Document:

Exhibit 10.1

 

EIGHTH AMENDED AND RESTATED LIMITED

PARTNERSHIP AGREEMENT

OF

SIMON PROPERTY GROUP, L.P.

 

May 8, 2008

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE I Definitions; Etc.

  	
  1

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
  1.2

  	
  Exhibit; Etc.

  	
  13

  
	
  ARTICLE II Continuation of
  Partnership

  	
  13

  
	
   

  	
  2.1

  	
  Continuation

  	
  13

  
	
   

  	
  2.2

  	
  Name

  	
  14

  
	
   

  	
  2.3

  	
  Character of the Business

  	
  14

  
	
   

  	
  2.4

  	
  Location of the Principal Place of Business

  	
  14

  
	
   

  	
  2.5

  	
  Registered Agent and Registered Office

  	
  14

  
	
  ARTICLE III Term

  	
  15

  
	
   

  	
  3.1

  	
  Commencement

  	
  15

  
	
   

  	
  3.2

  	
  Dissolution

  	
  15

  
	
  ARTICLE IV Contributions to Capital

  	
  15

  
	
   

  	
  4.1

  	
  General Partner Capital Contributions

  	
  15

  
	
   

  	
  4.2

  	
  Limited Partner Capital Contributions

  	
  15

  
	
   

  	
  4.3

  	
  Additional Funds

  	
  15

  
	
   

  	
  4.4

  	
  Redemption; Change in Number of Shares Outstanding

  	
  17

  
	
   

  	
  4.5

  	
  Stock Option Plan; Dividend Reinvestment Plan; LTIP Units

  	
  18

  
	
   

  	
  4.6

  	
  No Third Party Beneficiary

  	
  18

  
	
   

  	
  4.7

  	
  No Interest; No Return

  	
  19

  
	
   

  	
  4.8

  	
  Capital Accounts

  	
  19

  
	
  ARTICLE V Representations,
  Warranties and Acknowledgment

  	
  21

  
	
   

  	
  5.1

  	
  Representations and Warranties by the General
  Partner

  	
  21

  
	
   

  	
  5.2

  	
  Representations and Warranties by the Limited
  Partners

  	
  21

  
	
   

  	
  5.3

  	
  Acknowledgment by Each Partner

  	
  22

  
	
  ARTICLE VI Allocations,
  Distributions and Other Tax and Accounting Matters

  	
  22

  
	
   

  	
  6.1

  	
  Allocations

  	
  22

  
	
   

  	
  6.2

  	
  Distributions

  	
  27

  
	
   

  	
  6.3

  	
  Books of Account; Segregation of Funds

  	
  28

  
	
   

  	
  6.4

  	
  Reports

  	
  29

  
	
   

  	
  6.5

  	
  Audits

  	
  29

  
	
   

  	
  6.6

  	
  Tax Returns

  	
  29

  
	
   

  	
  6.7

  	
  Tax Matters Partner

  	
  30

  
	
   

  	
  6.8

  	
  Withholding

  	
  31

  
	
  ARTICLE VII Rights, Duties and
  Restrictions of the General Partner

  	
  31

  
	
   

  	
  7.1

  	
  Expenditures by Partnership

  	
  31

  
	
   

  	
  7.2

  	
  Powers and Duties of the General Partner

  	
  31

  
	
   

  	
  7.3

  	
  Major Decisions

  	
  34

  
	
   

  	
  7.4

  	
  General Partner Participation

  	
  36

  
	
   

  	
  7.5

  	
  Proscriptions

  	
  36

  
	
   

  	
  7.6

  	
  Additional Partners

  	
  37

  
	
   

  	
  7.7

  	
  Title Holder

  	
  37

  
	
   

  	
  7.8

  	
  Waiver and Indemnification

  	
  37

  
	
   

  	
  7.9 

  	
  Limitation of Liability of Directors Stockholders and Officers of the
  General Partner 

  	
  38

  
					

 

i

 

	
  ARTICLE VIII Dissolution,
  Liquidation and Winding-Up

  	
  38

  
	
   

  	
  8.1

  	
  Accounting

  	
  38

  
	
   

  	
  8.2

  	
  Distribution on Dissolution

  	
  38

  
	
   

  	
  8.3

  	
  Sale of Partnership Assets

  	
  39

  
	
   

  	
  8.4

  	
  Distributions in Kind

  	
  39

  
	
   

  	
  8.5

  	
  Documentation of Liquidation

  	
  39

  
	
   

  	
  8.6

  	
  Liability of the Liquidation Agent

  	
  39

  
	
  ARTICLE IX Transfer of Partnership
  Interests and Related Matters

  	
  40

  
	
   

  	
  9.1

  	
  General Partner Transfers and Deemed Transfers

  	
  40

  
	
   

  	
  9.2

  	
  Transfers by Limited Partners

  	
  40

  
	
   

  	
  9.3

  	
  Issuance of Additional Partnership Units, LP
  Preferred Units and LTIP Units

  	
  42

  
	
   

  	
  9.4

  	
  Restrictions on Transfer

  	
  43

  
	
   

  	
  9.5

  	
  Shelf Registration Rights

  	
  44

  
	
  ARTICLE X Rights and Obligations of
  the Limited Partners

  	
  45

  
	
   

  	
  10.1

  	
  No Participation in Management

  	
  45

  
	
   

  	
  10.2

  	
  Bankruptcy of a Limited Partner

  	
  45

  
	
   

  	
  10.3

  	
  No Withdrawal

  	
  46

  
	
   

  	
  10.4

  	
  Duties and Conflicts

  	
  46

  
	
   

  	
  10.5

  	
  Guaranty and Indemnification Agreements

  	
  47

  
	
  ARTICLE XI Grant of Rights to the
  Limited Partners

  	
  47

  
	
   

  	
  11.1

  	
  Grant of Rights

  	
  47

  
	
   

  	
  11.2

  	
  Limitation on Exercise of Rights

  	
  48

  
	
   

  	
  11.3

  	
  Computation of Purchase Price/Form of Payment

  	
  48

  
	
   

  	
  11.4

  	
  Closing

  	
  48

  
	
   

  	
  11.5

  	
  Closing Deliveries

  	
  48

  
	
   

  	
  11.6

  	
  Term of Rights

  	
  49

  
	
   

  	
  11.7

  	
  Covenants of the General Partner

  	
  49

  
	
   

  	
  11.8

  	
  Limited Partners’ Covenant

  	
  49

  
	
   

  	
  11.9

  	
  Dividends

  	
  50

  
	
  ARTICLE XII General Provisions

  	
  50

  
	
   

  	
  12.1

  	
  Investment Representations

  	
  50

  
	
   

  	
  12.2

  	
  Notices

  	
  50

  
	
   

  	
  12.3

  	
  Successors

  	
  51

  
	
   

  	
  12.4

  	
  Liability of Limited Partners

  	
  51

  
	
   

  	
  12.5

  	
  Effect and Interpretation

  	
  51

  
	
   

  	
  12.6

  	
  Counterparts

  	
  51

  
	
   

  	
  12.7

  	
  Partners Not Agents

  	
  51

  
	
   

  	
  12.8

  	
  Entire Understanding; Etc.

  	
  51

  
	
   

  	
  12.9

  	
  Severability

  	
  51

  
	
   

  	
  12.10

  	
  Trust Provision

  	
  51

  
	
   

  	
  12.11

  	
  Pronouns and Headings

  	
  51

  
	
   

  	
  12.12

  	
  Assumption of Liabilities

  	
  52

  
	
   

  	
  12.13

  	
  Assurances

  	
  52

  

 

ii

 

EXHIBITS

 

	
  EXHIBIT A

  	
   

  	
  Names, Addresses and
  Ownership Information for Holders of Partnership Units

  
	
  EXHIBIT B

  	
   

  	
  GP Preferred Unit
  Designations

  
	
  EXHIBIT C

  	
   

  	
  LP Preferred Unit
  Designations

  
	
  EXHIBIT D

  	
   

  	
  LTIP Unit Designations
  [RESERVED]

  
	
  EXHIBIT E

  	
   

  	
  Registration Rights
  Agreements

  
	
  EXHIBIT F

  	
   

  	
  Form of Exercise
  Notice

  

 

iii

 

EIGHTH
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

SIMON PROPERTY GROUP, L.P.

 

THIS EIGHTH AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT, dated as of May 8, 2008, is made by and among SIMON PROPERTY
GROUP, INC., a Delaware corporation, as general partner (the “General Partner”),
and those persons whose names and addresses are set forth on Exhibit A
hereto, as limited partners (the “Limited Partners”).

 

WITNESSETH:

 

WHEREAS, the Agreement of Limited Partnership of Simon
Property Group, L.P. (the “Partnership”) was last amended and restated in its
entirety by the Seventh Amended and Restated Limited Partnership Agreement,
dated August 27, 1999;

 

WHEREAS, the parties hereto wish to provide for the
further amendment and restatement of the Agreement of Limited Partnership to (1) reflect
various mergers, acquisitions and other transactions that have occurred since August 27,
1999, including, but not limited to the mergers of a former non-managing
general partner with and into an Affiliate (as defined herein) of the General
Partner and subsequently with and into the General Partner itself, the merger
of SPG Realty Consultants, L.P. a former Affiliate of the Partnership, with and
into the Partnership, (2) include the economic rights, including
distribution, redemption and conversion rights and sinking fund provisions, for
all classes and series of Preferred Units (as defined herein) authorized and
outstanding as of the date of this amendment and restatement; and (3) expand
the authority of the General Partner to create and designate one or more class
or series of long-term incentive interests in the Partnership;

 

WHEREAS, the General Partner has obtained the Consent
of the Limited Partners (as defined herein) to the amendment and restatement of
this Agreement; and

 

WHEREAS, after receiving the Consent of the Limited
Partners, the General Partner has approved some additional corrections and
clarifications that are incorporated herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties hereto, intending legally to be bound, hereby agree
that the Seventh Amended and Restated Agreement of Limited Partnership of the
Partnership, as heretofore amended and restated, is hereby further amended and
restated in its entirety to read as follows:

 

ARTICLE I

 

Definitions; Etc.

 

1.1          Definitions.  Except as otherwise herein expressly provided
the following terms and phrases shall have the meanings set forth below:

 

“Accountants” shall mean the independent
registered public accounting firm or firms selected by the General Partner from
time to time on behalf of the Partnership to audit the books and records of the
Partnership and to prepare and certify statements and reports in connection
therewith.

 

 

“Act” shall mean the Revised Uniform Limited
Partnership Act as enacted in the State of Delaware, as the same may hereafter
be amended from time to time.

 

“Additional Units” shall have the meaning set
forth in Section 9.3(a) hereof.

 

“Adjusted Capital Account Balance” shall have
the meaning set forth in Section 6.1(b)(1) hereof.

 

“Adjustment Date” shall have the meaning set
forth in Section 4.3(b) hereof.

 

“Administrative Expenses” shall mean (i) all
administrative and operating costs and expenses incurred by the Partnership,
and (ii) those administrative costs and expenses and accounting and legal
expenses incurred by the General Partner on behalf or for the benefit of the
Partnership.

 

“Affected Gain” shall have the meaning set
forth in Section 6.1(g) hereof.

 

“Affiliate” shall mean, with respect to any
Partner (or as to any other Person the affiliates of which are relevant for
purposes of any of the provisions of this Agreement): (i) any member of
the Immediate Family of such Partner or Person; (ii) any partner, trustee,
beneficiary, member or stockholder of such Partner or Person; (iii) any
legal representative, successor or assignee of such Partner or any Person
referred to in the preceding clauses (i) and (ii); (iv) any trustee
or trust for the benefit of such Partner or any Person referred to in the
preceding clauses (i) through (iii); or (v) any Entity which,
directly or indirectly through one or more intermediaries, Controls, is
Controlled by or is under common Control with such Partner or any Person
referred to in the preceding clauses (i) through (iv).

 

“Affiliate Financing” shall mean financing or
refinancing obtained from a Partner or an Affiliate of a Partner by the
Partnership.

 

“Agreement” shall mean this Eighth Amended and
Restated Limited Partnership Agreement, as originally executed and as amended,
modified, supplemented or restated from time to time, as the context requires.

 

“Bankruptcy” shall mean, with respect to any
Partner, (i) the commencement by such Partner of any proceeding seeking
relief under any provision or chapter of the federal Bankruptcy Code or any
other federal or state law relating to insolvency, bankruptcy or
reorganization, (ii) an adjudication that such Partner is insolvent or
bankrupt, (iii) the entry of an order for relief under the federal
Bankruptcy Code with respect to such Partner, (iv) the filing of any
petition or the commencement of any case or proceeding against such Partner
under the federal Bankruptcy Code unless such petition and the case or
proceeding initiated thereby are dismissed within ninety (90) days from the
date of such filing or commencement, (v) the filing of an answer by such
Partner admitting the allegations of any such petition, (vi) the
appointment of a trustee, receiver or custodian for all or substantially all of
the assets of such Partner unless such appointment is vacated or dismissed
within ninety (90) days from the date of such appointment but not less than
five (5) days before the proposed sale of any assets of such Partner, (vii) the
execution by such Partner of a general assignment for the benefit of creditors,
(viii) the convening by such Partner of a meeting of 

 

2

 

its creditors, or any class thereof, for purposes of
effecting a moratorium upon or extension or composition of its debts, (ix) the
failure of such Partner to pay its debts as they mature, (x) the levy,
attachment, execution or other seizure of substantially all of the assets of
such Partner where such seizure is not discharged within thirty (30) days
thereafter, or (xi) the admission by such Partner in writing of its inability
to pay its debts as they mature or that it is generally not paying its debts as
they become due.

 

“Capital Account” shall have the meaning set
forth in Section 4.8(a) hereof.

 

“Capital Contribution” shall mean, with respect
to any Partner, the amount of money and the initial Gross Asset Value of any
property other than money contributed to the Partnership with respect to the
Partnership Units held by such Partner (net of liabilities secured by such
property which the Partnership assumes or takes subject to).

 

“Certificate” shall mean the Certificate of
Limited Partnership establishing the Partnership, as filed with the office of
the Delaware Secretary of State on November 18, 1993, as it has or may
hereafter be amended from time to time in accordance with the terms of this
Agreement and the Act.

 

“Charter” shall mean the articles of
incorporation of the General Partner and all amendments, supplements and
restatements thereof.

 

“Closing Price” on any date shall mean the last
sale price per share, regular way, of the Shares or, in case no such sale takes
place on such day, the average of the closing bid and asked prices, regular
way, of the Shares in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on the New York Stock Exchange or, if the Shares are not listed or
admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Shares are
listed or admitted to trading or, if the Shares are not listed or admitted to
trading on any national securities exchange, the last quoted price, or if not
so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc.
Automated Quotations System for the Shares or, if such system is no longer in
use, the principal other automated quotations system that may then be in use
or, if the Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making
a market in the Shares selected from time to time by the Board of Directors of
the General Partner.

 

“Code” shall mean the Internal Revenue Code of
1986, as amended, or any corresponding provisions of succeeding law.

 

“Computation Date” shall have the meaning set
forth in Section 11.3 hereof.

 

“Consent of the DeBartolos” shall mean consent
of those Limited Partners who are “DeBartolos” as defined herein.  NID Corporation (in such capacity the “DeBartolo
Designee”) is hereby granted authority by those Limited Partners who are
DeBartolos to grant or withhold consent on behalf of the DeBartolos whenever
the Consent of the DeBartolos is required hereunder.  The DeBartolos shall have the right, from
time to time, by written notice to the Partnership signed by 

 

3

 

DeBartolos who hold in the aggregate more than fifty
percent (50%) of the Partnership Units then held by the DeBartolos, to
substitute a new Person as the DeBartolo Designee for the Person who is then
acting as such.  The Partnership, the
Partners and all Persons dealing with the Partnership shall be fully protected
in relying on any written consent of the DeBartolos which is executed by the
Person who is then acting as the DeBartolo Designee.  In the event that at any time there is no
DeBartolo Designee, the consent of the DeBartolos shall be given by those DeBartolos
who hold in the aggregate more than fifty percent (50%) of the Partnership
Units then held by the DeBartolos.

 

“Consent of the Limited Partners” shall mean
the written consent of a Majority-In-Interest of the Limited Partners (which
for this purpose shall not include holders of LP Preferred Units or LTIP
Units), which consent shall be obtained prior to the taking of any action for
which it is required by this Agreement and may be given or withheld by a
Majority-In-Interest of the Limited Partners, unless otherwise expressly
provided herein, in their sole and absolute discretion.  Whenever the Consent of the Limited Partners
is sought by the General Partner, the request for such consent, outlining in
reasonable detail the matter or matters for which such consent is being
requested, shall be submitted to all of the Limited Partners, and each Limited
Partner shall have at least 15 days to act upon such request.

 

“Consent of the Simons” shall mean consent of
those Limited Partners who are “Simons” as defined herein. David Simon (the “Simon
Designee”) is hereby granted authority by those Limited Partners who are Simons
to grant or withhold consent on behalf of the Simons whenever the Consent of
the Simons is required hereunder.  The
Simons shall have the right from time to time, by written notice to the
Partnership signed by Simons who hold in the aggregate more than fifty percent
(50%) of the Partnership Units then held by the Simons, to substitute a new
Person as the Simon Designee for the Person who is then acting as such.  The Partnership, the Partners and all Persons
dealing with the Partnership shall be fully protected in relying on any written
consent of the Simons which is executed by the Person who is then acting as the
Simon Designee.  In the event that at any
time there is no Simon Designee, the Consent of the Simons shall be given by
those Simons who hold in the aggregate more than fifty percent (50%) of the
Partnership Units then held by the Simons.

 

“Contributed Funds” shall have the meaning set
forth in Section 4.3(b) hereof.

 

“Contribution Current Per Share Market Price”
on any date shall mean the average of the Closing Prices for a period of not
less than five consecutive Trading Days nor more than thirty consecutive
Trading Days ending on such date, such period determined in the sole and
absolute discretion of the General Partner.

 

“Contribution Date” shall have the meaning set
forth in Section 9.3 hereof.

 

“Contribution Deemed Partnership Unit Value” as
of any date shall mean the Contribution Current Per Share Market Price as of
the Trading Day immediately preceding such date; provided, however,
that Contribution Deemed Partnership Unit Value shall be adjusted as described
in Section 11.7(d) hereof in the event of any stock dividend, stock
split, stock distribution or similar transaction.

 

4

 

“Control” shall mean the ability, whether by
the direct or indirect ownership of shares or other equity interests, by
contract or otherwise, to elect a majority of the directors of a corporation,
to select the managing partner of a partnership or otherwise to select, or have
the power to remove and then select, a majority of those Persons exercising
governing authority over an Entity.  In
the case of a limited partnership, the sole general partner, all of the general
partners to the extent each has equal management control and authority, or the
managing general partner or managing general partners thereof shall be deemed
to have control of such partnership and, in the case of a trust, any trustee
thereof or any Person having the right to select or remove any such trustee
shall be deemed to have control of such trust.

 

“Covered Sale” shall have the meaning set forth
in Section 6.2(d) hereof.

 

“Current Per Share Market Price” on any date
shall mean the average of the Closing Prices for the five consecutive Trading
Days ending on such date.

 

“DeBartolos” shall mean (i) the Estate of
Edward J. DeBartolo, (ii) Edward J. DeBartolo, Jr., Marie Denise
DeBartolo York, members of the Immediate Family of either of the foregoing, any
other members of the Immediate Family of Edward J. DeBartolo, any other lineal
descendants of any of the foregoing and any trusts established for the benefit
of any of the foregoing, and (iii) NID Corporation and any other Entity
Controlled by any one or more of the Persons listed or specified in clauses (i) and
(ii) above.

 

“Deemed Partnership Unit Value” as of any date
shall mean the Current Per Share Market Price as of the Trading Day immediately
preceding such date; provided, however, that Deemed Partnership
Unit Value shall be adjusted as described in Section 11.7(d) hereof
in the event of any stock dividend, stock split, stock distribution or similar
transaction.

 

“Depreciation” shall mean for each Partnership
Fiscal Year or other period, an amount equal to the depreciation, amortization,
or other cost recovery deduction allowable under the Code with respect to a
Partnership asset for such year or other period, except that if the Gross Asset
Value of a Partnership asset differs from its adjusted basis for federal income
tax purposes at the beginning of such year or other period, Depreciation shall
be an amount which bears the same ratio to such beginning Gross Asset Value as
the federal income tax depreciation, amortization or other cost recovery
deduction for such year or other period bears to such beginning adjusted tax
basis; provided, however, that if the federal income tax
depreciation, amortization or other cost recovery deduction for such year is
zero, Depreciation shall be determined with reference to such beginning Gross
Asset Value using any reasonable method selected by the General Partner.

 

“Development Land” shall mean any vacant land
suitable for development as a Project.

 

“Directors” shall mean the Board of Directors
of the General Partner.

 

“Entity” shall mean any general partnership,
limited partnership, limited liability company, limited liability partnership,
corporation, joint venture, trust, business trust, cooperative or association.

 

5

 

“ERISA” shall mean the Employee Retirement
Income Security Act of 1974, as amended from time to time (or any corresponding
provisions of succeeding laws).

 

“Exercise Notice” shall have the meaning set
forth in Section 11.1 hereof.

 

“GAAP” shall mean generally accepted accounting
principles consistently applied.

 

“General Partner” shall mean Simon Property
Group, Inc., a Delaware corporation.

 

“GP Preferred Contributed Funds” shall have the
meaning set forth in Section 4.3(c) hereof.

 

“GP Preferred Distribution Requirement” shall
have the meaning set forth in Section 4.3(c) hereof.

 

“GP Preferred Redemption Amount” shall mean,
with respect to any class or series of GP Preferred Units, the sum of (i) the
amount of any accumulated Preferred Distribution Shortfall with respect to such
class or series of GP Preferred Units, (ii) the Preferred Distribution
Requirement with respect to such class or series of GP Preferred Units to the
date of redemption and (iii) the GP Preferred Redemption Price indicated
in the GP Preferred Unit Designation with respect to such class or series of GP
Preferred Units.

 

“GP Preferred Redemption Price” shall have the
meaning set forth in Section 4.3(c) hereof.

 

“GP Preferred Unit Designation” shall have the
meaning set forth in Section 4.3(c) hereof.

 

“GP Preferred Units” means the preferred
interests in the Partnership issued to the General Partner pursuant to Section 4.3(c) hereof
and having the economic rights, including dividend, redemption and conversion
rights and sinking fund provisions, set forth in a GP Preferred Unit
Designation.

 

“Gross Asset Value” shall have the meaning set
forth in Section 4.8(b) hereof.

 

“Gross Income” shall mean the income of the
Partnership determined pursuant to Section 61 of the Code before deduction
of items of expense or deduction.

 

“Immediate Family” shall mean, with respect to
any Person, such Person’s spouse, parents, parents-in-law, descendants by blood
or adoption, nephews, nieces, brothers, sisters, brothers-in-law,
sisters-in-law and children-in-law (in each case by whole or half-blood).

 

“Incurrence” shall have the meaning set forth
in Section 10.5(a) hereof.

 

“Independent Directors” shall mean those
Directors who are not employed by the General Partner, a member of the Simons
or any Affiliate of such Persons.

 

“Institutional Investors” shall have the
meaning set forth in Rule  501(a)(1)-(3), (7) and (8) of
Regulation D promulgated under the Securities Act.

 

6

 

“Institutional Lender” shall mean a commercial
bank or trust company, a savings and loan association or an insurance company.

 

“JCP” shall mean JCP Realty, Inc., a
Delaware corporation, or any of its Affiliates that becomes a Limited Partner
hereunder and that is an “accredited investor” as defined in Regulation D under
the Securities Act.

 

“JCP Limited Partner” shall mean JCP, in its
capacity as a Limited Partner or Partners hereunder.

 

“JCP Property Liabilities” means any
liabilities encumbering the assets of Treasure Coast-JCP Associates, Ltd.,
Melbourne-JCP Associates, Ltd., Boynton-JCP Associates, Ltd., Chesapeake-JCP
Associates, Ltd., Mall of the Mainland Associates, L.P., Port Charlotte-JCP
Associates and Northfield Center Limited Partnership, and any liability of the
Partnership or any Subsidiary Partnership with respect to which JCP has
incurred the “economic risk of loss” within the meaning of Treasury Regulation
§ 1.752-2.

 

“Lien” shall mean any liens, security
interests, mortgages, deeds of trust, charges, claims, encumbrances, restrictions,
pledges, options, rights of first offer or first refusal and any other rights
or interests of others of any kind or nature, actual or contingent, or other
similar encumbrances of any nature whatsoever.

 

“Limited Partners” unless the context expressly
provides otherwise, shall mean those Persons whose names are set forth on Exhibit A,
their permitted successors or assigns as limited partners hereof, and/or any
Person who, at the time of reference thereto, is a limited partner of the
Partnership.

 

“Limited Partnership Unit” shall mean each
Partnership Unit (other than LTIP Units) held by a Limited Partner.

 

“Liquidation Agent” shall mean such Person as
is selected as the Liquidation Agent hereunder by the General Partner, which
Person may be the General Partner or an Affiliate of the General Partner,
provided such Liquidation Agent agrees in writing to be bound by the terms of
this Agreement.  The Liquidation Agent
shall be empowered to give and receive notices, reports and payments in
connection with the dissolution, liquidation and/or winding-up of the
Partnership and shall hold and exercise such other rights and powers as are
necessary or required to permit all parties to deal with the Liquidation Agent
in connection with the dissolution, liquidation and/or winding-up of the
Partnership.

 

“Liquidation Transaction” shall mean any sale
of assets of the Partnership in contemplation of, or in connection with, the
liquidation of the Partnership.

 

“Losses” shall have the meaning set forth in Section 6.1(a) hereof.

 

7

 

“LP Preferred Distribution Requirement” means
the dividends or distributions required to be made at the time such dividend or
distribution is required to be made on a class or series of LP Preferred Units
as set forth in the related LP Preferred Unit Designation.

 

“LP Preferred Unit Designation” shall have the
meaning set forth in Section 9.3(b) hereof.

 

“LP Preferred Units” means the preferred
interests in the Partnership issued to a Limited Partner pursuant to Section 9.3(a) hereof
and having the economic rights, including distribution, redemption, conversion
and exchange rights and sinking fund provisions, set forth in the related LP
Preferred Unit Designation.  The number
of LP Preferred Units for each outstanding class or series of LP Preferred
Units held by each Limited Partner at the date of this Agreement is as set
forth on Exhibit A attached hereto.

 

“LTIP Unit Designation” shall have the meaning
set forth in Section 9.3(c) hereof.

 

“LTIP Units” means long-term incentive plan
interests in the Partnership issued hereafter pursuant to Section 9.3(a).  The LTIP Units shall be convertible into
Limited Partnership Units under the terms and conditions set forth in a related
LTIP Unit Designation.  There are no LTIP
Units outstanding as of the date of this Agreement.

 

“Major Decisions” shall have the meaning set
forth in Section 7.3(b) hereof.

 

“Majority-In-Interest of the Limited Partners”
shall mean Limited Partner(s) who hold in the aggregate more than fifty
percent (50%) of the Partnership Units then held by all the Limited Partners,
as a class (excluding any Partnership Units held by the General Partner, any
Person Controlled by the General Partner or any Person holding as nominee for
the General Partner).

 

“Minimum Gain” shall have the meaning set forth
in Section 6.1(d)(l) hereof.

 

“Minimum Gain Chargeback” shall have the
meaning set forth in Section 6.1(d)(l) hereof.

 

“Net Financing Proceeds” shall mean the cash
proceeds received by the Partnership in connection with any borrowing by or on
behalf of the Partnership (whether or not secured), or distributed to the
Partnership in respect of any such borrowing by any Subsidiary Entity, after
deduction of all costs and expenses incurred by the Partnership in connection
with such borrowing, and after deduction of that portion of such proceeds used
to repay any other indebtedness of the Partnership, or any interest or premium
thereon.

 

“Net Operating Cash Flow” shall mean, with
respect to any fiscal period of the Partnership, the aggregate amount of all
cash received by the Partnership from any source for such fiscal period
(including Net Sale Proceeds and Net Financing Proceeds but excluding
Contributed Funds), less the aggregate amount of all expenses or other amounts
paid with respect to such period and such additional cash reserves as of the
last day of such period as the General Partner deems necessary for any capital
or operating expenditure permitted hereunder.

 

8

 

“Net Sale Proceeds” shall mean the cash
proceeds received by the Partnership in connection with a sale or other
disposition of any asset by or on behalf of the Partnership or a sale or other
disposition of any asset by or on behalf of any Subsidiary Entity, after
deduction of any costs or expenses incurred by the Partnership, or payable
specifically out of the proceeds of such sale or other disposition (including,
without limitation, any repayment of any indebtedness required to be repaid as
a result of such sale or other disposition or which the General Partner elects
to repay out of the proceeds of such sale or other disposition, together with
accrued interest and premium, if any, thereon and any sales commissions or
other costs and expenses due and payable to any Person), in connection with
such sale or other disposition.

 

“NID Corporation” shall mean NID Corporation,
an Ohio corporation formerly known as The Edward J. DeBartolo Corporation.

 

“Nonrecourse Liabilities” shall have the meaning
set forth in Section 6.l(d)(l) hereof.

 

“Offered Units” shall have the meaning set
forth in Section 11.1 hereof.

 

“Ownership Limit” shall have the meaning set
forth in Article Ninth of the Charter.

 

“Partner Nonrecourse Debt” shall have the
meaning set forth in Section 6.1(d)(2) hereof.

 

“Partner Nonrecourse Debt Minimum Gain”
shall have the meaning set forth in Section 6.1(d)(2) hereof.

 

“Partner Nonrecourse Deduction” shall have the
meaning set forth in Section 6.1(d)(2) hereof.

 

“Partners” shall mean the General Partner and
the Limited Partners (including, unless the context expressly indicates
otherwise, the holders of LP Preferred Units and LTIP Units), their duly
admitted successors or assigns or any Person who is a partner of the
Partnership at the time of reference thereto.

 

“Partnership” shall mean Simon Property Group,
L.P., a Delaware limited partnership, as such limited partnership may from time
to time be constituted.

 

“Partnership Fiscal Year” shall mean the
calendar year.

 

“Partnership Interest” shall mean the interest
of a Partner in the Partnership.

 

“Partnership Minimum Gain” shall have the
meaning set forth in Section 1.704-2(b)(2) of the Regulations.

 

“Partnership Record Date” shall mean the record
date established by the General Partner for a distribution of Net Operating
Cash Flow pursuant to Section 6.2 hereof, which record date shall be the
same as the record date established by the General Partner for distribution to
its stockholders of some or all of its share of such distribution.

 

9

 

“Partnership Units” or “Units” shall mean the
interest in the Partnership of any Partner which entitles a Partner to the
allocations (and each item thereof) specified in Section 6.1(b) hereof
and all distributions from the Partnership, and its rights of management,
consent, approval, or participation, if any, as provided in this
Agreement.  Partnership Units do not
include Preferred Units and include LTIP Units only to the extent provided in
the applicable LTIP Unit Designation. 
Each Partner’s percentage ownership interest in the Partnership shall be
determined by dividing the number of Partnership Units then owned by each
Partner by the total number of Partnership Units then outstanding.  The number of Partnership Units held by the
General Partner and by each Limited Partner at the date of this Agreement is as
set forth on Exhibit A attached hereto.

 

“Person” shall mean any individual or Entity.

 

“Pledge” shall mean granting of a Lien on a
Partnership Interest.

 

“Post-Exchange Distribution” shall have the
meaning set forth in Section 6.2(a) hereof.

 

“Preferred Distribution Requirement” shall mean
the GP Preferred Distribution Requirement and the LP Preferred Distribution
Requirement.

 

Preferred Distribution
Shortfall” shall have the meaning set forth in Section 6.2(b)(i) hereof.

 

“Preferred Shares” shall mean any class of
equity securities of the General Partner now or hereafter authorized or
reclassified having dividend rights that are superior or prior to dividends
payable on the Shares or any other shares of common stock of the General
Partner.

 

“Preferred Units” shall mean GP Preferred Units
issued to the General Partner pursuant to Section 4.3(c) hereof and
LP Preferred Units issued to a Limited Partner pursuant to Section 9.3(a) hereof.  Unless otherwise specified in the Preferred
Unit Designations, as the case may be, the holders of any class or series of
Preferred Units shall have such rights to the allocations of Profits and Losses
as specified in Section 6.1 hereof and to distributions pursuant to Section 6.2
hereof, but shall not, by reason of their ownership of such Preferred Units, be
entitled to participate in the management of the Partnership or to consent to
or approve any action which is required by the Act or this Agreement to be
approved by any or all of the Partners.

 

“Preferred Unit Designation” means the GP
Preferred Unit Designations and the LP Preferred Unit Designations,
collectively.

 

“Preferred Unit Issue Price” shall mean (i) with
respect to GP Preferred Units, (a) the amount of the Required Funds
contributed or deemed to have been contributed by the General Partner in
exchange for a GP Preferred Unit or (b) in the case of GP Preferred Units
issued in respect of a Related Issue issued upon conversion of or in exchange
for any LP Preferred Units, the liquidation preference of such GP Preferred
Unit upon issuance, and (ii) with respect to LP Preferred Units, the
liquidation preference of such LP Preferred Unit upon issuance.

 

“Profits” shall have the meaning set forth in Section 6.1(a) hereof.

 

10

 

“Project” shall mean any property that is or is
planned to be used primarily for retail purposes, and shall include, but is not
limited to, a regional mall, a community shopping center, a specialty retail
center and a mixed-use property which contains a major retail component.

 

“Property or Properties” shall mean
any Development Land or Project in which the Partnership acquires ownership of (a) the
fee or leasehold interest or (b) an indirect fee or leasehold interest
through an interest in any other Entity.

 

“Purchase Price” shall have the meaning set
forth in Section 11.3 hereof.

 

“Qualified REIT Subsidiaries” shall have the
meaning set forth in Section 856(i)(2) of the Code.

 

“Registrable Securities” shall have the mean
set forth in Section 9.5(a) hereof.

 

“Registration Rights Agreements” shall mean the
agreements, in effect as of September 24, 1998, among the General Partner,
certain of its stockholders and certain holders of Units.

 

“Regulations” shall mean the final, temporary
or proposed income tax regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).

 

“Regulatory Allocations” shall have the meaning
set forth in Section 6.1(d)(5) hereof.

 

“REIT” shall mean a real estate investment
trust as defined in Section 856 of the Code.

 

“REIT Expenses” shall mean (i) costs and
expenses relating to the continuity of existence of the General Partner and its
respective subsidiaries, including taxes, fees and assessments associated
therewith, and any and all costs, expenses or fees payable to any director or
trustee of the General Partner or such subsidiaries, (ii) costs and
expenses relating to any offer or registration of securities by the General
Partner or its respective subsidiaries and all statements, reports, fees and
expenses incidental thereto, including underwriting discounts, selling
commissions and placement fees applicable to any such offer of securities; provided,
however, that in the case of any such registration of securities on
behalf of one or more of the security holders of the General Partner or its
respective subsidiaries, REIT Expenses shall not include underwriting discounts
or selling commissions), (iii) costs and expenses associated with the
preparation and filing of any periodic reports by the General Partner or its
respective subsidiaries under federal, state or local laws or regulations,
including tax returns and filings with the SEC and any stock exchanges on which
the Shares are listed, (iv) costs and expenses associated with compliance
by the General Partner or its respective subsidiaries with laws, rules and
regulations promulgated by any regulatory body, including the SEC, (v) costs
and expenses associated with any 401(k) Plan, incentive plan, bonus plan
or other plan providing for compensation for the employees of the General
Partner or its respective subsidiaries, and (vi) all operating,
administrative and other costs incurred by the General Partner or its
respective subsidiaries (including attorney’s and accountant’s fees, income and
franchise taxes and salaries paid to officers of the General Partner or its
respective subsidiaries, but excluding costs of any repurchase by the General
Partner of any of its securities and excluding costs associated with activities
and 

 

11

 

business operations not conducted directly or
indirectly through the Partnership or any Subsidiary Partnership); provided,
however that amounts described herein shall be considered REIT Expenses
hereunder only if and to the extent during the fiscal year in question the
aggregate amount of such expenses for such fiscal year and all prior fiscal
years exceeds the aggregate of (a) all amounts theretofore distributed or
distributable to the General Partner by any wholly-owned subsidiary thereof and
(b) all amounts theretofore paid to the General Partner pursuant to Section 7.1
hereof.

