Document:

Exhibit 10.1

Exhibit 10.1

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT, dated as of                     , is made by and between Armstrong World Industries,
Inc., a Pennsylvania corporation (the “Company”), and                      (the
“Executive”).

WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control exists and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of
management personnel to the detriment of the Company; and

WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s management, including
the Executive, to their assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the Company and the Executive hereby agree as follows:

1. Defined Terms. The definitions of capitalized terms used in this Agreement are
provided in the last Section hereof.

2. Term of Agreement. This Agreement shall commence on the Effective Date and shall
continue in effect for a period of one (1) year thereafter. Commencing on the first anniversary of
the Effective Date and on each anniversary thereafter (“Anniversary Date”), this Agreement
shall automatically be renewed for one (1) additional year beyond the term otherwise established,
unless one party provides written notice to the other party, at least ninety (90) days in advance
of an Anniversary Date, of its intent not to renew this Agreement for an additional one year term.
Notwithstanding the foregoing, if a Change in Control shall have occurred after the Effective Date
and during the term of this Agreement, this Agreement shall continue in effect for a period of not
less than twenty-four (24) months beyond the month in which a Change in Control occurred.

3. Compensation Other Than Severance Payments.

3.1 Following a Change in Control and during the term of this Agreement, during any period
that the Executive fails to perform the Executive’s full-time duties with the Company as a result
of a “disability” (as defined in Treas. Reg. § 1.409A-3(i)(4)), the Company shall pay the
Executive’s current base salary to the Executive at the rate in effect at the commencement of any
such period, together with all compensation and benefits payable to the Executive under the terms
of any compensation or benefit plan, program or arrangement maintained by the Company during such
period, until the Executive’s employment is terminated by the Company.

3.2 If the Executive’s employment shall be terminated for any reason following a Change in
Control and during the term of this Agreement, the Company shall pay the Executive’s current base
salary through the Date of Termination, together with all compensation and benefits to which the
Executive is entitled in respect of all periods preceding the Date of Termination under the terms
of the Company’s compensation and benefit plans, programs or arrangements.

4. Severance Payments.

4.1 If a Change in Control shall occur and concurrently therewith or during a period of
twenty-four (24) months thereafter the Executive’s employment terminates, in addition to any
payments and benefits to which the Executive is entitled under Section 3 hereof, the Company shall
pay the Executive the payments described in this Section 4.1 (the “Severance Payments”),
unless such termination is (i) by the Company for Cause, (ii) by reason of death or Disability, or
(iii) by the Executive without Good Reason. The Executive shall also be entitled to the Severance
Payments (and any payments and benefits under Section 3) if the Executive is terminated by the
Company other than for Cause or Disability within the six (6) month period immediately preceding a
Change
in

 

 

 

Control and the Executive reasonably demonstrates that such termination is otherwise in
connection with or in anticipation of a Change in Control that actually occurs during the term of
the Agreement (a “Pre-Change in Control Termination”).

(A) In lieu of any further salary payments to the Executive for periods subsequent to the Date
of Termination and in lieu of any severance benefit otherwise payable to the Executive1,
the Company shall pay to the Executive a lump sum severance payment, in cash, equal to two times
the sum of (i) the Executive’s annual base salary then in effect (or immediately prior to any
reduction resulting in a termination for Good Reason, if applicable) (the “Change in Control
Salary”), plus (ii) the Executive’s target annual bonus for the year of termination (the
“Change in Control Bonus”).

(B) Provided that the Company actually achieves the criteria requisite to make payments in
respect of awards for the plan year during which the Executive’s employment terminates under the
Management Achievement Plan (the “MAP”) or any other incentive compensation plan adopted by
the Company in which the Executive participates, the Executive shall be eligible to receive an
award for such plan year, which shall be prorated based on the Date of Termination. Under the MAP,
the Executive shall receive an amount equal to the product of the Executive’s eligible base salary
earnings for the time worked from the start of the performance period to the Date of Termination
multiplied by the target bonus award percentage and the Executive’s applicable business unit
achievement factor. Such amount shall be paid in the calendar year following the plan year to
which the payment relates, as soon as practicable following the certification of such plan year’s
performance by the Management Development and Compensation Committee, at the same time payments are
made to other applicable MAP participants.

(C) For the twenty-four month period immediately following the Date of Termination, the
Company shall arrange to provide the Executive (which includes the Executive’s eligible dependents
for purposes of this subsection (C)) with life, disability, accident and health insurance benefits
substantially similar to those which the Executive was receiving immediately prior to the Date of
Termination (or immediately prior to any reduction resulting in a termination for Good Reason, if
applicable); provided, however, that (i) the Executive’s and his qualified dependents’ COBRA
eligibility period shall include the period during which the Company is providing benefits under
this subsection (C); (ii) unless the Executive consents to a different method (or elects COBRA
coverage at applicable COBRA rates), such health insurance benefits shall be provided through a
third-party insurer; and (iii) the Executive shall be responsible for the payment of premiums for
such benefits in the same amount as active employees of the Company. Benefits otherwise receivable
by the Executive pursuant to this subsection (C) shall be reduced to the extent comparable benefits
(including continued coverage for any preexisting medical condition of any person covered by the
benefits provided to the Executive and his eligible dependents immediately prior to the Date of
Termination) are actually received by or made available to the Executive by a subsequent employer
during the twenty-four month period following the Executive’s Date of Termination (and any such
benefits actually received by or made available to the Executive shall be reported to the Company
by the Executive). Notwithstanding the foregoing, in the event of a Pre-Change in Control
Termination, on the sixtieth (60th) day following the Change in Control the Company shall pay or
reimburse the Executive for any amounts or benefits it would have been responsible to pay or
provide to the Executive under this Section 4.1(C) during the period prior to the Change in
Control, had the Change in Control occurred on the Date of Termination.

(D) If the Executive would have become entitled to benefits under the Company’s
post-retirement health care or life insurance plans (as in effect immediately prior to the Date of
Termination (or immediately prior to any reduction resulting in a termination for Good Reason, if
applicable)) had the Executive’s employment terminated at any time during the period of twenty-four
months after the Date of Termination, the Company shall provide such post-retirement health care or
life insurance benefits to the Executive (subject to any employee contributions required under the
terms of such plans in the same amounts as active employees of the Company) commencing on the later
of (i) the date that such coverage would have first become available or (ii) the date that benefits
described in subsection (C) of this Section 4.1 terminate.

 

	 	 	 
	1	 	Section 409 analysis required on a case-by-case basis.

 

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(E) The Company shall pay the Executive, at a daily salary rate calculated from the
Executive’s annual base salary in effect immediately prior to the Date of Termination (or
immediately prior to any reduction resulting in a termination for Good Reason, if applicable), a
lump sum amount equal to all earned but unused vacation days through the Date of Termination.

(F) The Company shall pay, no later than the last day of the calendar year in which they are
incurred, the reasonable fees and expenses of a full service nationally recognized executive
outplacement firm until the earlier of the date the Executive secures new employment or the date
which is twenty-four months following the Executive’s Date of Termination; provided that in no
event shall the aggregate amount of such payments exceed $30,000.

4.2 Benefit Limitation.

(A) Anything in this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment (including any acceleration of vesting of stock based benefits) or
distribution by the Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise) (a
“Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), the amounts and benefits payable under this Agreement shall be reduced by an
amount that would result in no Excise Tax being imposed; provided that the amounts and benefits
payable under this Agreement shall not be reduced unless the amounts and benefits the Executive
would receive after such reduction would be greater than the amounts and benefits the Executive
would receive if there were no reduction and the Excise Tax were paid by the Executive (such
reduction, the “Cut Back”). Unless the Executive shall have given prior written notice to
the Company specifying a different order of payments and benefits to be reduced to achieve the
Cut-Back, any payments and benefits to be reduced hereunder shall be determined in a manner that
has the least economic cost to the Executive, on an after-tax basis, and to the extent the economic
cost is equivalent, such payments and benefits shall be reduced in the inverse order of when the
payments and benefits would have been made or provided to the Executive until the reduction
specified herein is achieved. The Executive may specify the order of reduction of the payments and
benefits only to the extent that doing so does not directly or indirectly alter the time or method
of payment of any amount that is deferred compensation subject to (and not exempt from) Section
409A of the Code.

(B) All determinations required to be made under this Section 4.2 shall be made by a
nationally recognized accounting firm designated by the Company (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Company and the Executive within
fifteen (15) business days after there has been a Cut-Back, or such earlier time as requested by
the Company. In the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change in Control, the Company shall appoint another
nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm instead shall be the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm
shall be binding upon the Company and the Executive.

4.3 Payment of Severance Payments.

(A) Each payment provided for in Section 4.1 hereof is intended to constitute a separate
payment within the meaning of Section 409A of the Code. The payments provided for in subsections
(A) and (E) of Section 4.1 hereof shall be made on the sixtieth (60th) day following the Date of
Termination subject to Section 4.3(B) below; and in the event the Executive becomes entitled to
Severance Payments pursuant to the second sentence of Section 4.1, the payments provided for in
subsections (A) and (E) of Section 4.1 hereof shall be made on the sixtieth (60th) day following
the actual Change in Control that triggered the Severance Payments.

(B) If any payment, compensation or other benefit provided to the Executive in connection with
his employment termination is determined, in whole or in part, to constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code and the Executive is a “specified
employee,” as such term is defined under Section 409A(a)(2)(B)(i) of the Code, all such payments
shall be suspended during the

 

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six-month period following the Executive’s “separation from service” within the meaning of
Treas. Reg. § 1.409A-1(h) or any successor thereto. The Company is entitled to determine whether
any amounts under this Agreement are to be suspended, and the Company shall have no liability to
the Executive for any such determination or any errors made by the Company in identifying the
Executive as a specified employee. If any amounts are suspended pursuant to the foregoing, such
amounts shall be paid on the earlier of (i) the first business day following the expiration of the
six-month period referred to in the first sentence of this subsection or (ii) the date of the
Executive’s death. Any amounts so suspended shall earn interest thereon, if applicable, calculated
based upon the then prevailing monthly short-term applicable federal rate. Notwithstanding the
foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare
benefits to the Executive that would not be required to be delayed if the premiums therefor were
paid by the Executive, the Executive shall pay the full cost of premiums for such welfare benefits
during the six-month period and the Company shall pay the Executive an amount equal to the amount
of such premiums paid by the Executive during such six-month period on the first business day of
the month following the expiration of the six-month period referred to above.

(C) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits subject to Section
409A of the Code upon or following a termination of employment unless such termination is also a
“separation from service” as defined in Treas. Reg. § 1.409A-1(h) or any successor thereto,
including the default presumptions thereunder, and for purposes of any such provision of this
Agreement, references to a “resignation,” “termination,” “terminate,” “termination of employment”
or like terms shall mean separation from service.

(D) The parties hereto acknowledge and agree that the interpretation of Section 409A of the
Code and its application to the terms of this Agreement is uncertain and may be subject to change
as additional guidance and interpretations become available. Anything to the contrary herein
notwithstanding, all benefits or payments provided by the Company to the Executive that would be
deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the
Code are intended to comply with Section 409A of the Code. If, however, any such benefit or payment
is deemed not to comply with Section 409A of the Code, the Company and the Executive agree to
renegotiate in good faith any such benefit or payment (including, without limitation, as to the
timing of any severance payments payable hereunder) so that either (i) Section 409A of the Code
will not apply or (ii) compliance with Section 409A of the Code will be achieved.

(E) Notwithstanding anything to the contrary contained in this Agreement, any reimbursement
for a cost or expense under this Agreement shall be paid in no event later than the end of the
taxable year following the taxable year in which the Executive incurs such cost or expense. With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section 409A of the Code, (i) the right to reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the
amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year
shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any
other taxable year; provided, however, that the foregoing clause (ii) shall not be violated with
regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely
because such expenses are subject to a limit related to the period the arrangement is in effect.

4.4 The Company shall reimburse the Executive for all reasonable legal fees and expenses
incurred by the Executive in attempting to obtain or enforce rights or benefits provided by this
Agreement, if, with respect to any such right or benefit, the Executive is successful in obtaining
or enforcing such right or benefit (including by negotiated settlement).

5. Restrictive Covenants.

5.1 During the Executive’s employment with the Company and for a period of twelve (12) months
thereafter:

(A) the Executive shall not, directly for the Executive or any third party, become engaged in
any business or activity which is directly in competition with any services or products sold by, or
any
business or

 

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activity engaged in by, the Company or any of its affiliates; provided, however,
that this provision shall not restrict the Executive from owning or investing in publicly traded
securities, so long as the Executive’s aggregate holdings in any company do not exceed 2% of the
outstanding equity of such company and such investment is passive;

(B) the Executive shall not solicit any person who was a customer of the Company or any of its
affiliates during the period of the Executive’s employment hereunder, or solicit potential
customers who are or were identified through leads developed during the course of employment with
the Company, or otherwise divert or attempt to divert any existing business of the Company or any
of its affiliates; and

(C) the Executive shall not, directly for the Executive or any third party, solicit, induce,
recruit or cause another person in the employment of the Company or any of its affiliates to
terminate such employee’s employment for the purposes of joining, associating, or becoming employed
with any business or activity which is in competition with any services or products sold, or any
business or activity engaged in, by the Company or any of its affiliates.

5.2 The Executive agrees that he will not, while employed with the Company or at any time
thereafter for any reason, in any fashion, form or manner, either directly or indirectly, divulge,
disclose or communicate to any person, firm, corporation or other business entity, in any manner
whatsoever, any confidential information or trade secrets concerning the business of the Company,
including, without limiting the generality of the foregoing, any customer lists or other customer
identifying information, the techniques, methods or systems of the Company’s operation or
management, any information regarding its financial matters, or any other material information
concerning the business of the Company, its manner of operation, its plans or other material data.
The provisions of this Section 5.2 shall not apply to (i) information that is public knowledge
other than as a result of disclosure by the Executive in breach of this Section 5.2; (ii)
information disseminated by the Company to third parties in the ordinary course of business; (iii)
information lawfully received by the Executive from a third party who, based upon inquiry by the
Executive, is not bound by a confidential relationship to the Company, or (iv) information
disclosed under a requirement of law or as directed by applicable legal authority having
jurisdiction over the Executive.

