Document:

ex-10.1

  
  
 STOCK PURCHASE AGREEMENT
 

 This Stock Purchase Agreement (this “Agreement”) is entered into effective November 7, 2014 (the “Effective Date”) by and between Douglas Toshi Shinsato, an individual (“Purchaser”) and Cubed, Inc., a Nevada corporation (“Seller”).  Purchaser and Seller shall each be referred to herein as a “Party” and collectively as the “Parties.”
 

 W I T N E S S E T H
 

 WHEREAS, Seller is the record and beneficial owner of one (1) ordinary share (the “Share”) of Cubed Asia Pte Ltd., a Singapore corporation (the “Company”);
 

 WHEREAS, Seller desires to sell the Share to Purchaser, and Purchaser desires to purchase the Share from Seller, on the terms and conditions set forth herein.
 

 NOW THEREFORE, in consideration of the promises and respective mutual agreements herein contained, it is agreed by and between the Parties hereto as follows:
 

 ARTICLE 1
 SALE AND PURCHASE OF THE SHARE
 

 1.1
 Sale of the Share.  At the Closing (defined in Section 3 hereof), which shall occur on the Effective Date, or at such other time mutually agreed upon between the constituent Parties (the “Closing Date”), subject to the terms and conditions herein set forth, and on the basis of the representations, warranties and agreements herein contained, Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, the Share.  
 

 1.2
 Instruments of Conveyance and Transfer.  At the Closing, Seller shall deliver to Purchaser a Share Transfer document, along with a Directors’ Resolution approving the sale of the Share, in form and substance satisfactory to Purchaser as shall be effective to vest in Purchaser all right, title and interest in and to the Share.
 

 1.3
 Consideration and Payment for the Shares.  As consideration for the Share, at the Closing, Purchaser shall pay the total purchase price of One Dollar ($1.00) (the “Purchase Price”).
 

 ARTICLE 2
 REPRESENTATIONS AND COVENANTS OF SELLER AND PURCHASER
 

 2.1
 The Seller hereby represents and warrants that:
 

 (a)
 Seller has title in and to the Share free and clear of all liens, security interests, pledges, encumbrances, charges, restrictions, demands and claims, of any kind and nature whatsoever.
 

 (b)
 Seller shall transfer title, in and to the Share, to Purchaser free and clear of all liens, security interests, pledges, encumbrances, charges, restrictions, demands and claims, of any kind and nature whatsoever, whether direct or indirect or contingent.
 

 

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 (c)
 Seller has the full right, power and authority to enter into this Agreement and to carry out and consummate the transaction contemplated herein.  This Agreement constitutes the legal, valid and binding obligation of Seller.
 

 (d)
 Seller makes no guarantee as to the resaleability of the shares including, but not limited to, any resale restrictions placed on the shares by the Company or any of its agents or regulatory bodies.
 

 2.2.
 Purchaser hereby represents and warrants that:
 

 (a)
 Purchaser has the full right, power and authority to enter into this Agreement and to carry out and consummate the transaction contemplated herein.  This Agreement constitutes the legal, valid and binding obligation of Purchaser.
 

 (b)
 Purchaser acknowledges and agrees that any and all obligations of the Company will be assumed by Purchaser as of the Effective Date, and that Seller shall have no further responsibility therefore.
 

 ARTICLE 3
 CLOSING AND DELIVERY OF DOCUMENTS
 

 Closing.  The Closing shall occur immediately upon execution of this Agreement and receipt by the Seller of the Purchase Price.  The Closing shall occur on the Closing Date (subject to the last sentence of Section 1.1).
 

 ARTICLE 4
 TERMINATION, AMENDMENT AND WAIVER
 

 4.1
 Termination.  Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be terminated and the transactions contemplated hereby may be abandoned only by the mutual consent of all of the Parties.
 

 4.2
 Waiver and Amendment.  The failure or delay of any Party at any time or times to require performance of any provision hereof or to exercise its rights with respect to any provision hereof shall in no manner operate as a waiver of or affect such Party's right at a later time to enforce the same.  No waiver by any Party of any condition, or of the breach of any term, provision, covenant, representation or warranty contained in this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or waiver of any other condition or of the breach of any other term, provision, covenant, representation or warranty.  No modification or amendment of this Agreement shall be valid and binding unless it be in writing and signed by all Parties hereto.
 

 ARTICLE 5
 MISCELLANEOUS
 

 5.1
 Governing Law.  This Agreement and the rights of the Parties hereunder shall be governed by and construed in accordance with the laws of the State of Nevada, including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws.
 