 

“REIT Requirements” shall mean all actions or
omissions as may be necessary (including making appropriate distributions from
time to time) to permit the General Partner and, where applicable, each of its
respective subsidiaries and, where applicable, each Subsidiary Entity, to
qualify or continue to qualify as a real estate investment trust within the
meaning of Section 856 et  seq. of the Code, as such
provisions may be amended from time to time, or the corresponding provisions of
succeeding law.

 

“Related Issue” shall mean, with respect to a
class or series of GP Preferred Units, (a) the class or series of
Preferred Shares the sale of which provided the General Partner with the
proceeds to contribute to the Partnership in exchange for such GP Preferred
Units and (b) the class or series of Preferred Shares issued upon
conversion of or in exchange for any LP Preferred Units.

 

“Required Funds” shall have the meaning set
forth in Section 4.3(a) hereof.

 

“Rights” shall have the meaning set forth in Section 11.1
hereof.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

“Securities Act” shall mean the Securities Act
of 1933, as amended.

 

“Shares” shall mean the shares of Common Stock,
par value $0.0001 per share, of the General Partner.

 

“Shelf Rights Holder” shall have the meaning
set forth in Section 9.5 hereof.

 

“Shelf Registration” shall have the meaning set
forth in Section 9.5 hereof.

 

“Simons” shall mean Melvin Simon, Herbert Simon
and David Simon, other members of the Immediate Family of any of the foregoing,
any other lineal descendants of any of the foregoing, any trusts established
for the benefit of any of the foregoing, and any Entity Controlled by any one
or more of the foregoing.

 

“Subsidiary Entity” shall mean any Entity in
which the Partnership owns a direct or indirect equity interest.

 

“Subsidiary Partnership” shall mean any
partnership or limited liability company in which the Partnership owns a direct
or indirect equity interest.

 

“Substituted Limited Partner” shall have the
meaning set forth in the Act.

 

12

 

“Tax Matters Partner” shall have the meaning
set forth in Section 6.7 hereof.

 

“Third Party Financing” shall mean financing or
refinancing obtained from a Third Party by the Partnership.

 

“Third Party” or “Third Parties” shall
mean a Person or Persons who is or are neither a Partner or Partners nor an
Affiliate or Affiliates of a Partner or Partners.

 

“Trading Day” shall mean a day on which the
principal national securities exchange on which the Shares are listed or
admitted to trading is open for the transaction of business or, if the Shares
are not listed or admitted to trading on any national securities exchange,
shall mean any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of New York are authorized or obligated by law or
executive order to close.

 

“Transfer” shall mean any assignment, sale,
transfer, conveyance or other disposition or act of alienation (other than a Pledge),
whether voluntary or involuntary or by operation of law.

 

1.2           Exhibit; Etc.  References in this Agreement to an “Exhibit”
are, unless otherwise specified, to one of the Exhibits attached to this
Agreement, and references in this Agreement to an “Article” or a “Section” are,
unless otherwise specified, to one of the Articles or Sections of this
Agreement.  Each Exhibit attached
hereto and referred to herein is hereby incorporated herein by reference.

 

ARTICLE II

 

Continuation of
Partnership

 

2.1           Continuation.  The parties hereto do hereby agree to
continue the Partnership as a limited partnership pursuant to the provisions of
the Act, and all other pertinent laws of the State of Delaware, for the
purposes and upon the terms and conditions hereinafter set forth. The Partners
agree that the rights and liabilities of the Partners shall be as provided in
the Act except as otherwise herein expressly provided.  Promptly upon the execution and delivery of
this Agreement, the General Partner shall cause each notice, instrument,
document or certificate as may be required by applicable law, and which may be
necessary to enable the Partnership to continue to conduct its business, and to
own its properties, under the Partnership name to be filed or recorded in all appropriate
public offices.  Upon request of the
General Partner, the Partners shall execute any assumed or fictitious name
certificate or certificates required by law to be filed in connection with the
Partnership.  The General Partner shall
properly cause the execution and delivery of such additional documents and
shall perform such additional acts consistent with the terms of this Agreement
as may be necessary to comply with the requirements of law for the continued
operation of a limited partnership under the laws of the State of Delaware (it
being understood that the General Partner shall be required to provide the
Limited Partners with copies of any amendment to the Certificate required to be
filed under such laws only upon request) and for the continued operation of a
limited partnership in each other jurisdiction in which the Partnership shall
conduct business.

 

13

 

2.2           Name.  The name of the Partnership is Simon Property
Group, L.P., and all business of the Partnership shall be conducted under the
name of Simon Property Group, L.P. or such other name as the General Partner
may select; provided, however, that the General Partner may not
choose the name (or any derivative thereof) of any Limited Partner (other than
the names “DeBartolo” or “Simon”) without the prior written consent of such
Limited Partner.  All transactions of the
Partnership, to the extent permitted by applicable law, shall be carried on and
completed in such name (it being understood that the Partnership may adopt
assumed or fictitious names in certain jurisdictions).

 

2.3           Character of the
Business.  The purpose of the
Partnership is and shall be to acquire, hold, own, develop, redevelop,
construct, reconstruct, alter, improve, maintain, operate, sell, lease,
Transfer, encumber, convey, exchange and otherwise dispose of or deal with the
Properties and any other real and personal property of all kinds; to undertake
such other activities as may be necessary, advisable, desirable or convenient to
the business of the Partnership; and to engage in such other ancillary
activities as shall be necessary or desirable to effectuate the foregoing
purposes.  The Partnership shall have all
powers necessary or desirable to accomplish the purposes enumerated.  In connection with the foregoing, but subject
to all of the terms, covenants, conditions and limitations contained in this
Agreement and any other agreement entered into by the Partnership, the
Partnership shall have full power and authority to enter into, perform and
carry out contracts of any kind, to borrow or lend money and to issue evidences
of indebtedness, whether or not secured by mortgage, trust deed, pledge or
other Lien and, directly or indirectly, to acquire and construct additional
Properties necessary or useful in connection with its business.

 

2.4           Location of the
Principal Place of Business.  The
location of the principal place of business of the Partnership shall be at 225
West Washington Street, Indianapolis, Indiana 46204 or such other location as
shall be selected from time to time by the General Partner in its sole
discretion; provided, however, that the General Partner shall
promptly notify the Limited Partners of any change in the location of the
principal place of business of the Partnership.

 

2.5           Registered Agent and
Registered Office.  The Registered
Agent of the Partnership shall be The Corporation Trust Company, or such other
Person as the General Partner may select in its sole discretion.  The Registered Office of the Partnership in
the State of Delaware shall be c/o The Corporation Trust Company, 1209 Orange
Street, in the City of Wilmington, County of New Castle, Delaware 19801, or
such other location as the General Partner may select in its sole and absolute
discretion.  The General Partner shall
promptly notify the Limited Partners of any change in the Registered Agent or
Registered Office of the Partnership.

 

 

14

ARTICLE III

 

Term

 

3.1          Commencement.  The Partnership commenced business as a
limited partnership on November 18, 1993 upon the filing of the
Certificate with the Secretary of State of the State of Delaware.

 

 

3.2          Dissolution.  The Partnership shall continue until
dissolved and terminated upon the earlier of (i) December 31, 2096,
or (ii) the earliest to occur of the following events:

 

(a)           the dissolution,
termination, withdrawal, retirement or Bankruptcy of the General Partner unless
the Partnership is continued as provided in Section 9.1 hereof;

 

(b)           the election to
dissolve the Partnership made in writing by the General Partner, but only if
the consent required by Section 7.3 is obtained;

 

(c)           the sale or other
disposition of all or substantially all the assets of the Partnership; or

 

(d)           dissolution required by
operation of law.

 

ARTICLE IV

 

Contributions to Capital

 

4.1          General Partner
Capital Contributions.

 

(a)           [RESERVED]

 

(b)           The General Partner
shall contribute to the capital of the Partnership, in exchange for Units as
provided in Section 4.3(b) hereof, the proceeds of the sale of any
Shares.

 

(c)           All transfer, stamp or
similar taxes payable upon any contribution provided for in this Section 4.1
shall be paid by the Partnership.

 

4.2          Limited Partner Capital
Contributions.  Except as expressly
provided in Sections 4.3, 4.4, 4.5 and 4.8 below, no Partner may make, and
no Partner shall have the obligation to make, additional contributions to the
capital of the Partnership without the consent of the General Partner.

 

4.3          Additional Funds.

 

(a)           The Partnership may
obtain funds (“Required Funds”) which it considers necessary to meet the needs,
obligations and requirements of the Partnership, or to maintain adequate
working capital or to repay Partnership indebtedness, and to carry out the
Partnership’s purposes, from the proceeds of Third Party Financing or Affiliate
Financing, in each case pursuant to such terms, provisions and conditions and
in such manner (including the engagement of brokers and/or investment bankers
to assist in providing such financing) and amounts as the General Partner shall
determine to be in the best interests of the Partnership, subject to the terms
and conditions of this Agreement.  Any
and all funds required or expended, directly or indirectly, by the Partnership
for capital expenditures may be obtained or replenished through Partnership
borrowings.  Any Third Party Financing or
Affiliate Financing obtained by the General Partner for and on behalf of the
Partnership may be convertible in whole or in part into Additional Units (to be
issued in accordance with Section 9.3 hereof), may be unsecured, may be
secured by mortgage(s) or deed(s) of trust and/or assignments on or
in respect of all or any portion of the assets of the Partnership or any other
security 

 

15

 

made available by the Partnership, may include or be obtained through
the public or private placement of debt and/or other instruments, domestic and
foreign, may include provision for the option to acquire Additional Units (to
be issued in accordance with Section 9.3 hereof), and may include the
acquisition of or provision for interest rate swaps, credit enhancers and/or
other transactions or items in respect of such Third Party Financing or
Affiliate Financing; provided, however, that in no event may the
Partnership obtain any Affiliate Financing or Third Party Financing that is
recourse to any Partner or any Affiliate, partner, stockholder, beneficiary,
principal officer or director of any Partner without the consent of the
affected Partner and any other Person or Persons to whom such recourse may be
had.

 

(b)           To the extent the
Partnership does not borrow all of the Required Funds (and whether or not the
Partnership is able to borrow all or part of the Required Funds), the General
Partner (or an Affiliate thereof) (i) may itself borrow such Required
Funds, in which case the General Partner or its Affiliate shall lend such
Required Funds to the Partnership on the same economic terms and otherwise on
substantially identical terms, or (ii) may raise such Required Funds in
any other manner, in which case, unless such Required Funds are raised by the
General Partner through the sale of Preferred Shares, the General Partner shall
contribute to the Partnership as an additional Capital Contribution the amount
of the Required Funds so raised (“Contributed Funds”) (hereinafter, each date
on which the General Partner  so
contributes Contributed Funds pursuant to this Section 4.3(b) is
referred to as an “Adjustment Date”). 
Any Required Funds raised from the sale of Preferred Shares shall either
be contributed to the Partnership as Contributed Funds or loaned to the
Partnership pursuant to Section 4.3(c) below.  In the event the General Partner advances
Required Funds to the Partnership pursuant to this Section 4.3(b) as
Contributed Funds, then the Partnership shall assume and pay (or reflect on its
books as additional Contributed Funds) the expenses (including any applicable
underwriting discounts) incurred by the General Partner (or such Affiliate) in
connection with raising such Required Funds through a public offering of its
securities or otherwise. If the General Partner advances Required Funds to the
Partnership as Contributed Funds pursuant to this Section 4.3(b) from
any offering or sale of Shares (including, without limitation, any issuance of
Shares pursuant to the exercise of options, warrants, convertible securities or
similar rights to acquire Shares), the Partnership shall issue additional
Partnership Units to the General Partner to reflect its contribution of the
Contributed Funds equal in number to such number of Shares issued in such
offering or sale.

 

(c)           In the event the
General Partner contributes to the Partnership any Required Funds obtained from
the sale of Preferred Shares (“GP Preferred Contributed Funds”), then the
Partnership shall assume and pay the expenses (including any applicable
underwriter discounts) incurred by the General Partner in connection with
raising such Required Funds.  In
addition, the General Partner shall be issued GP Preferred Units of a
designated class or series (a) to reflect its contribution of GP Preferred
Contributed Funds and (b) to reflect its issuance of a Related Issue upon
conversion of or in exchange for any LP Preferred Units.  Each class or series of GP Preferred Units so
issued shall be designated by the General Partner to identify such class or
series with the class or series of Preferred Shares which constitutes the
Related Issue.  Each class or series of
GP Preferred Units shall be described in a written document (the “GP Preferred
Unit Designation”) that shall set forth, in sufficient detail, the economic
rights, including dividend, redemption and conversion rights and sinking fund
provisions, of the class or series of GP Preferred Units and the Related
Issue.  The 

 

16

 

GP Preferred Unit Designations for each class or series of GP Preferred
Units authorized and outstanding as of the date of this Agreement are attached
as Exhibit B.  The number of
GP Preferred Units of a class or series shall be equal to the number of shares
of the Related Issue sold.  The GP
Preferred Unit Designation shall provide for such terms for the class or series
of GP Preferred Units that shall entitle the General Partner to substantially
the same economic rights as the holders of the Related Issue.  Specifically, the General Partner shall
receive distributions on the class or series of GP Preferred Units pursuant to Section 6.2
equal to the aggregate dividends payable on the Related Issue at the times such
dividends are paid (the “GP Preferred Distribution Requirement”).  The Partnership shall redeem the class or
series of GP Preferred Units for a redemption price per GP Preferred Unit equal
to the redemption price per share of the Related Issue, exclusive of any
accrued unpaid dividends (the “GP Preferred Redemption Price”) upon the
redemption of any shares of the Related Issue. Each class or series of GP
Preferred Units shall also be converted into additional Partnership Units at
the time and on such economic terms and conditions as the Related Issue is
converted into Shares.  Upon the issuance
of any class or series of GP Preferred Units pursuant to this Section 4.3(c),
the General Partner shall, upon request, provide the Limited Partners with a
copy of the GP Preferred Unit Designation relating to such class or series and
shall supplement Exhibit B with any such GP Preferred Unit
Designation.  The General Partner shall
have the right, in lieu of contributing to the Partnership proceeds from the
sale of Preferred Shares as GP Preferred Contributed Funds, to lend such
proceeds to the Partnership.  Any such
loan shall be on the same terms and conditions as the Related Issue except that
dividends payable on the Related Issue shall be payable by the Partnership to
the General Partner as interest, any mandatory redemptions shall take the form
of principal payments and no GP Preferred Units shall be issued to the General
Partner.  If any such loan is made, the
Partnership shall promptly reimburse the General Partner for all expenses
(including any applicable underwriter discounts) incurred by the General
Partner in connection with raising the Required Funds.  Any such loan made by the General Partner to
the Partnership may at any time be contributed to the Partnership as GP
Preferred Contributed Funds in exchange for GP Preferred Units as above
provided; and if the Related Issue is by its terms convertible into Shares, such
loan shall be so contributed to the Partnership prior to the effectuation of
such conversion.

 

4.4          Redemption; Change in
Number of Shares Outstanding.

 

(a)           If the General Partner
shall redeem any of its outstanding Shares, the Partnership shall concurrently
therewith redeem an equal number of Units held by the General Partner for the
same price (as determined in good faith by the Board of Directors of the
General Partner) as paid by the General Partner for the redemption of such
Shares.

 

(b)           In the event of any
change in the outstanding number of Shares by reason of any share dividend,
split, reverse split, recapitalization, merger, consolidation or combination,
the number of Units held by each Partner (or assignee) shall be proportionately
adjusted such that, to the extent possible, one Unit remains the equivalent of
one Share without dilution.

 

 

17

 

4.5          Stock Option Plan;
Dividend Reinvestment Plan; LTIP Units.

 

(a)           If at any time a stock
option granted by the Partnership in connection with a stock option plan is
exercised in accordance with its terms, and the Partnership chooses not to
acquire any or all of the stock required to satisfy such option through open
market purchases, the General Partner shall, as soon as practicable after such
exercise, sell to the Partnership for use in satisfying such stock option, at a
purchase price equal to the Current Per Share Market Price on the date such
stock option is exercised, the number of newly issued Shares for which such
option is exercised (or, if such stock option is to be satisfied in part
through open market purchases, the remaining number of newly issued Shares) and
the General Partner shall contribute to the capital of the Partnership, in
exchange for additional Partnership Units, an amount equal to the price paid to
the General Partner by the Partnership in connection with the Partnership’s
purchase of newly issued Shares upon exercise of such stock option.  The number of Partnership Units to be so
issued shall be determined by dividing the amount of such capital contribution
by the Deemed Partnership Unit Value as of the date of such capital
contribution.  The General Partner shall
promptly give each Limited Partner written notice of the number of Partnership
Units so issued.  The Partnership shall
retain the exercise or purchase price paid by the holder of such option for the
Shares such holder is entitled to receive upon such exercise.

 

(b)           All amounts received by
the General Partner in respect of its dividend reinvestment plan, if any,
either (a) shall be utilized by the General Partner to effect open market
purchases of Shares, or (b) if the General Partner elects instead to issue
new Shares with respect to such amounts, shall be contributed by the General Partner
to the Partnership in exchange for additional Partnership Units.  The number of Partnership Units so issued
shall be determined by dividing the amount of funds so contributed by the
Deemed Partnership Unit Value, computed as of the date such funds are
contributed.  The General Partner shall
promptly give each Limited Partner written notice of the number of Partnership
Units so issued.

 

(c)           Each Person who is
issued an LTIP Unit pursuant to Section 9.3(a) shall make a capital
contribution in an amount required by the General Partner.

 

4.6          No Third Party
Beneficiary.  No creditor or other
Third Party having dealings with the Partnership shall have the right to
enforce the right or obligation of any Partner to make Capital Contributions or
to pursue any other right or remedy hereunder or at law or in equity, it being
understood and agreed that the provisions of this Agreement shall be solely for
the benefit of, and may be enforced solely by, the parties hereto and their
respective successors and assigns.  None
of the rights or obligations of the Partners herein set forth to make Capital
Contributions to the Partnership shall be deemed an asset of the Partnership
for any purpose by any creditor or other third party, nor may such rights or
obligations be sold, transferred or assigned by the Partnership or pledged or
encumbered by the Partnership to secure any debt or other obligation of the
Partnership or of any of the Partners.

 

 

18

 

4.7          No Interest; No
Return.  No Partner shall be entitled
to interest on its Capital Contribution or on such Partner’s Capital
Account.  Except as provided herein or by
law, no Partner shall have any right to withdraw any part of its Capital
Account or to demand or receive the return of its Capital Contribution from the
Partnership.

 

4.8          Capital Accounts.

 

(a)           The Partnership shall
establish and maintain a separate capital account (“Capital Account”) for each
Partner, including a Partner who shall pursuant to the provisions hereof acquire
a Partnership Interest, which Capital Account shall be:

 

(1)           credited with the
amount of cash contributed by such Partner to the capital of the Partnership;
the initial Gross Asset Value (net of liabilities secured by such contributed
property that the Partnership assumes or takes subject to) of any other
property contributed by such Partner to the capital of the Partnership; such
Partner’s distributive share of Profits; and any other items in the nature of
income or gain that are allocated to such Partner pursuant to Section 6.1
hereof, but excluding tax items described in Regulations Section 1.704-1(b)(4)(i);
and

 

(2)           debited with the amount
of cash distributed to such Partner pursuant to the provisions of this
Agreement; the Gross Asset Value (net of liabilities secured by such
distributed property that such Partner assumes or takes subject to) of any
Partnership property distributed to such Partner pursuant to any provision of
this Agreement; the amount of unsecured liabilities of such Partner assumed by
the Partnership; such Partner’s distributive share of Losses; in the case of
the General Partner, payments of REIT Expenses by the Partnership; and any
other items in the nature of expenses or losses that are allocated to such
Partner pursuant to Section 6.1 hereof, but excluding tax items described
in Regulations Section 1.704-1(b)(4)(i).

 

In the event that any or
all of a Partner’s Partnership Units or Preferred Units are transferred within
the meaning of Regulations Section 1.704-l(b)(2)(iv)(l), the transferee
shall succeed to the Capital Account of the transferor to the extent that it
relates to the Partnership Units or Preferred Units so transferred.

 

In the event that the
Gross Asset Values of Partnership assets are adjusted pursuant to Section 4.8(b)(ii) hereof,
the Capital Accounts of the Partners shall be adjusted to reflect the aggregate
net adjustments as if the Partnership sold all of its properties for their fair
market values and recognized gain or loss for federal income tax purposes equal
to the amount of such aggregate net adjustment.

 

A Limited Partner shall
be liable unconditionally to the Partnership for all or a portion of any
deficit in its Capital Account if it so elects to be liable for such deficit or
portion thereof.  Such election may be
for either a limited or unlimited amount and may be amended or withdrawn at any
time.  The election, and any amendment
thereof, shall be made by written notice to the General Partner (and the
General Partner shall promptly upon receipt deliver copies thereof to the other
Partners) stating that the Limited Partner elects to be liable, and specifying
the limitations, if any, on the maximum amount or duration of such
liability.  Said election, or amendment
thereof, shall be effective only from the date 25 days after written notice
thereof is received by the General Partner, and shall terminate upon the date,
if any, specified therein as a termination date or upon delivery to the General
Partner of a subsequent written notice terminating such election.  A termination of any such election, or an
amendment reducing the Limited Partner’s maximum liability thereunder or the
duration thereof, shall not be effective to avoid responsibility for any loss
incurred prior to such termination or the effective date of such
amendment.  Except as provided in this Section 4.8
or as 

 

19

 

required by law, no Limited Partner shall be liable
for any deficit in its Capital Account or be obligated to return any
distributions of any kind received from the Partnership.

 

The foregoing provisions
and the other provisions of this Agreement relating to the maintenance of
Capital Accounts are intended to comply with Section 1.704-1(b) of
the Regulations, and shall be interpreted and applied as provided in the
Regulations.

 

(b)           The term “Gross Asset
Value” or “Gross Asset Values” means, with respect to any asset of the
Partnership, such asset’s adjusted basis for federal income tax purposes,
except as follows:

 

(i)            the initial Gross Asset
Value of any asset contributed by a Partner to the Partnership shall be the
gross fair market value of such asset as reasonably determined by the General
Partner;

 

(ii)           the Gross Asset Values
of all Partnership assets shall be adjusted to equal their respective gross
fair market values, as reasonably determined by the General Partner,
immediately prior to the following events:

 

(A)          a Capital Contribution
(other than a de  minimis Capital Contribution, within the meaning
of Section l.704-l(b)(2)(iv)(f)(5)(i) of the Regulations) to the
Partnership by a new or existing Partner as consideration for Partnership
Units;

 

(B)          the distribution by the
Partnership to a Partner of more than a de  minimis amount (within
the meaning of Section 1.704-1(b)(2)(iv)(f)(5)(ii) of the
Regulations) of Partnership property as consideration for the redemption of
Partnership Units;

 

(C)          the liquidation of the
Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the
Regulations;

 

(D)          in the sole discretion
of the General Partner, any transaction involving LP Preferred Units;

 

(E)           in the sole discretion
of the General Partner, with respect to the issuance of LTIP Units; and

 

(F)           in the sole discretion
of the General Partner, as otherwise authorized by the Regulations; and

 

(iii)          the Gross Asset Values
of Partnership assets distributed to any Partner shall be the gross fair market
values of such assets as reasonably determined by the General Partner as of the
date of distribution.  At all times,
Gross Asset Values shall be adjusted by any Depreciation taken into account
with respect to the Partnership’s assets for purposes of computing Profits and
Losses.  Any adjustment to the Gross
Asset Values of Partnership property shall require an adjustment to the
Partners’ Capital Accounts as described in Section 4.8(a) above.

 

20

 

ARTICLE V

 

Representations, Warranties and Acknowledgment

 

5.1          Representations and
Warranties by the General Partner. 
The General Partner represents and warrants to the Limited Partners and
to the Partnership that (i) it is a corporation duly formed, validly
existing and in good standing under the laws of its state of incorporation,
with full right, corporate power and authority to fulfill all of its
obligations hereunder or as contemplated herein; (ii) all transactions
contemplated by this Agreement to be performed by it have been duly authorized
by all necessary action; (iii) this Agreement has been duly executed and
delivered by and is the legal, valid and binding obligation of the General
Partner and is enforceable against it in accordance with its terms, except as
such enforcement may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or transfer or other laws of
general application affecting the rights and remedies of creditors and (b) general
principles of equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law); (iv) no authorization, approval, consent
or order of any court or governmental authority or agency or any other Entity
is required in connection with the execution and delivery of this Agreement by
the General Partner, except as may have been received prior to the date of this
Agreement; (v) the execution and delivery of this Agreement by the General
Partner and the consummation of the transactions contemplated hereby will not
conflict with or constitute a breach or violation of, or a default under, any
contract, indenture, mortgage, loan agreement, note, lease, joint venture or
partnership agreement or other instrument or agreement to which either the
General Partner or the Partnership is a party; and (vi) the Partnership
Units, upon payment of the consideration therefore pursuant to this Agreement,
will be validly issued, fully paid and, except as otherwise provided in
accordance with applicable law, non-assessable.

 

5.2          Representations and
Warranties by the Limited Partners. 
Each Limited Partner, for itself only, represents and warrants to the
General Partner, the other Limited Partners and the Partnership that (i) all
transactions contemplated by this Agreement to be performed by such Limited
Partner have been duly authorized by all necessary action; and (ii) this
Agreement is binding upon, and enforceable against, such Limited Partner in
accordance with its terms, except as such enforcement may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or transfer or
other laws of general application affecting the rights and remedies of
creditors and (b) general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law).

 

 

21

 

5.3          Acknowledgment by
Each Partner.  Each Partner hereby
acknowledges that no representations as to potential profit, cash flows or
yield, if any, in respect of the Partnership or any one or more or all of the
Projects owned, directly or indirectly, by the Partnership have been made to it
by any other Partner or its Affiliates or any employee or representative of any
other Partner or its Affiliates, and that projections and any other
information, including, without limitation, financial and descriptive
information and documentation, which may have been in any manner submitted to
such Partner shall not constitute a representation or warranty, express or
implied.

 

ARTICLE VI

 

Allocations, Distributions and Other Tax and
Accounting Matters

 

6.1          Allocations.

 

(a)           For the purpose of this
Agreement, the terms “Profits” and “Losses” mean, respectively, for each
Partnership Fiscal Year or other period, the Partnership’s taxable income or
loss for such Partnership Fiscal Year or other period, determined in accordance
with Section 703(a) of the Code (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(l) of
the Code shall be included in taxable income or loss), adjusted as follows:

 

(1)           any income of the
Partnership that is exempt from federal income tax and not otherwise taken into
account in computing Profits or Losses pursuant to this Section 6.1(a) shall
be added to such taxable income or loss;

 

(2)           in lieu of the
depreciation, amortization and other cost recovery deductions taken into
account in computing such taxable income or loss, there shall be taken into
account Depreciation for such Partnership Fiscal Year or other period;

 

(3)           any items that are
specially allocated pursuant to Section 6.1(d) hereof shall not be
taken into account in computing Profits or Losses; and

 

(4)           any expenditures of the
Partnership described in Section 705(a)(2)(B) of the Code (or treated
as such under Regulation Section 1.704-l(b)(2)(iv)(i)) and not otherwise
taken into account in computing Profits or Losses pursuant to this Section 6.1(a) shall
be deducted in calculating such taxable income or loss.

 

(b)           Except as otherwise
provided in Section 6.1(d) hereof and this Section 6.1(b), the
Profits and Losses of the Partnership (and each item thereof) for each
Partnership Fiscal Year shall be allocated among the Partners in the following
order of priority, unless otherwise specified in a Preferred Unit Designation:

 

(1)           First, Profits shall be
allocated to the holders of Preferred Units so as to cause the Adjusted Capital
Account Balance attributable to the Preferred Units to equal the amount that
would be distributed with respect to the Preferred Units, determined without
regard to any redemption premium to which such Preferred Units may be entitled
assuming for this purpose that the Partnership was liquidated, as of the end of
the period for which such allocation is being made.  For purposes of this Section, the term “Adjusted
Capital Account Balance” means the Capital Account computed to reflect  adjustments made in accordance with Regulation
Section 1.704-1(b)(2)(ii)(d) (including adjustments for Partnership
Minimum Gain and Partner Minimum Gain).

 

(2)           Second, for any
Partnership Fiscal Year ending on or after a date on which Preferred Units are
redeemed, Profits (or Losses) shall be allocated to the holders of such
Preferred Units in an amount equal to the excess (or deficit) of the sum of the
applicable Preferred 

 

22

 

Redemption Amounts for the Preferred Units that have been or are being
redeemed during such Partnership Fiscal Year over the Preferred Unit Issue
Price of such GP Preferred Units.  In
addition, in the event that the Partnership is liquidated pursuant to Article VIII,
the allocation described above shall be made to the holders of Preferred Units
with respect to all GP Preferred Units then outstanding.

 

(3)           Third, except as
otherwise required by the Regulations, any remaining Profits and Losses shall
be allocated among the Partners in accordance with their proportionate ownership
of Partnership Units, including LTIP Units to the extent provided in the
applicable LTIP Unit Designation.

 

(4)           Notwithstanding
subparagraphs (1), (2) and (3), Profits and Losses from a Liquidation
Transaction shall be allocated as follows unless otherwise specified in a
Preferred Unit Designation:

 

First, Profits (or
Losses) shall be allocated to the holders of Preferred Units in an amount equal
to the excess (or deficit) of the sum of the applicable Preferred Redemption
Amounts of the Preferred Units which have been or will be redeemed with the
proceeds of the Liquidation Transaction over the Preferred Unit Issue Price of
such Preferred Units;

 

Second, Profits (or
Losses) shall be allocated among the Partners so that the Capital Accounts of
the Partners (excluding from the Capital Account of any Partner the amount
attributable to its Preferred Units) are proportional to the number of
Partnership Units held by each Partner; and

 

Third, any remaining
Profits and Losses shall be allocated among the Partners in accordance with
their proportionate ownership of Partnership Units.

 

(c)           For the purpose of Section 6.1(b) hereof,
gain or loss resulting from any disposition of Partnership property shall be
computed by reference to the Gross Asset Value of the property disposed of,
notwithstanding that the adjusted tax basis of such property for federal income
tax purposes differs from its Gross Asset Value.

 

(d)           Notwithstanding the
foregoing provisions of this Section 6.1, the following provisions shall
apply:

 

(1)           A Partner shall not
receive an allocation of any Partnership deduction that would result in total
loss allocations attributable to “Nonrecourse Liabilities” (as defined in
Regulations Section 1.704-2(b)(3)) in excess of such Partner’s share of
Minimum Gain (as determined under Regulations Section 1.704-2(g)).  The term “Minimum Gain” means an amount
determined in accordance with Regulations Section 1.704-2(d) by
computing, with respect to each Nonrecourse Liability of the Partnership, the
amount of gain, if any, that the Partnership would realize if it disposed of
the property subject to such liability for no consideration other than full
satisfaction thereof, and by then aggregating the amounts so computed.  If the Partnership makes a distribution
allocable to the proceeds of a Nonrecourse Liability, in accordance with
Regulation Section 1.704-2(h), the distribution will be treated as
allocable to an increase in Partnership 

 

23

 

Minimum Gain to the extent the increase results from encumbering
Partnership property with aggregate Nonrecourse Liabilities that exceeds the
property’s adjusted tax basis.  If there
is a net decrease in Partnership Minimum Gain for a Partnership Fiscal Year, in
accordance with Regulations Section 1 .704-2(f) and the
exceptions contained therein, the Partners shall be allocated items of
Partnership income and gain for such Partnership Fiscal Year (and, if
necessary, for subsequent Partnership Fiscal Years) equal to the Partners’
respective shares of the net decrease in Minimum Gain within the meaning of
Regulations Section l.704-2(g)(2) (the “Minimum Gain Chargeback”).
The items to be allocated pursuant to this Section 6.1(d)(1) shall be
determined in accordance with Regulations Section 1.704-2(f) and (j).

 

(2)           Any item of “Partner
Nonrecourse Deduction” (as defined in Regulations Section 1.704-2(i)) with
respect to a “Partner Nonrecourse Debt” (as defined in Regulations Section l.704-2(b)(4))
shall be allocated to the Partner or Partners who bear the economic risk of
loss for such Partner Nonrecourse Debt in accordance with Regulations Section l.704-2(i)(l).
If the Partnership makes a distribution allocable to the proceeds of a Partner
Nonrecourse Debt, in accordance with Regulation Section l.704-2(i)(6) the
distribution will be treated as allocable to an increase in Partner Minimum
Gain to the extent the increase results from encumbering Partnership property
with aggregate Partner Nonrecourse Debt that exceeds the property’s adjusted tax
basis.  Subject to Section 6.1(d)(1) hereof,
but notwithstanding any other provision of this Agreement, in the event that
there is a net decrease in Minimum Gain attributable to a Partner Nonrecourse
Debt (such Minimum Gain being hereinafter referred to as “Partner Nonrecourse
Debt Minimum Gain”) for a Partnership Fiscal Year, then after taking into
account allocations pursuant to Section 6.1(d)(1) hereof, but before
any other allocations are made for such taxable year, and subject to the
exceptions set forth in Regulations Section 1.704-2(i)(4), each Partner
with a share of Partner Non-recourse Debt Minimum Gain at the beginning of such
Partnership Fiscal Year shall be allocated items of income and gain for such
Partnership Fiscal Year (and, if necessary, for subsequent Partnership Fiscal
Years) equal to such Partner’s share of the net decrease in Partner Nonrecourse
Debt Minimum Gain as determined in a manner consistent with the provisions of
Regulations Section l.704-2(g)(2). The items to be allocated pursuant to
this Section 6.1(d)(2) shall be determined in accordance with
Regulations Section 1.704-2(i)(4) and (j).

 

(3)           Pursuant to Regulations
Section 1.752-3(a)(3), for the purpose of determining each Partner’s share
of excess nonrecourse liabilities of the Partnership, and solely for such
purpose, each Partner’s interest in Partnership profits shall be determined by
any reasonable method chosen by the General Partner including, without
limitation, the principles set forth in Rev. Rul. 95-41, 1995-1 C.B. 132.

 

(4)           No Limited Partner
shall be allocated any item of deduction or loss of the Partnership if such
allocation would cause such Limited Partner’s Capital Account to become
negative by more than the sum of (i) any amount such Limited Partner is
obligated to restore upon liquidation of the Partnership, plus (ii) such
Limited Partner’s share of the Partnership’s Minimum Gain and Partner
Nonrecourse Debt Minimum Gain. An item of deduction or loss that cannot be
allocated to a Limited Partner pursuant to this Section 6.1(d)(4) shall
be allocated to the General Partner.  For
this purpose, in determining the Capital Account balance of such Limited
Partner, the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5)  and (6) shall be taken into 

 

24

 

account.  In the event that (A) any
Limited Partner unexpectedly receives any adjustment, allocation, or
distribution described in Regulations Sections 1.704-l(b)(2)(ii)(d)(4),
(5), or (6), and (B) such adjustment, allocation, or distribution causes
or increases a deficit balance (net of amounts which such Limited Partner is
obligated to restore or deemed obligated to restore under Regulations Section 1.704-2(g)(l) and
l.704-2(i)(5) and determined after taking into account any adjustments,
allocations, or distributions described in Regulations
Sections 1.704-l(b)(2)(ii)(d)(4), (5), or (6) that, as of the end of
the Partnership Fiscal Year, reasonably are expected to be made to such Limited
Partner) in such Limited Partner’s Capital Account as of the end of the
Partnership Fiscal Year to which such adjustment, allocation, or distribution
relates, then items of Gross Income (consisting of a pro rata portion of each
item of Gross Income) for such Partnership Fiscal Year and each subsequent
Partnership Fiscal Year shall be allocated to such Limited Partner until such
deficit balance or increase in such deficit balance, as the case may be, has
been eliminated.  In the event that this Section 6.1(d)(4) and
Section 6.1(d)(1) and/or (2) hereof apply, Section 6.1(d)(1) and/or
(2) hereof shall be applied prior to this Section 6.l(d)(4).

 

(5)           The Regulatory
Allocations shall be taken into account in allocating other items of income,
gain, loss, and deduction among the Partners so that, to the extent possible,
the cumulative net amount of allocations of Partnership items under this Section 6.1
shall be equal to the net amount that would have been allocated to each Partner
if the Regulatory Allocations had not been made.  This Section 6.1(d)(5) is intended
to minimize to the extent possible and to the extent necessary any economic
distortions which may result from application of the Regulatory Allocations and
shall be interpreted in a manner consistent therewith. For purposes hereof, “Regulatory
Allocations” shall mean the allocations provided under this Section 6.1(d) (other
than this Section 6.l(d)(5)).

