchase
at Option of Holders Upon a Change of Control Triggering Event

 

(a)            Upon
the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right to redeem
the Notes pursuant to Article III of the Indenture, each Holder of Notes shall have the right to require the Company to purchase
all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”),
at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date
of purchase (the “Change of Control Payment”), subject to the rights of Holders on the relevant record date to receive
interest due on the relevant interest payment date; provided that (i) any such portion to be purchased must be an integral
multiple of $1,000 and (ii) the principal amount of any Note remaining after such purchase must equal $2,000 or an integral multiple
of $1,000 in excess thereof.

 

(b)            Within
30 days following the date upon which the Change of Control Triggering Event occurred with respect to the Notes, or at the Company’s
option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, by
first-class mail (or by electronic transmission or otherwise in accordance with the Applicable Procedures), a notice to each Holder of
Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:

 

(i)            the
events causing the Change of Control;

 

    17

    

    

 

(ii)            the
date of the Change of Control;

 

(iii)            the
amount of the Change of Control Payment;

 

(iv)            the
purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is sent, other than as may be required
by law (the “Change of Control Payment Date”);

 

(v)            if
the notice is sent prior to any Change of Control, that the Change of Control Offer is conditioned on the Change of Control being consummated
on or prior to the Change of Control Payment Date;

 

(vi)            the
name and address of the Paying Agent;

 

(vii)            that
the Holder must complete the Change of Control Purchase Notice (as defined below) to participate in the Change of Control Offer; and

 

(viii)            any
other procedures that Holders must follow to require the Company to purchase the Notes.

 

(c)            Purchases
of Notes under this Section 12.1 shall be made, at the option of the Holder thereof, upon:

 

(i)            delivery
to the Trustee (or other Paying Agent appointed by the Company) by a Holder of a duly completed notice (the “Change of Control
Purchase Notice”) in the form set forth on the reverse of the Note at any time prior to 5:00 p.m., New York City time, on the
Change of Control Payment Date; or

 

(ii)            delivery
or book-entry transfer of the Notes to the Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the
Change of Control Purchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Trustee (or other Paying
Agent appointed by the Company), such delivery being a condition to receipt by the Holder of the Change of Control Payment therefor;
provided that such Change of Control Payment shall be so paid pursuant to this Section 12.1 only if the Note so delivered
to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related
Change of Control Purchase Notice.

 

The Change of Control Purchase
Notice shall state:

 

(i)            if
certificated, the certificate numbers of Notes to be delivered for purchase;

 

    18

    

    

 

(ii)            the
portion of the principal amount of Notes to be purchased (which portion to be purchased must be an integral multiple of $1,000);

 

(iii)            that
the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and the Indenture; and

 

(iv)            if
such Change of Control Purchase Notice is delivered prior to the occurrence of a Change of Control pursuant to a definitive agreement
giving rise to a Change of Control, that the Holder acknowledges that the Company’s offer is conditioned on the consummation of
such Change of Control; provided, however, that if the Notes are not in certificated form, the Change of Control Purchase
Notice must comply with appropriate procedures of the Depositary.

 

(d)            On
the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)            accept
or cause a third party to accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(ii)            deposit
or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions
thereof properly tendered; and

 

(iii)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes being purchased.

 

(e)            The
Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases
all the Notes properly tendered and not withdrawn under its offer.

 

(f)            The
Trustee shall not have any obligation to monitor the occurrence or dates of any Change of Control Triggering Event and may rely conclusively
on an Officer’s Certificate from the Company related to such Change of Control Triggering Event. The Trustee shall not have any
obligation to notify the Holders of the occurrence or dates of any Change of Control Triggering Event.

 

Section 12.2 Compliance with Tender Offer
Rules

 

The Company shall comply in
all material respects 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 purchase of the Notes as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of
Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to
have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.”