5.3 The Executive agrees that he will not, while employed with the Company or at any time
thereafter for any reason, in any fashion, form or manner, either directly or indirectly, disparage
or criticize the Company, or otherwise speak of the Company, in any negative or unflattering way to
anyone with regard to any matters relating to the Executive’s employment by the Company or the
business or employment practices of the Company. The Company agrees that it will not, in any
fashion, form or manner, either directly or indirectly, disparage or criticize the Executive or
otherwise speak of the Executive in any negative or unflattering way to anyone with regard to any
matters relating to the Executive’s employment with the Company. This Section shall not operate as
a bar to (i) statements reasonably necessary to be made in any judicial, administrative or arbitral
proceeding, or (ii) internal communications between and among the employees of the Company with a
job-related need to know about this Agreement or matters related to the administration of this
Agreement.

5.4 The Executive understands that in the event of a violation of any provision of Section 5,
the Company shall have the right to (i) seek injunctive relief, in addition to any other existing
rights provided in this Agreement or by operation of law, without the requirement of posting bond
and (ii) stop making any future payments or providing benefits under this Agreement. The remedies
provided in this Section 5.4 shall be in addition to any legal or equitable remedies existing at
law or provided for in any other agreement between the Executive and the Company or any of its
affiliates, and shall not be construed as a limitation upon, or as an alternative or in lieu of,
any such remedies. If any provisions of Section 5 shall be determined by a court of competent
jurisdiction to be unenforceable in part by reason of it being too great a period of time or
covering too great a geographical area, it shall be in full force and effect as to that period of
time or geographical area determined to be reasonable by the court.

5.5 The Executive acknowledges that the provisions of Section 5 shall extend to any business
that becomes an affiliate of or successor to the Company or any of its affiliates on account of
such Change in Control.

 

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6. Requirement of Release. Notwithstanding anything in this Agreement to the
contrary, the Executive’s entitlement to any payments other than the Executive’s accrued but unpaid
base compensation and any accrued but unpaid or otherwise vested benefits under any benefit or
incentive plan determined at the time of the Executive’s termination of employment shall be
contingent upon the Executive having executed an effective release (i.e., no longer subject to
revocation) within sixty (60) days after the Date of Termination (or the date of the Change in
Control in the event of a Pre-Change in Control Termination) which shall completely release the
Company, its parent and affiliates and their respective officers, directors and employees
(collectively the “Released Parties” and individually a “Released Party”) and which
shall forever waive all claims of any nature that the Executive may have against any Released
Party, including without limitation all claims arising out of Executive’s employment within the
Company or the termination of that employment. If the Executive does not execute an effective
release within the time period prescribed above, the Company’s obligations to provide the benefits
described in Section 4.1(C) hereof shall cease immediately.

7. Termination Procedures.

7.1 Notice of Termination. After a Change in Control and during the term of this
Agreement, any purported termination of the Executive’s employment (other than by reason of death)
shall be communicated by written Notice of Termination from one party hereto to the other party
hereto in accordance with Section 11 hereof. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate whether the termination is for Cause,
without Cause, by reason of Disability, for Good Reason or otherwise and shall set forth in
reasonable detail the facts and circumstances claimed to provide the basis for termination of the
Executive’s employment; provided, that the failure of the Executive or the Company to set forth in
the Notice of Termination any particular facts or circumstances shall not waive any right of such
party or preclude such party from asserting such facts or circumstances in enforcing his or its
rights hereunder.

7.2 Date of Termination. “Date of Termination,” with respect to any purported
termination of the Executive’s employment after a Change in Control and during the term of this
Agreement, shall mean (i) if the Executive’s employment is terminated for Disability, thirty (30)
days after Notice of Termination is given (provided that the Executive shall not have returned to
the full-time performance of the Executive’s duties during such thirty (30) day period), and (ii)
if the Executive’s employment is terminated for any other reason, the date specified in the Notice
of Termination (which, in the case of a termination by the Company, shall not be less than thirty
(30) days (except in the case of a termination for Cause) and, in the case of a termination by the
Executive, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively,
from the date such Notice of Termination is given). “Date of Termination,” with respect to
any Pre-Change in Control Termination shall mean the date of such termination as reasonably
determined by the Company.

8. Acceleration of Certain Stock-Based Benefits.

8.1 If a Change in Control shall occur and concurrently therewith or during a period of
twenty-four (24) months thereafter the Executive’s employment terminates, in addition to any
payments and benefits to which the Executive is entitled under Section 3 or any other section
hereof, the Company shall accelerate certain stock-based benefits described in this Section 8 (the
“Acceleration”), unless such termination is (i) by the Company for Cause, (ii) by reason of death
or Disability, or (iii) by the Executive without Good Reason. The Executive will also receive the
Acceleration of these stock-based benefits in the event a Change in Control occurs, and either (i)
the Executive’s employment is terminated as described in this Section 8 or ii) the acquiring
entity does not assume, convert, exchange or continue such stock-based awards or benefits. The
Executive shall also be entitled to the Acceleration (and any payments and benefits under this
Section 8) if the Executive is terminated by the Company other than for Cause or Disability within
the six (6) month period immediately preceding a Change in Control and the Executive reasonably
demonstrates that such termination is otherwise in connection with or in anticipation of a Change
in Control that actually occurs during the term of the Agreement (a “Pre-Change in Control
Termination”).

(A) To the extent the Board has the discretion to do so under the applicable option agreement
or plan pursuant to which such option was granted, upon the occurrence of a Change in Control and
either (i) the termination of the Executive’s employment within twenty-four(24) months thereafter
or (ii) the

 

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acquiring entity does not assume, convert, exchange or continue such stock-based awards
or benefits or (iii) a Pre-Change in Control Termination, all unvested options with respect to the
Company’s stock held by the Executive at the time of such termination, the Date of Termination,
shall vest and become immediately exercisable and will be exercisable for a period ending on the
later of (i) the fifth anniversary of the Date of Termination, or in the event of a Pre-Change in
Control Termination, the fifth anniversary of the Change in Control or (ii) the last date that such
option otherwise would be exercisable under the terms of the option agreement or the plan pursuant
to which such option was granted; provided, that in no event shall any option be exercisable after
the expiration of the original term of such option. Unless both (i) the Company accelerates the
vesting of the Executive’s unvested options, as aforesaid, and (ii) the Executive’s options are
adjusted or substituted following such Change in Control and termination of the Executive’s
employment, pursuant to the terms of the options and relevant plan under which the options were
issued, the Company shall, within thirty (30) days following the Executive’s Date of Termination,
or in the event of a Pre-Change in Control Termination or if the acquiring entity does not assume,
convert, exchange or continue such stock-based awards or benefits , the date of the Change in
Control, make a lump sum cash payment to the Executive equal to the aggregate positive option
“spread” as of the Date of Termination, or in the event of a Pre-Change in Control Termination, the
date of the Change in Control and the Executive’s options shall be cancelled upon such cash
payment.

(B) To the extent the Board has the discretion to do so under the applicable award agreement
or plan pursuant to which such award was granted, upon the occurrence of a Change in Control and
either (i) the termination of the Executive’s employment within twenty-four(24) months thereafter
or (ii) the acquiring entity does not assume, convert, exchange or continue such stock-based awards
or benefits or (iii) a Pre-Change in Control Termination;(i) all unearned performance restricted
shares held by the Executive under such agreement or plan on the Date of Termination shall be
deemed to have been earned at the target level set forth in such agreement or plan for any
performance period not then completed and all earned but unvested performance restricted shares,
including those deemed to be earned pursuant to this sentence, shall immediately vest and (ii) all
unvested restricted stock awards shall immediately vest and, in each case, the restrictions on all
such shares shall lapse. If the Company cannot deem the Executive’s unearned performance restricted
shares earned, or accelerate the vesting of the Executive’s performance restricted shares or shares
of restricted stock, as aforesaid, the Company shall, within thirty (30) days following the Date of
Termination, or on the event of a Pre-Change in Control Termination or if the acquiring entity does
not assume, convert, exchange or continue such stock-based awards or benefits, the date of the
Change in Control, make a lump sum cash payment to the Executive in respect of such Executive’s
performance restricted shares or shares of restricted stock that have not been earned and/or fully
vested upon the occurrence of such Executive’s termination of employment in an amount equal to the
aggregate fair market value of such shares as of the date of the Date of Termination, or in the
event of a Pre-Change in Control Termination or if the acquiring entity does not assume, convert,
exchange or continue such stock-based awards or benefits, the date of the Change in Control,
without taking into account any restrictions thereon, and such performance restricted shares or
shares of restricted stock shall be cancelled upon such cash payment.

(C) To the extent the Board has the discretion to do so under the applicable restricted stock
units agreement or plan pursuant to which such restricted stock units were granted, upon the
occurrence of a Change in Control and either (i) the termination of the Executive’s employment
within twenty-four(24) months thereafter or (ii) the acquiring entity does not assume, convert,
exchange or continue such stock-based awards or benefits or (iii) a Pre-Change in Control
Termination; (i) all unearned performance restricted stock units held by the Executive under such
agreement or plan on the Date of Termination shall be deemed to have been earned at the target
level set forth in such agreement or plan for any performance period not then completed and all
earned but unvested performance restricted stock units, including those deemed to be earned
pursuant to this sentence, shall immediately vest, and (ii) all unvested restricted stock units
held by the Executive under such agreement or plan at the time shall immediately vest. If the
Company cannot accelerate the vesting of such restricted stock units, as aforesaid, except to the
extent such restricted stock units constitute “non-qualified deferred compensation” within the
meaning of Section 409A of the Code, the Company shall, within thirty (30) days following the
Executive’s Date of Termination, or in the event of a Pre-Change in Control Termination or if the
acquiring entity does not assume, convert, exchange or continue such stock-based awards or
benefits, the date of the
Change in Control, make a lump sum cash payment to the Executive in respect of such
Executive’s restricted stock units that have not been fully vested upon the occurrence of such
termination date in an amount equal to the aggregate fair market value of the shares underlying
the restricted

 

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stock units as of the date of the Executive’s termination date and such restricted
stock units shall be cancelled upon such cash payment.

9. No Mitigation. The Company agrees that, if the Executive’s employment with the
Company terminates during the term of this Agreement, the Executive shall not be required to seek
other employment or to attempt in any way to reduce any amounts payable to the Executive by the
Company pursuant to Section 4 hereof. Further, the amount of any payment or benefit provided for in
this Agreement (other than Section 4.1 (C) hereof) shall not be reduced by any compensation earned
by the Executive as the result of employment by another employer, by retirement benefits, by offset
against any amount claimed to be owed by the Executive to the Company, or otherwise.

10. Successors; Binding Agreement.

10.1 In addition to any obligations imposed by law upon any successor to the Company, the
Company shall require (i) any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company
(on a consolidated basis) and (ii) in the case of a disposition of all or substantially all of the
business or assets of the Company (on a consolidated basis) to more than one entity in a single
transaction or series of related transactions, the entity that will employ the Executive
immediately after such disposition (such successor or other entity in clause (i) or (ii), a
“Successor”) to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession or
disposition had taken place prior to the effectiveness of any such succession or disposition. If
such assumption and agreement is obtained prior to the effectiveness of any such succession or
disposition and the Executive accepts employment with the Successor, the Executive’s employment
shall not be treated as a termination of the Executive’s employment with the Company (unless
otherwise required in order to comply with the definition of “separation from service” as set forth
in Treas. Reg. § 1.409A-1(h) or any successor regulation thereto).

10.2 This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder (other than amounts which, by their terms, terminate upon the death of the
Executive) if the Executive had continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive’s estate.

11. Notices. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed, if to the Executive, to the address shown for the Executive in the personnel records of
the Company and, if to the Company, to the address set forth below, or to such other address as
either party may have furnished to the other in writing in accordance herewith, except that notice
of change of address shall be effective only upon actual receipt:

To the Company:

Armstrong World Industries, Inc.

P.O. Box 3001

Lancaster, Pennsylvania 17604

Attention: General Counsel

12. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any lack of compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. This Agreement supersedes any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which have been made by
any party. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the Commonwealth of

 

8

 

Pennsylvania. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor provisions to such
sections. Any payments provided for hereunder shall be paid net of any applicable withholding
required under federal, state or local law and any additional withholding to which the Executive
has agreed. The obligations of the Company and the Executive under Sections 4 and 5 hereof shall
survive the expiration of the term of this Agreement. [The Executive agrees that to the extent the
Executive is entitled to severance benefits under this Agreement, the Executive shall be deemed to
waive any rights to any benefits under the Company’s Severance Pay Plan for salaried employees or
any other severance benefits plan or arrangement of the Company.]2 This Agreement is not
intended by the parties hereto to constitute an employee benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended.

13. Validity. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

14. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

15. Settlement of Disputes; Arbitration. All claims by the Executive for benefits
under this Agreement shall be directed in writing to and determined by the Committee, which shall
give full consideration to the evidentiary standards set forth in this Agreement. Any denial by the
Committee of a claim for benefits under this Agreement shall be delivered to the Executive in
writing and shall set forth the specific reasons for the denial and the specific provisions of this
Agreement relied upon. The Committee shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to appeal to the
Committee a decision of the Committee within sixty (60) days after notification by the Committee
that the Executive’s claim has been denied. Any further dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in Lancaster County,
Pennsylvania in accordance with the rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

16. Definitions. For purposes of this Agreement, the following terms shall have the
meanings indicated below:

(A) “Accounting Firm” shall have the meaning stated in Section 4.2(B) hereof.

(B) “Anniversary Date” shall have the meaning stated in Section 2 hereof.

(C) “Board” shall mean the Board of Directors of the Company.

(D) “Cause” for termination by the Company of the Executive’s employment shall mean
(i) the deliberate and continued failure by the Executive to devote substantially all the
Executive’s business time and best efforts to the performance of the Executive’s duties after a
demand for substantial performance is delivered to the Executive by the Board which specifically
identifies the manner in which the Executive has not substantially performed such duties; (ii) the
deliberate engaging by the Executive in gross misconduct which is demonstrably and materially
injurious to the Company, monetarily or otherwise; or (iii) the Executive’s conviction of, or plea
of guilty or nolo contendere to, a felony or any criminal charge involving moral turpitude. For the
purposes of this Agreement, no act, or failure to act, on the part of the Executive shall be
considered “deliberate” unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that such action or omission was in the best interests of the Company.