 

(e)           In accordance with
Sections 704(b) and 704(c) of the Code and the Regulations
thereunder, income, gain, loss and deduction with respect to any property
contributed to the capital of the Partnership shall, solely for federal income
tax purposes, be allocated among the Partners on a property by property basis
so as to take account of any variation between the adjusted basis of such
property to the Partnership for federal income tax purposes and the initial
Gross Asset Value of such property.  If
the Gross Asset Value of any Partnership property is adjusted as described in
the definition of Gross Asset Value, subsequent allocations of income, gains or
losses from taxable sales or other dispositions and deductions with respect to
such asset shall take account of any variation between the adjusted basis of
such asset for federal income tax purposes and the Gross Asset Value of such
asset in the manner prescribed under Sections 704(b) and 704(c) of
the Code and the Regulations thereunder. 
In furtherance of the foregoing, the Partnership shall employ the method
prescribed in Regulations Section 1.704-3(b) (the “traditional method”)
or the equivalent successor provision(s) of proposed, temporary or final
Regulations.  The Partnership shall
allocate items of income, gain, loss and deduction allocated to it by a
Subsidiary Entity to the Partner or Partners contributing the interest or interests
in such subsidiary Entity, so that, to the greatest extent possible and
consistent with the foregoing, such contributing Partner or Partners are
allocated the same amount and character of items of income, gain, loss and
deduction with respect to such Subsidiary Entity that they would have been
allocated had they contributed undivided interests in the assets owned by such
Subsidiary Entity to the Partnership in lieu of contributing the interest or
interests in the Subsidiary Entity to the Partnership.

 

25

 

(f)            Notwithstanding
anything to the contrary contained in this Section 6.1, the allocation of
Profits and Losses for any Partnership Fiscal Year during which a Person
acquires a Partnership Interest (other than upon formation of the Partnership)
pursuant to Section 4.3(b) or otherwise, shall take into account the
Partners’ varying interests for such Partnership Fiscal Year pursuant to any
method permissible under Section 706 of the Code that is selected by the
General Partner (notwithstanding any agreement between the assignor and
assignee of such Partnership Interest although the General Partner may
recognize any such agreement), which method may take into account the date on
which the Transfer or an agreement to Transfer becomes irrevocable pursuant to its
terms, as determined by the General Partner; provided, that the allocation of
Profits and Losses with respect to a Partnership Unit acquired during a fiscal
quarter of the Partnership shall be appropriately adjusted in accordance with Section

6.2(c)(ii) below.

 

(g)           If any portion of gain
from the sale of property is treated as gain which is ordinary income by virtue
of the application of Code Sections 1245 or 1250 (“Affected Gain”), then (A) such
Affected Gain shall be allocated among the Partners in the same proportion that
the depreciation and amortization deductions giving rise to the Affected Gain
were allocated and (B) other tax items of gain of the same character that
would have been recognized, but for the application of Code Sections 1245
and/or 1250, shall be allocated away from those Partners who are allocated
Affected Gain pursuant to clause (A) so that, to the extent possible, the
other Partners are allocated the same amount, and type, of capital gain that
would have been allocated to them had Code Sections 1245 and/or 1250 not
applied.  For purposes hereof, in order
to determine the proportionate allocations of depreciation and amortization
deductions for each Fiscal Year or other applicable period, such deductions
shall be deemed allocated on the same basis as Profits or Losses for such
respective period.

 

(h)           The Profits, Losses,
gains, deductions and credits of the Partnership (and all items thereof) for
each Partnership Fiscal Year shall be determined in accordance with the
accounting method followed by the Partnership for federal income tax purposes.

 

(i)            Except as provided in
Sections 6.1(e) and 6.1(g) hereof, for federal income tax
purposes, each item of income, gain, loss, or deduction shall be allocated
among the Partners in the same manner as its correlative item of “book” income,
gain, loss or deduction has been allocated pursuant to this Section 6.1.

 

(j)            To the extent
permitted by Regulations Sections 1.704-2(h)(3) and 1.704-2(i)(6),
the General Partner shall endeavor to treat distributions as having been made
from the proceeds of Nonrecourse Liabilities or Partner Nonrecourse Debt only
to the extent that such distributions would cause or increase a deficit balance
in any Partner’s Capital Account that exceeds the amount such Partner is
otherwise obligated to restore (within the meaning of Regulations Section 1.704-l(b)(2)(ii)(c))
as of the end of the Partnership’s taxable year in which the distribution
occurs.

 

(k)           If any Partner sells or
otherwise disposes of any property, directly or indirectly, to the Partnership,
and as a result thereof, gain on a subsequent disposition of such property by
the Partnership is reduced pursuant to Section 267(d) of the Code,
then, to the extent permitted by applicable law, gain for federal income tax purposes
attributable to such subsequent 

 

26

 

disposition shall first be allocated among the
Partners other than the selling Partner in an amount equal to such Partners’
allocations of “book” gain on the property pursuant to this Section 6.1,
and any remaining gain for federal income tax purposes shall be allocated to
the selling Partner.

 

6.2           Distributions.

 

(a)           Except with respect to
the liquidation of the Partnership and subject to the priority set forth in
Sections 6.2(b) and (c) and in any Preferred Unit Designation,
the General Partner shall cause the Partnership to distribute all or a portion
of Net Operating Cash Flow to the Partners who are such on the relevant
Partnership Record Date from time to time as determined by the General Partner,
but in any event not less frequently than quarterly, in such amounts as the
General Partner shall determine in its sole discretion; provided,  however,
that, except as provided in Sections 6.2(b) and (c)  all such distributions
shall be made pro rata in accordance with the outstanding Partnership
Units on the relevant Partnership Record Date. 
In no event may a Limited Partner receive a distribution of Net
Operating Cash Flow with respect to a Partnership Unit that such Partner has
exchanged on or prior to the relevant Partnership Record Date for a Share,
pursuant to the Rights granted under Section 11.1 (a “Post-Exchange
Distribution”); rather, all such Post-Exchange Distributions shall be
distributed to the General Partner.

 

(b)           Except to the extent
Net Operating Cash Flow is distributed pursuant to Section 6.2(c), and
except with respect to the liquidation of the Partnership, distributions of Net
Operating Cash Flow shall be made in the following order of priority unless
otherwise specified in the Preferred Unit Designations, in which case the
provisions of the Preferred Unit Designations shall control;

 

(i)            First, to the extent
that the amount of Net Operating Cash Flow distributed to the holders of any
class or series of Preferred Units for any prior quarter was less than the
Preferred Distribution Requirement for such class or series for such quarter,
and has not been subsequently distributed pursuant to this Section 6.2(b)(i) or
otherwise in accordance with the related Preferred Unit Designation (a “Preferred
Distribution Shortfall”), Net Operating Cash Flow shall be distributed to the
holders of Preferred Units (in accordance with their respective priority as set
forth in the Preferred Unit Designations) in an amount necessary to satisfy
such Preferred Distribution Shortfall for each such class or series for the
current and all prior Partnership Fiscal Years. 
In the event that the Net Operating Cash Flow distributed for a particular
quarter is less than the Preferred Distribution Shortfall for all classes or
series of Preferred Units, then all Net Operating Cash Flow for the current
quarter shall be distributed to the holders of Preferred Units in accordance
with their respective priority as set forth in the Preferred Unit Designations.

 

(ii)           Second, Net Operating
Cash Flow shall be distributed to the holders of Preferred Units in an amount
equal to the Preferred Distribution Requirement for the then current quarter
for each outstanding Preferred Unit.  In
the event that the amount of Net Operating Cash Flow distributed for a
particular quarter pursuant to this subparagraph (b)(ii) is less than the
Preferred Distribution Requirement for such quarter, then all such Net
Operating Cash Flow for such quarter shall be distributed to the holders of
Preferred Units in accordance with their respective priority as set forth in
the Preferred Unit Designations.

 

27

 

(iii)          Unless otherwise
specified in any LTIP Unit Designation, the balance of the Net Operating Cash
Flow to be distributed, if any, shall be distributed to holders of Partnership
Units.

 

(c)           (i)            If in any quarter the Partnership redeems
any outstanding GP Preferred Units, unless and except to the extent that such
redemption is effected out of borrowed funds, Capital Contributions or other
sources, Net Operating Cash Flow shall be distributed to the General Partner in
an amount equal to the applicable GP Preferred Redemption Amount for the GP
Preferred Units being redeemed before being distributed pursuant to Section 6.2(b).

 

(ii)           Notwithstanding
anything to the contrary contained in this Section 6.2, unless expressly
waived in writing by the General Partner, the distribution of Net Operating
Cash Flow with respect to a Partnership Unit acquired during a fiscal quarter
of the Partnership shall be an amount equal to the product of (i) the
amount of Net Operating Cash Flow otherwise distributable to a Partnership Unit
held during such fiscal quarter and (ii) (a) the number of days
remaining in such fiscal quarter, determined as of the date such Partnership
Unit was acquired, divided by (b) the total number of days in such fiscal
quarter.

 

(d)           Notwithstanding the
provision of the first sentence of Section  6.2(a), the General Partner
shall use its best efforts to cause the Partnership to distribute sufficient
amounts, in accordance with Section 6.2(a) above, to enable the
General Partner to pay stockholder dividends that will (i) satisfy the
REIT Requirements, and (ii) avoid any federal income or excise tax
liability of the General Partner.

 

6.3           Books of Account;
Segregation of Funds.

 

(a)           At all times during the
continuance of the Partnership, the General Partner shall maintain or cause to
be maintained full, true, complete and correct books of account in accordance
with GAAP wherein shall be entered particulars of all monies, goods or effects
belonging to or owing to or by the Partnership, or paid, received, sold or
purchased in the course of the Partnership’s business, and all of such other
transactions, matters and things relating to the business of the Partnership as
are usually entered in books of account kept by Persons engaged in a business
of a like kind and character.  In
addition, the Partnership shall keep all records as required to be kept
pursuant to the Act.  The books and
records of account shall be kept at the principal office of the Partnership,
and each Partner and its representatives shall at all reasonable times have
access to such books and records and the right to inspect and copy the same.

 

(b)           The Partnership shall
not commingle its funds with those of any other Person or Entity; funds and
other assets of the Partnership shall be separately identified and segregated;
all of the Partnership’s assets shall at all times be held by or on behalf of
the Partnership and, if held on behalf of the Partnership by another Entity,
shall at all times be kept identifiable (in accordance with customary usages)
as assets owned by the Partnership; and the Partnership shall maintain its own
separate bank accounts, payroll and books of account.  The foregoing provisions of this Section 6.3(b) shall
not apply with respect to funds or assets of any Subsidiary Entities of the
Partnership.

 

28

 

6.4           Reports.  Within ninety (90) days after the end of each
Partnership Fiscal Year, the Partnership shall cause to be prepared and
transmitted to each Partner an annual report of the Partnership relating to the
previous Partnership Fiscal Year containing a balance sheet as of the year then
ended, a statement of financial condition as of the year then ended, and
statements of operations, cash flow and Partnership equity for the year then
ended, which annual statements shall be prepared in accordance with GAAP and
shall be audited by the Accountants.  The
Partnership shall also cause to be prepared and transmitted to each Partner
within forty-five (45) days after the end of each of the first three (3) quarters
of each Partnership Fiscal Year a quarterly unaudited report containing a
balance sheet, a statement of the Partnership’s financial condition and
statements of operations, cash flow and Partnership equity, in each case
relating to the fiscal quarter then just ended, and prepared in accordance with
GAAP.  The Partnership shall further
cause to be prepared and transmitted to the General Partner (i) such
reports and/or information as are necessary for it to fulfill its obligations
under the Securities Act, the Securities Exchange Act of 1934 and the
applicable stock exchange rules, and under any other regulations to which such
Partner or the Partnership may be subject, and (ii) such other reports
and/or information as are necessary for the General Partner to determine and
maintain its qualification as a REIT under the REIT Requirements, its earnings
and profits derived from the Partnership, its liability for a tax as a
consequence of its Partnership Interest and distributive share of taxable
income or loss and items thereof, in each case in a manner that will permit the
General Partner to comply with its respective obligations to file federal,
state and local tax returns and information returns and to provide its
stockholders with tax information.  The
General Partner shall provide to each Partner copies of all reports it provides
to its stockholders at the same time such reports are distributed to such
stockholders. The General Partner shall also promptly notify the Partners of
all actions taken by the General Partner for which it has obtained the Consent
of the Limited Partners.

 

6.5           Audits.  Not less frequently than annually, the books
and records of the Partnership shall be audited by the Accountants.

 

6.6           Tax Returns.

 

(a)           Consistent with all
other provisions of this Agreement, the General Partner shall determine the
methods to be used in the preparation of federal, state, and local income and
other tax returns for the Partnership in connection with all items of income
and expense, including, but not limited to, valuation of assets, the methods of
Depreciation and cost recovery, credits and tax accounting methods and
procedures, and all tax elections.

 

(b)           The General Partner
shall, at least 30 days prior to the due dates (as extended) for such returns,
but in no event later than July 5 of each year, cause the Accountants to
prepare and submit to the DeBartolo Designee, the Simon Designee and the JCP
Limited Partner for their review, drafts of all federal and state income tax
returns of the Partnership for the preceding year, and the General Partner shall
consult in good faith with the DeBartolo Designee, the Simon Designee and the
JCP Limited Partner regarding any proposed modifications to such tax returns of
the Partnership.

 

(c)           The Partnership shall
timely cause to be prepared and transmitted to the Partners, federal and
appropriate state and local Partnership Income Tax Schedules “K-l” or any
substitute therefor, with respect to each Partnership Fiscal Year on
appropriate forms prescribed. The 

 

29

 

Partnership shall make reasonable efforts to prepare
and submit such forms before the due date for filing federal income tax returns
for the fiscal year in question (determined without extensions), and shall in
any event prepare and submit such forms on or before July 15 of the year
following the fiscal year in question.

 

6.7           Tax Matters Partner.  The General Partner is hereby designated as
the Tax Matters Partner within the meaning of Section 6231(a)(7) of
the Code for the Partnership; provided,  however, that (i) in
exercising its authority as Tax Matters Partner it shall be limited by the
provisions of this Agreement affecting tax aspects of the Partnership; (ii) the
General Partner shall give prompt notice to the Partners of the receipt of any
written notice that the Internal Revenue Service or any state or local taxing
authority intends to examine Partnership income tax returns for any year,
receipt of written notice of the beginning of an administrative proceeding at
the Partnership level relating to the Partnership under Section 6223 of
the Code, receipt of written notice of the final Partnership administrative
adjustment relating to the Partnership pursuant to Section 6223 of the
Code, and receipt of any request from the Internal Revenue Service for waiver
of any applicable statute of limitations with respect to the filing of any tax
return by the Partnership; (iii) the General Partner shall promptly notify
the Partners if it does not intend to file for judicial review with respect to
the Partnership; and (iv) as Tax Matters Partner, the General Partner
shall not be entitled to bind a Partner by any settlement agreement (within the
meaning of Section 6224 of the Code) unless such Partner consents thereto
in writing and shall notify the Partners in a manner and at such time as is
sufficient to allow the Partners to exercise their rights pursuant to Section 224(c)(3) of
the Code; (v) the General Partner shall consult in good faith with the
Simon Designee, the DeBartolo Designee and the JCP Limited Partner regarding
the filing of a Code Section 6227(b) administrative adjustment
request with respect to the Partnership or a Property before filing such
request, it being understood, however, that the provisions hereof shall not be
construed to limit the ability of any Partner, including the General Partner,
to file an administrative adjustment request on its own behalf pursuant to Section 6227(a) of
the Code; and (vi) the General Partner shall consult in good faith with
the Simon Designee, the DeBartolo Designee and the JCP Limited Partner
regarding the filing of a petition for judicial review of an administrative
adjustment request under Section 6228 of the Code, or a petition for
judicial review of a final partnership administrative judgment under Section 6226
of the Code relating to the Partnership before filing such petition.

 

 

30

 

6.8           Withholding.  Each Partner hereby authorizes the
Partnership to withhold or pay on behalf of or with respect to such Partner any
amount of federal, state, local or foreign taxes that the General Partner
determines the Partnership is required to withhold or pay with respect to any
amount distributable or allocable to such Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the
Partnership pursuant to Code Sections 1441, 1442, 1445, or 1446. Any
amount paid on behalf of or with respect to a Partner shall constitute a loan
by the Partnership to such Partner, which loan shall be due within fifteen (15)
days after repayment is demanded of the Partner in question, and shall be
repaid through withholding of subsequent distributions to such Partner.  Nothing in this Section 6.8 shall create
any obligation on the General Partner to advance funds to the Partnership or to
borrow funds from Third Parties in order to make payments on account of any
liability of the Partnership under a withholding tax act. Any amounts payable
by a Limited Partner hereunder shall bear interest at the lesser of (i) the
base rate on corporate loans at large United States money center commercial
banks, as published from time to time in The Wall Street Journal, or (ii) the
maximum lawful rate of interest on such obligation, such interest to accrue
from the date such amount is due (i.e., fifteen (15) days after demand) until
such amount is paid in full.  To the
extent the payment or accrual of withholding tax results in a federal, state or
local tax credit to the Partnership, such credit shall be allocated to the
Partner to whose distribution the tax is attributable.

 

ARTICLE VII

 

Rights, Duties and
Restrictions of the General Partner

 

7.1           Expenditures by
Partnership.  The General Partner is
hereby authorized to pay compensation for accounting, administrative, legal,
technical, management and other services rendered to the Partnership.  All of the aforesaid expenditures shall be
made on behalf of the Partnership and the General Partner shall be entitled to
reimbursement by the Partnership for any expenditures incurred by it on behalf
of the Partnership which shall have been made other than out of the funds of
the Partnership.  The Partnership shall
also assume, and pay when due, the Administrative Expenses and such portion of
the General Partner’s and its respective subsidiaries’ REIT Expenses as shall
be appropriately allocated to the Partnership by the General Partner in the
exercise of its reasonable business judgment.

 

7.2           Powers and Duties of
the General Partner.  The General
Partner shall be responsible for the management of the Partnership’s business
and affairs.  Except as otherwise herein
expressly provided, and subject to the limitations contained in Section 7.3
hereof with respect to Major Decisions, the General Partner shall have, and is
hereby granted, full and complete power, authority and discretion to take such
action for and on behalf of the Partnership and in its name as the General
Partner shall, in its sole and absolute discretion, deem necessary or
appropriate to carry out the purposes for which the Partnership was
organized.  Any action by the General
Partner relating to any transactions involving the Partnership or a Subsidiary
Entity in which the Simons, the DeBartolos or any Affiliate of the Simons or
the DeBartolos has an interest (other than a non-controlling minority equity
interest, which has no management or veto powers, in a Person, other than the
Partnership or a Subsidiary Entity, which is engaged in such transaction) other
than through ownership of Partnership Units, shall require the prior approval
of a majority of the Independent Directors. 
Except as otherwise expressly provided herein and subject to Section 7.3
hereof, the General Partner shall have, for and on behalf of the Partnership,
the right, power and authority:

 

(a)           To manage, control,
hold, invest, lend, reinvest, acquire by purchase, lease, sell, contract to
purchase or sell, grant, obtain, or exercise options to purchase, options to
sell or conversion rights, assign, transfer, convey, deliver, endorse,
exchange, pledge, mortgage or otherwise encumber, abandon, improve, repair,
construct, maintain, operate, insure, lease for any term and otherwise deal
with any and all property of whatsoever kind and nature, and wheresoever
situated, in furtherance of the purposes of the Partnership, and in addition,
without limiting the foregoing, upon the affirmative vote of no fewer than
three (3) of the Independent Directors of the General Partner who are not
Affiliates of the DeBartolos, the General Partner shall authorize and require
the sale of any property owned by the Partnership or a Subsidiary Entity.

 

31

 

(b)           To acquire, directly or
indirectly, interests in real or personal property (collectively, “property”)
of any kind and of any type, and any and all kinds of interests therein, and to
determine the manner in which title thereto is to be held; to manage, insure
against loss, protect and subdivide any property, interests therein or parts
thereof; to improve, develop or redevelop any property; to participate in the
ownership and development of any property; to dedicate for public use, to
vacate any subdivisions or parts thereof, to resubdivide, to contract to sell,
to grant options to purchase or lease and to sell on any terms; to convey, to mortgage,
pledge or otherwise encumber any property, or any part thereof; to lease any
property or any part thereof from time to time, upon any terms and for any
period of time, and to renew or extend leases, to amend, change or modify the
terms and provisions of any leases and to grant options to lease and options to
renew leases and options to purchase; to partition or to exchange any property,
or any part thereof, for other property; to grant easements or charges of any
kind; to release, convey or assign any right, title or interest in or about or
easement appurtenant to any property or any part thereof; to construct and
reconstruct, remodel, alter, repair, add to or take from buildings on any
property; to insure any Person having an interest in or responsibility for the
care, management or repair of any property; to direct the trustee of any land
trust to mortgage, lease, convey or contract to convey any property held in
such land trust or to execute and deliver deeds, mortgages, notes and any and
all documents pertaining to the property subject to such land trust or in any
matter regarding such trust; and to execute assignments of all or any part of
the beneficial interest in such land trust;

 

(c)           To employ, engage or
contract with or dismiss from employment or engagement Persons to the extent
deemed necessary by the General Partner for the operation and management of the
Partnership business, including but not limited to, employees, contractors,
subcontractors, engineers, architects, surveyors, mechanics, consultants,
accountants, attorneys, insurance brokers, real estate brokers and others;

 

(d)           To enter into contracts
on behalf of the Partnership;

 

(e)           To borrow or lend
money, procure loans and advances from any Person for Partnership purposes, and
to apply for and secure from any Person credit or accommodations; to contract
liabilities and obligations, direct or contingent and of every kind and nature
with or without security; and to repay, discharge, settle, adjust, compromise
or liquidate any such loan, advance, credit, obligation or liability (including
by deeding property to a lender in lieu of foreclosure);

 

(f)            To pledge,
hypothecate, mortgage, assign, deposit, deliver, enter into sale and leaseback
arrangements or otherwise give as security or as additional or substitute
security or for sale or other disposition any and all Partnership property,
tangible or intangible, including, but not limited to, real estate and
beneficial interests in land trusts, and to make substitutions thereof, and to
receive any proceeds thereof upon the release or surrender thereof; to sign,
execute and deliver any and all assignments, deeds and other contracts and
instruments in writing; to authorize, give, make, procure, accept and receive
moneys, payments, property, notices, demands, vouchers, receipts, releases,
compromises and adjustments; to waive notices, demands, protests and authorize
and execute waivers of every kind and nature; to enter into, make, execute,
deliver and receive written agreements, undertakings and instruments of every
kind and nature; to give oral instructions and make oral agreements; and
generally to do any and all other acts and things incidental to any of the 

 

32

 

foregoing or with reference to any dealings or
transactions which any attorney for the Partnership may deem necessary, proper
or advisable;

 

(g)           To acquire and enter
into any contract of insurance which the General Partner deems necessary or
appropriate for the protection of the Partnership or any Affiliate thereof, for
the conservation of the Partnership’s assets (or the assets of any Affiliate
thereof) or for any purpose convenient or beneficial to the Partnership or any
Affiliate thereof;

 

(h)           To conduct any and all
banking transactions on behalf of the Partnership; to adjust and settle
checking, savings and other accounts with such institutions as the General
Partner shall deem appropriate; to draw, sign, execute, accept, endorse,
guarantee, deliver, receive and pay any checks, drafts, bills of exchange,
acceptances, notes, obligations, undertakings and other instruments for or
relating to the payment of money in, into or from any account in the
Partnership’s name; to execute, procure, consent to and authorize extensions
and renewals of the same; to make deposits and withdraw the same and to
negotiate or discount commercial paper, acceptances, negotiable instruments,
bills of exchange and dollar drafts;

 

(i)            To demand, sue for,
receive, and otherwise take steps to collect or recover all debts, rents,
proceeds, interests, dividends, goods, chattels, income from property, damages
and all other property to which the Partnership may be entitled or which are or
may become due the Partnership from any Person; to commence, prosecute or
enforce, or to defend, answer or oppose, contest and abandon all legal
proceedings in which the Partnership is or may hereafter be interested; and to
settle, compromise or submit to arbitration any accounts, debts, claims,
disputes and matters which may arise between the Partnership and any other
Person and to grant an extension of time for the payment or satisfaction
thereof on any terms, with or without security;

 

(j)            To make arrangements
for financing, including the taking of all action deemed necessary or
appropriate by the General Partner to cause any approved loans to be closed;

 

(k)           To take all reasonable
measures necessary to insure compliance by the Partnership with contractual
obligations and other arrangements entered into by the Partnership from time to
time in accordance with the provisions of this Agreement, including periodic
reports as required to lenders and using all due diligence to insure that the
Partnership is in compliance with its contractual obligations;

 

(l)            To maintain the
Partnership’s books and records;

 

(m)          To create or maintain
Affiliates engaged in activities that the Partnership could itself undertake;
and

 

(n)           To prepare and deliver,
or cause to be prepared and delivered by the Accountants, all financial and
other reports with respect to the operations of the Partnership, and
preparation and filing of all federal, state and local tax returns and reports.

 

Except as otherwise provided herein, to the extent the
duties of the General Partner require expenditures of funds to be paid to Third
Parties, the General Partner shall not have any obligations 

 

33

 

hereunder except to the
extent that Partnership funds are reasonably available to it for the
performance of such duties, and nothing herein contained shall be deemed to
authorize or require the General Partner, in its capacity as such, to expend
its individual funds for payment to Third Parties or to undertake any
individual liability or obligation on behalf of the Partnership.

 

Notwithstanding any other provisions of this Agreement
or the Act, any action of the General Partner on behalf of the Partnership or
any decision of the General Partner to refrain from acting on behalf of the
Partnership, undertaken in the good faith belief that such action or omission
is necessary or advisable in order (i) to protect or further the ability
of the General Partner and its respective Subsidiary Entities, as applicable,
to continue to qualify as REITs or (ii) to avoid the General Partner’s
incurring any taxes under Section 857 or Section 4981 of the Code, is
expressly authorized under this Agreement and is deemed approved by all of the
Limited Partners.  Nothing, however, in
this Agreement shall be deemed to give rise to any liability on the part of a
Limited Partner for the General Partner’s or any of its applicable Subsidiary
Entity’s failure to qualify or continue to qualify as a REIT or a failure to
avoid incurring any taxes under the foregoing sections of the Code, unless such
failure or failures result from an act of the Limited Partner which constitutes
a breach of this Agreement (including, without limitation, Section 10.4(b)).

 

7.3           Major Decisions.

 

(a)           The General Partner
shall not, without the Consent of the Limited Partners, (y) on behalf of
the Partnership, amend, modify or terminate this Agreement other than to
reflect (A) the admission of Additional Limited Partners pursuant to Section 9.3,
(B) the making of additional Capital Contributions and the issuance of
additional Partnership Units by reason thereof, all in accordance with the
terms of this Agreement, (C) the issuance of LTIP Units pursuant to Section 9.3(a),
(D) the withdrawal or assignment of the interest of any Partner in
accordance with the terms of this Agreement, or (E) any changes necessary
to satisfy the REIT Requirements, or (z) permit the Partnership, on behalf
of any Subsidiary Partnership, to amend, modify or terminate the organizing
agreement pursuant to which such Subsidiary Partnership operates other than to
reflect (A) the admission of additional limited partners therein pursuant
to the terms thereof, (B) the making of additional capital contributions
thereto pursuant to the terms thereof, (C) the withdrawal or assignment of
the interest of any partner thereof pursuant to the terms thereof, (D) any
changes necessary to satisfy the REIT Requirements, or (E) any amendment,
modification or termination which the General Partner reasonably determines
will not adversely affect any Partner. 
Notwithstanding the foregoing, this Agreement shall not be modified or
amended without the prior written consent of each Partner adversely affected if
such modification or acquisition would (i) convert a Limited Partner’s
interest in the Partnership to a general partnership interest, (ii) modify
the limited liability of a Limited Partner, (iii) reduce the interest of
any Partner in the Partnership, (iv) reduce any Partner’s share of
distributions made by the Partnership, (v) amend this Section 7.3 or Section 7.5
or (vi) create any obligations for any Limited Partner or deprive any
Limited Partner of (or otherwise impair) any other rights it may have under
this Agreement (including in respect of tax allocations, rights to
indemnification under Section 7.8, rights of the Limited Partner or a
Secured Creditor of a Limited Partner under Section 9.2 (which rights are
subject to the restrictions set forth in Section 9.4), rights of a Limited
Partner under Section 9.5 or Article XI, or the rights of a Limited
Partner under Section 10.4(a) or 10.5); provided, however,
that an amendment that reduces the 

 

34

 

percentage ownership interest of any Partner in the
Partnership or reduces any Partner’s share of distributions made by the
Partnership shall not require the consent of any Partner if such change is made
on a uniform or pro-rata basis with respect to all Partners.

 

(b)           For all periods during
which the Simons hold at least ten percent of the Partnership Units then
outstanding, the General Partner shall not, without the prior Consent of the
Simons, and for all periods during which the DeBartolos hold at least ten
percent of the Partnership Units then outstanding, the General Partner shall
not, without the prior Consent of the DeBartolos, on behalf of the Partnership,
undertake any of the following actions (together with any act described in
paragraph (a) hereof, the “Major Decisions”):

 

(i)            Make a general
assignment for the benefit of creditors (or cause or permit (if permission of
the Partnership or any Subsidiary Partnership is required) such an assignment
to be made on behalf of a Subsidiary Partnership) or appoint or acquiesce in
the appointment of a custodian, receiver or trustee for all or any part of the
assets of the Partnership (or any Subsidiary Partnership);

 

(ii)           take title to any
personal or real property, other than in the name of the Partnership or a
Subsidiary Entity or pursuant to Section 7.7 hereof;

 

(iii)          institute any proceeding
for Bankruptcy on behalf of the Partnership, or cause or permit (if permission
of the Partnership or any Subsidiary Partnership is required) the institution
of any such proceeding on behalf of any Subsidiary Partnership;

 

(iv)          act or cause the taking
or refraining of any action with respect to the dissolution and winding up of
the Partnership (or any Subsidiary Partnership) or an election to continue the
Partnership (or any Subsidiary Partnership) or to continue the business of the
Partnership (or any Subsidiary Partnership); or

 

(v)           sell, exchange,
Transfer or otherwise dispose of all or substantially all of the Partnership’s
assets.

 

(c)           The General Partner
shall not, without the prior Consent of the Limited Partners,

 

(i)            amend the Charter of
the General Partner to increase or decrease the Ownership Limit or alter any
other provision of said Charter or of any of the definitions of defined terms
contained in such Charter which would have the effect of changing the Ownership
Limit in any way;

 

(ii)           except in connection
with the dissolution and winding-up of the Partnership by the Liquidation
Agent, agree to or consummate the merger or consolidation of the Partnership or
the voluntary sale or other Transfer of all or substantially all of the
Partnership’s assets in a single transaction or related series of transactions
(without limiting the transactions which will not be deemed to be a voluntary
sale or Transfer, the foreclosure of a mortgage lien on any Property 

 

35

 

or the grant by the Partnership of a deed in lieu of
foreclosure for such Property shall not be deemed to be such a voluntary sale
or other Transfer ); or

 

(iii)          dissolve the
Partnership.

 

Without the consent of all the Limited Partners, the
General Partner shall have no power to do any act in contravention of this
Agreement or applicable law.

 

7.4           General Partner
Participation.  The General Partner
agrees that (a) substantially all activities and business operations of
the General Partner, including but not limited to, activities pertaining to the
acquisition, development, redevelopment and ownership of properties, shall be
conducted directly or indirectly through the Partnership or any Subsidiary
Partnership or Subsidiary Entity, (b) except for a property acquisition
authorized by the General Partner with the Consent of the Limited Partners, all
property acquisitions shall henceforth be made through the Partnership or any
Subsidiary Partnership or Subsidiary Entity, and (c) except as provided
below any funds raised by the General Partner whether by issuance of stock,
borrowing or otherwise, will be made available to the Partnership whether as
capital contributions, loans or otherwise, as appropriate.  Notwithstanding the provisions of the
preceding sentence, the General Partner shall have the right to form Qualified
REIT Subsidiaries to act as general partners of Subsidiary Partnerships of the
Partnership.  The General Partner agrees
to conduct its affairs, to the extent it is so able to do, in a manner which
will preserve the equivalence in value between a Share and a Partnership Unit.

 

7.5           Proscriptions.  The General Partner shall not have the
authority to:

 

(a)           Do any act in
contravention of this Agreement;

 

(b)           Possess any Partnership
property or assign rights in specific Partnership property for other than
Partnership purposes; or

 

(c)           Do any act in
contravention of applicable law.

 

 

36

 

Nothing herein contained shall impose any obligation
on any Person doing business with the Partnership to inquire as to whether or
not the General Partner has properly exercised its authority in executing any
contract, lease, mortgage, deed or any other instrument or document on behalf
of the Partnership, and any such Person shall be fully protected in relying
upon such authority.

 

7.6           Additional Partners.  Additional Partners may be admitted to the
Partnership only as provided in Section 9.3 hereof.

 

7.7           Title Holder.  To the extent allowable under applicable law,
title to all or any part of the Properties of the Partnership may be held in
the name of the Partnership or any other individual, corporation, partnership,
limited liability company, trust or otherwise, the beneficial interest in which
shall at all times be vested in the Partnership.  Any such title holder shall perform any and
all of its respective functions to the extent and upon such terms and
conditions as may be determined from time to time by the General Partner.

 

7.8                                 Waiver
and Indemnification.  Neither the
General Partner,  nor any of its
Affiliates, directors, trust managers, officers, stockholders, nor any Person
acting on their behalf pursuant hereto, shall be liable, responsible or accountable
in damages or otherwise to the Partnership or to any Partner for any acts or
omissions performed or omitted to be performed by them within the scope of the
authority conferred upon the General Partner by this Agreement and the Act,
provided that the General Partner’s, or such other Person’s conduct or omission
to act was taken in good faith and in the belief that such conduct or omission
was in the best interests of the Partnership and, provided further, that the
General Partner or such other Person shall not be guilty of fraud, willful
misconduct or gross negligence.  The
General Partner acknowledges that it owes fiduciary duties both to its
stockholders and to the Limited Partners and it shall use its reasonable
efforts to discharge such duties to each; provided, however, that
in the event of a conflict between the interests of the stockholders of the
General Partner and the interests of the Limited Partners, the Limited Partners
agree that the General Partner shall discharge its fiduciary duties to the
Limited Partners by acting in the best interests of the General Partner’s
stockholders.  Nothing contained in the
preceding sentence shall be construed as entitling the General Partner to
realize any profit or gain from any transaction between the General Partner and
the Partnership (except as may be required by law upon a distribution to the
General Partner ), including from the lending of money by the General Partner
to the Partnership or the contribution of property by the General Partner to
the Partnership, it being understood that in any such transaction the General
Partner shall be entitled to cost recovery only.  The Partnership shall, and hereby does,
indemnify and hold harmless each of the General Partner and its Affiliates,
their respective directors, officers, stockholders and any other individual
acting on its or their behalf to the extent such Persons would be indemnified
by the General Partner pursuant to the Charter of the General Partner if such
Persons were directors, officers, agents or employees of the General Partner; provided,
however, that no Partner shall have any personal liability with respect
to the foregoing indemnification, any such indemnification to be satisfied
solely out of the assets of the Partnership. 
The Partnership shall, and hereby does, indemnify each Limited Partner
and its Affiliates, their respective directors, officers, stockholders and any
other individual acting on its or their behalf, from and against any costs
(including costs of defense) incurred by it as a result of any litigation or
other proceeding in which any Limited Partner is named as a defendant or any
claim threatened or asserted against any Limited Partner, in either case which
relates to the operations of the Partnership or any obligation assumed by the
Partnership, unless such costs are the result of misconduct on the part of, or
a breach of this Agreement by, such Limited Partner; provided, however,
no Partner shall have any personal liability with respect to the foregoing
indemnification, any such indemnification to be satisfied solely out of the
assets of the Partnership.

 

 

37

 

7.9                                 Limitation
of Liability of Directors Stockholders and Officers of the General Partner.  Any obligation or liability whatsoever of the
General Partner which may arise at any time under this Agreement or any other
instrument, transaction, or undertaking contemplated hereby shall be satisfied,
if at all, out of the assets of the General Partner or the Partnership only.  No such obligation or liability shall be
personally binding upon, nor shall resort for the enforcement thereof be had
to, any of the General Partner’s directors, stockholders, officers, employees,
or agents, regardless of whether such obligation or liability is in the nature
of contract, tort or otherwise.