 

    19

    

    

 

SECTION 2.16.  Notices.
Section 10.2 of the Base Indenture is hereby amended in part to change the delivery of notices to the Trustee to the following:

 

“U.S.
Bank Trust Company, National Association

Corporate Trust Services

8 Greenway Plz, Suite 1100

Houston, TX 77046-0892

Attention: Alejandro Hoyos
(Waste Connections)

Telephone: (713) 212-7576

Email: Alejandro.Hoyos@usbank.com”

 

SECTION 2.17.  Consent
to Jurisdiction and Service. A new Section 10.19 shall be added after Section 10.18 of the Base Indenture, which shall
read as follows:

 

“Section 10.19
Consent to Jurisdiction and Service

 

The Company hereby irrevocably
submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York and the County
and State of New York, United States of America in any suit or proceeding arising out of or relating to the Notes, the Indenture or the
transactions contemplated thereby. The Company waives any objection which it may now or hereafter have to the laying of venue of any
such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought in any
such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which the Company
is subject by a suit upon such judgment. The Company irrevocably appoints Corporation Service Company, located at 80 State Street, Albany,
New York 12207-2543, as its authorized agent in the State of New York upon which process may be served in any such suit or proceeding,
and agrees that service of process upon such authorized agent, and written notice of such service to the Company by the person serving
the same to the address provided in this Section 10.19, shall be deemed in every respect effective service of process upon the
Company in any such suit or proceeding. The Company hereby represents and warrants that such authorized agent has accepted such appointment
and has agreed to act as such authorized agent for service of process. The Company further agrees to take any and all action as may be
necessary to maintain such designation and appointment of such authorized agent in full force and effect for a period of seven years
from the date of this Indenture.”

 

ARTICLE Three

 

MISCELLANEOUS

 

SECTION 3.1.  Construction.
Unless otherwise supplemented or amended by this Seventh Supplemental Indenture, the Base Indenture is incorporated by reference in full
into this Seventh Supplemental Indenture, and all parties to this Seventh Supplemental Indenture agree to be bound by the terms and provisions
of the Base Indenture as supplemented and amended by this Seventh Supplemental Indenture. The Base Indenture and this Seventh Supplemental
Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Seventh Supplemental Indenture
supersede any similar provisions included in the Base Indenture unless not permitted by law.

 

    20

    

    

 

SECTION 3.2.  Conflicts.
If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Seventh
Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

SECTION 3.3.  Successors
and Assigns. All covenants and agreements in this Seventh Supplemental Indenture by the Company shall bind its successors and assigns,
whether so expressed or not.

 

SECTION 3.4.  Severability.
In case any provision in this Seventh Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions herein and therein shall not in any way be affected or impaired thereby.

 

SECTION 3.5.  Benefits
of the Indenture. Nothing in this Seventh Supplemental Indenture, expressed or implied, shall give to any person, other than the
parties hereto and their successors hereunder, and the Holders of the Notes any benefit or any legal or equitable right, remedy or claim
under this Seventh Supplemental Indenture.

 

SECTION 3.6.  Governing
Law. This Seventh Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of New York
and this Seventh Supplemental Indenture and each such Note shall be governed by and construed in accordance with the laws of the State
of New York.

 

SECTION 3.7.  Defined
Terms. All terms used in this Seventh Supplemental Indenture not otherwise defined herein that are defined in the Base Indenture
shall have the meanings set forth therein.

 

SECTION 3.8.  Counterparts.
This Seventh Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument. The words “executed,” “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Seventh Supplemental Indenture or any
document to be signed in connection with this Seventh Supplemental Indenture shall be deemed to include electronic signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto
consent to conduct the transactions contemplated hereunder by electronic means. Without limitation to the foregoing, and anything in
this Seventh Supplemental Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion
of Counsel, Note, instrument, agreement or other document delivered pursuant to this Seventh Supplemental Indenture may be executed,
attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 of the Base
Indenture or elsewhere in this Seventh Supplemental Indenture to the execution, attestation or authentication of any Note or any certificate
of authentication appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures
that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in this Seventh Supplemental
Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Notes. The Company
agrees to assume all risks arising out of the use of using digital signatures, including without limitation the risk of the Trustee acting
on unauthorized instructions.

 

    21

    

    

 

SECTION 3.9.  Concerning
the Trustee. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Seventh Supplemental Indenture or the Notes. The Trustee shall not be accountable for the use
or application by the Company of Notes or the proceeds thereof.

 

[Signature pages follow]

 

    22

    

    

 

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

 

	 	WASTE CONNECTIONS, INC.
	 	 	 	 