(E) A “Change in Control” shall be deemed to have occurred if any of the following
shall have occurred after the Effective Date:

 

	 	 	 
	2	 	Section 409 analysis required on a case-by-case basis.

 

9

 

(i) at any time (x) any Person (other than a Person that is, at such time, a Permitted
Holder) is or becomes the Beneficial Owner of 30% or more of the Voting Power of the Company and
(y) no Person that is, at such time, a Permitted Holder Beneficially Owns as of such time, without
giving effect to the existence of any group other than a group that is itself a Permitted Holder, a
greater percentage of the Voting Power of the Company than the percentage of the Voting Power of
the Company Beneficially Owned by the Person referred to under clause (x) at such time;

(ii) during any period of 12 consecutive months, the following individuals cease for any
reason (other than the occurrence of an emergency or other condition or event described in Section
1509(a) of the Pennsylvania Business Corporation Law) to constitute at least a majority of the
Board: (A) individuals who at the beginning of such period were members of the Board and (B) any
new director whose appointment or election by the Board or nomination for election by the Company’s
shareholders was (x) approved by a vote of at least a majority of those directors then in office
who were directors at the beginning of such 12-month period or whose election or nomination for
election was previously approved in accordance with this clause (B), or (y) approved in writing by
TPG, the Trust or TPG and the Trust, provided that, at the time of such approval, such approving
party or parties Beneficially Owns, without giving effect to the existence of any group, 30% or
more of the Voting Power of the Company), but excluding for purposes of both clause (x) and (y) any
such new director who is initially proposed for office in an actual or threatened election contest
or other actual or threatened solicitation of proxies or consents by or on behalf of any Person
other than the Board, TPG or the Trust;

(iii) the consummation of (A) a merger or consolidation involving the Company, (B) a sale or
other disposition of all or substantially all of the assets of the Company (on a consolidated
basis), including a sale or disposition of all or substantially all of the assets of the Company
(on a consolidated basis) pursuant to a spin-off or split-up, or (C) any other substantially
similar transaction or series of related transactions involving the Company (each of the
transactions in clauses (A), (B) and (C), a “Corporate Transaction”), but excluding a
Non-Control Acquisition or a Spin-Off; or

(iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of
the Company.

Notwithstanding anything to the contrary in the foregoing, for purposes of clause (i) of
the definition of Change in Control, the following transactions shall not constitute a Change in
Control:

	 	(x)	 	any Person becomes the Beneficial Owner of 30% or more of the
Voting Power of the Company as a result of a reduction in the number of shares
of Common Stock pursuant to a transaction or series of transactions that is
approved by a majority of the Board, unless such Person thereafter becomes the
Beneficial Owner of additional shares of Common Stock representing 1% or more
of the Voting Power of the Company;
	 
	 	(y)	 	if a majority of the Board determines in good faith that a
Person has acquired Beneficial Ownership of 30% or more of the Voting Power of
the Company inadvertently and, no later than the date set by the Board such
Person divests a sufficient number of shares so that, after such divestiture,
such Person no longer Beneficially Owns 30% or more of the Voting Power of the
Company; or
	 
	 	(z)	 	any Person becomes the Beneficial Owner of 30% or more of the
Voting Power of the Company as a result of an issuance or sale of securities by
the Company or any of its Subsidiaries.

Notwithstanding anything to the contrary herein, solely for the purpose of determining the timing
of payment or timing of distribution of any compensation or benefit that constitutes “non-qualified
deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended, a Change in Control shall not be deemed to occur under this Agreement unless the events
that have occurred would also constitute a “Change in the
Ownership or Effective Control of a Corporation or in the Ownership of a Substantial Portion of the
Assets of a Corporation” under Treasury Department Final Regulation 1.409A-3(i)(5), or any
successor provision.

Other definitions used in the Change in Control definition

 

10

 

(E1) “Affiliate” shall mean with respect to any person or entity, any other
person or entity that, at any time that a determination is made hereunder, directly or
indirectly, controls, is controlled by, or is under common control with such first person or
entity. For the purpose of this definition, “control” shall mean, as to any person or
entity, the possession, directly or indirectly, of the power to elect or appoint a majority
of directors (or other persons acting in similar capacities) of such person or entity or
otherwise to direct or cause the direction of the management and policies of such person or
entity, whether through the ownership of voting securities, by contract or otherwise.

(E2) “Beneficial Owner”, “Beneficially Own” and “Beneficial
Ownership” shall have the meaning as set forth in Rules 13d-3 and 13d-5 promulgated
under the Exchange Act or any successor provision.

(E3) “Common Stock” shall mean the common stock of the Company.

(E4) “Group” or “group” shall have the meaning ascribed thereto in
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision.

(E5) “Non-Control Acquisition” shall mean a Corporate Transaction that is a
merger or consolidation involving the Company (or any other substantially similar
transaction or series of related transactions involving the Company) where:

(1) Persons who are the Beneficial Owners of the Voting Power of the Company
immediately prior to such Corporate Transaction will Beneficially Own, by reason of such
immediately prior Beneficial Ownership, immediately after such Corporate Transaction an
aggregate of more than 45% of the Voting Power of the surviving, resulting or acquiring
entity in such Corporate Transaction; and

(2) such Corporate Transaction shall not result in a Change in Control with respect to
the surviving, resulting or acquiring entity under clause (i) of the definition of “Change
in Control” (as if such definition and the definition of “Permitted Holder” referred to such
surviving, resulting or acquiring entity and taking into account the paragraph beginning
“Notwithstanding” immediately following clause (iv) of such definition); and

(3) individuals who were members of the Board immediately prior to such Corporate
Transaction constitute at least a majority of the members of the board of directors (or
similar governing body) of the Company or other surviving, resulting or acquiring entity in
such Corporate Transaction immediately after such Corporate Transaction.

(E6) “Permitted Holder” shall mean any of (a) the Trust, (b) TPG, (c) the
Company or any entity controlled by the Company, (d) any employee benefit plan (or related
trust) sponsored or maintained by the Company or by any entity controlled by the Company,
(e) any group of which any of the foregoing are members; provided, that, without giving
effect to the existence of such group or any other group, or giving effect to any agreements
between the Trust and/or TPG, on the one hand, and any other Person, on the other hand, the
Trust and TPG collectively Beneficially Own, a greater percentage of the Voting Power of the
Company than the percentage of such Voting Power collectively Beneficially Owned by all
other members of such group (together with their Affiliates), or (f) any member of any group
that is a Permitted Holder pursuant to clause (e) of this definition at the time of the
determination of whether such member is a Permitted Holder, and any of such member’s
Affiliates.

(E7) “Person” shall mean any individual, entity or group, including any
“person” or “group” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act, or any successor
provision.

(E8) “Shareholders’ Agreement” shall mean the Shareholders’ Agreement by and
between TPG and the Trust dated as of August 28, 2009, as it may be amended from time to
time.

 

11

 

(E9) “Spin-Off” shall mean a disposition of what the Board determines in good
faith, after consultation with its outside counsel, to be all or substantially all of the
assets of the Company (on a consolidated basis) pursuant to a spin-off, split-up or similar
transaction where Persons who are the Beneficial Owners of the Voting Power of the Company
immediately prior to such transaction will Beneficially Own, by reason of such immediately
prior Beneficial Ownership, an aggregate of more than 80% of the Voting Power of each of the
entities resulting from such transaction (including Armstrong World Industries, Inc.)
immediately after such transaction; provided, that, if another Corporate Transaction
involving any entity resulting from such transaction (including Armstrong World Industries,
Inc.) occurs in connection with a Spin-Off, such Corporate Transaction shall be analyzed
separately for purposes of determining whether a Change in Control has occurred with respect
to the entity resulting from such Spin-Off that employs the Executive immediately after such
Spin-Off (which may be Armstrong World Industries, Inc.).

(E10) “TPG” shall mean Armor TPG Holdings LLC and its Affiliates as of the time
of the relevant determination hereunder.

(E11) “Trust” shall mean the Armstrong World Industries, Inc. Asbestos Personal
Injury Settlement Trust and its Affiliates as of the time of the relevant determination
hereunder.

(E12) “Voting Power” shall mean, calculated at a particular point in time, the
aggregate votes represented by all the then outstanding securities of an entity then
entitled to vote generally in the election of directors of such entity (as applicable) but
excluding any votes which a Person shall have upon and by reason of the non-payment of
dividends on preferred shares in accordance with the terms of such preferred shares.

(F) “Change in Control Bonus” shall have the meaning stated in Section 4.1(A)(ii)
hereof.

(G) “Change in Control Salary” shall have the meaning stated in Section 4.1(A)(i)
hereof.

(H) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended from time to time.

(I) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

(J) “Committee” shall mean (i) the individuals (not fewer than three in number) who,
on the date six (6) months before a Change in Control, constitute the Management Development and
Compensation Committee of the Board (or its successor), plus (ii) in the event that fewer than
three individuals are available from the group specified in clause (i) above for any reason, such
individuals otherwise constituting members of the Board as may be appointed by the individual or
individuals so available (including for this purpose any individual or individuals previously so
appointed under this clause (ii)); provided, that, if after such appointments fewer than three
individuals constitute the Committee, then the Board shall appoint additional members of the
Committee so that the Committee shall have no fewer than three members, a majority of which
additional appointees, if available, shall be “independent directors” (as determined by the rules
or regulations of the principal stock exchange or market on which the Company’s common stock is
traded or, if the Company’s common stock is not listed or traded on such exchange, as defined under
the rules of the Nasdaq Stock Market).

(K) “Company” shall mean Armstrong World Industries, Inc., as hereinbefore defined, or
any Successor that has assumed this Agreement pursuant to Section 10.1 hereof.

(L) “Cut Back” shall have the meaning stated in Section 4.2(A) hereof.

(M) “Date of Termination” shall have the meaning stated in Section 7.2 hereof.

 

12

 

(N) “Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive’s
duties with the Company for a period of six (6) consecutive months, the Company shall have given
the Executive a Notice of Termination for Disability, and, within thirty (30) days after such
Notice of Termination is given, the Executive shall not have returned to the full-time performance
of the Executive’s duties.

(O) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from
time to time.

(P) “Excise Tax” shall have the meaning stated in Section 4.2(A) hereof.

(Q) “Good Reason” for termination by the Executive of the Executive’s employment shall
mean the occurrence (without the Executive’s express written consent), during the term of this
Agreement, of any one of the following acts by the Company, or failures by the Company to act:

(i) a material diminution in the Executive’s authority, duties, or responsibilities or the
assignment to Executive of duties or responsibilities that are materially inconsistent from those
in effect immediately prior to the Change in Control;

(ii) a reduction of ten percent (10%) or more by the Company in the Executive’s annual base
salary as in effect on the date hereof or as the same may be increased from time to time, except
for across-the-board salary reductions similarly affecting all senior executive officers of the
Company;

(iii) the failure by the Company to continue in effect any compensation plan in which the
Executive participates immediately prior to the Change in Control which is material to the
Executive’s total compensation, unless an equitable arrangement (embodied in an ongoing substitute
or alternative plan) has been made with respect to such plan, or the failure by the Company to
continue the Executive’s participation therein (or in such substitute or alternative plan) on a
basis not materially less favorable in terms of compensation opportunity (“materially less
favorable” shall be a reduction of ten percent (10%) or more in the compensation opportunity), as
existed immediately prior to the Change in Control, except for across-the-board compensation plan
reductions similarly affecting all senior executive officers of the Company;

(iv) the failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the Company’s retirement, life
insurance, medical, health and accident, or disability plans in which the Executive was
participating immediately prior to the Change in Control, the taking of any action by the Company
which would directly or indirectly materially reduce any of such benefits (a “material reduction”
shall be a reduction of ten percent (10%) or more in the value of the aggregate benefits), or
deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the
Change in Control except for (i) across-the-board benefit reductions similarly affecting all senior
executive officers of the Company or (ii) reduction or elimination of Executive’s annual
comprehensive “executive” physical examinations, financial planning or other perquisites;

(v) a material breach by the Company of its obligations under this Agreement; or

(vi) failure of the Company to obtain the assumption and agreement to perform this Agreement
by a Successor as provided in Section 10.1 hereof prior to the effectiveness of the succession or
disposition referred to in Section 10.1(i) or Section 10.1(ii), as applicable.

The Executive’s continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder.

The Executive’s right to terminate employment for Good Reason shall be subject to the
following conditions: (i) any amounts payable upon a Good Reason termination shall be paid only if
the Executive actually

 

13

 

terminates employment within one hundred and eighty (180) days following the
initial existence of the Good Reason condition and (ii) the amount, time and form of payment upon a
termination of employment for Good Reason shall be the same as the amount, time and form of payment
payable upon an involuntary termination without Cause. The Executive must also provide notice to
the Company of the Good Reason condition within ninety (90) days of the initial existence of such
condition and the Company must be given at least thirty (30) days to remedy such situation.

(R) “MAP” shall have the meaning stated in Section 4.1(B) hereof.

(S) “Notice of Termination” shall have the meaning stated in Section 7.1 hereof.

(T) “Payment” shall have the meaning stated in Section 4.2(A) hereof.

(U) “Person” shall have the meaning set forth in Section 16(E7).

(V) “Pre-Change in Control Termination” shall have the meaning stated in Section 4.1
hereof.

(W) “Released Parties” or “Released Party” shall have the meaning stated in
Section 6 hereof.

(X) “Severance Payments” shall mean those payments described in Section 4.1 hereof.

(Y) “Successor” shall have the meaning stated in Section 10.1 hereof.

IN WITNESS WHEREOF, Executive and the Company have executed this agreement as of the date and year
first written above.

	 	 	 	 	 
	 	ARMSTRONG WORLD INDUSTRIES, INC.

 	 
	 	/s/
 	 
	 	 	 
	 	 	 
	 
	 	EXECUTIVE

 	 
	 	/s/
 	 
	 	 	 
	 	 	 
	 

 

14exv10w1

Exhibit 10.1

FOURTH AMENDMENT TO

GLOBAL SENIOR CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO GLOBAL SENIOR CREDIT AGREEMENT (this “Amendment”) is entered into as
of June 30, 2010 among PROLOGIS, a Maryland real estate investment trust (“ProLogis”), the other
Loan Parties listed on the signature pages hereof, the undersigned Lenders, BANK OF AMERICA, N.A.,
as Global Administrative Agent, Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a
U.S. L/C Issuer, BANK OF AMERICA, N.A., acting through its Canada branch, as Canadian Funding Agent
and a Canadian L/C Issuer, THE ROYAL BANK OF SCOTLAND PLC (successor to ABN AMRO Bank N.V.), as a
Global Co-Syndication Agent, ABN AMRO BANK, N.V., as Euro Funding Agent, Euro Swing Line Lender,
and a Euro L/C Issuer, and SUMITOMO MITSUI BANKING CORPORATION, as a Global Co-Syndication Agent,
Yen Funding Agent, KRW Funding Agent, and a Yen L/C Issuer.