 

ARTICLE VIII

 

Dissolution,
Liquidation and Winding-Up

 

8.1                                 Accounting.  In the event of the dissolution, liquidation
and winding-up of the Partnership, a proper accounting (which shall be
certified by the Accountants) shall be made of the Capital Account of each
Partner and of the Profits or Losses of the Partnership from the date of the
last previous accounting to the date of dissolution. Financial statements
presenting such accounting shall include a report of the Accountants.

 

8.2                                 Distribution
on Dissolution.  In the event of the
dissolution and liquidation of the Partnership for any reason, the assets of
the Partnership shall be liquidated for distribution in the following rank and
order:

 

(a)                                  Payment
of creditors of the Partnership (other than Partners) in the order of priority
as provided by law;

 

(b)                                 Establishment
of reserves as determined by the General Partner to provide for contingent
liabilities, if any;

 

(c)                                  Payment
of debts of the Partnership to Partners, if any, in the order of priority
provided by law;

 

(d)                                 To
the Partners in accordance with the positive balances in their Capital Accounts
after giving effect to all contributions, distributions and allocations for all
periods, including the period in which such distribution occurs (other than
those distributions made pursuant to this Section 8.2(d), Section 8.3
or Section 8.4 hereof).

 

If upon dissolution and termination of the Partnership
the Capital Account of any Partner is less than zero, then such Partner shall
have no obligation to restore the negative balance in its Capital Account
unless and except to the extent that such Partner has so elected under Section 4.8.
Whenever the Liquidation Agent reasonably determines that any reserves established
pursuant to paragraph (b) above are in excess of the reasonable
requirements of the Partnership, the amount determined to be excess shall be
distributed to the Partners in accordance with the above provisions.

 

 

38

8.3                                 Sale
of Partnership Assets.  In the event
of the liquidation of the Partnership in accordance with the terms of this
Agreement, the Liquidation Agent may sell Partnership property; provided,
however, that all sales, leases, encumbrances or transfers of
Partnership assets shall be made by the Liquidation Agent solely on an “arm’s
length” basis, at the best price and on the best terms and conditions as the
Liquidation Agent in good faith believes are reasonably available at the time
and under the circumstances and on a non-recourse basis to the Limited
Partners.  The liquidation of the
Partnership shall not be deemed finally terminated until the Partnership shall
have received cash payments in full with respect to obligations such as notes,
purchase money mortgages, installment sale contracts or other similar
receivables received by the Partnership in connection with the sale of
Partnership assets and all obligations of the Partnership have been satisfied
or assumed by the General Partner.  The
Liquidation Agent shall continue to act to enforce all of the rights of the
Partnership pursuant to any such obligations until paid in full or otherwise
discharged or settled.

 

8.4                                 Distributions
in Kind.  In the event that it
becomes necessary to make a distribution of Partnership property in kind in
connection with the liquidation of the Partnership, the General Partner may, if
it determines that to do so would be in the best interest of the Partners and
obtains the Consent of the Limited Partners, transfer and convey such property
to the distributees as tenants in common, subject to any liabilities attached
thereto, so as to vest in them undivided interests in the whole of such
property in proportion to their respective rights to share in the proceeds of the
sale of such property (other than as a creditor) in accordance with the
provisions of Section 8.2 hereof. 
Immediately prior to the distribution of Partnership property in kind,
the Capital Account of each Partner shall be increased or decreased, as the
case may be, to reflect the manner in which the unrealized income, gain, loss
and deduction inherent in such property (to the extent not previously reflected
in the Capital Accounts) would be allocated among the Partners if there were a
taxable disposition of such property for its fair market value as of the date
of the distribution.

 

8.5                                 Documentation
of Liquidation.  Upon the completion
of the dissolution and liquidation of the Partnership, the Partnership shall
terminate and the Liquidation Agent shall have the authority to execute and
record any and all documents or instruments required to effect the dissolution,
liquidation and termination of the Partnership.

 

8.6                                 Liability
of the Liquidation Agent.  The
Liquidation Agent shall be indemnified and held harmless by the Partnership
from and against any and all claims, demands, liabilities, costs, damages and
causes of action of any nature whatsoever arising out of or incidental to the
Liquidation Agent’s taking of any action authorized under or within the scope
of this Agreement; and provided,  however, that no Partner shall
have any personal liability with respect to the foregoing indemnification, any
such indemnification to be satisfied solely out of the assets of the
Partnership; and provided  further,  however, that the
Liquidation Agent shall not be entitled to indemnification, and shall not be
held harmless, where the claim, demand, liability, cost, damage or cause of
action at issue arose out of:

 

 

39

(a)                                  A
matter entirely unrelated to the Liquidation Agent’s action or conduct pursuant
to the provisions of this Agreement; or

 

(b)                                 The
proven misconduct or gross negligence of the Liquidation Agent.

 

ARTICLE IX

 

Transfer of
Partnership Interests and Related Matters

 

9.1                                 General
Partner Transfers and Deemed Transfers. 
The General Partner shall not (i) withdraw from the Partnership, (ii) merge,
consolidate or engage in any combination with another Person, (iii) sell
all or substantially all of its assets or (iv) sell, assign, pledge,
encumber or otherwise dispose of all or any portion of its Partnership Units or
Preferred Units (except to the Partnership), in each case without the Consent
of the Limited Partners.  In the event of
the withdrawal by the General Partner from the Partnership, in violation of
this Agreement or otherwise, or the dissolution, termination or Bankruptcy of
the General Partner, within 90 days after the occurrence of any such event, a
majority in interest of the Limited Partners may elect in writing to continue
the Partnership business and shall thereupon select a substitute general
partner effective as of the date of the occurrence of any such event.  Upon any transfer of any Partnership Units
(not Preferred Units) in accordance with the provisions of this Section 9.1,
the transferee shall become vested with the powers and rights of the transferor
General Partner with respect to the Partnership Units transferred, and shall be
liable for all obligations and responsible for all duties of the transferor
General Partner, once such transferee has executed such instruments as may be
necessary to effectuate such admission and to confirm the agreement of such
transferee to be bound by all the terms and provisions of this Agreement with
respect to the Partnership Units so acquired. 
It is a condition to any transfer otherwise permitted hereunder that the
transferee assumes by operation of law or express agreement all of the
obligations of the transferor General Partner under this Agreement with respect
to such transferred Partnership Units and no such transfer (other than pursuant
to a statutory merger or consolidation wherein all obligations and liabilities
of the transferor General Partner are assumed by a successor corporation by
operation of law) shall relieve the transferor General Partner of its
obligations under this Agreement accruing prior to the date of such transfer.

 

9.2                                 Transfers
by Limited Partners.  Except as
otherwise provided in this Section 9.2, the Limited Partners shall not
Transfer all or any portion of their Partnership Units, LP Preferred Units or
LTIP Units to any transferee without the consent of the General Partner, which
consent may be withheld in its sole and absolute discretion; provided, however,
that the foregoing shall not be considered a limitation on the ability of the
Limited Partners to exercise their Rights pursuant to Article XI hereof.

 

(a)                                  Notwithstanding
the foregoing, but subject to the provisions of Section 9.4 hereof, any
Limited Partner may at any time, without the consent of the General Partner, (i) Transfer
all or a portion of its Partnership Units or LP Preferred Units to an Affiliate
of such Limited Partner, or (ii) Pledge some or all of its Partnership
Units or LP Preferred Units to any Institutional Lender.  Any Transfer to an Affiliate pursuant to
clause (i) and any Transfer to a pledgee of Partnership Units or LP
Preferred Units Pledged pursuant to clause (ii) may be made without the
consent of the General Partner but, except as provided in subsequent 

 

 

40

provisions of this Section 9.2, such transferee
or such pledgee shall hold the Units or LP Preferred Units so transferred to it
(and shall be admitted to the Partnership as a Substitute Limited Partner) subject
to all the restrictions set forth in this Section 9.2.  It is a condition to any Transfer otherwise
permitted under any provision of this Section 9.2 that the transferee
assumes by operation of law or express agreement all of the obligations of the
transferor Limited Partner under this Agreement with respect to such
transferred Partnership Units or LP Preferred Units, as the case may be,
arising after the effective date of the Transfer and no such Transfer (other
than pursuant to a statutory merger or consolidation wherein all obligations
and liabilities of the transferor Partner are assumed by a successor
corporation by operation of law, and other than pursuant to an exercise of the
Rights pursuant to Article XI wherein all obligations and liabilities of
the transferor Partner arising from and after the date of such Transfer shall
be assumed by the General Partner) shall relieve the transferor Limited Partner
of its obligations under this Agreement prior to the effective date of such
Transfer. Upon any such Transfer or Pledge permitted under this Section 9.2,
the transferee or, upon foreclosure on the Pledged Partnership Units or LP
Preferred Units, as the case may be, each Institutional Lender which is the
pledgee shall be admitted as a Substituted Limited Partner as such term is
defined in the Act and shall succeed to all of the rights, including rights
with respect to the Rights, of the transferor Limited Partner under this
Agreement in the place and stead of such transferor Limited Partner; provided,
however, that notwithstanding the foregoing, any transferee of any
transferred Partnership Unit or LP Preferred Units, as the case may be, shall,
unless the Ownership Limit is waived in writing by the General Partner, be
subject to the Ownership Limit applicable to Persons other than the Limited
Partners and/or their Affiliates which may limit or restrict such transferee’s
ability to exercise the Limited Partner’s Rights, if any.  Any transferee, whether or not admitted as a
Substituted Limited Partner, shall take subject to the obligations of the
transferor hereunder.  No transferee
pursuant to a Transfer which is not expressly permitted under this Section 9.2
and is not consented to by the General Partner, whether by a voluntary
Transfer, by operation of law or otherwise, shall have any rights hereunder,
other than the right to receive such portion of the distributions and
allocations of Profits and Losses made by the Partnership as are allocable to
the Partnership Units or LP Preferred Units, as the case may be, so
transferred.

 

(b)                                 In
addition to the Rights granted to the JCP Limited Partner and any other
Transfers permitted under this Article IX, the JCP Limited Partner shall
have the right to transfer all of its Partnership Units to a single accredited
investor, as defined in Rule 501 promulgated under the Securities Act,
subject to the provisions of Section 9.4, and such transferee shall be
admitted to the Partnership as a Substitute Limited Partner. Any transferee of
the Partnership Units owned by the JCP Limited Partner shall be subject to all
of the restrictions set forth in Section 9.2(a) above; provided,
however, that if the JCP Limited Partner hereafter Pledges its
Partnership Units pursuant to Section 9.2(a), then provided that the JCP
Limited Partner has not previously exercised the right provided for above in
this Section 9.2(b), the Institutional Lender or Lenders which are the
pledgee(s) may exercise such right, whether by taking title to the JCP
Limited Partner’s Partnership Units and then transferring the same or by
effecting such transfer upon foreclosure of the Pledge.

 

(c)                                  The
Limited Partners acknowledge that the Partnership Units and LP Preferred Units
have not been registered under any federal or state securities laws and, as a
result thereof, they may not be sold or otherwise transferred, except in
accordance with Article XI or otherwise in compliance with such laws.  Notwithstanding anything to the contrary
contained in this Agreement, no Partnership Units or LP Preferred Units may be
sold or otherwise transferred except pursuant to Article XI unless such
Transfer is exempt from registration under any applicable securities laws or
such Transfer is registered under such laws, it being acknowledged that the
Partnership has no obligation to take any action which would cause any such
interests to be registered.

 

 

41

9.3                                 Issuance
of Additional Partnership Units, LP Preferred Units and LTIP Units.

 

(a)                                  At
any time after the date hereof, subject to the provisions of Section 9.4
hereof, the General Partner may, upon its determination that the issuance of
additional Partnership Units, LP Preferred Units or LTIP Units (collectively,
“Additional Units”) is in the best interests of the Partnership, cause the
Partnership to issue Additional Units to any existing Partner or issue
Additional Units to and admit as a partner in the Partnership any Person in
exchange for the contribution by such Person of cash and/or property which the
General Partner determines is desirable to further the purposes of the
Partnership under Section 2.3 hereof and which the General Partner
determines has a value that justifies the issuance of such Additional
Units.  In the event that Additional
Units are issued by the Partnership pursuant to this Section 9.3(a), (i) in
the case of the issuance of Partnership Units, the number of Partnership Units
issued shall be determined by dividing the Gross Asset Value of the property
contributed (reduced by the amount of any indebtedness assumed by the
Partnership or to which such property is subject) as of the date of
contribution to the Partnership (the “Contribution Date”) by the Contribution
Deemed Partnership Unit Value, computed as of the Trading Day immediately
preceding the Contribution Date, (ii) in the case of the issuance of LP
Preferred Units, the aggregate liquidation preference of LP Preferred Units so
issued shall equal the Gross Asset Value of the property contributed (reduced
by the amount of any indebtedness assumed by the Partnership or to which such
property is subject) as of the Contribution Date, and (iii) in the case of
the issuance of LTIP Units, the number of LTIP Units outstanding at any time
shall not exceed the number of Shares reserved and available for issuance at
such time under any equity-based incentive plan of the Partnership or the
General Partner that has been approved by the stockholders of the General
Partner.

 

In addition, the General Partner may, upon its
determination that the issuance of GP Preferred Units is in the best interests
of the Partnership, issue GP Preferred Units in accordance with Section 4.3(c) hereof.

 

(b)                                 Each
class or series of LP Preferred Units issued in accordance with Section 9.3(a) shall
be described in a written document (the “LP Preferred Unit Designation”) that
shall set forth, in sufficient detail, the economic rights, including
distribution, redemption and conversion rights and sinking fund provisions, of
the class or series of LP Preferred Units. 
The LP Unit Designations for each class or series of LP Preferred Units
authorized and outstanding as of the date of this Agreement are attached as Exhibit C.  Upon the issuance of any series or class of
LP Preferred Units, the General Partner shall, upon request, provide the
Limited Partners with a copy of the LP Preferred Unit Designation and shall
supplement Exhibit C with any such LP Preferred Unit Designation.

 

 

42

(c)                                  Each
class or series of LTIP Units issued in accordance with Section 9.3(a) shall
be described in a written document (the “LTIP Unit Designation”) that shall set
forth, in sufficient detail, any performance conditions and the economic
rights, including distribution and conversion rights, of the class or series of
LTIP Units.  The General Partner shall,
upon request, provide the Limited Partners with a copy of the LTIP Unit
Designations and shall supplement Exhibit D with any such LTIP Unit
Designation.

 

(d)                                 The
General Partner shall be authorized on behalf of each of the Partners to amend
this Agreement to reflect the admission of any Partner, any increase in the
Partnership Units or issuance of Preferred Units or LTIP Units in accordance
with the provisions of this Section 9.3, and the General Partner shall
promptly deliver a copy of such amendment to each Limited Partner.  The Limited Partners hereby irrevocably
appoint the General Partner as their attorney-in-fact, coupled with an
interest, solely for the purpose of executing and delivering such documents,
and taking such actions, as shall be reasonably necessary in connection with
the provisions of this Section 9.3 or making any modification to this
Agreement permitted by Section 7.3 (including, without limitation, any
modification which, under Section 7.3 hereof, requires the Consent of the Limited
Partners where such consent has been obtained). Nothing contained in this Section 9.3
shall be construed as authorizing the General Partner to grant any consent on
behalf of the Limited Partners, or any of them.

 

9.4                                 Restrictions
on Transfer.

 

(a)                                  In
addition to any other restrictions on Transfer herein contained, in no event
may any Transfer or assignment of a Partnership Unit, Preferred Unit or LTIP
Unit by any Partner be made nor may any new Partnership Unit, Preferred Unit or
LTIP Unit be issued by the Partnership (i) to any Person which lacks the
legal right, power or capacity to own a Partnership Unit, Preferred Unit or
LTIP Unit; (ii) in violation of applicable law; (iii) if such
Transfer would immediately or with the passage of time cause the General
Partner to fail to comply with the REIT Requirements, such determination to be
made assuming that the General Partner does comply with the REIT Requirements
immediately prior to the proposed Transfer; (iv) if such Transfer would cause
the Partnership to become, with respect to any employee benefit plan subject to
Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of
ERISA) or a “disqualified person” (as defined in Section 4975(e) of
the Code); (v) if such Transfer would, in the opinion of counsel to the
Partnership, cause any portion of the underlying assets of the Partnership to
constitute assets of any employee benefit plan pursuant to Department of Labor
Regulations Section 2510.3-101; (vi) if such Transfer would result in
a deemed distribution to any Partner attributable to a failure to meet the
requirements of Regulations Section l.752-2(d)(l), unless such Partner
consents thereto, (vii) if such Transfer would cause any lender to the
Partnership to hold in excess of ten (10) percent of the Partnership
Interest that would, pursuant to the regulations under Section 752 of the
Code or any successor provision, cause a loan by such a lender to constitute
Partner Nonrecourse Debt, (viii) if such Transfer, other than to an
Affiliate, is of a Partnership Interest the value of which would have been less
than $20,000 when issued, (ix) if such Transfer would, in the opinion of
counsel to the Partnership, cause the Partnership to cease to be classified as
a Partnership for federal income tax purposes or (x) if such Transfer is
effectuated through an “established securities market” or a “secondary market
(or the substantial equivalent thereof)” within the meaning of Section 7704(b) of
the Code.

 

 

43

(b)                                 No
GP Preferred Unit may be Transferred by the General Partner to any Person who
is not then a general partner of the Partnership.

 

9.5                                 Shelf
Registration Rights.  The General
Partner agrees that, upon the request of any Limited Partner that has not
entered into a Registration Rights Agreement with the General Partner
substantially in the form of Exhibit E hereto (each, a “Shelf Rights
Holder”), made at any time following delivery of an Exercise Notice (as defined
in Section 11.1), the General Partner will, if it has not already done so,
within 60 days thereafter file a “shelf” registration statement (the “Shelf
Registration”), on an appropriate form pursuant to Rule 415 under the
Securities Act or any similar rule that may be adopted by the SEC, with
respect to the sale of Registrable Securities (as defined below) by the Shelf
Rights Holders in ordinary course brokerage or dealer transactions not
involving an underwritten public offering. 
The General Partner shall use all reasonable efforts to have the Shelf
Registration declared effective as soon as practicable after such filing and to
keep such Shelf Registration continuously effective following the date on which
such Shelf Registration is declared effective for so long as any Registrable
Securities are outstanding.  The General
Partner further agrees, if necessary, to supplement or make amendments to the
Shelf Registration, if required by the registration form used by the General
Partner for the Shelf Registration or by the instructions applicable to such
registration form or by the Securities Act or the rules and regulations
thereunder, and the General Partner agrees to furnish to each Shelf Rights
Holder copies of any such supplement or amendment at least three days prior to
its being used and/or filed with the SEC. 
Notwithstanding the foregoing, if the General Partner shall furnish to
the Unit holder a certificate signed by the Chief Executive Officer of the
General Partner stating that in the good faith judgment of the Directors it
would be significantly disadvantageous to the General Partner and its
stockholders for any such Shelf Registration to be amended or supplemented, the
General Partner may defer such amending or supplementing of such Shelf
Registration for not more than 45 days and in such event the Unit holder shall
be required to discontinue disposition of any Registrable Securities covered by
such Shelf Registration during such period. 
Notwithstanding the foregoing, if the General Partner irrevocably
elects, or the Partnership is so required under Section 11.3, prior to the
filing of any Shelf Registration to issue all cash in lieu of Shares upon the
exchange of Units by the holder requesting the filing of such Shelf
Registration, the General Partner shall not be obligated to file such Shelf
Registration Statement.  The General
Partner shall make available to its security holders, as soon as reasonably
practicable, a statement of operations covering a period of twelve (12) months,
commencing on the first day of the fiscal quarter next succeeding each sale of
any Registrable Securities pursuant to the Shelf Registration, in a manner
which shall satisfy the provisions of Section 11(a) of the Securities
Act.

 

(a)                                  Securities
Subject to this Section 9.5. The securities entitled to the benefits
of this Section 9.5 are the Shares that have been or may be issued from
time to time upon the exchange of Units pursuant to Article XI hereof and
any other securities issued by the General Partner in accordance with the terms
of this Agreement in exchange for any of the Shares (collectively, the “Registrable
Securities”) but, with respect to any particular Registrable Security, only so
long as it continues to be a Registrable Security.  Registrable Securities shall include any
securities issued in accordance with the terms of this Agreement as a 

 

 

44

dividend or distribution on account of Registrable
Securities or resulting from a subdivision of the outstanding Shares of
Registrable Securities into a greater number of shares (by reclassification,
stock split or otherwise).  For the
purposes of this Agreement, a security that was at one time a Registrable
Security shall cease to be a Registrable Security when (i) such security
has been effectively registered under the Securities Act, and either (A) the
registration statement with respect thereto has remained continuously effective
for 150 days or (B) such security has been disposed of pursuant to such
registration statement, (ii) such security is or can be immediately sold
to the public in reliance on Rule 144 (or any similar provision then in
force) under the Securities Act, (iii) such security has been otherwise
transferred and (a) the General Partner has delivered a new certificate or
other evidence of ownership not bearing the legend set forth on the Shares upon
the initial issuance thereof (or other legend of similar import) and (b) in
the opinion of counsel to the General Partner, the subsequent disposition of
such security would not require the registration or qualification under the
Securities Act or any similar state law then in force, or (iv) such
security has ceased to be outstanding.

 

(b)                                 Registration
Expenses.  The General Partner shall
pay, as REIT Expenses, all expenses incident to the Shelf Registration,
including, without limitation, (i) all SEC, stock exchange and National
Association of Securities Dealers, Inc. registration, filing and listing
fees, (ii) all fees and expenses incurred in complying with securities or “blue
sky” laws (including reasonable fees and disbursements of counsel in connection
with “blue sky” qualifications of the Registrable Securities), (iii) all
printing, messenger and delivery expenses, (iv) all fees and disbursements
of the General Partner’s independent public accountants and counsel and (v) all
fees and expenses of any special experts retained by the General Partner in
connection with the Shelf Registration pursuant to the terms of this Section 9.5,
regardless of whether such Shelf Registration becomes effective, unless such
Shelf Registration fails to become effective as a result of the fault of the
Shelf Rights Holders; provided,  however, that the General Partner
shall not pay the costs and expenses of any Shelf Rights Holder relating to
brokerage or dealer fees, transfer taxes or the fees or expenses of any counsel’s
accountants or other representatives retained by the Shelf Rights Holders,
individually or in the aggregate.

 

ARTICLE X

 

Rights and
Obligations of the Limited Partners

 

10.1                           No
Participation in Management.  Except
as expressly permitted hereunder, the Limited Partners shall not take part in
the management of the Partnership’s business, transact any business in the
Partnership’s name or have the power to sign documents for or otherwise bind
the Partnership; provided, that the foregoing shall not be deemed to
limit the ability of a Limited Partner (or any officer or director thereof) who
is an officer, director or employee of the Partnership, the General Partner or
any Affiliate thereof, to act in such capacity.

 

10.2                           Bankruptcy
of a Limited Partner.  The Bankruptcy
of any Limited Partner shall not cause a dissolution of the Partnership, but
the rights of such Limited Partner to share in the Profits or Losses of the
Partnership and to receive distributions of Partnership funds shall, on the
happening of such event, devolve to its successors or assigns, subject to the
terms and conditions of this Agreement, and the Partnership shall continue as a
limited partnership.  However, in no
event shall such assignee(s) become a Substituted Limited Partner except
in accordance with Article IX.

 

 

45

10.3                           No
Withdrawal.  No Limited Partner may
withdraw from the Partnership without the prior written consent of the General
Partner, other than as expressly provided in this Agreement.

 

10.4                           Duties
and Conflicts.

 

(a)                                  The
Partners recognize that each of the other Partners and their Affiliates have or
may have other business interests, activities and investments, some of which
may be in conflict or competition with the business of the Partnership, and
that such Persons are entitled to carry on such other business interests,
activities and investments.  In addition,
the Partners recognize that certain of the Limited Partners and their
Affiliates are and may in the future be tenants of the Partnership, Subsidiary
Entities or other Persons or own anchor or other stores in the Properties of
the Partnership, or Subsidiary Entities or other properties and in connection
therewith may have interests that conflict with those of the Partnership or
Subsidiary Entities.  In deciding whether
to take any actions in such capacity, such Limited Partners and their
Affiliates shall be under no obligation to consider the separate interests of
the Partnership or Subsidiary Entities and shall have no fiduciary obligations
to the Partnership or Subsidiary Entities and shall not be liable for monetary
damages for losses sustained, liabilities incurred or benefits not derived by
the other Partners in connection with such acts; nor shall the Partnership, the
General Partner or any Subsidiary Entities be under any obligation to consider
the separate interests of the Limited Partners and their Affiliates in such
Limited Partners’ independent capacities or have any fiduciary obligations to
the Limited Partners and their Affiliates in such capacity or be liable for
monetary damages for losses sustained, liabilities incurred or benefits not
derived by the Limited Partners and their Affiliates in such independent
capacities arising from actions or omissions taken by the Partnership or
Subsidiary Entities.  The Limited
Partners and their Affiliates may engage in or possess an interest in any other
business or venture of any kind, independently or with others, on their own
behalf or on behalf of other Entities with which they are affiliated or
associated, and such Persons may engage in any activities, whether or not
competitive with the Partnership or Subsidiary Entities, without any obligation
to offer any interest in such activities to the Partnership or Subsidiary
Entities or to any Partner or otherwise. 
Neither the Partnership nor any Partner shall have any right, by virtue
of this Agreement, in or to such activities, or the income or profits derived
therefrom, and the pursuit of such activities, even if competitive with the
business of the Partnership or Subsidiary Entities, shall not be deemed
wrongful or improper.

 

(b)                                 Notwithstanding
the foregoing, without the prior consent of the General Partner, no Limited
Partner shall knowingly take any action, including acquiring, directly or
indirectly, an interest in any tenant of a Property which would have, through
the actual or constructive ownership of any tenant of any Property, the effect
of causing the percentage of the gross income of the General Partner that fails
to be treated as “rents from real property” within the meaning of Section 856(d) of
the Code to exceed such percentage on the date hereof.  Each Limited Partner shall have a duty to
notify the General Partner on a timely basis of any potential acquisition or
change in ownership that could reasonably be expected to have such effect.

 

 

46

10.5                           Guaranty
and Indemnification Agreements.

 

(a)                                  The
Partnership shall notify the Limited Partners no less than 45 days (or, if the
Partnership itself has less than 45 days’ prior notice, as promptly as
practicable) prior to the occurrence of any event that the Partnership
reasonably expects will reduce the amount of Partnership liabilities (including
liabilities of any Subsidiary Partnership) that the Limited Partners may
include in their individual tax bases of their respective Partnership Interests
pursuant to Treasury Regulation § 1.752-2 and Treasury Regulation §§
1.752-3(a)(2) and (3).  Upon receipt
of such notice, each Limited Partner shall inform the Partnership of any action
it desires to take in its sole and absolute discretion in order to increase the
“economic risk of loss” (within the meaning of Treasury Regulation § 1.752-2)
(the “Incurrence”) that it has with respect to liabilities of the Partnership
or any other Subsidiary Partnerships. 
The Partnership shall cooperate with each Limited Partner to facilitate
the Incurrence by such Limited Partner with respect to Partnership Liabilities
or liabilities of any Subsidiary Partnerships in such a way that the Incurrence
has the least amount of real economic risk to such Limited Partner and provided
that the Incurrence does not have a material adverse impact on any other
Partner in the Partnership or any such Partner’s Affiliates.

 

No direct or indirect
Partner in the Partnership or any partnership which is the obligor on a JCP
Property Liability shall incur the “economic risk of loss” (within the meaning
of Treasury Regulation § 752-2) with respect to any JCP Property Liability
without the prior written consent of the JCP Limited Partner.

 

(b)                                 Notwithstanding
the provisions of Section 10.5(a) above, no Limited Partners shall
have any right to negotiate directly with any lender of the Partnership or any
other Subsidiary Partnership, any such negotiation to be undertaken in good
faith by the General Partner on behalf of, and at the request of, all affected
Limited Partners.

 

ARTICLE XI

 

Grant of Rights to
the Limited Partners

 

11.1                           Grant
of Rights.  The General Partner does
hereby grant to each of the Limited Partners (other than The Retail Property
Trust) and each of the Limited Partners does hereby accept the right, but not
the obligation (hereinafter such right sometimes referred to as the “Rights”),
to convert all or a portion of such Limited Partner’s Limited Partnership Units
into Shares or cash, as selected by the General Partner, at any time or from
time to time, on the terms and subject to the conditions and restrictions
contained in this Article XI.  The
Rights granted hereunder may be exercised by a Limited Partner, on the terms
and subject to the conditions and restrictions contained in this Article XI,
upon delivery to the General Partner of a notice in the form of Exhibit F
(an “Exercise Notice”), which notice shall specify the number of such Limited
Partner’s Limited Partnership Units to be converted by such Limited Partner
(the “Offered Units”).  Once delivered,
the Exercise Notice shall be irrevocable, subject to payment by the General
Partner or the Partnership of the Purchase Price for the Offered Units in
accordance with the terms hereof and subject to Section 1 of the
Registration Rights Agreements.  In the
event the General Partner elects to cause the Offered Units to be converted
into cash, the General Partner shall effect such conversion by causing the
Partnership to redeem the Offered Units for cash.

 

 

47

11.2                           Limitation
on Exercise of Rights.  If an
Exercise Notice is delivered to the General Partner but, as a result of the
Ownership Limit or as a result of other restrictions contained in the Charter
of the General Partner, the Rights cannot be exercised in full for Shares, the
Exercise Notice, if the Purchase Price is to be payable in Shares, shall be
deemed to be modified such that the Rights shall be exercised only to the
extent permitted under the Ownership Limit or under other restrictions in the
Charter of the General Partner. 
Notwithstanding the foregoing, any Person shall be permitted to exercise
its Rights hereunder during the first half of a taxable year of the General
Partner even if upon conversion of the Offered Units into Shares, the Shares
held by such Person will exceed the Ownership Limit, so long as such Person
shall immediately following such conversion sell so many of such Shares as
shall cause the Ownership Limit not to be exceeded upon consummation of such
sale.  The General Partner hereby agrees
to exercise its right pursuant to its Charter to permit the Ownership Limit to
be exceeded in the circumstances described in the preceding sentence.

 

11.3                           Computation
of Purchase Price/Form of Payment. 
The purchase price (“Purchase Price”) payable to a tendering Limited
Partner shall be equal to the Deemed Partnership Unit Value multiplied by the
number of Offered Units computed as of the date on which the Exercise Notice
was delivered to the General Partner (the “Computation Date”).  Subject to the following paragraph, the
Purchase Price for the Offered Units shall be payable, at the option of the
General Partner, by causing the Partnership to redeem the Offered Units for
cash in the amount of the Purchase Price, or by the issuance by the General
Partner of the number of Shares equal to the number of Offered Units (adjusted
as appropriate to account for stock splits, stock dividends or other similar
transactions between the Computation Date and the closing of the purchase and
sale of the Offered Units in the manner specified in Section  11.7(d) below).

 

11.4                           Closing.  The closing of the acquisition or redemption
of Offered Units shall, unless otherwise mutually agreed, be held at the
principal offices of the General Partner, on the date agreed to by the General
Partner and the relevant Limited Partner, which date (the “Settlement Date”)
shall in no event be on a date which is later than the later of (i) ten (10) days
after the date of the Exercise Notice and (ii) five (5) days after
the expiration or termination of the waiting period applicable to the Limited
Partner, if any, under the Hart-Scott-Rodino Act (the “HSR Act”).  The General Partner agrees to use its best
efforts to obtain an early termination of the waiting period applicable to any
such acquisition, if any, under the HSR Act. 
Until the Settlement Date, each tendering Partner shall continue to own
his Offered Units, and will continue to be treated as the holder of such Offered
Units for all purposes of this Agreement, including, without limitation, for
purposes of voting, consent, allocations and distributions.  Offered Units will be transferred to the
General Partner only upon receipt by the tendering Partner of Shares or cash in
payment in full therefor.

 

11.5                           Closing
Deliveries.  At the closing of the
purchase and sale or redemption of Offered Units, payment of the Purchase Price
shall be accompanied by proper instruments of transfer and assignment and by
the delivery of (i) representations and warranties of (A) the
tendering Limited Partner with respect to its due authority to sell all of the
right, title and interest in and to such Offered Units to the General Partner
or the Partnership, as applicable, and with respect to the ownership by the
Limited Partner of such Units, free and clear of all Liens, and (B) the
General Partner with respect to its due authority to acquire such Units for
Shares or to cause the Partnership to redeem such Units for cash and, in the
case of payment by Shares, (ii) (A) an opinion of counsel for the
General Partner, reasonably satisfactory to such Limited Partner, to the effect
that such Shares have been duly authorized, are validly issued, fully-paid and
non-assessable, and (B) a stock certificate or certificates evidencing the
Shares to be issued and registered in the name of the Limited Partner or its
designee.

 

 

48

 

11.6                           Term
of Rights.  The rights of the parties
with respect to the Rights shall remain in effect, subject to the terms hereof,
throughout the existence of the Partnership.

 

11.7                           Covenants
of the General Partner.  To
facilitate the General Partner’s ability fully to perform its obligations
hereunder, the General Partner covenants and agrees as follows:

 

(a)                                  At
all times while the Rights are in existence, the General Partner shall reserve
for issuance such number of Shares as may be necessary to enable the General
Partner to issue such Shares in full payment of the Purchase Price in regard to
all Partnership Units which are from time to time outstanding and held by the
Limited Partners.

 

(b)                                 As
long as the General Partner shall be obligated to file periodic reports under
the Securities Exchange Act of 1934, the General Partner will timely file such
reports in such manner as shall enable any recipient of Shares issued to a
Limited Partner hereunder in reliance upon an exemption from registration under
the Securities Act to continue to be eligible to utilize Rule 144
promulgated by the SEC pursuant to the Securities Act, or any successor rule or
regulation or statute thereunder, for the resale thereof.

 

(c)                                  During
the pendency of the Rights, the Limited Partners shall receive in a timely
manner all reports filed by the General Partner with the SEC and all other
communications transmitted from time to time by the General Partner to the
owners of its Shares.

 

(d)                                 Under
no circumstances shall the General Partner declare any stock dividend, stock
split, stock distribution or the like, unless fair and equitable arrangements
are provided, to the extent necessary, fully to adjust, and to avoid any
dilution in, the Rights of any Limited Partner under this Agreement.

 

11.8                           Limited
Partners’ Covenant.  Each of the
Limited Partners covenants and agrees with the General Partner that all Offered
Units tendered to the General Partner or the Partnership, as the case may be,
in accordance with the exercise of Rights herein provided shall be delivered
free and clear of all Liens and should any Liens exist or arise with respect to
such Offered Units, the General Partner or the Partnership, as the case may be,
shall be under no obligation to acquire the same unless, in connection with
such acquisition, the General Partner has elected to cause the Partnership to
pay such portion of the Purchase Price in the form of cash consideration in
circumstances where such consideration will be sufficient to cause such
existing Lien to be discharged in full upon application of all or a part of
such consideration and the Partnership is expressly authorized to apply such
portion of the Purchase Price as may be necessary to satisfy any indebtedness
in full and to discharge such Lien in full. 
In the event any transfer tax is payable by the Limited Partner as a
result of a transfer of Partnership Units pursuant to the exercise by a Limited
Partner of the Rights, the Limited Partner shall pay such transfer tax.

 

49

 

11.9                           Dividends.  If a Limited Partner shall exchange any
Partnership Units for Shares pursuant to this Article XI on or prior to
the Partnership Record Date for any distribution to be made on such Partnership
Units, in accordance with the Charter of the General Partner such Limited
Partner will be entitled to receive the corresponding distribution to be paid
on such Shares and shall not be entitled to receive the distribution made by
the Partnership in respect of the exchanged Partnership Units.

 

ARTICLE XII

 

General Provisions

 

12.1                           Investment
Representations.

 

(a)                                  Each
Limited Partner acknowledges that it (i) has been given full and complete
access to the Partnership and those persons who will manage the Partnership in
connection with this Agreement and the transactions contemplated hereby, (ii) has
had the opportunity to review all documents relevant to its decision to enter
into this Agreement, and (iii) has had the opportunity to ask questions of
the Partnership and those persons who will manage the Partnership concerning
its investment in the Partnership and the transactions contemplated hereby.