 
 
 
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 5.2
 Venue.  The Parties submit to the jurisdiction of the Courts of the State of Nevada or a federal court empanelled in the State of Nevada, County of Clark, for the resolution of all legal disputes arising under the terms of this Agreement.
 

 5.3
 Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument. 
  
 5.4
 Expenses and Attorneys’ Fees.  Except as otherwise provided herein, if a dispute should arise between the Parties including, but not limited to arbitration, the prevailing Party shall be reimbursed by the nonprevailing Party for all reasonable expenses incurred in resolving such dispute, including reasonable attorneys' fees exclusive of such amount of attorneys' fees as shall be a premium for result or for risk of loss under a contingency fee arrangement.
 

 5.5
 Taxes.  Any income taxes required to be paid in connection with the payments due hereunder, shall be borne by the Party required to make such payment. Any withholding taxes in the nature of a tax on income shall be deducted from payments due, and the Party required to withhold such tax shall furnish to the Party receiving such payment all documentation necessary to prove the proper amount to withhold of such taxes and to prove payment to the tax authority of such required withholding.
 

 

 

 

 

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as of the date first written hereinabove.
 

 	 	
	 “Seller”
	 “Purchaser”

	  
	  

	 Cubed, Inc.,
	  

	 a Nevada corporation
	  

	  
	  

	  
	  

	 /s/ Joseph White
	 /s/ Douglas Toshi Shinsato

	 By:  Joseph White
	 Douglas Toshi Shinsato

	 Its:  President and CEO
	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Page 4 of 4EX-4.1

 Exhibit 4.1 
  

 
  

DUKE REALTY LIMITED PARTNERSHIP 

ISSUER 
 TO 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

TRUSTEE 
 TWELFTH
SUPPLEMENTAL INDENTURE 
 DATED AS OF NOVEMBER 17, 2014 

$300,000,000 3.750% SENIOR NOTES DUE 2024 

SUPPLEMENT TO INDENTURE, 

DATED AS OF JULY 28, 2006, BETWEEN 

DUKE REALTY LIMITED PARTNERSHIP AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY N.A. (AS SUCCESSOR TO 

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION) 
  

 
  

 TWELFTH SUPPLEMENTAL INDENTURE, dated as of November 17, 2014, between DUKE REALTY
LIMITED PARTNERSHIP, an Indiana limited partnership (the “Issuer”), having its principal offices at 600 East 96th Street, Suite 100, Indianapolis, IN 46240 and THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A. (as successor to J.P. MORGAN TRUST COMPANY, National Association), a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”), having its Corporate Trust
Office at 2 N. LaSalle Street, Suite 1020, Chicago, Illinois 60602. 
 RECITALS 

WHEREAS, the Issuer executed and delivered its Indenture (the “Original Indenture”), dated as of July 28, 2006, to the
Trustee to issue from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness. 
 WHEREAS, the
Original Indenture provides that by means of a supplemental indenture, the Issuer may create one or more series of its debt securities and establish the form and terms and conditions thereof. 

WHEREAS, the Issuer intends by this Twelfth Supplemental Indenture to (i) create a series of debt securities, in an initial
aggregate principal amount of $300,000,000, entitled “Duke Realty Limited Partnership 3.750% Senior Notes due 2024” (the “Notes”); and (ii) establish the form and the terms and conditions of such Notes. 

WHEREAS, the Board of Directors of Duke Realty Corporation, the general partner of the Issuer, acting through authority delegated to
certain of its executive officers, has approved the creation of the Notes and the form, terms and conditions thereof. 
 WHEREAS, the
consent of Holders to the execution and delivery of this Twelfth Supplemental Indenture is not required, and all other actions required to be taken under the Original Indenture with respect to this Twelfth Supplemental Indenture have been taken.

 NOW, THEREFORE IT IS AGREED: 

ARTICLE ONE 

Definitions, Creation, Form and Terms and Conditions of the Debt Securities 

SECTION 1.01. Definitions. Capitalized terms used in this Twelfth Supplemental Indenture and not otherwise defined shall have the
meanings ascribed to them in the Original Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined: 

“DTC” means The Depository Trust Company. 

“Global Note” means a single fully-registered global note in book-entry form, without coupons, substantially in the form of
Exhibit A attached hereto. 
 “Indenture” means the Original Indenture as supplemented by this Twelfth Supplemental
Indenture. 

  
 1 

 “Make-Whole Amount” means, in connection with any optional redemption or
accelerated payment of any Note, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of
interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar if such redemption or accelerated payment had not been made, determined by discounting, on a semi-annual basis, such
principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would
have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate principal amount of the Notes being redeemed or paid. 

