FORM OF UNDERWRITING AGREEMENTUnderwriting Agreement • May 20th, 2008 • Sovereign Bancorp Inc • Savings institution, federally chartered • New York
Sovereign Bancorp, Inc., a Pennsylvania corporation (the “Company”), proposes to sell 156,250,000 shares (the “Firm Stock”) of the Company’s common stock, no par value per share (the “Common Stock”). In addition, the Company proposes to grant to Lehman Brothers Inc. (the “Underwriter”) an option to purchase up to 23,437,500 additional shares of the Common Stock (the “Option Stock”) on the terms set forth in Section 2. The Firm Stock and the Option Stock, if purchased, are hereinafter collectively called the “Stock.” This is to confirm the agreement concerning the purchase of the Stock from the Company by the Underwriter.