 

(b)                                 Each
Limited Partner acknowledges that it understands that the Partnership Units to
be purchased or otherwise acquired by it hereunder will not be registered under
the Securities Act in reliance upon the exemption afforded by Section 4(2) thereof
for transactions by an issuer not involving any public offering, and will not
be registered or qualified under any applicable state securities laws.  Each Limited Partner represents that (i) it
is acquiring such Partnership Units for investment only and without any view
toward distribution thereof, and it will not sell or otherwise dispose of such
Partnership Units except pursuant to the exercise of the Rights or otherwise in
accordance with the terms hereof and in compliance with the registration
requirements or exemption provisions of any applicable state securities laws, (ii) its
economic circumstances are such that it is able to bear all risks of the
investment in the Partnership Units for an indefinite period of time including
the risk of a complete loss of its investment in the Units and (iii) it
has knowledge and experience in financial and business matters sufficient to
evaluate the risks of investment in the Partnership Units.  Each Limited Partner further acknowledges and
represents that it has made its own independent investigation of the
Partnership and the business conducted and proposed to be conducted by the
Partnership, and that any information relating thereto furnished to the Limited
Partner was supplied by or on behalf of the Partnership.

 

12.2                           Notices.  All notices, offers or other communications
required or permitted to be given pursuant to this Agreement shall be in
writing and may be personally delivered or sent by United States mail or by
reputable overnight delivery service and shall be deemed to have been given
when delivered in person, upon receipt when delivered by overnight delivery
service or three business days after deposit in United States mail, registered
or certified, postage prepaid, and properly addressed, by or to the appropriate
party.  For purposes of this Section 12.2,
the addresses of the parties hereto shall be as set forth on Exhibit A
hereof.  The address of any party hereto
may be changed by a notice in writing given in accordance with the provisions
hereof.

 

 

50

 

12.3                           Successors.  This Agreement and all the terms and
provisions hereof shall be binding upon and shall inure to the benefit of all
Partners, and their legal representatives, heirs, successors and permitted
assigns, except as expressly herein otherwise provided.

 

12.4                           Liability of Limited Partners.  The liability of the Limited Partners for
their obligations, covenants 
representations and warranties under this Agreement shall be several and
not joint.

 

12.5                           Effect
and Interpretation.  THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN CONFORMITY WITH THE LAWS OF THE STATE OF
DELAWARE.

 

12.6                           Counterparts.  This Agreement may be executed in
counterparts, each of which shall be an original, but all of which shall
constitute one and the same instrument.

 

12.7                           Partners
Not Agents.  Nothing contained herein
shall be construed to constitute any Partner the agent of another Partner,
except as specifically provided herein, or in any manner to limit the Partners
in the carrying on of their own respective businesses or activities.

 

12.8                           Entire
Understanding; Etc.  This Agreement
and the other agreements referenced herein or therein or to which the
signatories hereto or thereto are parties constitute the entire agreement and
understanding among the Partners and supersede any prior understandings and/or
written or oral agreements among them respecting the subject matter within.

 

12.9                           Severability.  If any provision of this Agreement, or the
application of such provision to any Person or circumstance, shall be held
invalid by a court of competent jurisdiction, the remainder of this Agreement,
or the application of such provision to Persons or circumstances other than
those to which it is held invalid by such court, shall not be affected thereby.

 

12.10                     Trust
Provision.  This Agreement, to the
extent executed by the trustee of a trust, is executed by such trustee solely
as trustee and not in a separate capacity. 
Nothing herein contained shall create any liability on, or require the
performance of any covenant by, any such trustee individually, nor shall
anything contained herein subject the individual property of any trustee to any
liability.

 

12.11                     Pronouns
and Headings.  As used herein, all
pronouns shall include the masculine, feminine and neuter, and all defined
terms shall include the singular and plural thereof wherever the context and
facts require such construction.  The
headings, titles and subtitles herein are inserted for convenience of reference
only and are to be ignored in any construction of the provisions hereof.  Any references in this Agreement to “including”
shall be deemed to mean “including without limitation.”

 

 

51

 

12.12                     Assumption
of Liabilities.  Nothing contained in
this Agreement shall have the effect of terminating, negating or modifying in
any respect the assumption of liabilities by the Partnership set forth in Section 10.8
of the Fourth Amended and Restated Limited Partnership Agreement of the
Partnership dated as of April 21, 1994 and the Partnership reaffirms its
obligations thereunder.

 

12.13                     Assurances.  Each of the Partners shall hereafter execute
and deliver such further instruments (provided such instruments are in form and
substance reasonably satisfactory to the executing Partner) and do such further
acts and things as may be reasonably required or useful to carry out the intent
and purpose of this Agreement and as are not inconsistent with the terms
hereof.

 

52

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement or caused this Agreement to be
executed effective as of the date and year first above written.

 

 

	
   

  	
  GENERAL PARTNER:

  
	
   

  	
   

  
	
   

  	
  SIMON PROPERTY
  GROUP, INC., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
        /s/
  David Simon

  
	
   

  	
   

  	
  David Simon,
  Chief Executive Officer and 

  
	
   

  	
   

  	
  Chairman of the
  Board

  
				

 

[Limited Partner
Counterpart Signature Pages to be attached]

 

53

 

	
   

  	
  LIMITED PARTNERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Edward A. Ahlswede

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Alice
  S. Aikens

  
	
   

  	
  Alice S. Aikens

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robert B. Aikens Revocable Trust Dated April 8, 1991

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert B. Aikens

  
	
   

  	
  Name:

  	
  Robert B. Aikens

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  William R. Aikens

  
	
   

  	
  William R. Aikens

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Marjorie Alpert Torgan

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Andrew P. Barowsky

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  John A. Bersani

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-2

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Howard and Rene Biel Revocable Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard Biel

  
	
   

  	
  Name:

  	
  Howard Biel

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Irwin Blitt, not individually, James Copaken Trust 

  12/27/76

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BNW-Rosemont Limited Partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph S. Beale

  
	
   

  	
  Name:

  	
  Joseph S. Beale

  
	
   

  	
  Title:

  	
  Alchemt Realty, LLC, Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Donald E. Boelke

  
	
   

  	
  Donald E. Boelke

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  John Boorn

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-2

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Brightwood Plaza, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sidney D. Eskenazi

  
	
   

  	
  Name:

  	
  Sidney D. Eskenazi

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Adrian F. Brown

  
	
   

  	
  Adrian F. Brown

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Leonard I. Brumberg

  
	
   

  	
  Leonard I. Brumberg

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lee Ann Bullough Trust dated 7/1/03, as amended

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Shane H. Bullough Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-3

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Family Trust U/T/W of Mary Lou Carolan-Dated 

  2/7/89

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Catherine F. Cary

  
	
   

  	
  Catherine F. Cary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Margaret Ellen Castruccio

  
	
   

  	
  Margaret Ellen Castruccio

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Mary
  Elizabeth Castruccio

  
	
   

  	
  Mary Elizabeth Castruccio

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Castruccio Revocable Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ M. Castruccio

  
	
   

  	
  Name:

  	
  M. Castruccio

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Catherine Anne Chao

  
	
   

  	
  Catherine Ann Chao

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-4

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Leslie T. Chao

  
	
   

  	
  Leslie T. Chao

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Irwin Chase

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Samuel N. Chase

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Chase Arsenal Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Paul J. Choquette, Jr.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  William H. Choquette

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Susan Colton

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-5

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Colton Arsenal Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Colton Emerald Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Colton Greendale Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Colton Square One Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Harry E. Connors, Jr.

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-6

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Trustee U/I/T Jon Copaken dated December 7, 2001

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon Copaken

  
	
   

  	
  Name:

  	
  Jon Copaken

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Keith
  Copaken

  
	
   

  	
  Keith Copaken

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lois Copaken, not individually, Revocable Trust 

  10/24/79

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Paul Copaken, not individually, Revocable Trust 

  10/24/79

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Cordish SPG Investments, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-7

 

	
   

  	
  LIMITED
  PARTNERS (Continued):

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Kristi Crowe Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristi L. Crowe

  
	
   

  	
  Name:

  	
  Kristi L. Crowe

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Martin Crowe Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Martin Crowe

  
	
   

  	
  Name:

  	
  Martin Crowe

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Judith A. Curl Revocable Trust utd 11/28/1998

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  David H. Curl Revocable Trust utd 11/28/1998

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  D & J Partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Simon

  
	
   

  	
  Name:

  	
  David Simon

  
	
   

  	
  Title:

  	
  General Partner

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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S-8

 

	
   

  	
  LIMITED
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  The Davenport Family Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lynn E. Davenport

  
	
   

  	
  Name:

  	
  Lynne E. Davenport

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lisa Marie DeBartolo Revocable Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lisa Marie DeBartolo

  
	
   

  	
  Name:

  	
  Lisa Marie DeBartolo

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Nicole Anne DeBartolo Revocable Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nicole DeBartolo Heldfond

  
	
   

  	
  Name:

  	
  Nicole DeBartolo Heldfond

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tiffanie Lynn DeBartolo Revocable Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DeBartolo III, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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S-9

 

	
   

  	
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  DeBartolo LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Marie
  DeBartolo York

  
	
   

  	
  Marie DeBartolo York

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  William A. Dedrick Revocable Trust of 1992

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William A. Dedrick

  
	
   

  	
  Name:

  	
  William A. Dedrick

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Alice M. DeFranco

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Joseph C. DeFranco

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Frank d’Oleire

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  James L. Donofrio

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-10

 

	
   

  	
  LIMITED
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  Irene Dreiseszun, not individually, Restated Trust

  6/3/94

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Richard J. Dreiseszun Trust 12/18/76

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dreiseszun Grandchildren Trust 10/28/76

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EJDC II, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EJDC III, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-11

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  EJDC IV, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EJDC V, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  /s/ S.
  Cody Engle

  
	
   

  	
  S. Cody Engle

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Peter Ernstmeier

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David
  N. Eskenazi

  
	
   

  	
  David N. Eskenazi

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Dori
  L. Eskenazi

  
	
   

  	
  Dori L. Eskenazi

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Sandra A. Eskenazi

  
	
   

  	
  Sandra A. Eskenazi

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-12

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  /s/
  Sindey D. Eskenazi

  
	
   

  	
  Sidney D. Eskenazi

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Charles C.G. Evans, Jr.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Patrice M. Farhat Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Daniel R. Farhat Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel R. Farhat Trust

  
	
   

  	
  Name:

  	
  Daniel R. Farhat

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Patrick J. Finerty

  
	
   

  	
  Patrick J. Finerty

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Steven S. Fischman 1992 NSM Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-13

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Fischman Northshore Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fischman Rockingham Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fischman Square One Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Randolph L. Foxworthy

  
	
   

  	
  Randolph L. Foxworthy

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Peter S. Frank Family Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-14

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  /s/ Ruth
  Freed

  
	
   

  	
  Ruth Freed

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Sandra H. Fried Trust U/I/T dated July 25, 1996

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  William J. Garvey

  
	
   

  	
  William J. Garvey

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jerome L. Gershman

  
	
   

  	
  Jerome L. Gershman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Benjamin Gifford

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  James M. Gilbane

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jean
  Gilbane Cole

  
	
   

  	
  Jean Gilbane Cole

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ John
  D. Gilbane

  
	
   

  	
  John D. Gilbane

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-15

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
   

  
	
   

  	
  Richard T. Gilbane

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Robert V. Gilbane

  
	
   

  	
  Robert V. Gilbane

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas F. Gilbane, Jr.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  William J. Gilbane, Jr.

  
	
   

  	
  William J. Gilbane, Jr.

  
	
   

  	
   

  
	
   

  	
  Gilbane Properties of Watertown, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew Lawrence

  
	
   

  	
  Name:

  	
  Matthew Lawrence

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Marjorie Gilbert

  
	
   

  	
  Marjorie Gilbert

  
	
   

  	
   

  
	
   

  	
  /s/ Barry
  M. Ginsburg

  
	
   

  	
  Barry M. Ginsburg

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Howard A. Goldenfarb

  
	
   

  	
  Howard A. Goldenfarb

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-16

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Great Lakes Mall II, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  Great Lakes Mall LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  /s/
  Arthur A. Greenberg

  
	
   

  	
  Arthur A. Greenberg, CPA

  
	
   

  	
   

  
	
   

  	
  /s/
  Lawrence Greenwald

  
	
   

  	
  Lawrence Greenwald

  
	
   

  	
   

  
	
   

  	
  /s/ Merle
  Z. Gross-Ginsburg

  
	
   

  	
  Merle Z. Gross-Ginsburg

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Richard H. Hanson

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Gerald D. Hines

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-17

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
   

  
	
   

  	
  Roland Hopkins

  
	
   

  	
   

  
	
   

  	
  Stacy C. Hornstein

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Marie
  Izzo Cartwright

  
	
   

  	
  Marie Izzo Cartwright

  
	
   

  	
   

  
	
   

  	
  J.W. O’Connor and Co., Incorporated

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  JCP Realty, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Monika Jorissen

  
	
   

  	
   

  
	
   

  	
  Gail Kaltenbacher Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED PARTNERSHIP
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SIGNATURE PAGE

 

S-18

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Laura J. Kaltenbacher Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Philip D. Kaltenbacher Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Unni Kaltenbacher

  
	
   

  	
   

  
	
   

  	
  Unni Kaltenbacher 1999 Marital Trust Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Allen
  Kaplan

  
	
   

  	
  Allen Kaplan

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Howard A. Kaplan

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-19

 

	
   

  	
  LIMITED
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  Kaplan Arsenal Partners

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Kaplan Emerald Partners

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Kaplan Greendale Partners

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Kaplan Square One Partners

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Trust A f/b/o Douglass Karp

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-20

 

LIMITED PARTNERS (continued)

 

 

	
   

  	
  Trust A f/b/o Jana Karp

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Stephen R. Karp

  

 

 

	
   

  	
  Karp Apple Blossom Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Karp Arsenal Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Karp Atrium, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-21

 

	
   

  	
  LIMITED PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Karp Emerald Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Karp Liberty Tree Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Irving Katz

  

 

 

	
   

  	
  Irwin Katz, 8/4/70 Trust - Cynthia Simon
  Skjodt

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Irwin Katz, 8/4/70 Trust - David Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-22

 

	
   

  	
  LIMITED PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Irwin Katz, Trust 8/4/70 Trust - Deborah
  Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Dean G. Kissos

  

 

 

	
   

  	
  KM Halawa Partners

  
	
   

  	
  By:  Poseiden Properties, Inc.,
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Jeffrey G. Arce

  
	
   

  	
  Name:

  	
  Jeffrey G. Arce

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  Adele Kraft, Kraft Living Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Adele Kraft

  
	
   

  	
  Name:

  	
  Adele Kraft

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

	
   

  	
  Gerald Kraft, Kraft Living Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Gerald Kraft

  
	
   

  	
  Name:

  	
  Gerald Kraft

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

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SIGNATURE PAGE

 

S-23

 

	
   

  	
  LIMITED PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Helene Kramer Trust 12/18/76

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  /s/
  Irving Kravitz

  
	
   

  	
  Irving Kravitz

  

 

 

	
   

  	
   

  
	
   

  	
  Donald K. Kurson

  

 

 

	
   

  	
   

  
	
   

  	
  William D. Kutlick

  

 

 

	
   

  	
  KWLT Holdings LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Jack Lambert Revocable Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
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SIGNATURE PAGE

 

S-24

 

	
   

  	
  LIMITED PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Donald A. Leeber

  

 

 

	
   

  	
  Donald Leeber, M.D., Pa Profit Sharing Plan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  James P. Lee

  

 

 

	
   

  	
  /s/ Peter
  K. Leeds

  
	
   

  	
  Peter K. Leeds

  

 

 

	
   

  	
   

  
	
   

  	
  Alexandra Leffers

  

 

 

	
   

  	
  /s/
  Charles Leibler

  
	
   

  	
  Charles Leibler

  

 

 

	
   

  	
  Margaret Ellen Leonard Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Tom R. Leonard

  
	
   

  	
  Name:

  	
  Tom R. Leonard

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-25

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas R. Leonard 1989 Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tom R. Leonard

  
	
   

  	
  Name:

  	
  Tom R. Leonard

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Albert R. Lepage

  
	
   

  	
  Albert R. Lepage

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Anthony W. Liberati

  
	
   

  	
  Anthony W. Liberati

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  T. Barrett Lindsey Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ T. Barrett Lindsey

  
	
   

  	
  Name:

  	
  T. Barrett Lindsey

  
	
   

  	
  Title:

  	
  Co-Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Gloria Jane Lokiec

  
	
   

  	
  Gloria Jane Lokiec

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  J. Daniel Lugosch, III

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-26

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lugosch Family Trust II

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Helen
  MacDonald

  
	
   

  	
  Helen MacDonald

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Bruce
  Macleod

  
	
   

  	
  Bruce Macleod

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  John M. Madfis

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Virginia Mahoney

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Joseph R. Mancino

  
	
   

  	
  Joseph R. Mancino

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Trust A f/b/o Jennifer Claire McCabe

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-27

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Linda M. McCabe

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Linda M. McCabe Revocable Trust- 1984 dated 12/13/84

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Trust A f/b/o Michael R. McCabe

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Trust A f/b/o William H. McCabe, III

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  William H. McCabe Jr. Revocable Trust-1984 dated 12/13/84

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-28

 

	
   

  	
  LIMITED PARTNERS
  (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  William H. McCabe Jr. Rev Trust 1984 dtd12/13/84

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  McCabe Atrium, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  McCabe Emerald Partners

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mary Josephine McPherson 1990 Trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary Josephine McPherson

  
	
   

  	
  Name:

  	
  Mary Josephine McPherson

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lothar Mehring

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-29

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Melvin Simon & Associates, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melvin Simon

  
	
   

  	
  Name:

  	
  Melvin Simon

  
	
   

  	
  Title:

  	
  Co-Chairman of the Board

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Milburn Living Trust dated 11-24-97

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. Nicholas Milburn

  
	
   

  	
  Name:

  	
  W. Nicholas Milburn

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Herbert Miller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ John
  G. Mitchell

  
	
   

  	
  John G. Mitchell

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Marilyn J. Morgan, not individually, Trustee U/I/T 3/25/93

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mark A. Morgan

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-30

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Michael B. Morgan, not individually, Trustee U/T/A 4/22/93

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas S. Morgan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ James
  A. Morse, Trustee

  
	
   

  	
  James A. Morse Revocable Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Robert J. Morse, Trustee

  
	
   

  	
  James A. Morse, Jr. Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Leah
  Rae Morse, Trustee

  
	
   

  	
  Leah Rae Morse Revocable Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Robert J. Morse, Trustee

  
	
   

  	
  Robert J. Morse Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  David G. Mugar

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-31

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Muskegon County Catholic Education Foundation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary J. O’Connor

  
	
   

  	
  Name:

  	
  Mary J. O’Connor

  
	
   

  	
  Title:

  	
  Executive Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NED Rockingham, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Harry
  H. Nick

  
	
   

  	
  Harry H. Nick

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NIDC LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. DeNicholas

  
	
   

  	
  Name:

  	
  Gerald J. DeNicholas

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Northeast Property, LLC

  
	
   

  	
  By: Simon Enterprises, Inc., a member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melvin Simon

  
	
   

  	
  Name:

  	
  Melvin Simon

  
	
   

  	
  Title:

  	
  Co-Chairman of the Board

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-32

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Jeremiah W. O’Connor, Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Joan O’Connor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  O’Connor Retail Partners, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  O’Connor White Plains Corp.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Robert J. O’Halloran

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Loren C. Owings 1990 Exemption Trust

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth Ann Owings

  
	
   

  	
  Name:

  	
  Elizabeth Ann Owings

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-33

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Loren C. Owings 1990 Survivor’s Trust

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth Ann Owings

  
	
   

  	
  Name:

  	
  Elizabeth Ann Owings

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Jane G. Petzold Trust u/a dated September 13, 1984

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ John
  E. Phelan

  
	
   

  	
  John E. Phelan

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Rolland B. Pincus

  
	
   

  	
  Rolland B. Pincus

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Stephen Platz

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Plumeri Apple Blossom Partners

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-34

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Plumeri Emerald Partners

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  O. Brooks Pollock, Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Richard Prince

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Kim Rieck

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Sheli Z. Rosenberg

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Peter J. Rubin

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Glenn Rufrano

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-35

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  S.F.G. Company, LLC

  
	
   

  	
  By: Melvin Simon & Associates, Inc., its

  managing member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melvin Simon

  
	
   

  	
  Name:

  	
  Melvin Simon

  
	
   

  	
  Title:

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  S.W. Dreiseszun, not individually, Restated Trust

  6/3/94

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Eugenia Castruccio Salamon

  
	
   

  	
  Eugenia Castruccio Salamon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Ronald P. Salerno

  
	
   

  	
  Ronald P. Salerno

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Theresa M. Salerno

  
	
   

  	
  Theresa M. Salerno

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Samstock/Alpha, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip G. Tinkler

  
	
   

  	
  Name:

  	
  Philip G. Tinkler

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-36

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Samstock/SZRT, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip G. Tinkler

  
	
   

  	
  Name:

  	
  Philip G. Tinkler

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Samstock/ZFT, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip G. Tinkler

  
	
   

  	
  Name:

  	
  Philip G. Tinkler

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Samstock/ZGPI, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip G. Tinkler

  
	
   

  	
  Name:

  	
  Philip G. Tinkler

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Kenneth N. Schultz

  
	
   

  	
  Kenneth N. Schultz

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ James
  Sebastian

  
	
   

  	
  James Sebastian

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Sanford Shkolnik

  
	
   

  	
  Sanford Shkolnik

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-37

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  N. Barrie Shore

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ A.
  Shirley Sikora

  
	
   

  	
  A. Shirley Sikora

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David
  E. Simon

  
	
   

  	
  David E. Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Deborah J. Simon

  
	
   

  	
  Deborah J. Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Herbert Simon Family Trust, LLP

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Herbert Simon

  
	
   

  	
  Name:

  	
  Herbert Simon

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Herbert Simon Revocable Trust Dated March 4, 2004

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Herbert Simon

  
	
   

  	
  Name:

  	
  Herbert Simon

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Melvin Simon Family Enterprises Trust

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Melvin Simon

  
	
   

  	
  Name:

  	
  Melvin Simon

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-38

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Tamme Simon McCauley Revocable Trust,

  amended and restated dated 5/12/06

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  Simon Property Group, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Cynthia Simon Skjodt

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Karam D. Skaff Trust - 1988 Grantor
  Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Karam
  D. Skaff

  
	
   

  	
  Name:

  	
  Karam D. Skaff

  
	
   

  	
  Title:

  	
  Trustee

  

 

 

	
   

  	
  Steven W. Smallbone Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-39

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Cheryl M. Smallbone Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Richard S. Sokolov

  
	
   

  	
  Richard S. Sokolov

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Gerald Spector

  
	
   

  	
  Gerald Spector

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Anne
  Conway Sweeney

  
	
   

  	
  Anne Conway Sweeney

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Donald Tanselle

  
	
   

  	
  Donald Tanselle

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Retail Property Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James
  M. Barkley

  
	
   

  	
  Name:

  	
  James M. Barkley

  
	
   

  	
  Title:

  	
  Secretary

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-40

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  The Trustee u/a/d 7/14/80 and 12/5/81

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Roger D. Turner, FBO Catherine O’Connor,
  UAD 8/1/98

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Roger D. Turner, FBO Christopher O’Connor
  UAD 8/1/98

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Roger D. Turner, FBO Jeremiah O’Connor III,
  UAD 8/1/98

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Roger D. Turner, FBO John F. O’Connor, UAD
  2/18/00

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-41

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Roger D. Turner, FBO Marjorie O’Connor, UAD
  8/1/98

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/
  Marjorie O’Connor Turner

  
	
   

  	
  Name:

  	
  Marjorie O’Connor Turner

  
	
   

  	
  Title:

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Roger D. Turner, FBO William O’Connor, UAD
  8/1/98

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Paul
  E. Villani

  
	
   

  	
  Paul E. Villani

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Oscar
  Wasserman

  
	
   

  	
  Oscar Wasserman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Stephen R. Weiner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Estate of Leonard J. Weinman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-42

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  /s/
  Carroll Weisiger

  
	
   

  	
  Carroll Weisiger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Mary
  Weisiger

  
	
   

  	
  Mary Weisiger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Gerald White, not individually, Trustee
  U/I/T 11/4/91

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lewis White Nonexempt Marital Trust U/T/A
  dtd 12/29/86

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Linda White Revocable Trust U/I/T date July 14,
  1993

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-43

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  Shirley White, not individually, Trustee
  U/T/A 12/29/86

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Arthur D. Wolfcale Revocable Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Woodbury Family Associates, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ David
  C. Bloom

  
	
   

  	
  Name:

  	
  David C. Bloom

  
	
   

  	
  Title:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WPJ Holdings Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Doris
  Yaffee

  
	
   

  	
  Name:

  	
  Doris Yaffee

  
	
   

  	
  Title:

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WRC Limited Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-44

 

	
   

  	
  LIMITED
  PARTNERS (continued)

  
	
   

  	
   

  

 

	
   

  	
  /s/ Doris
  Yaffee, Executor

  
	
   

  	
  Wallace Yaffee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Louis A. Zarlenga

  
	
   

  	
   

  

 

EIGHTH AMENDED AND RESTATED LIMITED
PARTNERSHIP AGREEMENT OF

SIMON PROPERTY GROUP, L.P.

SIGNATURE PAGE

 

S-45

 

EXHIBIT A – LIST OF PARTNERS

 

NAMES AND ADDRESSES OF AND

OWNERSHIP INFORMATION FOR PARTNERS

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Edward A. Ahlswede

  	
   

  	
  2715

  	
   

  
	
  116 Forest Garden Drive

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44512

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Alice S. Aikens

  	
   

  	
  30200

  	
   

  
	
  1740 Hammond Court

  	
   

  	
   

  	
   

  
	
  Bloomfield Hills, MI 48234

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert B. Aikens, Trustee U/A Robert B. Aikens Revocable Trust Dated
  April 8, 1991

  	
   

  	
  21505

  	
   

  
	
  350 N. Old Woodward, Suite 300

  	
   

  	
   

  	
   

  
	
  Birmingham, MI 48009

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William R. Aikens

  	
   

  	
  13053

  	
   

  
	
  6565 East Nevada

  	
   

  	
   

  	
   

  
	
  Detroit, MI 48234

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Andrew P. Barowsky

  	
   

  	
  1472

  	
   

  
	
  PO Box 1235

  	
   

  	
   

  	
   

  
	
  Auburn, ME 4210

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John A. Bersani

  	
   

  	
  9740

  	
   

  
	
  56 Bullard Road

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Howard and Rene Biel Revocable Trust

  	
   

  	
  9401

  	
   

  
	
  1111 23rd Street, NW

  	
   

  	
   

  	
   

  
	
  Penthouse 1A

  	
   

  	
   

  	
   

  
	
  Washington, DC 20037

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BNW-Rosemont Limited Partnership

  	
   

  	
  4494

  	
   

  
	
  676 N. Orleans Street

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60610

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald E. Boelke

  	
   

  	
  32571

  	
   

  
	
  222 Willowgate Lane

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46260

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John Boorn

  	
   

  	
  2323

  	
   

  
	
  P.O. Box 477

  	
   

  	
   

  	
   

  
	
  Seaman, OH 45679

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Brightwood Plaza, Inc.

  	
   

  	
  10112

  	
   

  
	
  2220 N. Meridian

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46208

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Adrian F. Brown

  	
   

  	
  2022

  	
   

  
	
  11140 E. 106th Street

  	
   

  	
   

  	
   

  
	
  Fishers, IN 46038

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Leonard I. Brumberg

  	
   

  	
  14999

  	
   

  
	
  650 Park Avenue, Apt. 10C

  	
   

  	
   

  	
   

  
	
  New York, NY 11566

  	
   

  	
   

  	
   

  

 

1

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lee Ann Bullough, as Trustee of the Lee Ann Bullough Trust dated
  7/1/03, as amended

  	
   

  	
  57638

  	
   

  
	
  897 Gray Rd.

  	
   

  	
   

  	
   

  
	
  Traverse City, MI 49686

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Shane H. Bullough Trust

  	
   

  	
  88193

  	
   

  
	
  6699 Peninsula Drive

  	
   

  	
   

  	
   

  
	
  Traverse City, MI 49686

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Marie Izzo Cartwright

  	
   

  	
  3505

  	
   

  
	
  6129 Leffingwell Rd.

  	
   

  	
   

  	
   

  
	
  Canfield, OH 44406

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Catherine F. Cary

  	
   

  	
  2053

  	
   

  
	
  P.O. Box 673

  	
   

  	
   

  	
   

  
	
  West Falmouth, MA 2574

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Margaret Ellen Castruccio

  	
   

  	
  846

  	
   

  
	
  1800 Avenue of the Stars, Suite 900

  	
   

  	
   

  	
   

  
	
  Los Angeles, CA 90067

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Mary Elizabeth Castruccio

  	
   

  	
  845

  	
   

  
	
  1800 Avenue of the Stars, Suite 900

  	
   

  	
   

  	
   

  
	
  Los Angeles, CA 90067

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Castruccio Revocable Trust

  	
   

  	
  30582

  	
   

  
	
  1800 Avenue of the Stars, Suite 900

  	
   

  	
   

  	
   

  
	
  Los Angeles, CA 90067

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Catherine Ann Chao

  	
   

  	
  11626

  	
   

  
	
  207 East 62nd St.

  	
   

  	
   

  	
   

  
	
  New York, NY 10021

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Leslie T. Chao

  	
   

  	
  98988

  	
   

  
	
  207 East 62nd St.

  	
   

  	
   

  	
   

  
	
  New York, NY 10021

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irwin Chase

  	
   

  	
  21564

  	
   

  
	
  One Ann & Hope Way

  	
   

  	
   

  	
   

  
	
  Cumberland, RI 2864

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Samuel N. Chase

  	
   

  	
  21563

  	
   

  
	
  One Ann & Hope Way

  	
   

  	
   

  	
   

  
	
  Cumberland, RI 2864

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Chase Arsenal Partners

  	
   

  	
  126710

  	
   

  
	
  One Ann & Hope Way

  	
   

  	
   

  	
   

  
	
  Cumberland, RI 2864

  	
   

  	
   

  	
   

  

 

2

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Paul J. Choquette, Jr.

  	
   

  	
  8215

  	
   

  
	
  57 Forge Road

  	
   

  	
   

  	
   

  
	
  East Greenwich, RI  2818

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William H. Choquette

  	
   

  	
  4108

  	
   

  
	
  7704 Glendale Road

  	
   

  	
   

  	
   

  
	
  Chevy Chase, MD 20815

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jean Gilbane Cole

  	
   

  	
  1142

  	
   

  
	
  22 Bridgham Farm Road

  	
   

  	
   

  	
   

  
	
  Providence, RI 2916

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Harry E. Connors, Jr.

  	
   

  	
  8789

  	
   

  
	
  2641 South Lipkey Road

  	
   

  	
   

  	
   

  
	
  North Jackson, OH 44451

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irwin Blitt, not individually, James Copaken Trust 12/27/76

  	
   

  	
  15

  	
   

  
	
  1100 Walnut St., Suite 2000

  	
   

  	
   

  	
   

  
	
  Kansas City, MO 64106

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trustee U/I/T Jon Copaken dated December 7, 2001

  	
   

  	
  15

  	
   

  
	
  1100 Walnut St., Suite 2000

  	
   

  	
   

  	
   

  
	
  Kansas City, MO 64106

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Keith Copaken

  	
   

  	
  15

  	
   

  
	
  1100 Walnut St., Suite 2000

  	
   

  	
   

  	
   

  
	
  Kansas City, MO 64106

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lois Copaken, not individually, Revocable Trust 10/24/79

  	
   

  	
  360

  	
   

  
	
  1100 Walnut St., Suite 2000

  	
   

  	
   

  	
   

  
	
  Kansas City, MO 64106

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Paul Copaken, not individually, Revocable Trust 10/24/79

  	
   

  	
  1989

  	
   

  
	
  1100 Walnut St., Suite 2000

  	
   

  	
   

  	
   

  
	
  Kansas City, MO 64106

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Cordish SPG Investments, Inc.

  	
   

  	
  44944

  	
   

  
	
  601 E. Pratt St., #600

  	
   

  	
   

  	
   

  
	
  Baltimore, MD 21202

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kristi Crowe Trust

  	
   

  	
  20460

  	
   

  
	
  17677 West Spring Lake Road

  	
   

  	
   

  	
   

  
	
  Spring Lake, MI 49456

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Martin Crowe Trust

  	
   

  	
  20460

  	
   

  
	
  17677 West Spring Lake Road

  	
   

  	
   

  	
   

  
	
  Spring Lake, MI 49456

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  David H. Curl Revocable Trust utd 11/28/1998

  	
   

  	
  8269

  	
   

  
	
  3848 Blue Water Court

  	
   

  	
   

  	
   

  
	
  Powell, OH 43065

  	
   

  	
   

  	
   

  

 

3

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Judith A. Curl Revocable Trust utd 11/28/1998

  	
   

  	
  8000

  	
   

  
	
  3848 Blue Water Court

  	
   

  	
   

  	
   

  
	
  Powell, OH 43065

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  D & J Partnership

  	
   

  	
  54953

  	
   

  
	
  10555 Hussey Lane

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Davenport Family Trust

  	
   

  	
  5431

  	
   

  
	
  3675 Mercedes Place

  	
   

  	
   

  	
   

  
	
  Canfield, OH 44406

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lisa Marie DeBartolo Revocable Trust

  	
   

  	
  134372

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Nicole Anne DeBartolo Revocable Trust

  	
   

  	
  134372

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tiffanie Lynn DeBartolo Revocable Trust

  	
   

  	
  134372

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DeBartolo LLC

  	
   

  	
  750000

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DeBartolo III, LLC

  	
   

  	
  1250000

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Alice M. DeFranco

  	
   

  	
  4540

  	
   

  
	
  59 Witherell Drive

  	
   

  	
   

  	
   

  
	
  Sudbury, ME 1776

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Joseph C. DeFranco

  	
   

  	
  13622

  	
   

  
	
  59 Witherell Drive

  	
   

  	
   

  	
   

  
	
  Sudbury, MA 1776

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Frank d’Oleire

  	
   

  	
  1717

  	
   

  
	
  Am Tanneneck 15

  	
   

  	
   

  	
   

  
	
  40667 Meerbusch, GERMANY

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James L. Donofrio

  	
   

  	
  8968

  	
   

  
	
  1387 St. Albans

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44511

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irene Dreiseszun, not individually, Restated Trust 6/3/94

  	
   

  	
  496

  	
   

  
	
  8608 Reinhardt Lane

  	
   

  	
   

  	
   

  
	
  Shawnee, KS 66206

  	
   

  	
   

  	
   

  

 

4

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Richard J. Dreiseszun Trust 12/18/76

  	
   

  	
  737

  	
   

  
	
  5600 West 95th, Ste. 310

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66207

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  S.W. Dreiseszun, not individually, Restated Trust 6/3/94

  	
   

  	
  496

  	
   

  
	
  8608 Reinhardt Lane

  	
   

  	
   

  	
   

  
	
  Shawnee, KS 66206

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dreiseszun Grandchildren Trust 10/28/76

  	
   

  	
  15

  	
   

  
	
  5600 West 95th, Ste. 310

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66207

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EJDC II, LLC

  	
   

  	
  2350000

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EJDC III, LLC

  	
   

  	
  1523963

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EJDC IV, LLC

  	
   

  	
  823964

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EJDC V, LLC

  	
   

  	
  700000

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  S. Cody Engle

  	
   

  	
  620

  	
   

  
	
  610 West Belden Avenue

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60614

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Peter Ernstmeier

  	
   

  	
  3776

  	
   

  
	
  CO Frau Madleen S Dintner

  	
   

  	
   

  	
   

  
	
  Boernsener WEG 60

  	
   

  	
   

  	
   

  
	
  21521 Wohltorf, GERMANY

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  David N. Eskenazi

  	
   

  	
  11236

  	
   

  
	
  2220 N. Meridian

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46208

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dori L. Eskenazi

  	
   

  	
  11236

  	
   

  
	
  2220 N. Meridian

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46208

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sandra A. Eskenazi

  	
   

  	
  11236

  	
   

  
	
  2220 N. Meridian

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46208

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sidney D. Eskenazi

  	
   

  	
  19011

  	
   

  
	
  2220 N. Meridian

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46208

  	
   

  	
   

  	
   

  

 

5

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Charles C.G. Evans, Jr.