	 	By:	/s/ Mary Anne Whitney 
	 	 	Name:	Mary Anne Whitney
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
    as Trustee
	 	 	 	 
	 	By:	/s/ Alejandro Hoyos
	 	 	Name:	Alejandro Hoyos
	 	 	Title:	Vice President

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

[THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY
OR A SUCCESSOR DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, WHICH SHALL BE CEDE & CO., 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 A SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

WASTE CONNECTIONS, INC.

 

4.200% SENIOR NOTES DUE 2033

 

CUSIP NO. 94106B AF8

 

ISIN NO. US94106BAF85

 

	No. 
                           	 	$                              

 

Waste Connections, Inc.,
a corporation existing under the laws of Ontario, Canada (herein called the “Company,” which term includes any successor
person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [________________]2 or
its registered assigns, the principal sum of ____________________ ($___________________) United States dollars[, or such greater or lesser
amount as may from time to time be endorsed on the Schedule of Increases and Decreases of Interests in the Global Note attached hereto
(but in no event may such amount exceed the aggregate principal amount of Notes authenticated pursuant to Section 2.3 of the Indenture
referred to below and then outstanding pursuant the terms of the Indenture)]3, on January 15, 2033, at the office or
agency of the Company referred to below, and to pay interest thereon from [____________________]4 or from the most recent
interest payment date to which interest has been paid or duly provided for, semi-annually on January 15 and July 15 in each
year, commencing January 15, 2023 at the rate of 4.200% per annum, in United States dollars, until the principal hereof is paid
or duly provided for. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

 

1
These paragraphs should be included only if the Note is issued in global form.

 

2
Cede & Co., if issued in global form.

 

3
Use if Global Security

 

4
August 18, 2022 for the initial Notes.

 

    A-1

    

    

 

The Company will duly and punctually
pay the principal of and interest, if any, on the Notes in whose name the Notes are registered at the close of business on the January 1
and July 1 immediately preceding the related interest payment dates. On or before 11:00 a.m. New York City time, on the applicable
interest payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any,
on the Notes. If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest, plus, to the extent
permitted by law, any interest payable on the defaulted interest, to the Holders of the Notes on a subsequent special record date. The
Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall send by first-class
mail (or by electronic transmission or otherwise in accordance with the Applicable Procedures) to the Trustee and to each Holder of the
Notes a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner.

 

Payment of the principal of,
premium, if any, and interest on, this Security, and exchange or transfer of this Security, will be made at the office or agency of the
Company in The City of New York maintained for such purpose, or at such other office or agency as may be maintained for such purpose
(which initially will be the Corporate Trust Office of the Trustee or its affiliate located at 8 Greenway Plz, Suite 1100, Houston,
TX 77046-0892), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address
of the person entitled thereto as such address shall appear on the Security register.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

For purposes of the disclosure
required by the Interest Act (Canada), whenever any interest is calculated on the basis of a period of time other than a calendar
year, the annual rate of interest to which each rate of interest determined pursuant to such calculation is equivalent for the purposes
of the Interest Act (Canada) is such rate as so determined multiplied by the actual number of days in the calendar year in which
the same is to be ascertained and divided by the number of days used in the basis of such determination.

 

    A-2

    

    

 

Unless the certificate of authentication
hereon has been duly executed by the Trustee referred to on the reverse hereof or by the authenticating agent appointed as provided in
the Indenture by manual signature of an authorized signer, this Security shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by the manual or facsimile signature of one of its authorized officers.

 

	 	WASTE CONNECTIONS, INC., as Issuer
	 	 	 	 
	 	By:	     
            
	 	 	Name:	 
	 	 	Title:	 

 

    A-3

    

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the 4.200%
Senior Notes due 2033 referred to in the within-mentioned Indenture.

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

 

	 	By:	 
	 	 	Authorized Signatory

 

Dated:

 

    A-4

    

    

 

[FORM OF REVERSE SIDE OF SECURITY]

 

WASTE CONNECTIONS, INC.