R E C I T A L S

	A.	 	ProLogis, various affiliates thereof, various lenders and various agents are parties to a
Global Senior Credit Agreement dated as of October 6, 2005 (as amended or otherwise modified
prior to the date hereof, the “Credit Agreement”).
	 
	B.	 	Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings
set forth in the Credit Agreement, as amended hereby.
	 
	C.	 	Borrowers and Credit Parties desire to amend certain provisions contained in the Credit
Agreement, in each case subject to the terms and conditions set forth herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

1. AMENDMENTS TO THE CREDIT AGREEMENT. The Credit Agreement is amended as set forth below in
this Section 1.

     (a) The definitions of “Adjusted EBITDA”, “Debt Service”, “Eligible Consolidated Subsidiary”,
“Equity Interests”, “Indebtedness”, “Interest Expense”, “Investment”, “NOI,” “Permitted Liens”,
“Total Asset Value”, “Unencumbered Debt Service,” “Unencumbered Debt Service Coverage Ratio” and
“Unencumbered NOI” are amended in their entirety to read as follows, respectively:

     “Adjusted EBITDA” means, for the Companies on a consolidated basis, net
earnings before Preferred Dividends, plus amounts that have been deducted, and minus amounts
that have been added for the following (without duplication):

     (a) Non-recurring losses (gains) from Dispositions of assets (excluding Dispositions to
any Property Fund and Dispositions to third parties in connection with the Companies’
development business);

     (b) Losses (gains) resulting from foreign currency exchange effects of settlement of
Indebtedness and mark-to-market adjustments associated with (i) intercompany Indebtedness
between ProLogis and any of its Consolidated Subsidiaries and Unconsolidated Affiliates,
(ii) third party Indebtedness of ProLogis and its Consolidated Subsidiaries, and (iii) Swap
Contracts (other than those entered into for purely speculative purposes);

ProLogis Global Fourth Amendment

 

 

     (c) Arrangement fees, amendment fees and costs incurred in connection with the
negotiation, documentation, and/or closing of this Agreement and any amendment, supplement
or other modification hereto;

     (d) Fees and costs incurred in connection with the negotiation, documentation, and/or
closing of each capital market offering, redemption of Indebtedness, business combination,
and consent solicitation;

     (e) Losses (gains) from early extinguishment of Indebtedness; and

     (f) Losses (earnings) attributable to Unconsolidated Affiliates;

plus Allowed Unconsolidated Affiliate Earnings, plus all amounts deducted in
calculating net earnings for Interest Expense (including cash and non-cash amounts),
provisions for taxes based on income (including deferred income taxes), provisions for
unrealized gains and losses, depreciation and amortization and the effect of any other
non-cash item minus the amount, if any, by which Allowed Unconsolidated Affiliate
Earnings exceed twenty-five percent (25%) of the total of all of the foregoing.
Notwithstanding the above, non-cash losses (gains) and any non-cash impairment of
Investments, intangible assets, including goodwill, or other assets shall be added back to
(in the case of write-downs, impairment charges, and losses) or deducted from (in the case
of gains) Adjusted EBITDA to the extent deducted (added) in the calculation of net earnings
or Adjusted EBITDA (but without duplication).

     “Debt Service” means, for any Person for any period, the sum of the
cash portion of Interest Expense (excluding, to the extent included therein, amortized fees
previously paid in cash) plus any regularly scheduled principal payments on
Indebtedness; provided that Debt Service shall not include Excluded Debt Service.

     “Eligible Consolidated Subsidiary” means a Consolidated Subsidiary (a) of which
at least ninety percent (90%) of all of the issued and outstanding voting and beneficial
Equity Interests are owned, directly or indirectly, by ProLogis free and clear of any Liens
(other than Permitted Liens) and (b) that has no Indebtedness other than (i) Designated
Senior Debt, (ii) Non-Recourse Debt, (iii) Indebtedness arising out of assessment bonds, and
(iv) Indebtedness (A) to ProLogis, (B) to a Subsidiary Guarantor, (C) to a Finance
Subsidiary, (D) that is pledged pursuant to Section 12.14, and/or (E) that is not
required to be pledged pursuant to Section 12.14 but is owed to another Eligible
Consolidated Subsidiary. For the avoidance of doubt, if two or more Persons would be
Eligible Consolidated Subsidiaries except that they have Indebtedness among themselves, the
existence of such Indebtedness shall not, in and of itself, disqualify any such Person from
being an Eligible Consolidated Subsidiary.

     “Equity Interests” means, with respect to any Person, all shares of capital
stock of (or other ownership or profit interests in) such Person, all warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of
(or other ownership or profit interests in) such Person, all securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such
Person, and all other ownership, beneficial or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, in each case
to the extent then outstanding; provided that the convertible senior notes of
ProLogis that are outstanding as of the Fourth Amendment Effective Date shall not constitute
Equity Interests unless such notes are converted into capital stock of ProLogis.

ProLogis Global Fourth Amendment

2

 

     “Indebtedness” means for any Person, without duplication, all monetary
obligations of such Person, excluding trade payables and accrued expenses (including
deferred tax liabilities except as expressly provided below) incurred in the ordinary course
of business or for which reserves in accordance with GAAP or otherwise reasonably acceptable
to Global Administrative Agent have been provided, (a) for borrowed money, (b) evidenced by
bonds, debentures, notes, or similar instruments, (c) to pay the deferred purchase price of
property or services except (i) obligations incurred in the ordinary course of business to
pay the purchase price of stock so long as such obligations are paid within customary
settlement terms, and (ii) obligations to purchase stock (other than stock of ProLogis or
any of its Consolidated Subsidiaries or Affiliates) pursuant to subscription or stock
purchase agreements in the ordinary course of business, (d) secured by a Lien existing on
any property of such Person, whether or not such obligation shall have been assumed by such
Person; provided that the amount of any Indebtedness under this clause (d)
that has not been assumed by such Person shall be equal to the lesser of the stated amount
of such Indebtedness or the fair market value of the property securing such Indebtedness,
(e) arising under Capital Leases to the extent included on a balance sheet of such Person,
(f) arising under Swap Contracts, excluding interest rate contracts entered into to hedge
Indebtedness, net of obligations owed to such Person under non-excluded Swap Contracts, (g)
arising under any Guarantee of such Person (other than (i) endorsements in the ordinary
course of business of negotiable instruments or documents for deposit or collection, (ii)
indemnification obligations and purchase price adjustments pursuant to acquisition
agreements entered into in the ordinary course of business and (iii) any Guarantee of
Liabilities of a third party that do not constitute Indebtedness), and (h) Settlement Debt.
The amount of any Indebtedness shall be determined without giving effect to any
mark-to-market increase or decrease resulting from the purchase accounting impact of
corporate or portfolio acquisitions or any mark-to-market remeasurement of the amount of any
Indebtedness denominated in a Foreign Currency. Indebtedness shall not include obligations
under any assessment, performance, bid or surety bond or any similar bonding obligation.

     “Interest Expense” means, for any Person for any period, without duplication,
(a) all interest expense on such Person’s Indebtedness (whether direct, indirect, or
contingent, and including interest on all convertible Liabilities), plus (b)
Restricted Payments of any kind or character with respect to, and other proceeds paid or
payable in respect of, any Disqualified Stock.

     “Investment” means any investment in any Person, Property, or other asset,
whether by means of stock, purchase, loan, advance, extension of credit, capital
contribution, or otherwise. The amount of any Investment shall be determined in accordance
with GAAP; provided that the amount of the Investment in any Property shall be
calculated based upon the undepreciated Investment in such Property.

     “NOI” means, for any period and any Property, the difference (if positive)
between (a) any rents, proceeds (other than proceeds from Dispositions), expense
reimbursements, or income received from such Property (but excluding security or other
deposits, late fees, early lease termination, or other penalties of a non-recurring nature),
less (b) all costs and expenses (including interest on assessment bonds) incurred as
a result of, or in connection with, the development, operation, or leasing of such Property
(but excluding depreciation, amortization, Interest Expense and Capital Expenditures and
other capitalized costs).

     “Permitted Liens” means (a) Liens granted to any Agent to secure the
Obligations, (b) pledges or deposits made to secure payment of worker’s compensation (or to
participate in any fund in connection with worker’s compensation insurance), unemployment
insurance,

ProLogis Global Fourth Amendment

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pensions, or social security programs, (c) encumbrances consisting of zoning restrictions,
easements, or other restrictions on the use of real property, provided that such
items do not materially impair the use of such property for the purposes intended and none
of which is violated in any material respect by existing or proposed structures or land use,
(d) Liens for taxes not yet due and payable or being contested in good faith by appropriate
proceedings diligently conducted, and for which reserves in accordance with GAAP or
otherwise reasonably acceptable to Global Administrative Agent have been provided, (e) Liens
imposed by mandatory provisions of law such as for materialmen’s, mechanic’s,
warehousemen’s, and other like Liens arising in the ordinary course of business, securing
payment of any Liability whose payment is not yet due, (f) Liens on Properties where the
applicable Company or Unconsolidated Affiliate is insured against such Liens by title
insurance or other similar arrangements satisfactory to Global Administrative Agent, (g)
Liens securing assessments or charges payable to a property owner association or similar
entity, which assessments are not yet due and payable or are being contested in good faith
by appropriate proceedings diligently conducted, and for which reserves in accordance with
GAAP or otherwise reasonably acceptable to Global Administrative Agent have been provided,
(h) Liens securing assessment bonds, (i) Liens granted to ProLogis or any Subsidiary
Guarantor by any other Company or any Unconsolidated Affiliate, (j) pledges of Equity
Interests granted to any Finance Subsidiary or to International Finance to secure
intercompany Indebtedness, (k) pledges of intercompany indebtedness granted by any Finance
Subsidiary to any other Finance Subsidiary or to International Finance, (l) leases to
tenants of space in Properties that are entered into in the ordinary course of business, (m)
any netting or set-off arrangement entered into by any Company in the normal course of its
banking arrangements for the purpose of netting debit and credit balances, or any set-off
arrangement which arises by operation of law as a result of any Company opening a bank
account, (n) any title transfer or retention of title arrangement entered into by any
Company in the normal course of its trading activities on the counterparty’s standard or
usual terms, (o) Liens over goods and documents of title to goods arising out of letter of
credit transactions entered into in the ordinary course of business, (p) Liens securing
Settlement Debt in an aggregate amount not at any time exceeding $250,000,000, (q) any Lien
which secures the Obligations and some or all of the Designated Senior Debt on a pari passu
basis, (r) Liens securing Indebtedness that has been pledged to Collateral Agent for the
benefit of all Designated Senior Debt, and (s) any Lien granted to any Company (other than
ProLogis or a Subsidiary Guarantor) by any other Company so long as the holder of such Lien
has agreed in writing that it will, upon the request of the Company granting such Lien,
subordinate such Lien (on terms reasonably satisfactory to Global Administrative Agent) to
any Lien of Global Administrative Agent on the relevant property.

     “Total Asset Value” means, as of any date for the Companies on a consolidated
basis, the total (without duplication) of the following:

     (a) the quotient of (A) the sum of the most recent fiscal quarter’s NOI from Stabilized
Industrial Properties multiplied by four (4), divided by (B) the applicable Capitalization
Rate; plus

     (b) the sum of (i) one hundred percent (100%) of the undepreciated book value of each
Transition Property for the first twelve (12) months following the date such Property became
a Transition Property, (ii) seventy-five percent (75%) of the undepreciated book value of
each Transition Property that has been a Transition Property for at least twelve (12) months
but less than twenty-four (24) months, and (iii) fifty percent (50%) of the undepreciated
book value of each Transition Property that has been a Transition Property for at least
twenty-four (24) months; plus

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     (c) the amount of all other Investments in Properties under construction, Retail
Properties, and Properties subject to a ground lease with a Person that is not an Affiliate
of ProLogis, as lessee, each on an undepreciated book basis; plus

     (d) the book value of raw land; plus

     (e) the book value of the Companies’ Investments in Unconsolidated Affiliates; plus

     (f) the product of (A) management fee income of the Companies for the most recent
fiscal quarter multiplied by (B) four, multiplied by (C) eight; plus

     (g) the value, if positive, of the Companies’ Swap Contracts, excluding interest rate
contracts entered into to hedge Indebtedness, net of obligations owing by the Companies
under non-excluded Swap Contracts, plus

     (h) to the extent not included in clauses (a) through (g) above, (i)
restricted funds that are held in escrow pending the completion of tax-deferred exchange
transactions involving operating Properties, (ii) infrastructure costs related to projects
that a Company is developing on behalf of others, (iii) costs incurred related to future
development projects, including purchase options on land, (iv) the corporate office
buildings of ProLogis and its Subsidiaries, and (v) earnest money deposits associated with
potential acquisitions; plus

     (i) Cash and Cash Equivalents; minus

     (j) the amount, if any, by which the amount in clause (e) above exceeds fifteen
percent (15%) of the sum of clauses (a) through (i) above.

     For the avoidance of doubt, with respect to each of clauses (b) through
(j) (other than clause (f)) above, impairments pursuant to GAAP shall be
included.

     “Unencumbered Debt Service” means, for any period, the total for such period of
all Debt Service in respect of all Unsecured Debt of the Companies.

     “Unencumbered Debt Service Coverage Ratio” means, as of the last day of any
fiscal quarter, the ratio of (a) Unencumbered NOI minus Unencumbered Capital
Expenditures to (b) Unencumbered Debt Service, in each case for the four (4) fiscal quarters
ending on the date of determination.

     “Unencumbered NOI” means, for any period, the total for such period of (a) the
NOI of all Unencumbered Properties of the Companies; provided that this clause
(a) shall not include any NOI that is subject to any Lien (other than Permitted Liens);
plus (b) the management fees of the Companies that are not subject to any Lien
(other than Permitted Liens) less related expenses; plus (c) Allowed Unconsolidated
Affiliate Earnings that are not subject to any Lien (other than Permitted Liens);
minus (d) the amount, if any, by which the sum of the amounts of clauses (b)
and (c) above exceeds forty percent (40%) of the sum of the amounts of clauses
(a), (b) and (c) above.