  	
   

  	
  10002

  	
   

  
	
  6112 Twin Point Cove Rd.

  	
   

  	
   

  	
   

  
	
  Cambridge, MD 21613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Daniel R. Farhat Trust

  	
   

  	
  19246

  	
   

  
	
  2486 Barnsbury Road

  	
   

  	
   

  	
   

  
	
  East Lansing, MI 48823

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Patrice M. Farhat Trust

  	
   

  	
  20460

  	
   

  
	
  2486 Barnsbury Road

  	
   

  	
   

  	
   

  
	
  East Lansing, MI 48823

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Patrick J. Finerty

  	
   

  	
  6182

  	
   

  
	
  9162 Hollow Pine Dr.

  	
   

  	
   

  	
   

  
	
  Bonita Springs, FL 34135

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Stephen R. Karp and Nancy K. Fischman, as Trustees of The Steven S.
  Fischman 1992 NSM Trust

  	
   

  	
  5520

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fischman Northshore Partners

  	
   

  	
  5520

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fischman Rockingham Partners

  	
   

  	
  3117

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Randolph L. Foxworthy

  	
   

  	
  71463

  	
   

  
	
  225 W. Washington St.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Peter S. Frank Family Trust

  	
   

  	
  12400

  	
   

  
	
  8518 Summerland Trail

  	
   

  	
   

  	
   

  
	
  Poland, OH 44514

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ruth Freed

  	
   

  	
  170143

  	
   

  
	
  7564 Noel Road

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46278

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sandra H. Fried Trust U/I/T dated July 25, 1996

  	
   

  	
  368

  	
   

  
	
  11111 W. 95th St., Suite 204

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66214

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William J. Garvey

  	
   

  	
  21200

  	
   

  
	
  1118 Laurelwood

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jerome L. Gershman

  	
   

  	
  158611

  	
   

  
	
  10621 Winterwood

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  

 

6

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Benjamin Gifford

  	
   

  	
  17500

  	
   

  
	
  37 Cascade Road

  	
   

  	
   

  	
   

  
	
  Stamford, CT 6903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James M. Gilbane

  	
   

  	
  2665

  	
   

  
	
  36 Berwick Place

  	
   

  	
   

  	
   

  
	
  Rumford, RI 2916

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John D. Gilbane

  	
   

  	
  2297

  	
   

  
	
  428 Pawtucket Avenue

  	
   

  	
   

  	
   

  
	
  Rumford, RI 2916

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Richard T. Gilbane

  	
   

  	
  6542

  	
   

  
	
  364 Benefit Street

  	
   

  	
   

  	
   

  
	
  Providence, RI 2903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert V. Gilbane

  	
   

  	
  4791

  	
   

  
	
  7 Jackson Walkway

  	
   

  	
   

  	
   

  
	
  Providence, RI 2903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Thomas F. Gilbane, Jr.

  	
   

  	
  6337

  	
   

  
	
  7 Jackson Walkway

  	
   

  	
   

  	
   

  
	
  Providence, RI 2903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William J. Gilbane, Jr.

  	
   

  	
  6162

  	
   

  
	
  7 Jackson Walkway

  	
   

  	
   

  	
   

  
	
  Providence, RI 2903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gilbane Properties of Watertown, Inc.

  	
   

  	
  65091

  	
   

  
	
  7 Jackson Walkway

  	
   

  	
   

  	
   

  
	
  Providence, RI 2903

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Marjorie Gilbert

  	
   

  	
  12734

  	
   

  
	
  3 Purchase Hill Drive

  	
   

  	
   

  	
   

  
	
  Purchase, NY 10577

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Barry M. Ginsburg

  	
   

  	
  4011

  	
   

  
	
  7010 S.E. Harbor Circle

  	
   

  	
   

  	
   

  
	
  Stuart, FL 34996

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Howard A. Goldenfarb

  	
   

  	
  20434

  	
   

  
	
  200 US, Route 1

  	
   

  	
   

  	
   

  
	
  Scarborough, ME 4074

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Great Lakes Mall II, LLC

  	
   

  	
  1852000

  	
   

  
	
  15436 N. Florida Ave. Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Great Lakes Mall LLC

  	
   

  	
  3601559

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  

 

7

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Arthur A. Greenberg, CPA

  	
   

  	
  2120

  	
   

  
	
  3771 Melody Street

  	
   

  	
   

  	
   

  
	
  Mundelein, IL 60060

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lawrence Greenwald

  	
   

  	
  23056

  	
   

  
	
  9220 Promontory Rd.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46236

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Merle Z. Gross-Ginsburg

  	
   

  	
  3012

  	
   

  
	
  7010 S.E. Harbor Circle

  	
   

  	
   

  	
   

  
	
  Stuart, FL 34996

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Richard H. Hanson

  	
   

  	
  2270

  	
   

  
	
  24 Winnocks Neck Road

  	
   

  	
   

  	
   

  
	
  Scarborough, ME 4074

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gerald D. Hines

  	
   

  	
  27664

  	
   

  
	
  2800 Post Oak Blvd. Ste. 5000

  	
   

  	
   

  	
   

  
	
  Houston, TX 77056

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roland Hopkins

  	
   

  	
  2776

  	
   

  
	
  P.O. Box 515

  	
   

  	
   

  	
   

  
	
  Chester, VT 5143

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Stacy C. Hornstein

  	
   

  	
  5275

  	
   

  
	
  PO Box 440

  	
   

  	
   

  	
   

  
	
  Glen Echo, MD 0

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  J.W. O’Connor and Co., Incorporated

  	
   

  	
  384

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  JCP Realty, Inc.

  	
   

  	
  2105544

  	
   

  
	
  6501 Legacy Dr.

  	
   

  	
   

  	
   

  
	
  Plano, TX 75024

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Monika Jorissen

  	
   

  	
  1901

  	
   

  
	
  voern Barkholt 20

  	
   

  	
   

  	
   

  
	
  22359 Hamburg, GERMANY

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gail Kaltenbacher Trust

  	
   

  	
  80066

  	
   

  
	
  101 Eisenhower Pkwy.

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Laura J. Kaltenbacher Trust

  	
   

  	
  80065

  	
   

  
	
  101 Eisenhower Pkwy.

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Philip D. Kaltenbacher Trust

  	
   

  	
  158035

  	
   

  
	
  101 Eisenhower Pkwy.

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  

 

8

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Unni Kaltenbacher

  	
   

  	
  1291

  	
   

  
	
  101 Eisenhower Pkwy.

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Unni Kaltenbacher 1999 Marital Trust Agreement

  	
   

  	
  6706

  	
   

  
	
  101 Eisenhower Parkway

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Allen Kaplan

  	
   

  	
  674

  	
   

  
	
  30 Robert Frost Road

  	
   

  	
   

  	
   

  
	
  Sudbury, MA 1776

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Howard A. Kaplan

  	
   

  	
  4813

  	
   

  
	
  31 St. James Avenue, Suite 1007

  	
   

  	
   

  	
   

  
	
  Boston, MA 2116

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kaplan Arsenal Partners

  	
   

  	
  3844

  	
   

  
	
  31 St. James Avenue, Suite 1007

  	
   

  	
   

  	
   

  
	
  Boston, MA 2116

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kaplan Emerald Partners

  	
   

  	
  13133

  	
   

  
	
  31 St. James Avenue, Suite 1007

  	
   

  	
   

  	
   

  
	
  Boston, MA 2116

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kaplan Greendale Partners

  	
   

  	
  2080

  	
   

  
	
  31 St. James Avenue, Suite 1007

  	
   

  	
   

  	
   

  
	
  Boston, MA 2116

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kaplan Square One Partners

  	
   

  	
  15592

  	
   

  
	
  31 St. James Avenue, Suite 1007

  	
   

  	
   

  	
   

  
	
  Boston, MA 2116

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust A f/b/o Douglass Karp

  	
   

  	
  4879

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust A f/b/o Jana Karp

  	
   

  	
  4879

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Stephen R. Karp

  	
   

  	
  61094

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Karp Apple Blossom Partners

  	
   

  	
  136333

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  

 

9

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Karp Arsenal Partners

  	
   

  	
  76744

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Karp Atrium, Inc.

  	
   

  	
  3406

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Karp Emerald Partners

  	
   

  	
  165616

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Karp Liberty Tree Partners

  	
   

  	
  43294

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irving Katz

  	
   

  	
  67957

  	
   

  
	
  10640 Winterwood

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dean G. Kissos

  	
   

  	
  3895

  	
   

  
	
  6700 Rd. 76

  	
   

  	
   

  	
   

  
	
  Mt. Gilead, OH 43338

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  KM Halawa Partners

  	
   

  	
  17707

  	
   

  
	
  c/o The McNaughton Group

  	
   

  	
   

  	
   

  
	
  1288 Ala Moana, Suite 208

  	
   

  	
   

  	
   

  
	
  Honolulu, HI 96814

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Adele Kraft, Kraft Living Trust

  	
   

  	
  9798

  	
   

  
	
  432 Pine Dr.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46260

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gerald Kraft, Kraft Living Trust

  	
   

  	
  220225

  	
   

  
	
  432 Pine Dr.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46260

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Helene Kramer Trust 12/18/76

  	
   

  	
  737

  	
   

  
	
  5600 West 95th, Ste. 310

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66207

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irving Kravitz

  	
   

  	
  5073

  	
   

  
	
  7557 East Parkside Drive

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44512

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald K. Kurson

  	
   

  	
  1383

  	
   

  
	
  46 Glen Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William D. Kutlick

  	
   

  	
  1953

  	
   

  
	
  6695 Appleridge Circle

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44512

  	
   

  	
   

  	
   

  

 

10

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  KWLT Holdings LLC

  	
   

  	
  23175

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jack Lambert Revocable Trust

  	
   

  	
  3098

  	
   

  
	
  462 N. Hermosa Dr.

  	
   

  	
   

  	
   

  
	
  Palm Springs, CA 92262

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald A. Leeber

  	
   

  	
  981

  	
   

  
	
  124 Forseside Road

  	
   

  	
   

  	
   

  
	
  Cumberland Foreside, ME 4110

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald Leeber, M.D., Pa Profit Sharing Plan

  	
   

  	
  245

  	
   

  
	
  124 Forseside Road

  	
   

  	
   

  	
   

  
	
  Cumberland Foreside, ME 4110

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James P. Lee

  	
   

  	
  10054

  	
   

  
	
  7567 William Penn Place

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46256

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Peter K. Leeds

  	
   

  	
  5303

  	
   

  
	
  4620 Statesmen Drive

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46250

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Alexandra Leffers

  	
   

  	
  1206

  	
   

  
	
  Deutschherrenstr. 37

  	
   

  	
   

  	
   

  
	
  53177 Bonn, GERMANY

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Charles Leibler

  	
   

  	
  3181

  	
   

  
	
  21 Hawthorne Way

  	
   

  	
   

  	
   

  
	
  Hartsdale, NY 10530

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Margaret Ellen Leonard Trust

  	
   

  	
  15776

  	
   

  
	
  787 Corte De Encinitas

  	
   

  	
   

  	
   

  
	
  Camarillo, CA 93010

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Thomas R. Leonard 1989 Trust

  	
   

  	
  3712

  	
   

  
	
  77 Corte De Encinitas

  	
   

  	
   

  	
   

  
	
  Camarillo, CA 93010

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Albert R. Lepage

  	
   

  	
  490

  	
   

  
	
  789 Hotel Road, Box 1085

  	
   

  	
   

  	
   

  
	
  Auburn, ME 0

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Anthony W. Liberati

  	
   

  	
  60835

  	
   

  
	
  109 Grouse Lane

  	
   

  	
   

  	
   

  
	
  Sewickley, PA 15143

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  T. Barrett Lindsey Trust

  	
   

  	
  16301

  	
   

  
	
  4398 Gold Course Drive

  	
   

  	
   

  	
   

  
	
  Westlake Village, CA 91362

  	
   

  	
   

  	
   

  

 

11

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gloria Jane Lokiec

  	
   

  	
  759

  	
   

  
	
  1362 Glenbrook Lane

  	
   

  	
   

  	
   

  
	
  Westlake, OH 44145

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  J. Daniel Lugosch, III

  	
   

  	
  17019

  	
   

  
	
  400 Royal Palm Way, Suite 404

  	
   

  	
   

  	
   

  
	
  Palm Beach, FL 33480

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lugosch Family Trust II

  	
   

  	
  6744

  	
   

  
	
  Palm Beach, FL 33480

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Helen MacDonald

  	
   

  	
  2053

  	
   

  
	
  21 Westford Road

  	
   

  	
   

  	
   

  
	
  Providence, RI 2906

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Bruce Macleod

  	
   

  	
  5252

  	
   

  
	
  2 Topsail Lane

  	
   

  	
   

  	
   

  
	
  Rye, NY 10580

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Virginia Mahoney

  	
   

  	
  2053

  	
   

  
	
  186 Rumstick Road

  	
   

  	
   

  	
   

  
	
  Barrington, RI 2806

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Joseph R. Mancino

  	
   

  	
  100

  	
   

  
	
  3453 Partridge Park

  	
   

  	
   

  	
   

  
	
  Poland, OH 44514

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust A f/b/o Jennifer Claire McCabe

  	
   

  	
  723

  	
   

  
	
  400 Atlantic Avenue

  	
   

  	
   

  	
   

  
	
  Boston, MA 2110

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Linda M. McCabe

  	
   

  	
  2272

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Linda M. McCabe, as Trustee of the Linda M. McCabe Revocable Trust-
  1984 dated 12/13/84

  	
   

  	
  22603

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust A f/b/o Michael R. McCabe

  	
   

  	
  723

  	
   

  
	
  400 Atlantic Avenue

  	
   

  	
   

  	
   

  
	
  Boston, MA 2110

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Deborah Kay and Linda M. McCabe, as Trustees of the William H. McCabe
  Jr. Rev Trust 1984 dtd12/13/84

  	
   

  	
  14388

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust A f/b/o William H. McCabe, III

  	
   

  	
  723

  	
   

  
	
  400 Atlantic Avenue

  	
   

  	
   

  	
   

  
	
  Boston, MA 2110

  	
   

  	
   

  	
   

  

 

12

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  William H. McCabe, Jr., as Trustee of the William H. McCabe Jr.
  Revocable Trust-1984 dated 12/13/84

  	
   

  	
  22603

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  McCabe Atrium, Inc.

  	
   

  	
  516

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  McCabe Emerald Partners

  	
   

  	
  58526

  	
   

  
	
  27 Chestnut Street

  	
   

  	
   

  	
   

  
	
  Weston, MA 2493

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tamme Simon McCauley Revocable Trust, amended and restated dated
  5/12/06

  	
   

  	
  255054

  	
   

  
	
  1691 Alta Mura Rd.

  	
   

  	
   

  	
   

  
	
  Pacific Palisades, CA 90272

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Mary Josephine McPherson 1990 Trust

  	
   

  	
  9012

  	
   

  
	
  1374 Tamarix St.

  	
   

  	
   

  	
   

  
	
  Camarillo, CA 93010

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Lothar Mehring

  	
   

  	
  2627

  	
   

  
	
  Tannenbergstrasse 7

  	
   

  	
   

  	
   

  
	
  48599 Gronau, GERMANY

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Melvin Simon & Associates, Inc.

  	
   

  	
  9885989

  	
   

  
	
  225 W. Washington Street

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  W. Nicholas Milburn, as Trustee of the Milburn Living Trust dated
  11-24-97

  	
   

  	
  6250

  	
   

  
	
  4090 Hearthstone Drive

  	
   

  	
   

  	
   

  
	
  Sarasota, FL 34238

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Herbert Miller

  	
   

  	
  8356

  	
   

  
	
  c/o Jason D. Smolen

  	
   

  	
   

  	
   

  
	
  8045 Leesburg Pike, 5th Floor

  	
   

  	
   

  	
   

  
	
  Vienna, VA 22182

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John G. Mitchell

  	
   

  	
  10147

  	
   

  
	
  1082 Summit Ave.

  	
   

  	
   

  	
   

  
	
  Lakewood, OH 44107

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Marilyn J. Morgan, not individually, Trustee U/I/T 3/25/93

  	
   

  	
  248

  	
   

  
	
  5201 Johnson Drive, Ste. 450

  	
   

  	
   

  	
   

  
	
  Mission Bank Building

  	
   

  	
   

  	
   

  
	
  Mission, KS 66201

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Mark A. Morgan

  	
   

  	
  496

  	
   

  
	
  5201 Johnson Drive, Ste. 450

  	
   

  	
   

  	
   

  
	
  Mission Bank Building

  	
   

  	
   

  	
   

  
	
  Mission, KS 66201

  	
   

  	
   

  	
   

  

 

13

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Michael B. Morgan, not individually, Trustee U/T/A 4/22/93

  	
   

  	
  496

  	
   

  
	
  5201 Johnson Drive, Ste. 450

  	
   

  	
   

  	
   

  
	
  Mission Bank Building

  	
   

  	
   

  	
   

  
	
  Mission, KS 66201

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Thomas S. Morgan

  	
   

  	
  496

  	
   

  
	
  5201 Johnson Drive, Ste. 450

  	
   

  	
   

  	
   

  
	
  Mission Bank Building

  	
   

  	
   

  	
   

  
	
  Mission, KS 66201

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James A. Morse Revocable Trust

  	
   

  	
  129055

  	
   

  
	
  800 E. Ellis Rd., #168

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James A. Morse, Jr. Trust

  	
   

  	
  141849

  	
   

  
	
  800 E. Ellis Rd., #168

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Leah Rae Morse Revocable Trust

  	
   

  	
  133224

  	
   

  
	
  800 E. Ellis Rd., #168

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert J. Morse Trust

  	
   

  	
  21646

  	
   

  
	
  800 E. Ellis Rd., #168

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  David G. Mugar

  	
   

  	
  9125

  	
   

  
	
  222 Berkeley Street

  	
   

  	
   

  	
   

  
	
  Boston, MA 2114

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NED Rockingham, Inc.

  	
   

  	
  3251

  	
   

  
	
  One Wells Avenue

  	
   

  	
   

  	
   

  
	
  Newton, MA 2459

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Harry H. Nick

  	
   

  	
  23540

  	
   

  
	
  521 Seneca Road

  	
   

  	
   

  	
   

  
	
  Great Falls, VA 22066

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NIDC LLC

  	
   

  	
  1905236

  	
   

  
	
  15436 N. Florida Ave., Suite 200

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33613

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Northeast Properties, LLC

  	
   

  	
  1223391

  	
   

  
	
  225 W. Washington Street

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO Catherine O’Connor, UAD 8/1/98

  	
   

  	
  58

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO Christopher O’Connor UAD 8/1/98

  	
   

  	
  58

  	
   

  
	
  293 Pondfield Road

  	
   

  	
   

  	
   

  
	
  Bronxville, NY 10708

  	
   

  	
   

  	
   

  

 

14

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jeremiah W. O’Connor, Jr.

  	
   

  	
  1184

  	
   

  
	
  293 Pondfield Road

  	
   

  	
   

  	
   

  
	
  Bronxville, NY 10708

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO Jeremiah O’Connor III, UAD 8/1/98

  	
   

  	
  58

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Joan O’Connor

  	
   

  	
  352

  	
   

  
	
  293 Pondfield Road

  	
   

  	
   

  	
   

  
	
  Bronxville, NY 10708

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO John F. O’Connor, UAD 2/18/00

  	
   

  	
  58

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO Marjorie O’Connor, UAD 8/1/98

  	
   

  	
  58

  	
   

  
	
  4 Holmewood Lane

  	
   

  	
   

  	
   

  
	
  New Canaan, CT 6840

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Roger D. Turner, FBO William O’Connor, UAD 8/1/98

  	
   

  	
  58

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  O’Connor Retail Partners, L.P.

  	
   

  	
  38820

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  O’Connor White Plains Corp.

  	
   

  	
  5528

  	
   

  
	
  535 Madison Avenue, 23rd Floor

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Robert J. O’Halloran

  	
   

  	
  496

  	
   

  
	
  5600 West 95th, Ste. #310

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66207

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Elizabeth Ann Owings, Trustee of the Loren C. Owings 1990 Exemption
  Trust

  	
   

  	
  7544

  	
   

  
	
  45200 Fern Drive

  	
   

  	
   

  	
   

  
	
  Mendocino, CA 95460

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Elizabeth Ann Owings, Trustee of the Loren C. Owings 1990 Survivor’s
  Trust

  	
   

  	
  8229

  	
   

  
	
  45200 Fern Drive

  	
   

  	
   

  	
   

  
	
  Mendocino, CA 95460

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jane G. Petzold, Trustee of the Jane G. Petzold Trust u/a dated
  September 13, 1984

  	
   

  	
  6162

  	
   

  
	
  900 South Oxford Road

  	
   

  	
   

  	
   

  
	
  Grosse Point, MI 48236

  	
   

  	
   

  	
   

  

 

15

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  John E. Phelan

  	
   

  	
  10000

  	
   

  
	
  15 Cobblefield Lane

  	
   

  	
   

  	
   

  
	
  White Plains, NY 10605

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Rolland B. Pincus

  	
   

  	
  1277

  	
   

  
	
  5630 Wisconsin Avenue, Unit 1207

  	
   

  	
   

  	
   

  
	
  Chevy Chase, MD 0

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Stephen Platz

  	
   

  	
  3601

  	
   

  
	
  4021 Via Cassia

  	
   

  	
   

  	
   

  
	
  Poland, OH 44514

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Plumeri Apple Blossom Partners

  	
   

  	
  35257

  	
   

  
	
  120C Seaver Street, Unit 301

  	
   

  	
   

  	
   

  
	
  Brookline, MA 2445

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Plumeri Emerald Partners

  	
   

  	
  35489

  	
   

  
	
  120C Seaver Street, Unit 301

  	
   

  	
   

  	
   

  
	
  Brookline, MA 2445

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kim Rieck

  	
   

  	
  7788

  	
   

  
	
  3574 Head of Pond Road

  	
   

  	
   

  	
   

  
	
  New Albany, OH 43054

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sheli Z. Rosenberg

  	
   

  	
  2120

  	
   

  
	
  1040 N. Lake Shore Dr., Apt. 33A

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60611

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Peter J. Rubin

  	
   

  	
  981

  	
   

  
	
  39 Kirkwood Road

  	
   

  	
   

  	
   

  
	
  Scarborough, ME 4074

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Glenn Rufrano

  	
   

  	
  23655

  	
   

  
	
  3112 Shore Road

  	
   

  	
   

  	
   

  
	
  Belmore, NY 11710

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  S.F.G. Company, LLC

  	
   

  	
  6606200

  	
   

  
	
  225 W. Washington Street

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eugenia Castruccio Salamon

  	
   

  	
  846

  	
   

  
	
  10101 Lovelane Place

  	
   

  	
   

  	
   

  
	
  Los Angeles, CA 90064

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ronald P. and Theresa M. Salerno

  	
   

  	
  8233

  	
   

  
	
  10217 Martinhoe Drive

  	
   

  	
   

  	
   

  
	
  Vienna, VA 22181

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Samstock/Alpha, L.L.C.

  	
   

  	
  30685

  	
   

  
	
  Two North Riverside Plaza, Suite 700

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60606

  	
   

  	
   

  	
   

  

 

16

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Samstock/SZRT, L.L.C.

  	
   

  	
  3161

  	
   

  
	
  Two North Riverside Plaza, Suite 700

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60606

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Samstock/ZFT, L.L.C.

  	
   

  	
  63731

  	
   

  
	
  Two North Riverside Plaza, Suite 700

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60606

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Samstock/ZGPI, L.L.C.

  	
   

  	
  3160

  	
   

  
	
  Two North Riverside Plaza, Suite 700

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60606

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Kenneth N. Schultz

  	
   

  	
  790

  	
   

  
	
  9032 Greymonte Circle

  	
   

  	
   

  	
   

  
	
  Gulfport, MS 39503

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  James Sebastian

  	
   

  	
  759

  	
   

  
	
  3840 Villa Rosa Dr.

  	
   

  	
   

  	
   

  
	
  Canfield, OH 44406

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sanford Shkolnik

  	
   

  	
  4241

  	
   

  
	
  503 West Wellington

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60657

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  N. Barrie Shore

  	
   

  	
  32362

  	
   

  
	
  245 Waterman Street, Suite 406

  	
   

  	
   

  	
   

  
	
  Providence, RI 2906

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  A. Shirley Sikora

  	
   

  	
  3132

  	
   

  
	
  7 Grass Street

  	
   

  	
   

  	
   

  
	
  Homosassa, FL 34446

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  David E. Simon

  	
   

  	
  767819

  	
   

  
	
  10555 Hussey Lane

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irwin Katz, 8/4/70 Trust - David Simon

  	
   

  	
  726601

  	
   

  
	
  P.O. Box 40857

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46240

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Deborah J. Simon

  	
   

  	
  767820

  	
   

  
	
  950 Laurelwood

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irwin Katz, Trust 8/4/70 Trust - Deborah Simon

  	
   

  	
  726601

  	
   

  
	
  P.O. Box 40857

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46240

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Herbert Simon Family Trust, LLP

  	
   

  	
  502080

  	
   

  
	
  P.O. Box 40857

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46240

  	
   

  	
   

  	
   

  

 

17

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Herbert Simon Revocable Trust Dated March 4, 2004

  	
   

  	
  5179414

  	
   

  
	
  225 W. Washington Street

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46207

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Melvin Simon Family Enterprises Trust

  	
   

  	
  6374113

  	
   

  
	
  225 W. Washington Street

  	
   

  	
   

  	
   

  
	
  Indianpolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Simon Property Group, Inc.

  	
   

  	
  221681494

  	
   

  
	
  225 W. Washington St.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Karam D. Skaff Trust - 1988 Grantor Trust

  	
   

  	
  14726

  	
   

  
	
  675 Longboat Club Road, 23A

  	
   

  	
   

  	
   

  
	
  Longboat Key, FL 34228

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Cynthia Simon Skjodt

  	
   

  	
  767819

  	
   

  
	
  9910 Towne Road

  	
   

  	
   

  	
   

  
	
  Carmel, IN 46032

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Irwin Katz, 8/4/70 Trust - Cynthia Simon Skjodt

  	
   

  	
  726601

  	
   

  
	
  P.O. Box 40857

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46240

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Cheryl M. Smallbone Trust

  	
   

  	
  26842

  	
   

  
	
  1625 Sunset Pointe Drive

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Steven W. Smallbone Trust

  	
   

  	
  23428

  	
   

  
	
  1625 Sunset Pointe Drive

  	
   

  	
   

  	
   

  
	
  Muskegon, MI 49441

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Richard S. Sokolov

  	
   

  	
  60835

  	
   

  
	
  7763 Silver Fox Drive

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44512

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gerald Spector

  	
   

  	
  2120

  	
   

  
	
  Two North Riverside Plaza, Suite 400

  	
   

  	
   

  	
   

  
	
  Chicago, IL 60606

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Anne Conway Sweeney

  	
   

  	
  9432

  	
   

  
	
  104 Yardley Ct.

  	
   

  	
   

  	
   

  
	
  Bossier City, LA 71111

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Donald Tanselle

  	
   

  	
  7500

  	
   

  
	
  2467 East US 136

  	
   

  	
   

  	
   

  
	
  Pittsboro, IN 46167

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Retail Property Trust

  	
   

  	
  12965809

  	
   

  
	
  225 W. Washington St.

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46204

  	
   

  	
   

  	
   

  

 

18

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Marjorie Alpert Torgan

  	
   

  	
  21563

  	
   

  
	
  One Ann & Hope Way

  	
   

  	
   

  	
   

  
	
  Cumberland, RI 2864

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Trustee u/a/d 7/14/80 and 12/5/81

  	
   

  	
  509

  	
   

  
	
  293 Pondfield Road

  	
   

  	
   

  	
   

  
	
  Bronxville, NY 10708

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Paul E. Villani

  	
   

  	
  3498

  	
   

  
	
  7877 Eagle Road

  	
   

  	
   

  	
   

  
	
  Kirtland, OH 44094

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Oscar Wasserman

  	
   

  	
  7931

  	
   

  
	
  19955 NE 38th Court, #1105

  	
   

  	
   

  	
   

  
	
  Aventura, FL 0

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Stephen R. Weiner

  	
   

  	
  61551

  	
   

  
	
  1330 Boylston Street

  	
   

  	
   

  	
   

  
	
  Chestnut Hill, MA 2467

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Estate of Leonard J. Weinman

  	
   

  	
  6295

  	
   

  
	
  449 Bent Tree Lane

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46260

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Carroll Weisiger

  	
   

  	
  5289

  	
   

  
	
  600 East 96th Street, Suite 150

  	
   

  	
   

  	
   

  
	
  Indianapolis, IN 46240

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Mary Weisiger

  	
   

  	
  500

  	
   

  
	
  8 Lionel Court, Wargrave Road

  	
   

  	
   

  	
   

  
	
  Twyford, Berkshire

  	
   

  	
   

  	
   

  
	
  RG10 9WD, ENGLAND

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gerald White, not individually, Trustee U/I/T 11/4/91

  	
   

  	
  368

  	
   

  
	
  11111 W. 95th, Suite 204

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66214

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Shirley White & Paul Copaken, Trustees of the Lewis White
  Nonexempt Marital Trust U/T/A dtd 12/29/86

  	
   

  	
  184

  	
   

  
	
  11111 W. 95th St., Suite 214

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66214

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Linda White Revocable Trust U/I/T date July 14, 1993

  	
   

  	
  368

  	
   

  
	
  11111 W. 95th St., Suite 204

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66214

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Shirley White, not individually, Trustee U/T/A 12/29/86

  	
   

  	
  184

  	
   

  
	
  11111 W. 95th St., Suite 204

  	
   

  	
   

  	
   

  
	
  Overland Park, KS 66214

  	
   

  	
   

  	
   

  

 

19

 

	
  Partner Name and Address

  	
   

  	
  Common Units

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Arthur D. Wolfcale Revocable Trust

  	
   

  	
  1519

  	
   

  
	
  6460 Leffingwell Rd.

  	
   

  	
   

  	
   

  
	
  Canfield, OH 44406

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Woodbury Family Associates, L.P.

  	
   

  	
  1483995

  	
   

  
	
  105 Eisenhower Pkwy.

  	
   

  	
   

  	
   

  
	
  Roseland, NJ 7068

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  WPJ Holdings Limited Partnership

  	
   

  	
  1452

  	
   

  
	
  50 Kearney Rd., Suite 7

  	
   

  	
   

  	
   

  
	
  Needham, MA 2494

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  WRC Limited Partnership

  	
   

  	
  29213

  	
   

  
	
  1150 Conneticut Ave., NW, Suite 900

  	
   

  	
   

  	
   

  
	
  Washington, DC 20036

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Wallace Yaffee

  	
   

  	
  8227

  	
   

  
	
  50 Kearney Rd., Suite 7

  	
   

  	
   

  	
   

  
	
  Needham, MA 2494

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Marie DeBartolo York

  	
   

  	
  30000

  	
   

  
	
  c/o Jeannine Cerimele

  	
   

  	
   

  	
   

  
	
  7620 Market Street

  	
   

  	
   

  	
   

  
	
  Youngstown, OH 44512

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Louis A. Zarlenga

  	
   

  	
  6023

  	
   

  
	
  60 Timber Run Court

  	
   

  	
   

  	
   

  
	
  Canfield, OH 44406

  	
   

  	
   

  	
   

  

 

20

 

EXHIBIT B – GP PREFERRED UNIT DESIGNATIONS

 

CERTIFICATE OF DESIGNATION

 

OF

 

6.50% SERIES B CONVERTIBLE PREFERRED UNITS

 

OF

 

SIMON PROPERTY GROUP, L.P.

 

Pursuant
to Articles 4.3(c) and 9.4 of the Seventh Amended and Restated Limited
Partnership Agreement of Simon Property Group, L.P. (the “Operating Partnership”);

 

WHEREAS, Simon Property Group, Inc. (the “Corporation”)
has issued 5,000,000 shares of 6.50% Series B Convertible Preferred Stock
(the “Series B Convertible Preferred Stock”); and

 

WHEREAS, in accordance with the terms of the
Seventh Amended and Restated Limited Partnership Agreement of the Operating
Partnership (the “Partnership Agreement”), the Corporation has made a
contribution of certain assets and liabilities to the Operating Partnership or its
subsidiaries in exchange for preferred units having substantially the same
economic rights and terms of the Series B Convertible Preferred Stock;

 

NOW THEREFORE, the Corporation, the managing general
partner of the Operating Partnership (in such capacity, the “Managing General
Partner”), hereby designates a series of preferred units and fixes the
designations, powers, preferences and relative, participating, optional or
other special rights, and the qualifications, limitations or restrictions
thereof, of such preferred units, as follows:

 

SECTION 1.  Designation and Number.  The units of such series shall be designated “6.50%
Series B Convertible Preferred Units” (the “Series B Convertible
Preferred Units”) . The authorized number of shares of Series B Convertible
Preferred Units shall be 5,000,000. Each share of Series B Convertible
Preferred Stock, as it relates to a single Series B Convertible Preferred
Unit, shall be deemed the “Related Issue” hereunder.

 

SECTION 2.  Distributions.  The holders of Series B Convertible
Preferred Units, in preference to the holders of Partnership Units of the
Operating Partnership (the “Common Units”), any other series of Preferred Units
ranking junior to the Series B Convertible Preferred Units either as to
distributions or upon liquidation, dissolution or winding up (“Junior Preferred
Units”) or any other class or series of units of the Operating Partnership
ranking junior to the Series B Convertible Preferred Units either as to
distributions or upon liquidation, dissolution or winding-up (“Other Junior
Units”), shall be entitled to receive an amount equal to the aggregate
dividends payable on the Related Issue at the times such dividends are paid.
For this purpose, the aggregate dividends payable on the Related Issue shall be
determined by assuming that adequate cash and earnings are available to the
Corporation for the payment of any dividends required to be paid with respect
to the Related 

 

1

 

Issue. The Series B
Convertible Preferred Units shall, with respect  to
allocations and distributions pursuant to Article VI of the Partnership
Agreement, rank (A) junior to any other series of Preferred Units
hereafter duly established, the terms of which shall specifically provide that
such series shall rank prior to the Series B Convertible Preferred Units
as to distributions and redemption rights, (B) pari passu with
any other series of Preferred Units hereafter duly established, the terms of
which shall specifically provide that such series shall rank pari passu with the Series B Convertible Preferred
Units as to distributions and redemption rights and (C) prior to the
Common Units, Junior Preferred Units and any Other Junior Units.

 

SECTION 3.  Conversion. (a) General.  On the terms and subject to the conditions of
the Series B Convertible Preferred Stock Certificate of Designation (filed
with the Corporation’s charter documents in the State of Delaware), the Series B
Convertible Preferred Stock may be converted into shares of Common Stock, par
value $.0001 per share, of the Corporation (‘Common Stock”). The Series B
Convertible Preferred Units shall be converted into Common Units at the time,
at the conversion price and in such number as the Related Issue is converted
into Common Stock. Common Units issuable upon the conversion of Series B
Convertible Preferred Units shall be deemed “Conversion Units” hereunder.

 

(b)            Warrants Issued for Fractional Conversion Units. 
No fractional Conversion Units or scrip representing fractions of Conversion
Units shall be issued upon conversion of Series B Convertible Preferred
Units. If a fractional Conversion Unit is otherwise deliverable to a converting
holder upon a conversion of Series B Convertible Preferred Units, the
Operating Partnership shall in lieu thereof pay to the person entitled thereto
an amount in cash equal to the current value of such fraction, calculated to
the nearest 1/1000th of a unit, to be computed using the current market price
of a share of Common Stock on the date of conversion, determined in accordance
with subparagraph 4(11) of the Series B Convertible Preferred Stock
Certificate of Designation.

 

(c)            Payment of Taxes.  The Operating
Partnership shall pay all documentary stamp or similar issue or transfer taxes
payable in respect of the issue or delivery of securities on conversion of the Series B
Convertible Preferred Units; provided,  however, that (i) the
Operating Partnership shall not be required to pay any tax to the extent
payable in respect of any transfer involved in the issue or delivery of
securities in a name other than that of the holder of Series B Convertible
Preferred Units to be converted and (ii) no such issue or delivery shall
be made unless and until such holder has paid to the Operating Partnership the amount
of any tax described in clause (i) payable in respect of the units of such
holder or has established, to the satisfaction of the Operating Partnership,
that such tax has been paid or provided for.

 

SECTION 4.  Status of Converted or Redeemed Series B
Convertible Preferred Units. Upon any conversion or any redemption,
repurchase or other acquisition by the Operating Partnership of Series B
Convertible Preferred Units, the Series B Convertible Preferred Units so
converted, redeemed, repurchased or acquired shall be retired and canceled.

 

SECTION 5.  Redemption. Upon the redemption of any
shares of the Related Issue, 

 

2

 

the Operating Partnership
shall redeem an equal number of Series B Convertible Preferred Units for a
redemption price per unit equal to the redemption price per share of the
Related Issue, exclusive of any accrued unpaid dividends.

 

3

 

CERTIFICATE
OF DESIGNATION

 

OF

 

8.00%
SERIES E CUMULATIVE REDEEMABLE PREFERRED UNITS

 

OF

 

SIMON
PROPERTY GROUP, L.P.