 

4.200% Senior Notes due 2033

 

This Security is one of a duly
authorized issue of Securities of the Company designated as its 4.200% Senior Notes due 2033 (herein called the “Securities”),
initially in aggregate principal amount to [$500,000,000][$250,000,000], issued under and subject to the terms of an indenture (herein
called the “Indenture”) dated as of November 16, 2018, between the Company and U.S. Bank Trust Company, National Association,
as successor in interest to U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), as supplemented by a Seventh Supplemental Indenture, dated as of August 18, 2022, between
the Company and the Trustee to which the Indenture reference is hereby made for a statement of the respective rights, limitations of
rights, duties, obligations and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms
upon which the Securities are, and are to be, authenticated and delivered.

 

This Security is subject to
optional redemption and a special tax redemption, and may be the subject of an offer to purchase, as further described in the Indenture.
The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. In the event
of redemption of this Security in accordance with the Indenture in part only, a new Security or Securities in principal amount equal
to the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

Upon the occurrence of a Change
of Control Triggering Event with respect to the Securities, unless the Company has exercised its right to redeem the Securities pursuant
to Article III of the Indenture, each Holder of the Securities shall have the right to require the Company to purchase all or a
portion (such that (i) any such portion to be purchased must be an integral multiple of $1,000 and (ii) the principal amount
of any Note remaining after such purchase must equal $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s
Security pursuant to Article XII of the Indenture.

 

If an Event of Default shall
occur and be continuing, the principal amount of all the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

The Indenture contains provisions
for defeasance at any time of (a) the entire Indebtedness on the Securities and (b) certain covenants and Events of Default,
in each case upon compliance with certain conditions set forth therein.

 

The Indenture permits, with
certain exceptions (including certain amendments permitted without the consent of any Holders and certain amendments which require the
consent of all of the Holders) as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders under the Indenture and the Securities at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in aggregate principal amount of the Securities at the time Outstanding that are affected. The Indenture
also contains provisions permitting the Holders of at least a majority in aggregate principal amount of the Securities (100% of the Holders
in certain circumstances) at the time Outstanding that are affected, to waive compliance by the Company with certain provisions of the
Indenture and the Securities and certain past Defaults and Events of Default under the Indenture and the Securities and their consequences.
Any such consent, amendment or waiver by or on behalf of the Holder of this Security, once effective, shall be conclusive and binding
upon every Holder affected by such amendment or waiver, with certain exceptions, and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Security.

 

    A-5

    

    

 

No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company or any other obligor on the
Securities (in the event such other obligor is obligated to make payments in respect of the Securities), which is absolute and unconditional,
to pay the principal of, and premium, if any, and interest, if any, on, this Security at the times, place, and rate, and in the coin
or currency, herein prescribed without the consent of the Holder of this Security.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the register that the Registrar
shall keep with respect to the Securities and to their transfer and exchange, upon surrender of this Security for registration of transfer
at the office or agency of the Company at the Corporate Trust Office, and thereupon one or more new Securities, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

Except as indicated in the Indenture,
no service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

A director, officer, employee
or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security,
each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Company, the Trustee
and any Agent shall treat a person as the Holder of such principal amount of outstanding Notes represented by a Global Security as shall
be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global
Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to
the Indenture.

 

THIS SECURITY SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

All terms used in this Security
which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

    A-6

    

    

 

CHANGE OF CONTROL PURCHASE NOTICE

 

If you want to elect to have only part of the Security
purchased by the Company pursuant to Section 12.1 of the Indenture, state the amount you elect to have purchased:

 

$ _____________________

 

Date: __________________

 

	Your Signature:	 	 

 

(Sign exactly as your name appears on the face of this Security)

 

	Tax Identification No:	 	 

 

	Signature Guarantee*:	 	 

 

*Participant in a recognized Signature Guarantee Medallion Program
(or other signature guarantor acceptable to the Trustee).

 

    A-7

    

    

 

SCHEDULE OF INCREASES AND DECREASES OF INTERESTS

IN THE GLOBAL SECURITY5

 

The following increases or
decreases in this Global Security have been made:

 

	Date
    of 

    Exchange	 	Amount
    of 

    decrease in 

    Principal Amount 

    of this Global 

    Security	 	Amount
    of 

    increase in 

    Principal Amount

    of this Global 

    Security	 	Principal
    Amount 

    of this Global 

    Security following 

    such decrease (or

    increase)	 	Signature
    of 

    authorized officer

    of Trustee or Note

    Custodian

 

 

 

5
       This should be included only if the Security is a Global Security.

 

    A-8

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