     (b) The following definitions are added to Section 1.1 in proper alphabetical
sequence:

     “Debt Ratio” has the meaning specified in Section 13.10.5.

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     “Fourth Amendment” means the Fourth Amendment to Global Senior Credit Agreement
dated as of June ___, 2010 among ProLogis, other Loan Parties, Global Administrative Agent,
the Funding Agents, and the Lenders party thereto.

     “Fourth Amendment Effective Date” means the date on which all conditions
precedent to the effectiveness of the Fourth Amendment have been satisfied or waived.

     “Qualified NOI” means, as of the last day of any fiscal quarter, the sum of (i)
the NOI of all Unencumbered Properties of ProLogis and (ii) the Companies’ Share of the NOI
of all Unencumbered Properties of the Eligible Consolidated Subsidiaries, in each case for
the four (4) fiscal quarters ending on the date of determination; provided that (a)
Qualified NOI shall not include any NOI that is subject to any Lien (other than Permitted
Liens), and (b) there shall be deducted from Qualified NOI amounts attributable to
Unencumbered Properties located outside the United States (“Foreign NOI”) so that
Foreign NOI does not exceed fifty-five percent (55%) of Qualified NOI.

     “Unencumbered Capital Expenditures” means, for any period, the total for such
period of the Capital Expenditures associated with all Unencumbered Properties of the
Companies (except for Unencumbered Properties where the tenant is responsible for capital
expenditures).

     (c) The definitions of “Unencumbered Pool Asset Value” and “Unencumbered Pool Properties” are
deleted from Section 1.1.

     (d) Section 8.2 is amended by (i) changing the caption thereof to read in its entirety
as follows: “Termination or Reduction of Commitments and Removal of a Borrower; Changes to Extended
Commitments”; (ii) designating the existing text thereof as Section 8.2.1 with the caption
“Termination or Reduction; Removal.” (and changing all references in the Credit Agreement
or any other Loan Document to “Section 8.2” of the Credit Agreement to be references to
“Section 8.2.1” of the Credit Agreement); and (iii) adding the following new Section
8.2.2 in proper numerical sequence:

     8.2.2 Changes to Extended Commitments.

     Notwithstanding any other provision of this Agreement, unless otherwise specified in
writing by ProLogis in the notice of reduction of the Aggregate Tranche Commitment under a
Tranche pursuant to Section 8.2.1, no reduction of the Aggregate Tranche Commitment
under the U.S. Tranche, the Euro Tranche or the Yen Tranche after the Third Amendment
Effective Date and prior to the Initial Maturity Date shall reduce the Extended Commitment
of any Lender under such Tranche. In furtherance of the foregoing, (a) each Lender with an
Extended Commitment under any Tranche agrees that, unless otherwise specified by ProLogis in
a reduction notice referred to above, no reduction of the Aggregate Tranche Commitment under
such Tranche after the Third Amendment Effective Date and prior to the Initial Maturity Date
shall reduce the Extended Commitment of such Lender under such Tranche; (b) ProLogis and
each Lender with an Extended Commitment agree that if a reduction of the Aggregate Tranche
Commitment under a Tranche results in the Extended Commitment of such Lender under such
Tranche exceeding the Initial Commitment of such Lender under such Tranche, then (i) such
excess shall not be available hereunder until the Initial Maturity Date and (ii) such excess
shall be available on and after the Initial Maturity Date, subject to (x) any reduction
thereof due to a reduction in the applicable Aggregate Tranche Commitment (I) after the
Third Amendment Effective Date and prior to the Initial Maturity Date that ProLogis
specified was to reduce the applicable Extended Commitments or (II) on or after the Initial
Maturity Date, (y) any assignment by such Lender in accordance with the terms hereof and (z)
termination of the Commitments pursuant to

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Section 14.2; and (c) ProLogis agrees that prior to the Initial Maturity Date, each of
the facility fee and the additional facility fee payable pursuant to Section
8.5.1(a) and Section 8.5.1(b), respectively, to a Lender with an Extended
Commitment under a Tranche that is greater than such Lender’s Initial Commitment under such
Tranche shall be calculated based upon the amount of such Lender’s Extended Commitment under
such Tranche even though a portion thereof may not be currently available.

     (e) Section 11.19 is deleted.

     (f) Clause (b) of Section 12.2 is amended in its entirety to read as follows:

     (b) concurrently with the delivery of each set of financial statements referred to in
Sections 12.1(a) and (b), a duly completed Compliance Certificate signed by
a Responsible Officer of ProLogis;

     (g) Section 12.14 is amended in its entirety to read as follows:

     12.14 Collateral.

     Within thirty days (30) after the end of each fiscal quarter during the term of this
Agreement, ProLogis shall cause each Borrower (other than International Finance and any
Finance Subsidiary) to grant to Collateral Agent, for the benefit of all Designated Senior
Debt, on a pari passu basis, a first-priority Lien in all Indebtedness (a) in excess of
$10,000,000 payable to such Borrower by each Consolidated Subsidiary that does not Guarantee
all of the Obligations and (b) in excess of $25,000,000 payable to such Borrower by each
Unconsolidated Affiliate (and its Consolidated Subsidiaries), in each case except to the
extent that the granting of such Lien (x) is not permitted by applicable Laws or (y) would
result in material adverse tax consequences to ProLogis, any Company or any Unconsolidated
Affiliate; provided that, except for PLD Europe Finance B.V., ProLogis U.K. Funding
B.V. and ProLogis U.K. Funding II B.V. (in each case to the extent such Company is required
to grant a Lien pursuant to the foregoing provisions of this Section 12.14), no
Borrower that is organized under the Laws of the United Kingdom or a Participating Member
State shall be required to grant any Lien to Collateral Agent pursuant to this Section
12.14.

     (h) Section 13.5 is amended in its entirety to read as follows:

     13.5 Restricted Payments. ProLogis shall not, and shall not permit any other Company
to, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, if a Default exists or would result therefrom, except
that:

     (a) any Consolidated Subsidiary may at any time make Restricted Payments to ProLogis or
another Consolidated Subsidiary;

     (b) any Company may at any time declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such
Person;

     (c) any Company may at any time purchase, redeem or otherwise acquire Equity Interests
issued by it with the proceeds received from the substantially concurrent issue of new
shares of its common stock or other common Equity Interests;

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     (d) ProLogis may at any time pay cash dividends and make other cash distributions to
the holders of its Equity Interests in an amount not to exceed in the aggregate the greater
of (i) ninety-five percent (95%) of the aggregate, cumulative “Funds from Operations”
(excluding non-cash impairment charges, write-downs, or losses) of ProLogis as reported to
its shareholders in either the annual report of ProLogis filed by or on behalf of ProLogis
with the SEC on a Form 10-K or the quarterly investment package prepared for the holders of
its Equity Interests after December 31, 2008, and (ii) the amount of Restricted Payments
required to be paid by ProLogis in order for ProLogis to eliminate its REIT taxable income
and/or to maintain its status as a REIT; and

     (e) any Company may at any time make non-cash Restricted Payments in connection with
employee and trustee stock option plans or similar employee or trustee incentive
arrangements.

     (i) Clauses (a) and (b) of Section 13.8 are amended in their entirety
to read as follows:

     (a) ProLogis shall not, and shall not permit any other Company to, grant a Lien (other
than Permitted Liens) to any Person on (i) any Property with Unencumbered NOI that is used
in the calculation of Unencumbered Debt Service Coverage Ratio or the Debt Ratio or (ii) the
Equity Interests of any Company (other than ProLogis) if the Unencumbered NOI of such
Company is used in the calculation of Unencumbered Debt Service Coverage Ratio or the Debt
Ratio.

     (b) ProLogis shall not, and shall not permit any other Company to, enter into any
negative pledge or other agreement with any other Person such that ProLogis or any Company
that is an Affiliate Borrower, a Subsidiary Guarantor or an Eligible Consolidated Subsidiary
shall be prohibited from granting to Global Administrative Agent, for the benefit of the
Credit Parties, a first-priority Lien in (i) Property with Unencumbered NOI that is used in
the calculation of Unencumbered Debt Service Coverage Ratio or the Debt Ratio, or (ii) the
Equity Interests of any Company (other than ProLogis) if the Unencumbered NOI of such
Company is used in the calculation of Unencumbered Debt Service Coverage Ratio or the Debt
Ratio; provided that the foregoing shall not apply to restrictions in any Designated
Senior Debt that require that any Liens on any property, assets, or revenues of any Company
secure such Designated Senior Debt on a pari passu basis. Nothing herein should be
construed as creating a Lien.

     (j) Section 13.10 is amended by (i) amending Section 13.10.2 in its entirety
to read as follows:

     13.10.2 Consolidated Leverage Ratio. ProLogis shall not permit the
Consolidated Leverage Ratio, as of the last day of any fiscal quarter, to be greater than
the Maximum Leverage Ratio.

and (ii) adding the following Section 13.10.5 to the end of such section:

     13.10.5 Debt Ratio. ProLogis shall not permit the following ratio (expressed
as a percentage), as of the last day of any fiscal quarter, to be less than fourteen percent
(14%): (a) Qualified NOI as of the last day of the most recent fiscal quarter then ended, to
(b) the sum (without duplication) of the following: (i) the Dollar Equivalent of the Total
Global Outstandings; plus (ii) all Settlement Debt; plus (iii) the amount of
any assessment bonds secured by Liens on any Unencumbered Property of ProLogis or any
Eligible Consolidated Subsidiary to the extent the applicable Company is in material default
under the terms thereof; plus (iv) the Dollar

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Equivalent amount of any other Indebtedness of ProLogis (excluding (A) intercompany
Indebtedness and (B) Non-Recourse Debt and obligations related thereto) maturing within one
(1) year after the applicable date of determination. ProLogis agrees that it shall not
cause any Indebtedness to cease to constitute Designated Senior Debt if doing so would cause
ProLogis to be in violation of this Section 13.10.5 on a pro forma basis without the
prior written consent of the Global Administrative Agent.

     (k) Section 13.11 is amended in its entirety to read as follows:

     13.11 [Reserved.]

     (l) Schedule 1.1-2 is deleted and Schedule 1.1-1 is renumbered to be
Schedule 1.1.

     (m) In furtherance of Section 5 of this Amendment, Schedule 2.1-1 is replaced
by Schedule 2.1-1 hereto.

     (n) Exhibit C is replaced by Exhibit C hereto.

2. RATIFICATIONS. Each Borrower (including ProLogis in its capacities as a Guarantor under the
Parent Guaranty and a Pledgor under the Pledge Agreement executed by ProLogis and each other
Borrower in its capacity as a Pledgor under the Pledge Agreement executed by such Borrower) (a)
ratifies and confirms all provisions of the Loan Documents to which it is a party as amended by
this Amendment and (b) confirms that no guaranty or Lien granted, conveyed, or assigned by such
Borrower to any of the Credit Parties under the Loan Documents is released, reduced, or otherwise
adversely affected by this Amendment and that each such guaranty or Lien continues to guarantee and
secure full payment and performance of the present and future Obligations of Borrowers as set forth
under the Loan Documents.

3. REPRESENTATIONS.

     Each Borrower represents and warrants to the Credit Parties that as of the date of this
Amendment: (a) this Amendment has been duly authorized, executed, and delivered by such Borrower;
(b) no action of, or filing with, any Governmental Authority is required to authorize, or is
otherwise required in connection with, the execution, delivery, and performance by such Borrower of
this Amendment; (c) the Loan Documents to which such Borrower is a party, as amended by this
Amendment, are valid and binding upon such Borrower and are enforceable against such Borrower in
accordance with their respective terms, except as limited by Debtor Relief Laws and general
principles of equity; (d) the execution, delivery, and performance by such Borrower of this
Amendment do not require the consent of any other Person and do not and will not constitute a
violation of any Law, order of any Governmental Authority, or material agreement to which such
Borrower is a party or by which such Borrower is bound; (e) all representations and warranties of
such Borrower in the Loan Documents to which such Borrower is a party, as amended by this
Amendment, are true and correct in all material respects on and as of the date of this Amendment,
except to the extent that (i) any of them speaks to a different specific date or (ii) the facts on
which any of them was based have been changed by transactions contemplated or permitted by the
Credit Agreement; and (f) both before and after giving effect to this Amendment, no Default exists.

4. CONDITIONS. This Amendment shall be effective on the date (the “Amendment Effective Date”) on
which each of the following conditions is satisfied:

     (a) this Amendment is executed by each Borrower, Global Administrative Agent, the Required
Lenders and Lenders that hold more than fifty percent (50%) of the Dollar Equivalent of the
aggregate Extended Commitments;

ProLogis Global Fourth Amendment

9

 

     (b) each Subsidiary Guarantor executes a ratification and confirmation in form and substance
reasonably acceptable to Global Administrative Agent;

     (c) the representations and warranties in this Amendment are true and correct in all material
respects on and as of the date of this Amendment, except to the extent that (i) any of them speaks
to a different specific date, or (ii) the facts on which any of them was based have been changed by
transactions contemplated or permitted by the Credit Agreement;

     (d) there shall not have been any event or circumstance since the date of the Audited
Financial Statements that has had or would be reasonably expected to have, either individually or
in the aggregate, a Material Adverse Effect;

     (e) all fees required to be paid on or before the Amendment Effective Date shall have been
paid; and

     (f) both before and after giving effect to this Amendment, no Default exists.

5. TERMINATION, REDUCTION AND REALLOCATION OF TRANCHE COMMITMENTS.

     On the Amendment Effective Date, (a) the KRW Aggregate Commitments and the Canadian Aggregate
Commitments shall terminate; (b) the Euro Aggregate Commitments shall be reduced by EUR370,000,000
(and the Euro Commitment of each Euro Lender shall be reduced by its Applicable Tranche Percentage
of such amount); and (c) the Yen Aggregate Commitments shall be reduced by ¥61,000,000,000 (and the
Yen Commitment of each Yen Lender shall be reduced by its Applicable Tranche Percentage of such
amount).

6. CONTINUED EFFECT. Except to the extent amended hereby, all terms, provisions, and conditions
of the Credit Agreement and the other Loan Documents, and all documents executed in connection
therewith, shall continue in full force and effect and shall remain enforceable and binding in
accordance with their respective terms, subject to Debtor Relief Laws and general principles of
equity. Upon the effectiveness hereof, all references in the Loan Documents to the “Credit
Agreement” or similar terms shall be references to the Credit Agreement as amended by this
Amendment.