“Notes” means the Issuer’s 3.750% Senior Notes due December 1, 2024, a form of which is attached hereto as
Exhibit A. 
 “Redemption Price” means the sum of (i) the principal amount of the Notes being redeemed and
(ii) the Make-Whole Amount, if any, with respect to such Notes, in either case plus accrued and unpaid interest thereon to, but excluding, the Redemption Date; provided, however, that if the Redemption Date is any time on or after
September 1, 2024, the Redemption Price shall mean the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

“Reinvestment Rate” means 0.250% plus the arithmetic mean of the yields under the respective heading “Week Ending”
published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment date of the principal
being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment
Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be used. 
 “Statistical Release” means the
statistical release designated “H.15” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities,
or, if such statistical release is not published at the time of any determination under the Indenture, then such other reasonably comparable index which shall be designated by the Issuer. 

SECTION 1.02. Creation of the Debt Securities. In accordance with Section 301 of the Original Indenture, the Issuer hereby creates
the Notes as a separate series of its debt securities issued pursuant to the Indenture. The Notes shall be issued in an aggregate principal amount initially limited to $300,000,000. 

The Issuer may issue, in addition to the Notes originally issued on the date hereof, additional Notes. The Notes originally issued on the date
hereof and any additional Notes originally issued subsequent to the date hereof shall be a single series for all purposes under the Original Indenture. 

  
 2 

 SECTION 1.03. Form of the Debt Securities. The Notes will be represented by a single
fully-registered global note in book-entry form, without coupons, registered in the name of the nominee of DTC. The Notes shall be in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global
Note, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the notes represented by such Global Note for all purposes under the Indenture. Ownership of beneficial interests in the Global Note will be shown on, and
transfers thereof will be effected only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or persons that hold interests through participants (with respect to beneficial interests of
beneficial owners). 
 SECTION 1.04. Terms and Conditions of the Debt Securities. The Notes shall be governed by all the terms
and conditions of the Original Indenture, as supplemented and modified by this Twelfth Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes: 

(a) Optional Redemption. The Issuer may redeem the Notes at any time at the option of the Issuer, in whole or from time to time in
part, at a redemption price equal to the Redemption Price. 
 If notice has been given as provided in the Original Indenture and funds for
the redemption of any Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only
right of the Holders of the Notes will be to receive payment of the Redemption Price. 
 Notice of any optional redemption of any Notes will
be given to Holders at their addresses, as shown in the Security Register, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the Redemption Price and the
principal amount of the Notes held by such Holder to be redeemed. 
 If less than all the Notes are to be redeemed at the option of the
Issuer, the Issuer will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and their Redemption Date. The
Trustee shall select, in such manner as it shall deem fair and appropriate and in accordance with applicable depositary procedures, Notes to be redeemed in whole or in part. 

(b) Payment of Principal and Interest. Principal and interest payments on interests represented by a Global Note will be made to DTC or
its nominee, as the case may be, as the registered owner of such Global Note. All payments of principal and interest in respect of the Notes will be made by the Issuer in immediately available funds. 

(c) Applicability of Defeasance or Covenant Defeasance. The provisions of Article 14 of the Original Indenture shall apply to the
Notes. 

  
 3 

 (d) Definition of Total Unencumbered Assets. For purposes of the covenant entitled
“Maintenance of Total Unencumbered Assets” in Section 1005 of the Original Indenture, the term “Total Unencumbered Assets” shall be defined, solely with respect to the Notes, as follows: 

“Total Unencumbered Assets” means the sum of (i) those Undepreciated Real Estate Assets not subject to an encumbrance and
(ii) all other assets of the Issuer and its Subsidiaries not subject to an encumbrance determined in accordance with GAAP (but excluding intangibles and accounts receivable); provided, however, that all investments by the Issuer and its
Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from the calculation of Total Unencumbered Assets to the extent that
such investments would have otherwise been included. 
 (e) Cross-Acceleration. For purposes of the Event of Default provided for in
Section 501(5) of the Original Indenture, all references to the amount of $5,000,000 shall be increased to $50,000,000; provided, however, that for so long as any of the securities issued pursuant to any supplemental indenture to the Original
Indenture that preceded this Twelfth Supplemental Indenture are outstanding and provide for this same Event of Default but for a lower amount of such recourse debt, the reference to $50,000,000 in this paragraph is replaced by such lower amount.