 

Pursuant to Articles 4.3(c) and 9.4 of the
Seventh Amended and Restated Limited Partnership Agreement of Simon Property
Group, L.P. (the “Operating Partnership”);

 

WHEREAS, Simon Property Group, Inc. (the “Corporation”)
has issued 1,000,000 shares of 8.00% Series E Cumulative Redeemable
Preferred Stock (the “Series E Cumulative Redeemable Preferred Stock”);
and

 

WHEREAS, in accordance with the terms of the
Seventh Amended and Restated Limited Partnership Agreement of the Operating
Partnership (the “Partnership Agreement”), the Corporation has made a
contribution of assets to the Operating Partnership in exchange for preferred
units having substantially the same economic rights and terms of the Series E
Cumulative Redeemable Preferred Stock.

 

NOW THEREFORE, the managing general partner of the
Operating Partnership (in such capacity, the “Managing General Partner”), has
designated a series of preferred units and has fixed the designations, powers,
preferences and relative, participating, optional or other special rights, and
the qualifications, limitations or restrictions thereof, of such preferred
units, as follows:

 

SECTION 1. 
Designation and Number. 
The units of such series shall be designated “8.00% Series E
Cumulative Redeemable Preferred Units” (the “Series E Cumulative
Redeemable Preferred Units”).  The
authorized number of Series E Cumulative Redeemable Preferred Units shall
be 1,000,000.  Each share of Series E
Cumulative Redeemable Preferred Stock, as it relates to a single Series E
Cumulative Redeemable Preferred Unit, shall be deemed the “Related Issue”
hereunder.

 

SECTION 2. 
Distributions.  The holders
of Series E Cumulative Redeemable Preferred Units, in preference to the
holders of Partnership Units of the Operating Partnership (the “Common Units”),
any other series of Preferred Units ranking junior to the Series E
Cumulative Redeemable Preferred Units either as to distributions or upon
liquidation, dissolution or winding-up (“Junior Preferred Units”) or any other
class or series of units of the Operating Partnership ranking junior to the Series E
Cumulative Redeemable Preferred Units either as to distributions or upon
liquidation, dissolution or winding-up (“Other Junior Units”), shall be
entitled to receive an amount equal to the aggregate dividends payable on the
Related Issue at the times such dividends are paid.  For this purpose, the aggregate 

 

1

 

dividends payable on the
Related Issue shall be determined by assuming that adequate cash and earnings
are available to the Corporation for the payment of any dividends required to
be paid with respect to the Related Issue. 
The Series E Cumulative Redeemable Preferred Units shall, with respect
to allocations and distributions pursuant to Article VI of the Partnership
Agreement, rank (A) junior to any other series of Preferred Units
hereafter duly established, the terms of which shall specifically provide that
such series shall rank prior to the Series E Cumulative Redeemable
Preferred Units as to distributions and redemption rights, (B) pari passu
with any series of Preferred Units hereafter duly established, the terms of
which shall specifically provide that such series shall rank pari passu with
the Series E Cumulative Redeemable Preferred Units as to distributions and
redemption rights and (C) prior to the Common Units, Junior Preferred
Units and any Other Junior Units.

 

SECTION 3. 
Status of Redeemed Series E Cumulative Redeemable Preferred
Units.  Upon any redemption,
repurchase or other acquisition by the Operating Partnership of Series E
Cumulative Redeemable Preferred Units, the Series E Cumulative Redeemable
Preferred Units so converted, redeemed, repurchased or acquired shall be retired
and canceled.

 

SECTION 4. 
Redemption.  Upon the
redemption of any shares of the Related Issue, the Operating Partnership shall
redeem an equal number of Series E Cumulative Redeemable Preferred Units
for a redemption price per unit equal to the redemption price per share of the
Related Issue, exclusive of any accrued unpaid dividends.

 

2

 

CERTIFICATE
OF DESIGNATION

OF

SERIES H VARIABLE RATE PREFERRED UNITS

OF

SIMON PROPERTY GROUP, L.P.

 

Pursuant to Articles 4.3(c) and 9.4 of the
Seventh Amended and Restated Limited Partnership Agreement of Simon Property
Group, L.P. (the “Operating Partnership”):

 

WHEREAS, on December 15,
2003, Simon Property Group, Inc., a Delaware corporation (the “Corporation”),
issued 3,328,540 shares of Series H Variable Rate Preferred Stock, par
value $.0001 per share (the “Series H Preferred Stock”); and

 

WHEREAS, in accordance
with the terms of the Seventh Amended and Restated Limited Partnership
Agreement of the Operating Partnership, the Corporation will contribute an
amount equal to the proceeds of the sale of the Series H Preferred Stock
to the Operating Partnership in exchange for preferred units having
substantially the same economic rights and terms as the Series H Preferred
Stock; and

 

WHEREAS, the Corporation,
as the general partner of the Operating Partnership (in such capacity, the “General
Partner”) wishes to designate as of December 15, 2003, the terms of the
preferred units having substantially the same economic rights and terms as the Series H
Preferred Stock.

 

NOW THEREFORE,
the Corporation, as general partner of the Operating Partnership (in such
capacity, the “General Partner”), hereby designates a series of preferred units
and fixes the designations, powers, preferences and relative, participating,
optional or other special rights, and the qualifications, limitations or
restrictions thereof, of such preferred units, as follows:

 

Designation and Number.  The units of
such series shall be designated “Series H Variable Rate Preferred Units”
(the “Series H Preferred Units”). 
The authorized number of Series H Preferred Units shall be
3,328,540.  Each share of Series H
Preferred Stock, as it relates to a single Series H Preferred Unit, shall
be deemed the “Related Issue” hereunder.

 

Distributions.  The holders of
Series H Preferred Units, in preference to the holders of Partnership
Units (as that term is defined in the Partnership Agreement) of the Operating
Partnership (the “Common Units”), any other series of Preferred Units ranking
junior to the Series H Preferred Units either as to distributions or upon
liquidation, dissolution or winding-up (“Junior Preferred Units”) or any other
class or series of units of the Operating Partnership ranking junior to the Series H
Preferred Units either as to distributions or upon liquidation, dissolution or
winding-up (“Other Junior Units”), shall be entitled to receive as
distributions an amount equal to the aggregate dividends payable on the Related
Issue at the times such dividends are paid. 
For this purpose, the aggregate dividends payable on the Related Issue
shall be determined by assuming that adequate cash and earnings are available
to the Corporation for the payment of any dividends required to be 

 

1

 

paid with respect to the Related Issue.  The Series H Preferred Units shall, with
respect to allocations and distributions pursuant to Article VI of the
Partnership Agreement, rank (A) junior to any other series of Preferred
Units hereafter duly established, the terms of which shall specifically provide
that such series shall rank prior to the Series H Preferred Units as to
distributions and redemption rights, (B) pari passu
with any series of Preferred Units hereafter duly established, the terms of
which shall specifically provide that such series shall rank pari passu with the Series H Preferred Units as to
distributions and redemption rights and (C) prior to the Common Units,
Junior Preferred Units and any Other Junior Units.

 

Status of Redeemed Series H Preferred Units. 
Upon any redemption, repurchase or other acquisition by the Operating
Partnership of Series H Preferred Units, the Series H Preferred Units
so converted, redeemed, repurchased or acquired shall be retired and canceled.

 

Redemption. 
Upon the redemption of any shares of the Related Issue, the Operating
Partnership shall redeem an equal number of Series H Preferred Units for a
redemption price per unit equal to the redemption price per share of the
Related Issue, exclusive of any accrued unpaid dividends.

 

2

 

CERTIFICATE OF DESIGNATION

OF 

8 3/8% SERIES J CUMULATIVE REDEEMABLE PREFERRED UNITS

OF 

SIMON PROPERTY GROUP, L.P.

 

Pursuant to Article 4.3(c) of the Seventh Amended and Restated
Limited Partnership Agreement of Simon Property Group, L.P. (the “Operating
Partnership”):

 

WHEREAS, it is currently contemplated that, pursuant to the
Agreement and Plan of Merger, dated June 20, 2004, (the “Agreement of
Merger”) between Simon Property Group, Inc. (the “Corporation”),
the Operating
Partnership, Simon Acquisition I, LLC, (“Merger Sub”), an indirect
wholly owned subsidiary of the Corporation, Simon Acquisition II, LLC (“L.P.
Merger Sub”), an indirect wholly owned subsidiary of the Corporation,
Chelsea Property Group, Inc., (“Chelsea”), and CPG Partners, L.P.,
(“Chelsea L.P.”), each holder of 8 3/8% Series A Cumulative
Redeemable Preferred Stock of Chelsea will
receive one share of 8 3/8% Series J Cumulative Redeemable
Preferred Stock of the Corporation (the “Series J
Preferred Stock”);

 

WHEREAS, the Corporation, in its capacity as the managing
general partner of the Operating Partnership (in such capacity, the “Managing
General Partner”), has determined that it is in the best interests of the
Operating Partnership and its partners to designate a new series of preferred
units of the Operating Partnership having substantially the same powers,
preferences and relative, participating, optional or other special rights and
such qualifications, limitations or restrictions thereof, as the Series J
Preferred Stock, as set forth herein;

 

NOW, THEREFORE, in accordance with the terms of the Seventh
Amended and Restated Limited Partnership Agreement of the Operating
Partnership, dated as of August 27, 1999, by and among the Corporation, as
managing general partner, SD Property Group, Inc., as a non-managing
general partner, SPG Properties, Inc., as a non-managing general partner,
and the limited partners named therein (as amended, the “Partnership
Agreement”), the Managing General Partner hereby designates a series of
preferred units and fixes the designations, preferences and relative,
participating, optional and other special rights, and the qualifications,
limitations and restrictions, of a new series of preferred units as follows:

 

SECTION. 1.          Designation.  The series of
preferred units are hereby designated as the “8 3/8% Series J Cumulative
Redeemable Preferred Units” (the “Series J Preferred Units”).  Each share of Series J Preferred Stock,
as it relates to a single Series J Preferred Unit, shall be deemed the “Related
Issue” hereunder.

 

SECTION. 2.          Number.  The maximum
number of authorized units of the Series J Preferred Units shall be
1,000,000.

 

SECTION. 3.          Relative Seniority.  In respect of
rights to receive distributions and to participate in distributions of payments
in the event of any liquidation, dissolution or winding up of the Operating
Partnership, the Series J Preferred Units shall rank (i) senior to
the 

 

3

 

Partnership Units (the “Common Units”) and any
other class or series of units of the Operating Partnership which, by their
terms rank junior to the Series J Preferred Units (collectively, “Junior
Units”), (ii) on a parity with all other Preferred Units of the
Operating Partnership which are not by their terms Junior Units or Senior
Units, and (iii) junior to any Preferred Units which by their terms rank
senior to the Series J Preferred Units (collectively, “Senior Units”)
and were issued in accordance with Section 7 below.

 

SECTION. 4.          Distributions.

 

(a)           The holders of the then outstanding Series J
Preferred Units shall be entitled to receive an amount equal to the dividends
payable per share on the Related Issue at the times such dividends are paid.

 

(b)           Except as otherwise expressly provided herein, the Series J
Preferred Units will not be entitled to any distributions in excess of the
distributions as described above and shall not be entitled to participate in
the earnings or assets of the Operating Partnership, and no interest, or sum of
money in lieu of interest, shall be payable in respect of any distribution
payment or payments on the Series J Preferred Units which may be in
arrears.

 

(c)           Any distribution made on the Series J Preferred
Units shall first be credited against the earliest accumulated but unpaid
distribution due with respect to such units which remains payable.

 

(d)           No distributions on the Series J Preferred Units
shall be authorized, paid or set apart for payment by the Operating Partnership
at such time as the terms and provisions of any agreement of the Operating
Partnership, including any agreement relating to its indebtedness, prohibits
such authorization, payment or setting apart for payment or provides that such
authorization, payment or setting apart for payment would constitute a breach
thereof or a default thereunder, or if such authorization or payment shall be
restricted or prohibited by law.

 

(e)           No distributions shall be declared or paid or set
apart for payment on any equity interests of the Operating Partnership ranking,
as to distributions, on a parity with or junior to the Series J Preferred
Units for any period unless full cumulative distributions pursuant to Section 3(a) hereof
have been or contemporaneously are declared and paid or declared and a sum
sufficient for the payment therefor set apart for such payment on the Series J
Preferred Units for all past Dividend Periods (as defined in the Certificate of
Designation of the Related Issue) and the then current Dividend Period.  When distributions are not paid in full (or a
sum sufficient for such full payment is not so set apart) upon the Series J
Preferred Units and any other Preferred Units ranking on a parity as to
distributions with the Series J Preferred Units, all distributions
declared on the Series J Preferred Units and any Preferred Units ranking
on a parity as to distributions with the Series J Preferred Units shall be
declared pro rata so that the amount of distributions declared per Series J
Preferred Unit and such other Preferred Units shall in all cases bear to each
other the same ratio that accumulated distributions per Series J Preferred
Units and such other Preferred Units bear to each other.

 

4

 

(f)            Except as provided in subparagraph (e), unless full
cumulative distributions on the Series J Preferred Units have been or
contemporaneously are declared and paid or declared and a sum sufficient for
the payment therefor set apart for such payment on the Series J Preferred
Units for all past Dividend Periods and the then current Dividend Period, no
distributions (other than in Junior Units) shall be declared or paid or set
aside for payment nor shall any other distribution be declared or made upon the
Junior Units or any other equity interest of the Operating Partnership ranking
on a parity with the Series J Preferred Units as to distributions or upon
liquidation, nor shall any Junior Units or any other capital stock of the
Operating Partnership ranking on a parity with the Series J Preferred
Units as to distributions or upon liquidation be redeemed, purchased or
otherwise acquired for any consideration 
(or any moneys be paid or made available for a sinking fund for the
redemption of such units) by the Operating Partnership (except by conversion
into or exchange for other Junior Units).

 

SECTION. 5.          Liquidation Rights.

 

(a)           Upon the voluntary or involuntary dissolution,
liquidation or winding up of the Corporation or the Operating Partnership (a “liquidation”),
the holders of the Series J Preferred Units then outstanding shall be
entitled to receive in cash or property (at its fair market value determined by
the Managing General Partner of the Operating Partnership) and to be paid out
of the assets of the Operating Partnership legally available for distribution
to its partners, before any payment or distribution shall be made on any Junior
Units, the amount of $50.00 per unit, plus accumulated and unpaid
distributions, if any, thereon to and including the date of liquidation.

 

(b)           After the payment to the holders of the Series J
Preferred Units of the full liquidation amounts provided for in paragraph (a),
the holders of the Series J Preferred Units, as such, shall have no right
or claim to any of the remaining assets of the Operating Partnership.

 

(c)           If, upon any voluntary or involuntary dissolution,
liquidation, or winding up of the Operating Partnership, the amounts payable
with respect to the preference distributions on the Series J Preferred Units
and each other series of Preferred Units of the Operating Partnership ranking,
as to liquidation rights, on a parity with the Series J Preferred Units
are not paid in full, the holders of the Series J Preferred Units and any
other Preferred Units of the Operating Partnership ranking, as to liquidation
rights, on a parity with the Series J Preferred Units shall share ratably
in any such distribution of assets of the Operating Partnership in proportion
to the full respective preference amounts to which they would otherwise be
respectively entitled.

 

(d)           Neither the sale, lease, transfer or conveyance of all
or substantially all of the property or business of the Operating Partnership,
nor the merger or consolidation of the Operating Partnership into or with any
other entity or the merger or consolidation of any other entity into or with
the Operating Partnership, shall be deemed to be a dissolution, liquidation or
winding up, voluntary or involuntary, for the purposes of this Section 5.

 

5

 

SECTION. 6.          Redemption.  Upon the
redemption of any shares of the Related Issue, the Operating Partnership shall
redeem an equal number of Series J Preferred Units for a redemption price
per unit equal to the redemption price per share of the Related Issue,
exclusive of any accrued unpaid dividends. 
The Series J Preferred Units have no stated maturity and will not
be subject to any sinking fund or mandatory redemption provisions, except as
provided for in Section 9 below.

 

SECTION. 7.          Voting Rights.

 

(a)           The holders of record the Series J Preferred
Units shall not be entitled to any voting rights except as hereinafter provided
in this Section 7, as otherwise provided in the Partnership Agreement, or
as otherwise provided by law.

 

(b)           So long as any Series J Preferred Units remain
outstanding, the Operating Partnership will not, without the affirmative vote
or consent of the holders of at least two-thirds of the Series J Preferred
Units outstanding at the time, given in person or by proxy, either in writing or
at a meeting (voting separately as a class), (i) authorize or create, or
increase the authorized or issued amount of, any class or series of units
ranking senior to the Series J Preferred Units with respect to the payment
of distributions or the distribution of assets upon liquidation, dissolution or
winding up of the Operating Partnership or reclassify any authorized units of
the Operating Partnership into such units, or create, authorize or issue any
obligation or security convertible into or evidencing the right to purchase any
such units; or (ii) amend, alter or repeal the provisions of the
Partnership Agreement, including this Certificate of Designation, whether by
merger, consolidation or otherwise (an “Event”), so as to materially and
adversely affect any right, preference, privilege or voting power of the Series J
Preferred Units or the holders thereof; provided, however, with respect to the
occurrence of any of the Events set forth in (ii) above, so long as the Series J
Preferred Units remain outstanding with the terms thereof materially unchanged,
taking into account that upon the occurrence of an Event the Operating
Partnership may not be the surviving entity, the occurrence of any such Event
shall not be deemed to materially and adversely affect such rights,
preferences, privileges or voting power of holders of Series J Preferred
Units; and provided, further, that (x) any increase in the amount of the
authorized Preferred Units or the creation or issuance of any other series of
Preferred Units, or (y) any increase in the amount of authorized Series J
Preferred Units, in each case ranking on a parity with or junior to the Series J
Preferred Units with respect to payment of distributions and the distribution
of assets upon liquidation, dissolution or winding up, shall not be deemed to
materially and adversely affect such rights, preferences, privileges or voting
powers.

 

(c)           The foregoing voting provisions will not apply if, at
or prior to the time when the act with respect to which such vote or consent
would otherwise be required shall be effected, all outstanding Series J
Preferred Units shall have been redeemed or called for redemption and
sufficient funds shall have been deposited in trust to effect such redemption.

 

(d)           On each matter submitted to a vote of the holders of Series J
Preferred Units in accordance with this Section 7, or as otherwise
required by law, each Series J Preferred Unit shall be entitled to one
vote.  With respect to each Series J
Preferred Unit, the 

 

6

 

holder thereof may designate a proxy, with each such
proxy having the right to vote on behalf of the holder.

 

SECTION. 8.          Conversion.  The Series J
Preferred Units are not convertible into or exchangeable for any other property
or securities of the Operating Partnership.

 

SECTION. 9.          Restrictions On Ownership.  The Series J Preferred Units shall be subject
to the restrictions on transfer set forth in Sections 9.3 and 9.5 of the
Partnership Agreement as if such units were “Partnership Units”.  Any transfer or attempted transfer (direct or
indirect) in violation of the provisions of this Section 9 shall be null
and void.

 

7

 

CERTIFICATE OF DESIGNATION

OF

6% SERIES I CONVERTIBLE PERPETUAL
PREFERRED UNITS

OF

SIMON PROPERTY GROUP, L.P.

 

Pursuant
to Articles 4.3(c) and 9.4 of the Seventh Amended and Restated Limited
Partnership Agreement of Simon Property Group, L.P. (the “Operating
Partnership”);

 

WHEREAS, it is currently contemplated that, pursuant to the
Agreement and Plan of Merger, dated June 20, 2004, (the “Agreement of
Merger”) between Simon Property Group, Inc. (the “Corporation”),
the Operating
Partnership, Simon Acquisition I, LLC, (“Merger Sub”), a wholly owned
subsidiary of the Corporation, Simon Acquisition II, LLC (“L.P. Merger Sub”),
an indirect wholly owned subsidiary of the Corporation, Chelsea Property Group, Inc.,
(the “Chelsea”), and CPG Partners, L.P., (“Chelsea L.P.”), each
holder of a common unit of Chelsea L.P. will
receive, in a transaction intended to qualify for non-recognition of any
taxable gain or loss to such holder under Section 721(a) of the
Internal Revenue Code, 0.6459 of a common partnership interest in the Operating
Partnership and 0.6600 of a 6% Series I Convertible Perpetual Preferred
Unit (as defined below) of the Operating Partnership, either upon a
contribution of such common units of Chelsea L.P. or upon completion of a
merger of L.P. Merger Sub with and into Chelsea L.P.;

 

WHEREAS, the Corporation, in its capacity as the managing
general partner of the Operating Partnership (in such capacity, the “Managing
General Partner”), has agreed to designate a series of preferred
partnership units having the powers, preferences and relative, participating,
optional or other special rights and such qualifications, limitations or
restrictions thereof, as set forth herein;

 

WHEREAS, the Managing General Partner has determined that it is
in the best interests of the Operating Partnership and its partners to designate
a new series of preferred units of the Operating Partnership;

 

NOW, THEREFORE, in accordance with the terms of the Seventh
Amended and Restated Limited Partnership Agreement of the Operating
Partnership, dated as of August 27, 1999, by and among the Corporation, as
managing general partner, SD Property Group, Inc., as a non-managing
general partner, SPG Properties, Inc., as a non-managing general partner,
and the limited partners named therein (as amended, the “Partnership
Agreement”), the Managing General Partner hereby designates a series of
preferred units and fixes the designations, preferences and relative,
participating, optional and other special rights, and the qualifications,
limitations and restrictions, of a new series of preferred units as follows:

 

SECTION 1.  Number and Designation.  19,000,000 units of preferred units of the
Operating Partnership shall be designated as the “6% Series I Convertible
Perpetual Preferred Units” (the “Series I Preferred Units”).

 

1

 

SECTION 2.  Certain Definitions.  As used in this Certificate, the following
terms shall have the meanings defined in this Section 2. Any capitalized
term not otherwise defined herein shall have the meaning set forth in the
Partnership Agreement, unless the context otherwise requires:

 

“Affiliate” of any Person means any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling”
and “controlled” have meanings correlative to
the foregoing.

 

“Board of Directors” means the board of
directors of the Corporation.

 

“Business Day” means any day other than a
Saturday, Sunday or a day on which state or U.S. federally chartered banking
institutions in New York, New York are not required to be open.

 

“Capital Stock” of any Person means any
and all shares, interests, participations or other equivalents however
designated of corporate stock or other equity participations, including
partnership interests, whether general or limited, of such Person and any
rights (other than debt securities convertible or exchangeable into an equity
interest), warrants or options to acquire an equity interest in such Person.

 

“Certificate” means this Certificate of
Designation.

 

“Change of Control” means the occurrence
of any of the following events:

 

(a)           any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act)
acquires beneficial ownership (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has
the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, through a purchase, merger
or other acquisition transaction, of more than 50% of the total voting power of
the Corporation’s total outstanding voting stock other than an acquisition by
the Corporation, any of its subsidiaries or any of the Corporation’s employee benefit
plans;

 

(b)           the Corporation
consolidates with, or merges with or into, another Person or conveys,
transfers, leases or otherwise disposes of all or substantially all of its
assets to any Person, or any Person consolidates with, or merges with or into,
the Corporation, other than: (i) any transaction pursuant to which holders
of the Corporation’s Capital Stock immediately prior to the transaction have
the entitlement to exercise, directly or indirectly, more than 50% of the total
voting power of all shares of Capital Stock entitled to vote generally in the
election of directors of the continuing or surviving person immediately after
the transaction 

 

2

 

and (ii) any merger solely for the purpose of changing the
Corporation’s jurisdiction of incorporation and resulting in a
reclassification, conversion or exchange of outstanding shares of Common Stock
solely into shares of common stock of the surviving entity;

 

(c)           during any consecutive two-year
period, individuals who at the beginning of such period constituted the Board
of Directors of the Corporation (together with any new directors whose election
to such Board of Directors of the Corporation, or whose nomination for election
by the stockholders of the Corporation, was approved by a vote of a majority of
the directors of the Corporation then still in office who were either directors
at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of
the Board of Directors of the Corporation then in office; or

 

(d)           the Corporation adopts a plan of
liquidation or dissolution.

 

“Change of Control Purchase Date” shall
have the meaning assigned to it in Section 11(a) hereof.

 

“Closing Sale Price” of the shares of
Common Stock or other Capital Stock or similar equity interests on any date
means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one in
either case, the average of the average closing bid and the average closing ask
prices) on such date as reported on the principal United States securities
exchange on which shares of Common Stock or such other Capital Stock or similar
equity interests are traded or, if the shares of Common Stock or such other
capital stock or similar equity interests are not listed on a United States
national or regional securities exchange, as reported by Nasdaq or by the
National Quotation Bureau Incorporated. In the absence of such quotations, the
Board of Directors of the Corporation shall be entitled to determine the
Closing Sale Price on the basis it considers appropriate, which determination
shall be conclusive. The Closing Sale Price shall be determined without
reference to any extended or after hours trading.

 

“Common Stock”
means any stock of any class of the Corporation that has no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Corporation and that
is not subject to redemption by the Corporation.

 

“Common Units” shall mean the
Partnership Units (as defined in the Partnership Agreement).

 

“Computation
Date” shall have the meaning assigned to it in Section 10(c) hereof.

 

“Conversion
Price” per unit of the Series I Preferred Units means, on any
date, the Liquidation Preference divided by the Conversion Rate in effect on
such date.

 

3

 

“Conversion
Rate” per unit of the Series I Preferred Units means 0.783 of a
Common Unit, subject to adjustment pursuant to Section 8 hereof.

 

“Corporation”
shall have the meaning assigned to it in the preamble to this Certificate, and
shall include any successor to such Corporation.

 

“Current
Market Price” means the average of the daily Closing Sale Prices per
share of Common Stock for the ten consecutive Trading Days ending on the
earlier of such date of determination and the day before the ex-date with
respect to the issuance, distribution, subdivision or combination requiring
such computation immediately prior to the date in question. For purpose of this
paragraph, the term “ex-date,” (1) when
used with respect to any issuance or distribution, means the first date on
which the Common Stock trades, regular way, on the relevant exchange or in the
relevant market from which the Closing Sale Price was obtained without the
right to receive such issuance or distribution, and (2) when used with
respect to any subdivision or combination of shares of Common Stock, means the
first date on which the Common Stock trades, regular way, on such exchange or
in such market after the time at which such subdivision or combination becomes
effective.

 

“Distribution
Payment Date” means February 28, May 31, August 31
and November 30 of each year, commencing November 30, 2004, or if any
such date is not a Business Day, on the next succeeding Business Day.

 

“Distribution
Period” means the period beginning on, and including, a Distribution
Payment Date and ending on, and excluding, the immediately succeeding
Distribution Payment Date.

 

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

 

“Exchange
Option” shall have the meaning assigned to it in Section 10(a) hereof.

 

“Fair Market
Value” means the amount which a willing buyer would pay a willing
seller in an arm’s-length transaction.

 

“Junior Units”
shall have the meaning assigned to it in Section 3(a) hereof.

 

“Liquidation
Preference” shall have the meaning assigned to it in Section 5(a) hereof.

 

“Managing
General Partner” shall have the meaning assigned to it in the
preamble to this Certificate.

 

“Notice of
Exchange” shall have the meaning assigned to it in Section 10(a) hereof.

 

“Offered
Units” shall have the meaning assigned to it in Section 10(a) hereof.

 

4

 

“Offered Units Purchase Price” shall have
the meaning assigned to it in Section 10(c) hereof.

 

“Outstanding” means, when used with
respect to Series I Preferred Units, as of any date of determination, all Series I
Preferred Units outstanding as of such date; provided,
however, that, if such Series I Preferred Units are to be
redeemed, notice of such redemption has been duly given pursuant to this
Certificate and the Redemption Price for such Series I Preferred Units to
be redeemed has been paid, then immediately after such Redemption Date such Series I
Preferred Units shall cease to be Outstanding; provided
further that, in determining whether the holders of Series I
Preferred Units have given any request, demand, authorization, direction,
notice, consent or waiver or taken any other action hereunder, Series I
Preferred Units owned by the Operating Partnership, the Corporation or any of
their Affiliates shall be deemed not to be Outstanding.

 

“Parity Units” shall have the meaning
assigned to it in Section 3(b) hereof.

 

“Person” means an individual, a
corporation, a partnership, a limited liability company, an association, a
trust or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

 

“Purchase Price” means an amount equal to
100% of the Liquidation Preference per Series I Preferred Unit being
purchased, plus an amount equal to any accumulated and unpaid distributions, if
any (whether or not declared), thereon to, but excluding, the Change of Control
Purchase Date; provided that if a Change of
Control Purchase Date falls after a Record Date and on or prior to the
corresponding Distribution Payment Date, the Purchase Price will only be an
amount equal to the Liquidation Preference per Series I Preferred Unit
being purchased and will not include any amount in respect of distributions
declared and payable on such corresponding Distribution Payment Date.

 

“Record Date” means not more than
60 days and not less than 10 days preceding the applicable Distribution
Payment Date, as shall be fixed by the Managing General Partner.

 

“Redemption Date” means a date that is
fixed for redemption of the Series I Preferred Units by the Operating Partnership
in accordance with Section 6 hereof.

 

“Redemption Price” means an amount equal
to 100% of the Liquidation Preference per Series I Preferred Unit being
redeemed, plus an amount equal to all accumulated and unpaid distributions, if
any (whether or not declared), thereon to, but excluding, the Redemption Date; provided that if the Redemption Date shall occur after a
Record Date and before the related Distribution Payment Date, the Redemption
Price shall be only an amount equal to the Liquidation Preference per Series I
Preferred Unit being redeemed and will not include any amount in respect of
distributions declared and payable on such corresponding Distribution Payment
Date.

 

“Securities Act” means the Securities Act
of 1933, as amended.

 

5

 

“Senior Units”
shall have the meaning assigned to it in Section 3(c) hereof.

 

“Series I
Preferred Stock” means the 6% Series I Convertible Perpetual
Preferred Stock of the Corporation.

 

“Settlement
Date” shall have the meaning assigned to it in Section 10(d) hereof.

 

“6%  Preferred Units” shall have the
meaning assigned to it in Section 1 hereof.

 

“Trading Day”
means a day during which trading in securities generally occurs on the New York
Stock Exchange or, if the Common Stock is not listed on the New York Stock
Exchange, on the principal other national or regional securities exchange on
which the Common Stock is then listed or, if the Common Stock is not listed on
a national or regional securities exchange, on Nasdaq or, if the Common Stock
is not quoted on Nasdaq, on the principal other market on which the Common
Stock is then traded.

 

SECTION 3.  Rank.  The Series I Preferred Units shall, with
respect to distribution rights and rights upon liquidation, winding-up or dissolution,
rank:

 

(a)           senior to the Common Units and
any other equity securities of the Operating Partnership which by their terms
expressly provide that such equity securities rank junior to the Series I
Preferred Units as to distribution rights and rights on liquidation, winding up
and dissolution of the Operating Partnership (together with the Common Units,
the “Junior Units”);

 

(b)           on a parity with any other
preferred units which are not by their terms junior or senior to the Series I
Preferred Units, including, without limitation, the 6.50% Series B
Convertible Preferred Units, 8.00% Series E Cumulative Redeemable
Preferred Units, 8 3⁄4% Series F Cumulative Redeemable Preferred Units,
7.89% Series G Cumulative Step-up Premium Rate Preferred Units, 7.00%
Cumulative Convertible Preferred Units, and 8.00% Cumulative Redeemable
Preferred Units, which are the only preferred units of the Operating
Partnership authorized as of the date hereof (the “Parity Units”); and

 

(c)           junior to each class or series of
units of the Operating Partnership, the terms of which expressly provide that
such class or series ranks senior to the Series I Preferred Units as to
distribution rights and rights on liquidation, winding-up and dissolution of
the Operating Partnership (the “Senior Units”).

 

SECTION 4.  Distributions.

 

(a)           Holders of Series I
Preferred Units shall be entitled to receive, when, as and if declared by the
Managing General Partner, out of funds legally available for the payment of
distributions, cash distributions on each unit of Series I Preferred Units
at the annual rate of 6% of the Liquidation Preference per unit.  Such distributions shall be payable in
arrears in equal amounts quarterly on each Distribution Payment Date, beginning
November 30, 

 

6

 

2004, in preference to and in priority over distribution on any Junior
Units but subject to the rights of any holders of Senior Units or Parity Units.

 

(b)           Distributions shall be cumulative
from the initial date of issuance or the last Distribution Payment Date for
which accumulated distributions were paid, whichever is later, whether or not
funds of the Operating Partnership are legally available for the payment of
such distributions.  Each such
distribution shall be payable to the holders of record of Series I
Preferred Units, as they appear on the Operating Partnership’s books and
records at the close of business on a Record Date.  Accumulated and unpaid distributions for any
past Distribution Periods may be declared and paid at any time, without
reference to any Distribution Payment Date, to holders of record on such date,
not more than 60 days preceding the payment date thereof, as may be fixed by
the Managing General Partner.

 

(c)           Accumulated and unpaid
distributions for any past Distribution Period (whether or not declared) shall
cumulate at the annual rate of 6% and shall be payable in the manner set forth
in this Section 4.

 

(d)           The amount of distributions
payable for each full Distribution Period for the Series I Preferred Units
shall be computed by dividing the annual distribution rate by four. The amount
of distributions payable for the initial Distribution Period, or any other
period shorter or longer than a full Distribution Period, on the Series I
Preferred Units shall be computed on the basis of 30-day months and a 12-month
year. Holders of Series I Preferred Units shall not be entitled to any
distributions, whether payable in cash, property or stock, in excess of
cumulative distributions, as herein provided, on the Series I Preferred
Units.

 

(e)           No distribution shall be declared
or paid, or funds set apart for the payment of any distribution, whether in
cash, obligations or units of the Operating Partnership or other property,
directly or indirectly, upon any Junior Units or Parity Units, nor shall any
units of Junior Units or Parity Units be redeemed, repurchased or otherwise
acquired for consideration by the Operating Partnership through a sinking fund
or otherwise, unless all accumulated and unpaid distributions (whether or not
declared), if any, through the most recent Distribution Payment Date (whether
or not there are funds of the Operating Partnership legally available for the
payment of distributions) on the Series I Preferred Units and any Parity
Units have been paid in full or set apart for payment; provided,
however, that, notwithstanding any provisions of this Section 4(e) to
the contrary, the Operating Partnership may redeem, repurchase or otherwise
acquire for consideration Series I Preferred Units and Parity Units
pursuant to a purchase or exchange offer made on the same terms to all holders
of such Series I Preferred Units and Parity Units. When distributions are
not paid in full, as aforesaid, upon the Series I Preferred Units, all
distributions declared on the Series I Preferred Units and any other
Parity Units shall be paid either (A) pro rata so that the amount of
distributions so declared on the Series I Preferred Units and each such
other class or series of Parity Units shall in all cases bear to each other the
same ratio as accumulated distributions on the Series I Preferred Units
and such class or series of Parity Units bear to each other or (B) on
another basis that is at least as favorable to the holders of the Series I
Preferred Units entitled to receive such distributions.

 

7

 

SECTION 5.  Liquidation Preference.

 

(a)           In the event of any liquidation,
dissolution or winding-up of the Operating Partnership, whether voluntary or
involuntary, before any payment or distribution of the Operating Partnership’s
assets shall be made to or set apart for the holders of Junior Units, holders
of Series I Preferred Units shall be entitled to receive $50.00 per unit
of Series I Preferred Units (the “Liquidation Preference”) plus an
amount equal to all distributions (whether or not declared) accumulated and
unpaid thereon to the date of final distribution to such holders, but shall not
be entitled to any further payment or other participation in any distribution
of the assets of the Operating Partnership. 
If, upon any liquidation, dissolution or winding-up of the Operating
Partnership, the Operating Partnership’s assets, or proceeds thereof,
distributable among the holders of Series I Preferred Units are insufficient
to pay in full the preferential amount aforesaid and liquidating payments on
any Parity Units, then such assets, or the proceeds thereof, shall be
distributed among the holders of the Series I Preferred Units and any
other Parity Units ratably in proportion to the respective amounts that would
be payable on such Series I Preferred Units and any such other Parity
Units if all amounts payable thereon were paid in full.

 

(b)           Neither the voluntary sale,
conveyance, exchange or transfer, for cash, shares of stock, securities or
other consideration, of all or substantially all of the Operating Partnership’s
property or assets, nor the consolidation, merger or amalgamation of the
Operating Partnership with or into any person or the consolidation, merger or
amalgamation of any person with or into the Operating Partnership shall be
deemed to be a voluntary or involuntary liquidation, dissolution or winding-up
of the Operating Partnership.