7. MISCELLANEOUS. Unless stated otherwise (a) the singular number includes the plural and vice
versa and words of any gender include each other gender, in each case, as appropriate, (b) headings
and captions may not be construed in interpreting provisions, (c) this Amendment shall be construed
— and its performance enforced — under New York law, (d) if any part of this Amendment is for any
reason found to be unenforceable, all other portions of it nevertheless remain enforceable, and (e)
this Amendment may be executed in any number of counterparts with the same effect as if all
signatories had signed the same document, and all of those counterparts must be construed together
to constitute the same document. A signature page hereto delivered by facsimile or electronic mail
shall be effective as delivery of a manually-signed counterpart hereof.

8. PARTIES. This Amendment binds and inures to the benefit of the parties hereto and their
respective successors and permitted assigns.

9. ENTIRETIES. The Credit Agreement and the other Loan Documents, as amended by this Amendment,
represent the final agreement among the parties about the subject matter of the Credit Agreement
and the other Loan Documents and may not be contradicted by evidence of prior, contemporaneous, or
subsequent oral agreements of the parties. There are no unwritten oral agreements between the
parties.

ProLogis Global Fourth Amendment

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[Remainder of Page Intentionally Left Blank;

Signature Pages Follow.]

ProLogis Global Fourth Amendment

11

 

U.S. TRANCHE BORROWER SIGNATURES

PROLOGIS,

a Maryland real estate investment trust

PLD INTERNATIONAL INCORPORATED,

a Delaware corporation

PLD INTERNATIONAL FINANCE LLC,

a Delaware limited liability company

PROLOGIS JAPAN FINANCE INCORPORATED,

a Delaware corporation

PROLOGIS CANADA INVESTMENT 11 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 12 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 13 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 14 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 15 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 16 TRUST,

a Maryland business trust

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

PROLOGIS LOGISTICS SERVICES

INCORPORATED,

a Delaware corporation

PROLOGIS FINANCE LLC,

a Delaware limited liability company,

by ProLogis, its managing member

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ Phillip D. Joseph, Jr.
 	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

U.S. TRANCHE BORROWER SIGNATURES (CONT’D)

PROLOGIS FINANCE-PALMTREE LLC,

a Delaware limited liability company,

by ProLogis, its managing member

PLD CANADIAN FUNDING US LLC,

a Delaware limited liability company,

by PLD International Finance LLC, its sole member

	 	 	 	 	 
	 	 	 
	 	By:  	                   /s/ Phillip D. Joseph, Jr.
 	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

PLD EUROPE FINANCE B.V.,

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

a Netherlands private company with limited liability

PROLOGIS UK FUNDING II B.V.,

a Netherlands private company with limited liability

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ Peter Ruijgrok
 	 
	 	 	Name:  	ProLogis Directorship II B.V. 
In turn represented by Peter Ruijgrok	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

EURO TRANCHE BORROWER SIGNATURES

PLD EUROPE FINANCE B.V.,

a Netherlands private company with limited liability

PLD EUROPE FINANCE II B.V.,

a Netherlands private company with limited liability

PROLOGIS UK FUNDING II B.V.,

a Netherlands private company with limited liability

PROLOGIS UK FUNDING III B.V.,

a Netherlands private company with limited liability

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ Peter Ruijgrok
 	 
	 	 	Name:  	ProLogis Directorship II B.V. 	 
	 	 	 	In turn represented by Peter Ruijgrok
	 
	 	 	Title:  	
Managing Director 	 
	 

	 	 	 	 	 
	 	PROLOGIS,

a Maryland real estate investment trust

PLD INTERNATIONAL INCORPORATED,

a Delaware corporation

PLD INTERNATIONAL FINANCE LLC,

a Delaware limited liability company

PROLOGIS JAPAN FINANCE INCORPORATED,

a Delaware corporation

 	 
	 	 	 
	 	 	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

	 	 	 	 	 
	 	 	 
	 	By:  	                   /s/ Phillip D. Joseph, Jr.
 	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

YEN TRANCHE BORROWER SIGNATURES

MAISHIMA THREE SPECIAL PURPOSE

COMPANY, a Japanese company

NARASHINO THREE SPECIAL PURPOSE

COMPANY, a Japanese company

NARITA THREE SPECIAL PURPOSE COMPANY,

a Japanese company

PROLOGIS MISATO SPECIAL PURPOSE

COMPANY, a Japanese company

PROLOGIS TOKONAME SPECIAL PURPOSE

COMPANY, a Japanese company

ICHIKAWA ONE SPECIAL PURPOSE COMPANY,

a Japanese company

TAKATSUKI TWO SPECIAL PURPOSE COMPANY,

a Japanese company

IWANUMA ONE SPECIAL PURPOSE COMPANY,

a Japanese company

ZAMA ONE SPECIAL PURPOSE COMPANY, a

Japanese company

KITA NAGOYA SPECIAL PURPOSE COMPANY,

a Japanese company

ICHIKAWA TWO SPECIAL PURPOSE COMPANY,

a Japanese company

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

	 	 	 	 	 
	 	 	 
	 	By:  	                /s/ Kazuhiro Tsutsumi
 	 
	 	 	Name:  	Kazuhiro Tsutsumi 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

YEN TRANCHE BORROWER SIGNATURES (CONT’D)

	 	 	 	 	 
	 	PROLOGIS TOKYO FINANCE INVESTMENT LIMITED PARTNERSHIP, 

a Japanese company,

by ProLogis Tokyo Finance LLC

PROLOGIS,

a Maryland real estate investment trust

PROLOGIS JAPAN FINANCE INCORPORATED,

a Delaware corporation

PLD INTERNATIONAL INCORPORATED,

a Delaware corporation

 	 
	 	By:  	/s/ Phillip D. Joseph, Jr.
 	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 
	 	PLD EUROPE FINANCE B.V.,

a Netherlands private company with limited liability

PROLOGIS UK FUNDING II B.V.,

a Netherlands private company with limited liability

 	 
	 	By:  	/s/ Peter Ruijgrok
 	 
	 	 	Name:  	ProLogis Directorship II B.V. 	 
	 	 	 	In turn represented by Peter Ruijgrok
	 
	 	 	Title:  	
Managing Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

KRW TRANCHE BORROWER SIGNATURES

	 	 	 	 	 

	 

	 	PLD ANSUNG LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD ASAN LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD BAEKAM LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD CHEONAN LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD DEOKPYUNG LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD DEOKPYUNG 2 LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD GONJIAM LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD INCHEON LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD NAMYANGJU LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD OJUNG LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD OKCHEON LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 
	 
	 	 	 	 
	 

	 	PLD YONGIN LLC,
	 	SEAL
	 

	 	a Korean limited liability company	 	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

	 	 	 	 	 
	 	PROLOGIS KOREAN MANAGEMENT LLC, SEAL

a Korean limited liability company

 	 
	 	By:  	/s/ Sunwoo Nam
 	 
	 	 	Name:  	Sunwoo Nam, on behalf of all entities listed above	 
	 	 	Title:  	
Managing Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

                              CANADIAN TRANCHE BORROWER SIGNATURES

PROLOGIS CANADA INVESTMENT 3 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 6 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 8 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 9 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 10 TRUST,

a Maryland business trust,

PROLOGIS CANADA INVESTMENT 11 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 12 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 13 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 14 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 15 TRUST,

a Maryland business trust

PROLOGIS CANADA INVESTMENT 16 TRUST,

ProLogis Global Fourth Amendment

 

 

a Maryland business trust

PROLOGIS FINANCE LLC,

a Delaware limited liability company,

by ProLogis, its managing member

PROLOGIS FINANCE-PALMTREE LLC,

a Delaware limited liability company,

by ProLogis, its managing member

                              CANADIAN TRANCHE BORROWER SIGNATURES (CONT’D)

	 	 	 	 	 
	 	PLD CANADIAN FUNDING US LLC,

a Delaware limited liability company,

by PLD International Finance LLC, its sole member

 	 
	 	By:  	/s/ Phillip D. Joseph, Jr.
 	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

	 	 	 	 	 
	 	AGENT:

BANK OF AMERICA, N.A.,

as Global Administrative Agent

 	 
	 	By:  	/s/ Will T. Bowers, Jr.
 	 
	 	 	Will T. Bowers, Jr., Senior Vice President 	 
	 	 	 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A.,

as a U.S. Lender and a Euro Lender

BANK OF AMERICA, N.A., TOKYO BRANCH,

as a Yen Lender

BANK OF AMERICA, N.A., SEOUL BRANCH,

as a KRW Lender

 	 
	 	By:  	/s/ Will T. Bowers, Jr.
 	 
	 	 	Will T. Bowers, Jr., Senior Vice President 	 
	 	 	 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BANK OF CHINA, NEW YORK BRANCH,

as a U.S. Lender

 	 
	 	By:  	/s/ William W. Smith
 	 
	 	 	Name:  	William W. Smith 	 
	 	 	Title:  	Deputy General Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA,

as a U.S. Lender

 	 
	 	By:  	/s/ Jed Richardson
 	 
	 	 	Name:  	Jed Richardson 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BANQUE LBLUX S.A.,

as a U.S. Lender

 	 
	 	By:  	/s/ Redwan Talbi
 	 
	 	 	Name:  	Redwan Talbi 	 
	 	 	Title:  	Head of Real Estate & Structured Finance 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                 /s/ Steffen Kschischenk
 	 
	 	 	Name:  	Steffen Kschischenk 	 
	 	 	Title:  	Credit Analyst 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as a U.S. Lender

 	 
	 	By:  	/s/ Naom Azachi
 	 
	 	 	Name:  	Naom Azachi 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

as a U.S. Lender

 	 
	 	By:  	/s/ John A Wain
 	 
	 	 	Name:  	John A Wain 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                  /s/ Daniel J. Reddy
 	 
	 	 	Name:  	Daniel J. Reddy 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

as a U.S. Lender

 	 
	 	By:  	/s/ John Rowland
 	 
	 	 	Name:  	John Rowland 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	DEUTSCHE BANK, AG, NEW YORK BRANCH,

as a U.S. Lender

 	 
	 	By:  	/s/ J.T. Johnston Coe
 	 
	 	 	Name:  	J.T. Johnston Coe 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                  /s/ Joanna Soliman
 	 
	 	 	Name:  	Joanna Soliman 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	E. SUN COMMERCIAL BANK, LTD.,

LOS ANGELES BRANCH,

as a U.S. Lender

 	 
	 	By:  	/s/ Benjamin Lin
 	 
	 	 	Name:  	Benjamin Lin 	 
	 	 	Title:  	EVP & GM 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	GOLDMAN SACHS BANK USA,

as a U.S. Lender

 	 
	 	By:  	/s/ John Makrinos
 	 
	 	 	Name:  	John Makrinos 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND,

as a U.S. Lender

 	 
	 	By:  	/s/ Conor Lineman
 	 
	 	 	Name:  	Conor Lineman 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                 /s/ Robert D. Gominiak
 	 
	 	 	Name:  	Robert D. Gominiak 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	ING REAL ESTATE FINANCE (USA) LLC,

as a U.S. Lender

 	 
	 	By:  	/s/ R. William Knickerbocker
 	 
	 	 	Name:  	R. William Knickerbocker 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ Elizabeth M. Whitworth
 	 
	 	 	Name:  	Elizabeth M. Whitworth 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a U.S. Lender

 	 
	 	By:  	/s/ Kimberly Turner
 	 
	 	 	Name:  	Kimberly Turner 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	MORGAN STANLEY BANK, N.A.,

as a U.S. Lender

 	 
	 	By:  	/s/ Ryan Vetsch
 	 
	 	 	Name:  	Ryan Vetsch 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING INC.,

as a U.S. Lender

 	 
	 	By:  	/s/ Ryan Vetsch
 	 
	 	 	Name:  	Ryan Vetsch 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as a U.S. Lender

 	 
	 	By:  	/s/ Stewart Whitman
 	 
	 	 	Name:  	Stewart Whitman 	 
	 	 	Title:  	MD 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

as a U.S. Lender

 	 
	 	By:  	/s/ William G. Karl
 	 
	 	 	Name:  	William G. Karl 	 
	 	 	Title:  	General Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

successor-by-merger to

Wachovia Bank, N.A.,

as a U.S. Lender

 	 
	 	By:  	/s/ Allison Gallagher
 	 
	 	 	Name:  	Allison Gallagher 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	LENDERS:	 
	 
	 	THE ROYAL BANK OF SCOTLAND N.V.,

CANADA BRANCH,

as a Canadian Lender

 	 
	 	By:  	/s/ Francois Bienvenue
 	 
	 	 	Name:  	Francois Bienvenue 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                 /s/ Michel Hylands
 	 
	 	 	Name:  	Michel Hylands 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., acting through its 

Canada branch,

as a Canadian Lender

 	 
	 	By:  	/s/ Medina Sales De Andrade
 	 
	 	 	Medina Sales De Andrade, Assistant Vice 	 
	 	 	President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA,

as a Canadian Lender

 	 
	 	By:  	/s/ Jed Richardson
 	 
	 	 	Name:  	Jed Richardson 	 
	 	 	Title:  	Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

	 	 	 	 	 
	 	CITIBANK, N.A., CANADIAN BRANCH,

as a Canadian Lender

 	 
	 	By:  	/s/ Niyousha Zaninpour
 	 
	 	 	Name:  	Niyousha Zaninpour 	 
	 	 	Title:  	Authorized Signer 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	DEUTSCHE BANK AG, CANADA BRANCH,

as a Canadian Lender

 	 
	 	By:  	/s/ Rupert Gomes
 	 
	 	 	Name:  	Rupert Gomes 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	               /s/ Marcellus Leung
 	 
	 	 	Name:  	Marcellus Leung 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Canadian Lender

 	 
	 	By:  	/s/ Kimberly Turner
 	 
	 	 	Name:  	Kimberly Turner 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING,

(NOVA SCOTIA) CO.,

as a Canadian Lender

 	 
	 	By:  	/s/ Melissa James
 	 
	 	 	Name:  	Melissa James 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	UBS AG CANADA BRANCH,

as a Canadian Lender

 	 
	 	By:  	/s/ Irja Otsa
 	 
	 	 	Name:  	Irja Otsa 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	                  /s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

as a Canadian Lender

 	 
	 	By:  	/s/ Alfred Lee
 	 
	 	 	Name:  	Alfred Lee 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	LENDERS:

SCOTIABANK EUROPE PLC,

as a Euro Lender

 	 
	 	By:  	/s/ John O’Connor
 	 
	 	 	Name:  	John O’Connor 	 
	 	 	Title:  	Head of Credit Administration 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BANQUE LBLUX S.A.,

as a Euro Lender

 	 
	 	By:  	/s/ Redwan Talbi
 	 
	 	 	Name:  	Redwan Talbi 	 
	 	 	Title:  	Head of Real Estate & Structured Finance 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                 /s/ Steffen Kschischenk
 	 
	 	 	Name:  	Steffen Kschischenk 	 
	 	 	Title:  	Credit Analyst 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	BARCLAYS BANK PLC,

as a Euro Lender

 	 
	 	By:  	/s/ Naom Azachi
 	 
	 	 	Name:  	Naom Azachi 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND 
INVESTMENT BANK,

as a Euro Lender

 	 
	 	By:  	/s/ Jean Delamalle
 	 
	 	 	Name:  	Jean Delamalle 	 
	 	 	Title:  	Senior Banker 	 
	 
	 	 	 
	 	By:  	/s/ Alexandre Nedjar
 	 
	 	 	Name:  	Alexandre Nedjar 	 
	 	 	Title:  	Senior Associate 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	DEUTSCHE BANK AG,

as a Euro Lender

 	 
	 	By:  	/s/ J.T. Johnston Coe
 	 
	 	 	Name:  	J.T. Johnston Coe 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Joanna Soliman
 	 
	 	 	Name:  	Joanna Soliman 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	DEUTSCHE POSTBANK INTERNATIONAL S.A.,

as a Euro Lender

 	 
	 	By:  	/s/Dianna Kuhn
 	 
	 	 	Name:  	Dianna Kuhn 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	/s/ Klaus Grosskathofer
 	 
	 	 	Name:  	Klaus Grosskathofer 	 
	 	 	Title:  	 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	FORTIS BANK NEDERLAND N.V.,

as a Euro Lender

 	 
	 	By:  	/s/ R.J. van Deelen
 	 
	 	 	Name:  	R.J. van Deelen 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ W. Th Haitsma
 	 
	 	 	Name:  	W. Th Haitsma 	 
	 	 	Title:  	Risk Manager 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	GOLDMAN SACHS BANK USA,

as a Euro Lender

 	 
	 	By:  	/s/ John Makrinos
 	 
	 	 	Name:  	John Makrinos 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND,

as a Euro Lender

 	 
	 	By:  	/s/ Conor Lineman
 	 
	 	 	Name:  	Conor Lineman 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ Robert D. Gominiak
 	 
	 	 	Name:  	Robert D. Gominiak 	 
	 	 	Title:  	Director 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	ING REAL ESTATE FINANCE (USA) LLC,

as a Euro Lender

 	 
	 	By:  	/s/ R. William Knickerbocker
 	 
	 	 	Name:  	R. William Knickerbocker 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ Elizabeth M. Whitworth
 	 
	 	 	Name:  	Elizabeth M. Whitworth 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Euro Lender

 	 
	 	By:  	/s/ Kimberly Turner
 	 
	 	 	Name:  	Kimberly Turner 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	MORGAN STANLEY BANK NATIONAL ASSOCIATION,

as a Euro Lender

 	 
	 	By:  	/s/ Catherine Allen
 	 
	 	 	Name:  	Catherine Allen 	 
	 	 	Title:  	Authorized Signatory 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as a Euro Lender

 	 
	 	By:  	/s/ Stewart Whitman
 	 
	 	 	Name:  	Stewart Whitman 	 
	 	 	Title:  	MD 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND N.V.,

as a Euro Lender

 	 
	 	By:  	/s/ C. Koop
 	 
	 	 	Name:  	C. Koop 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ B. Knigge
 	 
	 	 	Name:  	B. Knigge 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

as a Euro Lender

 	 
	 	By:  	/s/ William G. Karl
 	 
	 	 	Name:  	William G. Karl 	 
	 	 	Title:  	General Manager 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

as a Euro Lender

 	 
	 	By:  	/s/ John Rowland
 	 
	 	 	Name:  	John Rowland 	 
	 	 	Title:  	Director 	 
	 

ProLogis Note

(Catellus Acquisition)

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC,

as a Euro Lender

 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	/s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

successor-by-merger to

Wachovia Bank, N.A.,

as a Euro Lender

 	 
	 	By:  	/s/ Allison Gallagher
 	 
	 	 	Name:  	Allison Gallagher 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to
Fourth Amendment to ProLogis Global Senior Credit Agreement

  

 

Executed as of the date first written above.

	 	 	 	 	 
	 	LENDERS:

THE ROYAL BANK OF SCOTLAND N.V., SEOUL BRANCH,

as a KRW Lender

 	 
	 	By:  	/s/ Eun Kyung Aun
 	 
	 	 	Name:  	Eun Kyung Aun 	 
	 	 	Title:  	VP 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT 

BANK, SEOUL BRANCH,

as a KRW Lender

 	 
	 	By:  	/s/ Herve Amanou
 	 
	 	 	Name:  	Herve Amanou 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	 	 
	 	By:  	               /s/ Dong-Heon Song
 	 
	 	 	Name:  	Dong-Heon Song 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

as a KRW Lender

 	 
	 	By:  	/s/ William G. Karl
 	 
	 	 	Name:  	William G. Karl 	 
	 	 	Title:  	General Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

	 	 	 	 	 
	 	LENDERS:

BANK OF CHINA LIMITED, TOKYO BRANCH,

as a Yen Lender

 	 
	 	By:  	/s/ Ruan Sheng Lin
 	 
	 	 	Name:  	Ruan Sheng Lin 	 
	 	 	Title:  	General Manager 	 
	 

ProLogis
Note
(Catellus Acquisition)

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA,

as a Yen Lender

 	 
	 	By:  	/s/ William G. Said
 	 
	 	 	Name:  	William G. Said 	 
	 	 	Title:  	Vice President & Country Head 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH,

as a Yen Lender

 	 
	 	By:  	/s/ John Feeney
 	 
	 	 	Name:  	John Feeney 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, TOKYO BRANCH,

as a Yen Lender

 	 
	 	By:  	/s/ JeremyBayfield
 	 
	 	 	Name:  	JeremyBayfield 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                  /s/ Makiyo Narushima
 	 
	 	 	Name:  	Makiyo Narushima 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	CITIBANK JAPAN LTD.,

as a Yen Lender

 	 
	 	By:  	/s/ Masako Igarashi
 	 
	 	 	Name:  	Masako Igarashi 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	DEUTSCHE BANK AG, TOKYO BRANCH,

the Tokyo Branch of a German aktien gesellschaft,

as a Yen Lender

 	 
	 	By:  	/s/ Ikuo Kodama
 	 
	 	 	Name:  	Ikuo Kodama 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	 	 
	 	By:  	               /s/ Mayuri Tateishi
 	 
	 	 	Name:  	Mayuri Tateishi 	 
	 	 	Title:  	Chief Investment Officer 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	ING BANK N.V., TOKYO BRANCH,

as a Yen Lender

 	 
	 	By:  	/s/ Yoji Morishita
 	 
	 	 	Name:  	Yoji Morishita 	 
	 	 	Title:  	Country Manager, Managing Director 	 
	 
	 	 	 
	 	By:  	            /s/ Riko Kikuchi
 	 
	 	 	Name:  	Riko Kikuchi 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Yen Lender

 	 
	 	By:  	/s/ Kimberly Turner
 	 
	 	 	Name:  	Kimberly Turner 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC,

as a Yen Lender

 	 
	 	By:  	/s/ Kazuhiko Shibata
 	 
	 	 	Name:  	Kazuhiko Shibata 	 
	 	 	Title:  	Branch Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SAITAMA RESONA BANK, LTD.,

as a Yen Lender

 	 
	 	By:  	/s/ Shinichi Kita
 	 
	 	 	Name:  	Shinichi Kita 	 
	 	 	Title:  	Deputy General Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION,

as a Yen Lender

 	 
	 	By:  	/s/ William G. Karl
 	 
	 	 	Name:  	William G. Karl 	 
	 	 	Title:  	General Manager 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

	 	 	 	 	 
	 	THE SUMITOMO TRUST & BANKING CO., LTD.,

as a Yen Lender

 	 
	 	By:  	/s/ Akira Kamiyo
 	 
	 	 	Name:  	Akira Kamiyo 	 
	 	 	Title:  	General Manager of Tokyo Corporate Business Department 	 
	 

Signature Page to

Fourth Amendment to ProLogis Global Senior Credit Agreement

 

 

Executed as of the date first written above.

SCHEDULE 2.1-1

COMMITMENTS

AND APPLICABLE TRANCHE PERCENTAGES

2.1-1(a)

Applicable Tranche Percentage — U.S. Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	 	 	 	TMK	 
	 	 	 	 	 	 	Applicable	 	 	Euro	 	 	Sterling	 	 	Yen	 	 	Dollars	 	 	Japan	 	 	Qualified	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Bank of America, N.A.
	 	$	32,569,255.10	 	 	 	4.071156887	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of
Scotland plc
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui
Banking Corporation
	 	$	25,126,990.51	 	 	 	3.140873814	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank,
N.A.
	 	$	30,711,952.00	 	 	 	3.838994000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Bank of China, New
York Branch
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Bank of Nova Scotia
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Banque LBLux S.A.
	 	$	35,000,000.00	 	 	 	4.375000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Barclays Bank PLC
	 	$	40,000,000.00	 	 	 	5.000000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Credit Agricole
Corporate & Investment
Bank (fka Calyon, New
York Branch)
	 	$	19,288,048.00	 	 	 	2.411006000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Chang Hwa Commercial
Bank, Ltd., New York
Branch
	 	$	23,000,000.00	 	 	 	2.875000000	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Citicorp North
America, Inc.
	 	$	14,000,000.00	 	 	 	1.750000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -1-

 

Executed as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	 	 	 	TMK	 
	 	 	 	 	 	 	Applicable	 	 	Euro	 	 	Sterling	 	 	Yen	 	 	Dollars	 	 	Japan	 	 	Qualified	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Commerzbank
Aktiengesellschaft New
York Branch/Grand
Cayman Branch
	 	$	19,000,000.00	 	 	 	2.375000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Deutsche Bank AG New
York Branch
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	E. Sun Commercial
Bank, Ltd., Los
Angeles Branch
	 	$	19,000,000.00	 	 	 	2.375000000	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Fortis Bank
(Nederland) N.V.
	 	$	40,000,000.00	 	 	 	5.000000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Goldman Sachs Bank USA
	 	$	17,684,725.92	 	 	 	2.210590740	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	The Governor and
Company of the Bank of
Ireland
	 	$	18,000,000.00	 	 	 	2.250000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	ING Real Estate
Finance (USA) LLC
	 	$	19,000,000.00	 	 	 	2.375000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Mega International
Commercial Bank Co.
	 	$	30,000,000.00	 	 	 	3.750000000	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Mizuho Corporate Bank,
Ltd.
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Morgan Stanley Bank,
N.A.
	 	$	48,624,185.05	 	 	 	6.078023131	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Morgan Stanley Senior
Funding, Inc.
	 	$	20,000,000.00	 	 	 	2.500000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	The Northern Trust
Company
	 	$	20,000,000.00	 	 	 	2.500000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	PNC Bank, N.A.
	 	$	24,994,843.42	 	 	 	3.124355428	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Royal Bank of Canada
	 	$	10,000,000.00	 	 	 	1.250000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Societe Generale
	 	$	25,000,000.00	 	 	 	3.125000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	UBS Loan Finance LLC
	 	$	10,000,000.00	 	 	 	1.250000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	U.S. Bank National
Association
	 	$	50,000,000.00	 	 	 	6.250000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -2-

 

Executed as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 	 	 	 	 	TMK	 
	 	 	 	 	 	 	Applicable	 	 	Euro	 	 	Sterling	 	 	Yen	 	 	Dollars	 	 	Japan	 	 	Qualified	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Wells Fargo Bank,
N.A.,
successor-by-merger to
Wachovia Bank, N.A.
	 	$	40,000,000.00	 	 	 	5.000000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	WestLB AG, New York
Branch
	 	$	44,000,000.00	 	 	 	5.500000000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	800,000,000.00	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -3-

 

Executed as of the date first written above.

SCHEDULE 2.1-1(b)

[Reserved]

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -4-

 

Executed as of the date first written above.

SCHEDULE 2.1-1(c)

Applicable Tranche Percentage — Euro Commitments1

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 	 	TMK	 
	 	 	 	 	 	 	Applicable	 	 	Dollars	 	 	Sterling	 	 	Yen	 	 	Japan	 	 	U.S.	 	 	Qualified	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Bank of America, N.A.
	 	EUR	26,052,744.44	 	 	 	4.133087988	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland plc
	 	EUR	3,889,460.31	 	 	 	0.617035308	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland N.V.
	 	EUR	1,237,032.00	 	 	 	0.196246358	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking
Corporation
	 	EUR	26,052,744.44	 	 	 	4.133087988	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	EUR	26,050,962.21	 	 	 	4.132800491	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Bank of China (Luxembourg) S.A.
	 	EUR	32,565,968.05	 	 	 	5.166359985	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Banque Artesia Nederland NV
	 	EUR	12,525,372.33	 	 	 	1.987061533	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Banque LBLux S.A.
	 	EUR	30,060,893.59	 	 	 	4.768947679	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Barclays Bank PLC
	 	EUR	39,901,170.49	 	 	 	6.330037856	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Citicorp North America, Inc.
	 	EUR	43,931,996.73	 	 	 	6.969499866	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Commerzbank Aktiengesellschaft
New York Branch/Grand Cayman
Branch
	 	EUR	13,049,954.01	 	 	 	2.070282698	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Deutsche Bank AG New York Branch
	 	EUR	32,367,405.85	 	 	 	5.134859499	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Deutsche Postbank International
S.A.
	 	EUR	22,967,919.07	 	 	 	3.643697551	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Fortis Bank (Nederland) N.V.
	 	EUR	27,180,057.95	 	 	 	4.311923526	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Goldman Sachs Bank USA
	 	EUR	36,494,175.39	 	 	 	5.789542234	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	 	 
	The Governor and Company of the
Bank of Ireland
	 	EUR	11,483,959.53	 	 	 	1.821848775	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	ING Real Estate Finance (USA)
LLC
	 	EUR	10,870,176.21	 	 	 	1.724476402	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Ixis Corporate & Investment Bank
	 	EUR	26,553,789.34	 	 	 	4.212570450	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Mizuho Corporate Bank
(Nederland), N.V.
	 	EUR	17,535,521.26	 	 	 	2.781886146	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 

 

			
	1	 	Exchange Rates as of June 4, 2010.

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -5-

 

Executed as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 	 	TMK	 
	 	 	 	 	 	 	Applicable	 	 	Dollars	 	 	Sterling	 	 	Yen	 	 	Japan	 	 	U.S.	 	 	Qualified	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Morgan Stanley Bank
International Limited
	 	EUR	21,042,625.51	 	 	 	3.338263375	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	PNC Bank, N.A.
	 	EUR	12,527,955.85	 	 	 	1.987471390	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Royal Bank of Canada
	 	EUR	35,467,707.10	 	 	 	5.626700316	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	ScotiaBank Europe plc
	 	EUR	10,912,831.47	 	 	 	1.731243356	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Societe Generale
	 	EUR	19,585,300.32	 	 	 	3.107069064	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	UBS Loan Finance LLC
	 	EUR	27,555,819.12	 	 	 	4.371535372	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Wells Fargo Bank, N.A.,
successor-by-merger to Wachovia
Bank, N.A.
	 	EUR	33,250,975.41	 	 	 	5.275031548	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	WestLB AG
	 	EUR	29,231,896.99	 	 	 	4.637433245	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	630,346,474.98	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -6-

 

Executed as of the date first written above.