 ARTICLE TWO 

Trustee 
 SECTION 2.01.
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twelfth Supplemental Indenture or the due execution thereof by the Issuer. The recitals of fact contained herein
shall be taken as the statements solely of the Issuer, and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent
necessary to comply with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time). 

ARTICLE THREE 

Miscellaneous Provisions 

SECTION 3.01. Ratification of Original Indenture. This Twelfth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Twelfth Supplemental Indenture shall be read, taken and
construed as one and the same instrument. Notwithstanding anything herein to the contrary, to the extent any provision of this Twelfth Supplemental Indenture is inconsistent with any provision of the Original Indenture, the terms of this Twelfth
Supplemental Indenture shall govern and apply to the Notes. 

  
 4 

 SECTION 3.02. Effect of Headings. The Article and Section headings herein are for
convenience only and shall not affect the construction hereof. 
 SECTION 3.03. Successors and Assigns. All covenants and
agreements in this Twelfth Supplemental Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

SECTION 3.04. Separability Clause. In case any one or more of the provisions contained in this Twelfth Supplemental Indenture shall for
any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 3.05. Governing Law. This Twelfth Supplemental Indenture shall be governed by and construed in accordance with the laws of the
State of New York. This Twelfth Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Twelfth Supplemental Indenture and shall, to the extent applicable, be governed
by such provisions. 
 SECTION 3.06. Counterparts. This Twelfth Supplemental Indenture may be executed in any number of
counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Supplemental Indenture to
be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written. 
  

			
	DUKE REALTY LIMITED PARTNERSHIP
		 	as Issuer
		
	By:	 	DUKE REALTY CORPORATION,
		 	its General Partner

 
					
			
		 	By:	 	 /s/ Mark A. Denien

		 		 	Name: Mark A. Denien
		 		 	Title:   Executive Vice President and
		 		 	            Chief Financial Officer

  

			
	 Attest:

	
	 /s/ Ann C. Dee

			
	Name:	 	Ann C. Dee
	Title:	 	Executive Vice President, General
		 	Counsel and Corporate Secretary

  
 [Signature Page to
Twelfth Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
					
			
		 	By:	 	 /s/ Teresa Petta

		 	Name:	 	Teresa Petta
		 	Title:	 	Vice President

  
 [Signature Page to
Twelfth Supplemental Indenture] 

 EXHIBIT A 

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

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR. 

 

			
	REGISTERED	  	REGISTERED
		
	NO. 1	  	PRINCIPAL AMOUNT
		
	CUSIP NO. 26441Y AY3	  	$300,000,000

 DUKE REALTY LIMITED PARTNERSHIP 

3.750% Senior Notes due 2024 

Duke Realty Limited Partnership, an Indiana limited partnership (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of Three Hundred Million Dollars on December 1, 2024 (the “Maturity Date”), and to pay interest
thereon from November 17, 2014 (or from the most recent interest payment date to which interest has been paid or duly provided for) in U.S. dollars semi-annually in arrears on June 1 and December 1 of each year, each, an
“Interest Payment Date”, commencing on June 1, 2015, and on the Maturity Date, at the rate of 3.750% per annum, until payment of said principal sum has been made or duly provided for. 

 The interest so payable and punctually paid or duly provided for on any Interest Payment Date and
on the Maturity Date will be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the “Record Date” for such payment, which will be 15 days (regardless of whether such day
is a Business Day (as defined below)) prior to such payment date or the Maturity Date, as the case may be. Any interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date, and shall be
paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a subsequent Record Date for the payment of such defaulted interest (which shall be not less than five Business Days (as defined
below) prior to the date of the payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 15 days preceding such subsequent Record Date. Interest on this Note will
be computed on the basis of a 360-day year of twelve 30-day months. 
 The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose. The Issuer hereby initially designates the Corporate Trust Office of the Trustee at Global Corporate Trust, 2. N. LaSalle Street,
Suite 1020, Chicago, Illinois 60602 as the office to be maintained by it where Notes may be presented for payment, registration of transfer, or exchange and where notices or demands to or upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served. 
 Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as
the case may be, will be the amount of interest accrued from and including the immediately preceding Interest Payment Date (or from and including November 17, 2014) in the case of the initial Interest Payment Date) to but excluding the
applicable Interest Payment Date or the Maturity Date, as the case may be. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day (as defined below), the required payment of interest or principal or both, as the
case may be, will be made on the next Business Day with the same force and effect as if it were made on the date such payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date or
the Maturity Date, as the case may be. “Business Day” means any day, other than a Saturday or a Sunday, on which banking institutions in The City of New York are open for business. 

Payments of principal and interest in respect of this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 Reference
is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be entitled to the benefits of the Indenture referred to on the reverse hereof or be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have been signed by the Trustee under such Indenture. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile
by its authorized officers. 
 Dated as of: November 17, 2014 

 

					
	 DUKE REALTY LIMITED PARTNERSHIP,

		 	as Issuer
		
	By:	 	 DUKE REALTY CORPORATION,

		 	its General Partner
		
	By:	 	  

		 	Name:	 	Mark A. Denien
		 	Title: 	 	 Executive Vice President and
 Chief Financial
Officer

		
	By:	 	  

		 	Name:	 	Ann C. Dee
		 	Title:	 	 Executive Vice President, General
 Counsel
and Corporate Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

		
	By:	 	  

		 	Authorized Officer
		
	Dated:	 	November 17, 2014

 [REVERSE OF NOTE] 

DUKE REALTY LIMITED PARTNERSHIP 

3.750% Senior Notes due 2024 

This security is one of a duly authorized issue of debentures, notes, bonds, or other evidences of indebtedness of the Issuer (hereinafter
called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture dated as of July 28, 2006 (hereinafter called the “Indenture”), duly executed and delivered by the
Issuer to The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as Trustee (hereinafter called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which the Indenture and all indentures supplemental thereto relating to this security reference is hereby made for a description of the rights, limitations of rights, obligations,
duties, and immunities thereunder of the Trustee, the Issuer, and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as provided in
the Indenture or any indenture supplemental thereto. This security is one of a series designated as the 3.750% Senior Notes due December 1, 2024 of the Issuer, initially limited in aggregate principal amount to $300,000,000. 

In case an Event of Default with respect to this security shall have occurred and be continuing, the principal hereof and Make-Whole Amount,
if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

The Issuer may redeem this security at any time at the option of the Issuer, in whole or in part, at a redemption price equal to the sum of
(i) the principal amount of this security being redeemed and (ii) the Make-Whole Amount, if any, with respect to this security, in either case plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (the
“Redemption Price”); provided, however, that if the Redemption Date is any time on or after September 1, 2024, the Redemption Price shall mean the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon
to, but excluding, the Redemption Date. Notice of any optional redemption of any Securities will be given to Holders at their addresses, as shown in the Security Register, not more than 60 days nor less than 30 days prior to the date fixed for
redemption. The notice of redemption will specify, among other items, the Redemption Price and the principal amount of the Securities held by such Holder to be redeemed. 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the
aggregate principal amount of the Securities at the time outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each series; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Security so affected, (i) change the Stated Maturity of the principal of (or premium, if any, on) or any installment of principal 

 
of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest thereon or any premium payable upon the redemption thereof, or adversely affect any right
of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency or currencies in which, any Security or any premium or the interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to consent to any such
supplemental indenture, or (iii) reduce the percentage of Securities, the Holders of which are required to consent to any waiver of compliance with certain provisions of the Indenture or any waiver of certain defaults thereunder. It is also
provided in the Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any series, the Holders of a majority in aggregate principal amount outstanding of the Securities of such series (or, in the case of
certain defaults or Events of Default, all series of Securities) may on behalf of the Holders of all the Securities of such series (or all of the Securities, as the case may be) waive any such past default or Event of Default and its consequences,
prior to any declaration accelerating the maturity of such Securities, or, subject to certain conditions, may rescind a declaration of acceleration and its consequences with respect to such Securities. Any such consent or waiver by the Holder of
this security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of the security and any securities that may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon this security or such other securities. 
 No reference herein to the
Indenture and no provision of this security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any Make-Whole Amount and interest on this security in the manner,
at the respective times, at the rate and in the coin or currency herein prescribed. 
 This security is issuable only in registered form
without coupons in denominations of $1,000 and integral multiples thereof. Securities may be exchanged for a like aggregate principal amount of securities of this series of other authorized denominations at the office or agency of the Issuer, in the
manner and subject to the limitations provided in the Indenture, but without the payment of any service charge except for any tax or other governmental charge imposed in connection therewith. 

Upon due presentment for registration of transfer of Securities at the office or agency of the Issuer, one or more new Securities of the same
series of authorized denominations in an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 The Issuer, the Trustee or any authorized agent of the Issuer or the Trustee may deem and treat the
Person in whose name this security is registered as the absolute owner of this security (whether or not this security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of,
or on account of, the principal hereof and Make-Whole Amount, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the
Trustee shall be affected by any notice to the contrary. 

 The Indenture and each Security shall be deemed to be a contract under the laws of the State of
New York, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

Capitalized terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and all
indentures supplemental thereto relating to this security.

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