SCHEDULE 2.1-1(d)

Applicable Tranche Percentage — Yen Commitments2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	 	Commitment	 
	 	 	 	 	 	 	Applicable	 	 	Dollars	 	 	Euro	 	 	Sterling	 	 	U.S.	 
	Lender	 	Commitment	 	 	Percentage	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 	 	Yes	 	 	No	 
	Bank of America, N.A., Tokyo
Branch
	 	¥	3,327,164,794	 	 	 	5.898418371	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland plc
	 	¥	6,321,613,108	 	 	 	11.206994905	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking
Corporation
	 	¥	3,327,164,794	 	 	 	5.898418371	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	¥	3,216,259,301	 	 	 	5.701804426	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Bank of China Limited, Tokyo
Branch
	 	¥	2,749,191,703	 	 	 	4.873784093	%	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	The Bank of Nova Scotia
	 	¥	3,049,901,061	 	 	 	5.406883507	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Bank of Tokyo-Mitsubishi
UFJ, Ltd., New York Branch
	 	¥	2,495,373,595	 	 	 	4.423813778	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Credit Agricole Corporate &
Investment Bank (fka Calyon,
Tokyo Branch)
	 	¥	2,772,637,328	 	 	 	4.915348642	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Citibank Japan Ltd.
	 	¥	2,264,040,226	 	 	 	4.013704547	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Deutsche Bank AG, Tokyo Branch
	 	¥	3,160,806,554	 	 	 	5.603497452	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	ING Bank N.V., Tokyo Branch
	 	¥	1,455,454,431	 	 	 	2.580238637	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Mizuho Bank, Ltd.
	 	¥	4,312,457,574	 	 	 	7.645151520	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Saitama Resona Bank, Ltd.
	 	¥	2,356,741,729	 	 	 	4.178046346	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Shinsei Bank, Limited
	 	¥	10,161,715,807	 	 	 	18.014752774	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Societe Generale, Tokyo Branch
	 	¥	3,160,806,554	 	 	 	5.603497452	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Sumitomo Trust & Banking
Co., Ltd.
	 	¥	1,832,794,469	 	 	 	3.249189396	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Woori Bank Tokyo Branch
	 	¥	443,621,972	 	 	 	0.786455782	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	¥	56,407,745,000	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	2	 	Exchange Rates as of June 4, 2010.

Schedule 2.1-1 to ProLogis Global Fourth Amendment

Schedule Page -7-

 

Executed as of the date first written above.

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:                    , _____

To:     Bank of America, N.A., as Global Administrative Agent

Ladies and Gentlemen:

     Reference is made to the Global Senior Credit Agreement, dated as of October 6, 2005 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
ProLogis (“ProLogis”), certain Affiliate Borrowers from time to time party thereto, the
Lenders from time to time party thereto, and Bank of America, N.A., as Global Administrative Agent
and various other capacities, and such other Agents named therein.

     The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
                                         of ProLogis, and that, as such, he/she is authorized to execute and
deliver this Certificate to Global Administrative Agent on the behalf of ProLogis, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto as Schedule 1 are the year-end audited financial statements required by
Section 12.1(a) of the Agreement for the fiscal year of ProLogis ended as of the above
date, together with the report and opinion of an independent certified public accountant required
by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Attached hereto as Schedule 1 are the unaudited financial statements required by
Section 12.1(b) of the Agreement for the fiscal quarter of ProLogis ended as of the above
date. Such financial statements fairly present the financial condition, results of operations,
shareholders’ equity and cash flows of ProLogis and its Consolidated Subsidiaries in accordance
with GAAP as at such date and for such period, subject only to normal year-end audit adjustments
and the absence of footnotes.

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the condition (financial or
otherwise) of the Companies as of the date of the attached financial statements and for the
accounting period then ended with the purpose of determining whether the Companies were in
compliance with the Agreement as of such date, and

[select one:]

     [to the best knowledge of the undersigned, no Default existed on such date.]

—or—

     [the following is a list of Defaults that, to the best knowledge of the undersigned,
existed on such date, together with a description of the nature and status of each such
Default:]

3. The financial covenant analyses and information set forth on Schedule 2 attached hereto
are true

Exhibit C to ProLogis Global Fourth Amendment

Exhibit Page 1

 

Executed as of the date first written above.

and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of                                         ,                    .

	 	 	 	 	 	 	 

	 	 	PROLOGIS, a Maryland real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:                                                             
	 	 
	 

	 	 	 	Title:                                                             	 	 

Exhibit C to ProLogis Global Fourth Amendment

Exhibit Page 2

 

Executed as of the date first written above.

For the Quarter/Year ended                     
(“Statement Date”)

SCHEDULE 1

to the Compliance Certificate

Financial Statements

Exhibit C to ProLogis Global Fourth Amendment

Exhibit Page 3

 

For the Quarter/Year ended                     (“Statement Date”)

SCHEDULE 2

to the Compliance Certificate ($ in 000’s)

     The following covenant computations, together with the supporting schedules attached hereto,
are true and correct:

	 	 	 	 	 

	a. Minimum Consolidated Tangible Net Worth.
	 	 	 	 
	 
	 	 	 	 
	Actual
	 	$                    	 	 
	 
	 	 	 	 
	Required Minimum
	 	$                     3	 	 
	 
	 	 	 	 
	b. Consolidated Leverage Ratio.
	 	 	 	 
	 
	 	 	 	 
	Indebtedness of the Companies
	 	$                    	 	(1)
	 
	 	 	 	 
	Total Asset Value
	 	$                    	 	(2)
	 
	 	 	 	 
	Ratio of (1) to (2)
	 	                    	 	 
	 
	 	 	 	 
	Permitted Maximum
	 	0.60 to 1.0	 	 
	 
	 	 	 	 
	c. Fixed
Charge Coverage Ratio. 4
	 	 	 	 
	 
	 	 	 	 
	Adjusted EBITDA
	 	$                    	 	(1)
	 
	 	 	 	 
	Capital Expenditures
	 	$                    	 	(2)
	 
	 	 	 	 
	Subtotal (1) — (2)
	 	$                    	 	(3)
	 
	 	 	 	 
	Debt Service
	 	$                    	 	(4)
	 
	 	 	 	 
	Preferred Dividends
	 	$                    	 	(5)
	 
	 	 	 	 
	Subtotal (4) + (5)
	 	$                    	 	(6)
	 
	 	 	 	 
	Ratio of (3) to (6)
	 	                    	 	 
	 
	 	 	 	 
	Required Minimum
	 	1.50 to 1.0	 	 
	 
	 	 	 	 

 

			
	3	 	$6,600,000,000 plus 70% of the aggregate
increases in Shareholders’ Equity after the Third Amendment Effective Date by
reason of the issuance and sale of Equity Interests of any Company (other than
(x) the issuance and sale of preferred Equity Interests in substitution and
replacement of other preferred Equity Interests that ProLogis redeemed or
otherwise acquired pursuant to a Permitted Redemption to the extent that the
net proceeds from such issuance and sale do not exceed the amount of such
Permitted Redemption and (y) issuances to a Company), including upon any
conversion of debt securities of any Company into Equity Interests.
	 
	4	 	Calculated for the four fiscal quarters
ending on the date of determination.

Exhibit C to ProLogis Global Fourth Amendment

Page 1

 

	 	 	 	 	 	 	 	 	 

	Executed as of the date first written above.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	d. Unencumbered Debt Service Coverage Ratio.5
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	NOI of Unencumbered Properties (see Schedule
3)6
	 	$	                    	 	 	 	(1	)
	 
	 	 	 	 	 	 	 	 
	Management fees of the Companies less related
expenses 7 
	 	$	                    	 	 	 	(2	)
	 
	 	 	 	 	 	 	 	 
	Allowed Unconsolidated Affiliate Earnings8
	 	$	                    	 	 	 	(3	)
	 
	 	 	 	 	 	 	 	 
	Subtotal of (1) + (2) + (3)
	 	$	                    	 	 	 	(4	)
	 
	 	 	 	 	 	 	 	 
	Less the amount by which (2) + (3) exceeds 40% of (4)
	 	$	                    	 	 	 	(5	)
	 
	 	 	 	 	 	 	 	 
	Unencumbered NOI Subtotal of (4) — (5)
	 	$	                    	 	 	 	(6	)
	 
	 	 	 	 	 	 	 	 
	Unencumbered Capital Expenditures9
	 	$	                    	 	 	 	(7	)
	 
	 	 	 	 	 	 	 	 
	Subtotal (6) — (7)
	 	$	                    	 	 	 	(8	)
	 
	 	 	 	 	 	 	 	 
	Unencumbered Debt Service
	 	$	                    	 	 	 	(9	)
	 
	 	 	 	 	 	 	 	 
	 
	 	 	                    	 	 	 	 	 
	 
	Ratio of (8) to (9)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Required Minimum
	 	 	1.50 : 1.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	e. Debt Ratio.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Qualified NOI (see Schedule 4)10
	 	$	                    	 	 	 	(1	)
	 
	 	 	 	 	 	 	 	 
	Total Global Outstandings
	 	$	                    	 	 	 	(2	)
	 
	 	 	 	 	 	 	 	 
	Settlement Debt
	 	$	                    	 	 	 	(3	)
	 
	 	 	 	 	 	 	 	 
	Secured Assessment Bonds to the extent Applicable
Company is in Material Default
	 	$	                    	 	 	 	(4	)
	 
	 	 	 	 	 	 	 	 
	Other Indebtedness maturing within one year11
	 	$	                    	 	 	 	(5	)
	 
	 	 	 	 	 	 	 	 

 

			
	5	 	Calculated for the four fiscal quarters
ending on the date of determination.
	 
	6	 	Not subject to any Lien (other than
Permitted Liens).
	 
	7	 	Not subject to any Lien (other than
Permitted Liens).
	 
	8	 	Not subject to any Lien (other than
Permitted Liens).
	 
	9	 	Except for Unencumbered Properties where
the tenant is responsible for capital expenditures.
	 
	10	 	Excluding NOI that is subject to any
Lien (other than Permitted Liens) and amounts attributable to Foreign NOI so
that Foreign NOI does not exceed 55% of Qualified NOI and calculated for the
four fiscal quarters ending on the date of determination.
	 
	11	 	Excluding intercompany Indebtedness and
Non-Recourse Debt.

Exhibit C to ProLogis Global Fourth Amendment

Page 2

 

	 	 	 	 	 	 	 	 	 

	Executed as of the date first written above.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Subtotal of (2) + (3) + (4) + (5)
	 	$	                    	 	 	 	(6	)
	 
	 	 	 	 	 	 	 	 
	 
	 	 	                    	 	 	 	 	 
	 
	Ratio of (1) to (6)
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Minimum Required
	 	 	14	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	f. Investments.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Investments of the Companies in raw land,
Non-Industrial Properties, Retail Properties,
and Properties subject to ground leases with a
Person not an Affiliate of ProLogis
	 	$	                    	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total Asset Value
	 	$	                    	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Percentage of Investments over Total Asset Value
	 	 	                    	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Maximum Permitted
	 	 	25	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	g. Secured Indebtedness.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Secured Debt of the Companies
	 	$	                    	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total Asset Value
	 	$	                    	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Percentage of Secured Debt over Total Asset
Value
	 	 	                    	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Maximum Permitted
	 	 	30	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	h. Restricted Payments.
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Funds from Operations
	 	$	                    	 	 	 	(1	)
	 
	 	 	 	 	 	 	 	 
	95% of (1)
	 	$	                    	 	 	 	(2	)
	 
	 	 	 	 	 	 	 	 
	Amount of Restricted Payments required to
be paid by ProLogis to eliminate its REIT
taxable income and/or to qualify as a
REIT
	 	$	                    	 	 	 	(3	)
	 
	 	 	 	 	 	 	 	 
	Permitted Maximum (greater of (2) and (3))
	 	$	                    	 	 	 	(4	)12
	 
	 	 	 	 	 	 	 	 
	Aggregate cash dividends and other cash
distributions
	 	$	                    	 	(not to exceed (4) if a Default exists)

Date:                                        

 

			
	12	 	Excluding Restricted Payments otherwise
permitted by Section 13.5 of the Agreement.

Exhibit C to ProLogis Global Fourth Amendment

Page 3

 

Executed as of the date first written above.

For the Quarter/Year ended                     (“Statement Date”)

SCHEDULE 3

to the Compliance Certificate ($ in 000’s)

Detailed Calculation of NOI of Unencumbered Properties

Exhibit C to ProLogis Global Fourth Amendment

Page 4

 

Executed as of the date first written above.

For the Quarter/Year ended                     (“Statement Date”)

SCHEDULE 4

to the Compliance Certificate ($ in 000’s)

Detailed Calculation of Qualified NOI

Exhibit C to ProLogis Global Fourth Amendment

Page 5

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