 

(c)           After payment has been made in
full to the holders of the Series I Preferred Units, as provided in this Section 5,
holders of Series I Preferred Units shall have no right or claim to any
remaining assets of the Operating Partnership.

 

SECTION 6.  Optional Redemption of the Series I
Preferred Units.  Units of Series I
Preferred Units shall be redeemable by the Operating Partnership in accordance
with this Section 6.

 

(a)           The Operating Partnership may not
redeem any Series I Preferred Units before October 14, 2009.  On or after October 14, 2009, the
Operating Partnership shall have the option to redeem, subject to Section 6(g) hereof,
for cash only (i) some or all the Series I Preferred Units at the
Redemption Price, but only if the Closing Sale Price of the Common Stock for 20
Trading Days within a period of 30 consecutive Trading Days ending on the
Trading Day prior to the date the Operating Partnership gives notice of such
redemption pursuant to this Section 6 exceeds 130% of the Conversion Price
in effect on each such Trading Day and (ii) all the Outstanding Series I
Preferred Units at the Redemption Price, but only if, on any Distribution
Payment Date, the total number of Outstanding Series I Preferred Units is
less than 15% of the total number of Outstanding Series I Preferred Units
on October 14, 2004.

 

8

 

(b)           In the event the Operating Partnership elects to
redeem any Series I Preferred Units, the Operating Partnership shall:

 

(i)            send a written notice by first
class mail to each holder of record of the Series I Preferred Units at
such holder’s registered address, not fewer than 20 nor more than 90 days
prior to the Redemption Date, stating:

 

(A)          the Redemption Date;

 

(B)           the Redemption Price;

 

(C)           the Conversion Price and the
Conversion Rate;

 

(D)          that Series I Preferred
Units called for redemption may be converted into Common Units at any time
before 5:00 p.m., New York City time on the second Business Day
immediately preceding the Redemption Date;

 

(E)           that holders who want to convert Series I
Preferred Units into Common Units must satisfy the requirements set forth in Section 7
of this Certificate;

 

(F)           if fewer than all the Outstanding
units of the Series I Preferred Units are to be redeemed by the Operating
Partnership, the number of units to be redeemed;

 

(G)           that, unless the Operating
Partnership defaults in making payment of such Redemption Price, distributions
in respect of the Series I Preferred Units called for redemption will
cease to accumulate on and after the Redemption Date; and

 

(H)          any other information the
Operating Partnership wishes to present; and

 

(ii)           publish such information on the
Corporation’s web site on the World Wide Web.

 

(c)           If the Operating Partnership
calls for redemption Series I Preferred Units pursuant to the procedures
set forth in Section 6(b) above, then, to the extent sufficient funds
are legally available, the Operating Partnership shall pay the Redemption Price
to holders of Series I Preferred Units called for redemption and
outstanding on the Redemption Date.  Upon
payment of the Redemption Price, the Series I Preferred Units so redeemed
shall cease to be outstanding and shall be retired and cancelled on the books
and records of the Operating Partnership. 
Distributions shall cease to accumulate as of the Redemption Date on
those Series I Preferred Units called for redemption and all rights of

 

9

 

holders of such units shall
terminate, except for the right to receive the Redemption Price pursuant to
this Section 6.

 

(d)           If any Series I Preferred
Units selected for partial redemption are submitted for conversion in part
after such selection, such Series I Preferred Units submitted for
conversion shall be deemed (so far as may be possible) to be a portion of the
units selected for redemption.

 

(e)           If the Redemption Date falls
after a Record Date and before the related Distribution Payment Date, holders
of Series I Preferred Units at the close of business on that Record Date
shall be entitled to receive the distribution payable on those units on the
corresponding Distribution Payment Date.

 

(f)            If fewer than all the Outstanding
Series I Preferred Units are to be redeemed, the number of units to be
redeemed shall be determined by the Managing General Partner and the units to
be redeemed shall be selected by lot, on a pro rata basis (with any fractional
units being rounded to the nearest whole unit), or by any other method as may
be determined by the Managing General Partner to be fair and appropriate.

 

(g)           Notwithstanding the foregoing
provisions of this Section 6, unless full cumulative distributions
(whether or not declared) on all Outstanding Series I Preferred Units and
Parity Units have been paid or set apart for payment for all Distribution
Periods terminating on or before the Redemption Date, none of the Series I
Preferred Units shall be redeemed, and no sum shall be set aside for such
redemption, unless pursuant to a purchase or exchange offer made on the same
terms to all holders of Series I Preferred Units and any Parity Units.

 

SECTION 7.  Conversion.

 

(a)  Right to Convert.  Each Series I Preferred Unit shall be
convertible, only on or after the occurrence of one of the conversion
triggering events described in Section 7(b), into a number of fully paid
and non-assessable Common Units equal to the Conversion Rate in effect at such
time. Notwithstanding the foregoing, if any Series I Preferred Units are
to be redeemed pursuant to Section 6, such conversion right shall cease
and terminate, as to the Series I Preferred Units to be redeemed, at 5:00 p.m.,
New York City time, two Business Days immediately preceding the Redemption
Date, unless the Operating Partnership shall default in the payment of the
Redemption Price therefore, as provided herein.

 

(b)           A holder may convert Series I
Preferred Units into Common Units:

 

(i)            if called for redemption pursuant
to Section 6 hereof;

 

(ii)           if the Corporation is a party to
a Change of Control, in which case each Series I Preferred Unit may be
surrendered for conversion at any time from and after the date that is
15 days prior to the anticipated effective date of the

 

10

 

Change of Control until 15 days after the actual date of such
Change of Control and, at such effective date, the right to convert the Series I
Preferred Units into Common Units shall be changed into a right to convert such
Series I Preferred Units into the kind and amount of cash, securities or
other property that the holder would have received if the holder had converted
such Series I Preferred Units immediately prior to the transaction; or

 

(iii)          during  any  fiscal  quarter  after  the  fiscal  quarter  ending  December  31,  2004  (and  only  during  such  fiscal  quarter)  if  the  Closing  Sale  Price  of  Common  Stock  for  at  least  20  Trading  Days  in  a  period  of  30  consecutive  Trading  Days  ending  on  the  last  Trading  Day  of  the  immediately  preceding  fiscal  quarter  is  more  than  125%  of  the  Conversion  Price  on  such  Trading  Day.  If  this  Closing  Sale  Price  condition  is  not  satisfied  at  the  end  of  any  fiscal  quarter,  then  conversion  pursuant  to  this  Section  7(b)(iii)  will  not  be  permitted  in  the  following  fiscal  quarter.  The  Managing  General  Partner  shall  determine  for  each  Trading  Day  during  the  30  consecutive  Trading  Day  period  specified  in  this  Section  7(b)(iii)  whether  the  Closing  Sale  Price  exceeds  125%  of  the  Conversion  Price  and  whether  the  Series  I  Preferred  Units  shall  be  convertible  as  a  result  of  the  occurrence  of  the  event  set  forth  in  this  Section  7(b)(iii).  Upon  determination  that  holders  of  Series  I  Preferred  Units  are  or  will  be  entitled  to  convert  their  units  into  Common  Units  in  accordance  with  the  provisions  of  this  Section  7(b)(iii),  the  Operating  Partnership  will  mail  a  written  notice  to  the  holders  thereof  and  publish  such  information  on  the  Corporation’s  website  on  the  World  Wide  Web.

 

(c)  Conversion Procedures.  Conversion of Series I Preferred Units
may be effected by any holder thereof upon the surrender to the Operating
Partnership, at the principal office of the Operating Partnership a complete
and manually signed Notice of Conversion (in the form included as Exhibit A
to this Certificate) along with, if required pursuant to Section 7(d),
funds equal to the distribution payable on the next Distribution Payment
Date.  In case such Notice of Conversion
shall specify a name or names other than that of such holder, such notice shall
be accompanied by payment of all transfer taxes payable upon the issuance of
Common Units in such name or names (or proof that no such taxes are
payable).  Other than such taxes, the
Operating Partnership shall pay any documentary, stamp or similar issue or
transfer taxes that may be payable in respect of any issuance of Common Units
upon conversion of Series I Preferred Units pursuant hereto.  The conversion of the Series I Preferred
Units will be deemed to have been made as of the close of business on the date
(the “Conversion Date”) such Notice of Conversion is received and all
required transfer taxes, if any, are paid (or the demonstration to the
satisfaction of the Operating Partnership that such taxes have been paid) and
shall be recorded on the books and records of the Operating Partnership as of
such Conversion Date.  The Operating
Partnership shall promptly, and in any event within five Business Days after
receipt of a Notice of Conversion from a holder of Series I Preferred
Units, notify such holder of the effectiveness of such conversion in writing to
such holder’s address set forth on the books and records of the Operating
Partnership (or that such conversion was not given effect due to a failure to
satisfy the conditions for conversion set forth in this Section 7).

 

11

 

(d) 
Distribution and Other Payments Upon Conversion.  If a holder of Series I Preferred Units
exercises conversion rights, such units will cease to accumulate distributions
as of the end of the day immediately preceding the Conversion Date.  On conversion of the Series I Preferred
Units, except for conversion during the period from the close of business on
any Record Date corresponding to a Distribution Payment Date to the close of
business on the Business Day immediately preceding such Distribution Payment
Date, in which case the holder on such Distribution Record Date shall receive
the distributions payable on such Distribution Payment Date, accumulated and
unpaid distributions on the converted Series I Preferred Units shall not
be cancelled, extinguished or forfeited, but rather shall be deemed to be paid
in full to the holder thereof through issuance of the Common Units (together
with the cash payment, if any, in lieu of fractional units) in exchange for the
Series I Preferred Units being converted pursuant to the provisions
hereof.  Any Series I Preferred
Units surrendered for conversion after the close of business on any Record Date
for the payment of distributions declared and before the opening of business on
the Distribution Payment Date corresponding to that Record Date must be
accompanied by a payment to the Operating Partnership in cash of an amount
equal to the distribution payable in respect of those units on such
Distribution Payment Date; provided that a
holder of Series I Preferred Units on a Record Date who converts such
units into Common Units on the corresponding Distribution Payment Date shall be
entitled to receive the distribution payable on such Series I Preferred
Units on such Distribution Payment Date, and such holder need not include
payment to the Operating Partnership of the amount of such distribution upon
surrender of the Series I Preferred Units for conversion. Notwithstanding
the foregoing, if Series I Preferred Units are converted during the period
between the close of business on any Record Date and the opening of business on
the corresponding Distribution Payment Date and the Operating Partnership has
called such Series I Preferred Units for redemption during such period, or
the Operating Partnership has designated a Change of Control Purchase Date
during such period, then, in each case, the holder who tenders such units for
conversion shall receive the distribution payable on such Distribution Payment
Date and need not include payment of the amount of such distribution upon
surrender of such Series I Preferred Units for conversion.

 

(e)  Fractional
Units.  In connection with the
conversion of any Series I Preferred Units, no fractions of Common Units
shall be issued, but the Operating Partnership shall pay a cash adjustment in
respect of any fractional interest in an amount equal to the fractional
interest multiplied by the Closing Sale Price of the Common Stock on the
Conversion Date, rounded to the nearest whole cent.

 

(f)  Total
Units.  If more than one Series I
Preferred Unit shall be surrendered for conversion by the same holder at the
same time, the number of full Common Units issuable on conversion of those Series I
Preferred Units shall be computed on the basis of the total number of Series I
Preferred Units so surrendered.

 

12

 

SECTION 8.  Conversion Rate Adjustments.

 

(a)           If the conversation rate of the Series I
Preferred Stock of the Corporation set forth in the Certificate of Designations
of the Series I Preferred Stock shall be adjusted at any time and from
time to time on or after the date hereof, then, as of the date of such
adjustment, the Conversion Rate for the Series I Preferred Units shall be
similarly adjusted without the requirement of any further action by the
Operating Partnership such that  the
conversation rate of the Series I Preferred Stock and the Conversion Rate
of the Series I Preferred Units shall at all times be equal and the same.

 

(b)           Whenever the Conversion Rate is
adjusted as herein provided, the Operating Partnership shall promptly and in
any event within 20 days after the effectiveness of such adjustment, deliver a
notice to each holder of the Series I Preferred Units to such holder’s
address as it appears on the books and records of the Operating Partnership
setting forth the adjusted Conversion Rate, the date on which such adjustment
became effective and a brief statement of the facts requiring such
adjustment.  Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

 

SECTION 9.  Effect of Consolidation, Merger
or Sale on Conversion Privilege. 
(a)  If any of (i) any reclassification (other than a change
in par value, or from par value to no par value, or from no par value to par
value, and other than a subdivision or combination to which Section 8(c) of
the Certificate of Designations of the Series I Preferred Stock applies)
of the outstanding shares of Common Stock, (ii) any consolidation, merger
or combination of the Corporation with another Person, in each case as a result
of which holders of Common Units shall be entitled to receive stock, other
securities or other property or assets (including cash) with respect to or in
exchange for such Common Units, or (iii) any sale or conveyance of all or
substantially all of the properties and assets of the Corporation to any other
Person as a result of which holders of Common Units shall be entitled to
receive stock, other securities or other property or assets (including cash)
with respect to or in exchange for such Common Units, then each Series I
Preferred Unit shall be convertible into the kind and amount of shares of
stock, other securities or other property or assets (including cash) receivable
upon such reclassification, change, consolidation, merger, combination, sale or
conveyance by a holder of a number of Common Units issuable upon conversion of
such Series I Preferred Units immediately prior to such reclassification,
change, consolidation, merger, combination, sale or conveyance assuming such
holder of Common Units did not exercise his rights of election, if any, as to
the kind or amount of stock, other securities or other property or assets
(including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance (provided that, if the kind or amount
of stock, other securities or other property or assets (including cash)
receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance is not the same for each Common Unit in respect
of which such rights of election shall not have been exercised (“non-electing
unit”), then for the purposes of this Section 9 the kind and amount of
stock, other securities or other property or assets (including cash) receivable
upon such reclassification, change, consolidation, merger, combination, sale or
conveyance for each non-electing unit shall be deemed to be the kind and amount
so receivable per unit by a plurality of the non-electing units).

 

13

 

(b)           The Operating Partnership shall
cause notice of the application of this Section 9 to be delivered to each
holder of the Series I Preferred Units at the address of such holder as it
appears on the books and records of the Operating Partnership within twenty
(20) days after the occurrence of any of the events specified in Section 9(a) and
shall publish such information on the Corporation’s web site on the World Wide
Web.  Failure to deliver such notice
shall not affect the legality or validity of any conversion right pursuant to
this Section 9.

 

(c)           The above provisions of this Section 9
shall similarly apply to successive reclassifications, changes, consolidations,
mergers, combinations, sales and conveyances.

 

SECTION 10.  Optional Exchange for Shares of
Series I Preferred Stock.

 

(a)           A holder of Series I
Preferred Units may exchange all or any number of such holder’s Series I
Preferred Units for an equal number of shares of Series I Preferred Stock
or cash, as selected by the Managing General Partner, upon the terms and
subject to the conditions set forth in this Section 10 (the “Exchange
Option”).  The Exchange Option may be
exercised by a Limited Partner, on the terms and subject to the conditions and
restrictions contained in this Section 10, upon delivery to the Managing
General Partner of a notice in the form of Exhibit B (a “Notice of
Exchange”), which notice shall specify the number of such holder’s Series I
Preferred Units to be exchanged (the “Offered Units”).  Once delivered, the Notice of Exchange shall
be irrevocable, subject to payment by the Managing General Partner or the
Partnership of the Offered Units Purchase Price for the Offered Units in
accordance with the terms hereof.  In the
event the Managing General Partner elects to cause the Offered Units to be
exchanged for cash, the Managing General Partner shall effect such exchange by
causing the Partnership to redeem the Offered Units for cash.

 

(b)           If a Notice of Exchange is
delivered to the Managing General Partner but, as a result of the Ownership
Limit (as defined in the Partnership Agreement) or as a result of other
restrictions contained in the Charter of the Managing General Partner, the
Exchange Option cannot be exercised in full for shares of Series I
Preferred Stock, the Notice of Exchange, if the Offered Units Purchase Price is
to be payable in shares of Series I Preferred Stock, shall be deemed to be
modified such that the Exchange Option shall be exercised only to the extent
permitted under the Ownership Limit or under other restrictions in the Charter
of the Managing General Partner.

 

(c)           The purchase price (“Offered
Units Purchase Price”) payable to a tendering holder of Series I
Preferred Units shall be equal to the Closing Sale Price of the Series I
Preferred Stock multiplied by the number of Offered Units computed as of the
date on which the Notice of Exchange was delivered to the Managing General
Partner (the “Computation Date”). 
The Offered Units Purchase Price for the Offered Units shall be payable,
at the option of the Managing General Partner, by causing the Partnership to
redeem the Offered Units for cash in the amount of the Offered Units Purchase
Price, or by the issuance by the Managing General Partner of the number of
shares of Series I Preferred Stock equal to the number of Offered Units
(adjusted as appropriate to account for stock

 

14

 

splits, stock dividends or other similar transactions between the
Computation Date and the closing of the purchase and sale of the Offered Units
in the manner specified in Section 10(f)(ii) below).

 

(d)           The closing of the acquisition or
redemption of Offered Units shall, unless otherwise mutually agreed, be held at
the principal offices of the Managing General Partner, on the date agreed to by
the Managing General Partner and the relevant holder of Series I Preferred
Units, which date (the “Settlement Date”) shall in no event be on a date
which is later than ten (10) days after the date of the Notice of
Exchange.  Until the Settlement Date,
each tendering holder of Series I Preferred Units shall continue to own
his Offered Units, and will continue to be treated as the holder of such
Offered Units for all purposes of this Certificate of Designations and the
Partnership Agreement, including, without limitation, for purposes of voting,
consent, allocations and distributions. 
Offered Units will be transferred to the Managing General Partner only
upon receipt by the tendering holder of Series I Preferred Units of shares
of Series I Preferred Stock or cash in payment in full therefor.

 

(e)           At the closing of the purchase
and sale or redemption of Offered Units, payment of the Offered Units Purchase
Price shall be accompanied by proper instruments of transfer and assignment and
by the delivery of (i) representations and warranties of (A) the
tendering holder of Series I Preferred Units with respect to its due
authority to sell all of the right, title and interest in and to such Offered
Units to the Managing General Partner or the Partnership, as applicable, and
with respect to the ownership by the holder of such Offered Units, free and
clear of all Liens, and (B) the Managing General Partner with respect to
its due authority to acquire such Offered Units for shares of Series I
Preferred Stock or to cause the Partnership to redeem such Offered Units for
cash and, in the case of payment by shares of Series I Preferred Stock, (ii) a
stock certificate or certificates evidencing the shares of Series I
Preferred Stock to be issued and registered in the name of the holder or its
designee.

 

(f)            To facilitate the Managing
General Partner’s ability fully to perform its obligations hereunder, the
Managing General Partner covenants and agrees as follows:

 

(i)            The Managing General Partner
shall (A) reserve for issuance such number of shares of Series I
Preferred Stock as may be necessary to enable the Managing General Partner to
issue such shares in full payment of the Offered Units Purchase Price in regard
to all Series I Preferred Units which are from time to time outstanding, (B) prior
to the delivery of any securities that the Managing General Partner may be
obligated to deliver upon exercise of the Exchange Option, comply with all
applicable federal and state laws and regulations that require action to be
taken by the Managing General Partner in connection with such delivery, (C) use
its commercially reasonable best efforts to ensure that any shares of Series I
Preferred Stock delivered upon exercise of the Exchange Option will, upon
delivery, be listed on the New York Stock Exchange (or such other national
exchange, if any, on which the Series I Preferred Stock is then listed),
and (D) ensure that all shares of Series I Preferred Stock delivered
upon exercise of the Exchange Option will, upon

 

15

 

delivery, be duly and validly issued and fully paid and nonassessable,
free of all liens and charges and not subject to any preemptive rights.

 

(ii)           Under no circumstances shall the
Managing General Partner declare any stock dividend, stock split, stock
distribution or the like (whether as to the Series I Preferred Units or
the Series I Preferred Stock), unless fair and equitable arrangements are
provided, to the extent necessary, fully to adjust, and to avoid any dilution
in, the Exchange option of any holder of Series I Preferred Units under
this Certificate of Designation.

 

(g)           Each of holder of Series I
Preferred Units covenants and agrees with the Managing General Partner that all
Offered Units tendered to the Managing General Partner or the Partnership, as
the case may be, in accordance with the exercise of the Exchange Option shall
be delivered free and clear of all Liens and should any Liens exist or arise
with respect to such Offered Units, the Managing General Partner or the
Partnership, as the case may be, shall be under no obligation to acquire the
same unless, in connection with such acquisition, the Managing General Partner
has elected to cause the Partnership to pay such portion of the Offered Units
Purchase Price in the form of cash consideration in circumstances where such
consideration will be sufficient to cause such existing Lien to be discharged
in full upon application of all or a part of such consideration and the
Partnership is expressly authorized to apply such portion of the Offered Units
Purchase Price as may be necessary to satisfy any indebtedness in full and to
discharge such Lien in full. In the event any transfer tax is payable by a
holder of Offered Units as a result of a transfer of Offered Units pursuant to
the exercise of such holder’s Exchange Option, such holder shall pay such
transfer tax.

 

(h)           If a holder of Series I
Preferred Units shall exchange any Series I Preferred Units for shares of Series I
Preferred Stock pursuant to this Section 10 on or prior to the Record Date
for any distribution to be made on such Series I Preferred Units, in
accordance with the Charter of the Managing General Partner such holder of Series I
Preferred Units will be entitled to receive the corresponding distribution to
be paid on such shares of Series I Preferred Stock and shall not be
entitled to receive the distribution made by the Partnership in respect of the
exchanged Series I Preferred Units.

 

(i)            In the event that the Managing
General Partner elects to redeem all or any portion of the Series I
Preferred Stock, the Managing General Partner shall deliver a copy of the
notice of redemption required by Section 6(b) of the Certificate of
Designations of the Series I Preferred Stock to each holder of Series I
Preferred Units.  Such notice shall be
delivered to the holders of Series I Preferred Units at the same time such
notice is delivered to the holders of the Series I Preferred Stock.  Upon receipt of such notice, if a holder of Series I
Preferred Units elects to exercise its Exchange Option and receives shares of Series I
Preferred Stock in connection therewith on a Settlement Date that occurs prior
to the specified redemption date for the Series I Preferred Stock, then,
if such shares of Series I Preferred Stock remain outstanding as of such
redemption date, such holder shall be entitled to participate in such
redemption with respect to such shares of 
Series I Preferred Stock.

 

16

 

SECTION 11.                Change of
Control.

 

(a)  Repurchase
Right.  If there shall occur a
Change of Control, Series I Preferred Units shall be purchased, subject to
satisfaction by or on behalf of any holder of the requirements set forth in Section 11(c),
by the Operating Partnership at the option of the holders thereof as of the
date specified by the Operating Partnership (the “Change of Control Purchase
Date”) that is not less than 30 calendar days nor more than 60 calendar
days after the mailing of written notice of the Change of Control pursuant to Section 11(b) below.  The Purchase Price shall be paid in cash.

 

(b)  Notice to
Holders.  As promptly as
practicable thereafter but not later than 20 days after the occurrence of
a Change of Control, the Operating Partnership shall mail a written notice of
the Change of Control to each holder at such holder’s address set forth on the
books and records of the Operating Partnership and publish such notice on the
Corporation’s web site on the World Wide Web. 
The notice shall include the form of a Change of Control Purchase Notice
(as defined in Section 11(c) below) to be completed by the holder and
shall state:

 

(i)            the date of such Change of Control and, briefly, the
events causing such Change of Control;

 

(ii)           the date by which the Change of Control Purchase Notice
pursuant to this Section must be given;

 

(iii)          the Change of Control Purchase Date;

 

(iv)          the Conversion Rate and any adjustments thereto;

 

(v)           that Series I Preferred Units as to which a Change of
Control Purchase Notice has been given may not thereafter be converted into
Common Units; and

 

(vi)          the procedures that the holder of Series I Preferred
Units must follow to exercise rights under this Section 11.

 

(c)  Conditions
to Purchase.  (i) A
holder of Series I Preferred Units may exercise its rights specified in Section 11(a) upon
delivery of a written notice (which shall be in substantially the form included
as Exhibit C to this Certificate and which may be delivered by
letter, overnight courier, hand delivery, facsimile transmission or in any
other written form) of the exercise of such rights (a “Change of Control
Purchase Notice”) to the Operating Partnership at any time prior to the
close of business on the Business Day immediately before the Change of Control
Purchase Date.

 

(ii)           Any purchase by the Operating Partnership contemplated
pursuant to the provisions of this Section 11(c) shall be consummated
by the delivery of the

 

17

 

consideration to be received by the holder promptly following the Change
of Control Purchase Date.

 

(d)  Effect of
Change of Control Purchase Notice. 
Upon receipt by the Operating Partnership of a valid Change of Control
Purchase Notice, the holder of Series I Preferred Units in respect of
which such Change of Control Purchase Notice was given shall thereafter be
entitled to receive the Purchase Price with respect to such Series I
Preferred Units.  Such Purchase Price
shall be paid to such holder promptly on the Change of Control Purchase Date
with respect to such Series I Preferred Units.  Any Series I Preferred Units in respect
of which a Change of Control Purchase Notice has been given by the holder
thereof may not be converted into Common Units on or after the date of the
delivery of such Change of Control Purchase Notice

 

(e) 
Cancellation of Series I Preferred Units.  Upon the payment of the Purchase Price to a
holder of Series I Preferred Units electing to have his Series I
Preferred Units purchased pursuant to this Section 11, such Series I
Preferred Units shall be retired and canceled, distributions will cease to
accrue and all other rights of the holder in respect thereof shall terminate
(other than the right to receive the Purchase Price as aforesaid), in each case
on and as of the Change of Control Purchase Date.

 

SECTION 12.                Voting
Rights.

 

(a)           The holders of record the Series I Preferred Units
shall not be entitled to any voting rights except as hereinafter provided in
this Section 12, as otherwise provided in the Partnership Agreement, or as
otherwise provided by law.

 

(b)           The affirmative consent or approval of holders of at least
two-thirds of the outstanding Series I Preferred Units, voting as a single
class, shall be required to alter, repeal or amend any provisions of the
Partnership Agreement or this Certificate, whether by merger, consolidation,
combination, reclassification or otherwise (an “Event”), if the
amendment would materially and adversely affect the rights, powers, or
preferences of the holders of Series I Preferred Units; provided, however, that (i) an Event will not be deemed
to materially and adversely affect such rights, powers or preferences, in each
such case, where each Series I Preferred Units remains outstanding without
a material change to its terms and rights or is converted into or exchanged for
preferred units of the surviving entity having preferences, conversion and
other rights, privileges, voting powers, restrictions, limitations and terms or
conditions of redemption thereof identical to that of a Series I Preferred
Unit; (ii) any increase in the amount of the authorized Common Units or
Parity Units or the creation and issuance of any class or series of Common
Units, other Junior Units or Parity Units will not be deemed to materially and
adversely affect such rights, powers or preferences; and (iii) the
creation of, or increase in the authorized number of, units of any class or
series of Senior Units shall be deemed to materially and adversely affect such
rights, powers and preferences.

 

SECTION 13.                Restrictions
On Transfer.  The Series I
Preferred Units shall be subject to the restrictions on transfer set forth in
Sections 9.3 and 9.5 of the Partnership Agreement of the

 

18

 

Operating
Partnership as if such units were “Partnership Units”.  Any transfer or attempted transfer (direct or
indirect) in violation of the provisions of this Section 13 shall be null
and void.

 

SECTION 14.                Currency.  All Series I Preferred Units shall be
denominated in U.S. currency, and all payments and distributions thereon or
with respect thereto shall be made in U.S. currency.  All references herein to “$” or “dollars” refer
to U.S. currency.

 

SECTION 15.                Headings.  The headings of the Sections of this
Certificate are for convenience of reference only and shall not define, limit
or affect any of the provisions hereof.

 

19

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(To be Executed by the Holder in
Order to Convert

the 6% Series I Convertible
Perpetual Preferred Units)

 

The undersigned hereby irrevocably elects to convert (the “Conversion”)         units
of 6% Series I Convertible Perpetual Preferred Units (the “Series I
Preferred Units”) into Common Units of Simon Property Group, L.P. (the “Operating
Partnership”) according to the conditions of the Certificate of Designation
establishing the terms of the Series I Preferred Units (the “Certificate
of Designation”), as of the date written below.  If shares are to be issued in the name of a person
other than the undersigned, the undersigned shall designate such persons name
below and will pay all transfer taxes payable with respect thereto (unless it
can be established that no such taxes are payable).  No fee will be charged to the holder for any
conversion, except for transfer taxes, if any.

 

The Operating Partnership is not required to issue Common Units unless
the conditions for conversion of the Series I Preferred Units set forth in
Section 7(b) of the Certificate of Designation have been satisfied.  If the foregoing conditions have been
satisfied, the Operating Partnership shall issue Common Units to the
undersigned (or its designee identified below) on the books and records of the
Operating Partnership effective upon receipt of this Notice of Conversion and
shall, within 5 Business Days of receipt of this Notice of Conversion, notify
such holder of the effectiveness of such conversion in writing to such holder’s
address set forth on the books and records of the Operating Partnership.  If the aforementioned conditions to
conversion have not been satisfied, the Operating Partnership shall promptly
notify the undersigned in writing.

 

Capitalized terms used but not defined herein shall have the meanings
ascribed thereto in or pursuant to the Certificate of Designation.

 

Date
of Conversion:

 

Applicable
Conversion Rate:

 

Number
of Series I Preferred Units to be Converted:

 

Number
of Common Units to be Issued:

 

	
  Signature:

  	
   

  	
   

  

 

Name:                                               Name
of Transferee (if applicable):

 

Address:(1)

 

Fax
No.:

 

(1) Address
of the holder where any notices and payments shall be sent by the Operating
Partnership.

 

20

 

EXHIBIT B

 

NOTICE OF EXCHANGE

 

(To be Executed by the Holder in
Order to Exchange

6% Series I Convertible Perpetual Preferred Units for

Series I Convertible Perpetual Preferred Stock of Simon Property Group, Inc.)

 

Date:

 

The undersigned hereby irrevocably elects to exchange            6%
Series I Convertible Perpetual Preferred Units (the “Series I
Preferred Units”) of Simon Property Group, L.P. (the “Operating
Partnership”) into that number of shares of 6% Series I Convertible
Perpetual Preferred Stock (the “Series I Preferred Stock”) of Simon
Property Group, Inc. (the “Managing General Partner”) in accordance
with the Certificate of Designation establishing the terms of the Series I
Preferred Units (the “Certificate of Designation”), effective as of the
date written below or such later date as may be determined by the Managing
General Partner in accordance with the Certificate of Designation).  If shares are to be issued in the name of a
person other than the undersigned, the undersigned shall designate such person’s
name below and will pay all transfer taxes payable with respect thereto (unless
it can be established that no such taxes are payable).

 

Capitalized terms used but not defined herein shall have the meanings
ascribed thereto in or pursuant to the Certificate of Designation.

 

Proposed
Effective Date of Exchange(1):

 

Number
of Series I Preferred Units to be exchanged:

 

	
  Signature:

  	
   

  	
   

  

 

Name:                                                                  Name
of Transferee (if applicable):

 

Address:(2)

 

Fax
No.:

 

(1) As
may be agreed by the Managing General Partner in accordance with Section 10(d) of
the Certificate of Designation.

 

(2) Address
of the holder where notices and payments shall be sent by the Operating
Partnership.

 

 

EXHIBIT C

 

FORM OF NOTICE OF ELECTION
OF REDEMPTION

UPON A CHANGE OF CONTROL

 

Simon
Property Group, L.P.

115
West Washington Street, Suite 15 East

Indianapolis,
Indiana 46204

Attn:  General Counsel

 

	
  Re:

  	
   

  	
  Simon
  Property Group, L.P.

  
	
   

  	
   

  	
  6%
  Series I Convertible Perpetual Preferred Units

  
	
   

  	
   

  	
  (the
  “Series I Preferred Units”)

  

 

The undersigned hereby irrevocably acknowledges receipt of a notice from
Simon Property Group, L.P. (the “Operating Partnership”) as to the
occurrence of a Change of Control with respect to Simon Property Group, Inc.
and requests and instructs the Operating Partnership to purchase            Series I
Preferred Units in accordance with the terms of the Certificate of Designation
at the Purchase Price.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto
pursuant to the Certificate of Designation.

 

Dated:

 

 

	
  Signature(s):

  	
   

  	
   

  

 

Print Name and Address:

 

Social Security or Other Taxpayer Identification 

Number:

 

 

EXHIBIT C
– LP PREFERRED UNIT DESIGNATION

 

CERTIFICATE
OF DESIGNATION

 

OF

 

7.00%
CUMULATIVE CONVERTIBLE PREFERRED UNITS

 

OF

 

SIMON
PROPERTY GROUP, L.P.

 

WHEREAS, Simon Property Group, L.P. (the “Operating
Partnership”) has agreed to designate a series of preferred units having the
powers, preferences and relative, participating, optional or other special
rights set forth herein and to issue the units so designated solely as partial
consideration for the NED Portfolio Properties as defined in certain contribution
agreements with respect to properties the sale of which was arranged by NED
Management Limited Partnership and WellsPark Management LLC and, under certain
circumstances, as partial consideration for Pheasant Lane Mall in Nashua New
Hampshire and Cambridgeside Galleria in Cambridge, Massachusetts pursuant to
contribution agreements with respect to those properties (the contribution
agreements for the NED Portfolio Properties. Pheasant Lane Mall and
Cambridgeside Galleria are referred to herein as the “Contribution Agreements”);
and

 

WHEREAS, the designation of the preferred units
of the Operating Partnership hereby is permitted by the terms of the Seventh
Amended and Restated Limited Partnership Agreement of the Operating Partnership
(the “Partnership Agreement”); and

 

WHEREAS, Simon Property Group, Inc. (the “Corporation”),
the managing general partner of the Operating Partnership (in such capacity,
the “Managing General Partner”), has determined that it is in the best interest
of the Operating Partnership to designate a new series of preferred units of
the Operating Partnership;

 

NOW
THEREFORE, the
Managing General Partner hereby designates a series of preferred units and
fixes the designations, powers, preferences and relative, participating,
optional or other special rights, and the qualifications, limitations or
restrictions thereof, of such preferred units, as follows:

 

SECTION 1.  Designation and Number.  The units of such series shall be designated “7.00%
Cumulative Convertible Preferred Units” (the “7.00% Cumulative Convertible
Preferred Units”).  The authorized number
of 7.00% Cumulative Convertible Preferred Units shall be 1,500,000 but such
7.00% Cumulative Convertible Preferred Units shall only be issuable as
consideration pursuant to the Contribution Agreements.  Subject to Sections 5 and 6 hereof, each
7.00% Cumulative Convertible Preferred Unit shall be paired with one (1) 8.00%
Cumulative Redeemable Preferred Unit of the Operating Partnership (“8.00%
Cumulative Redeemable Preferred Unit”) or, if issued, with New Preferred Units
as permitted 

 

1

 

under Section 5 of
the Certificate of Designation of 8.00% Cumulative Redeemable Preferred Units
(the “8.00% Certificate of Designation”) and such paired units shall be subject
to the transfer restrictions set forth in Section 9 hereof (as such, “Paired
Units”); provided that in the event of (i) the redemption by the Operating
Partnership of 8.00% Cumulative Redeemable Preferred Units for Common Units; (ii) the
conversion of 8.00% Cumulative Redeemable Preferred Units into 8.00% Cumulative
Redeemable Preferred Stock (as defined in the 8.00% Certificate of Designation)
as permitted under Section 6 of such 8.00% Certificate of Designation or (iii) the
repurchase of 8.00% Cumulative Redeemable Preferred Units payable in Paired
Shares as permitted under Section 7 of such 8.00% Certificate of
Designation, then in each such case, the 7% Cumulative Convertible Preferred
Units shall cease to be paired with such Common Units issuable upon such
redemption, such 8.00% Cumulative Redeemable Preferred Stock issuable upon such
conversion, or such Paired Shares issuable upon repurchase, as the case may be,
of the 8.00% Cumulative Redeemable Preferred Units and the provisions of Section 9(b) hereof
shall no longer apply to the 7.00% Cumulative Convertible Preferred Units which
had been paired with the 8.00% Cumulative Redeemable Preferred Stock which were
so redeemed or converted.

 

SECTION 2.  Ranking.  The 7.00% Cumulative Convertible Preferred
Units shall, with respect to the payment of distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership, rank: (i) senior to the holders
of Partnership Units of the Operating Partnership (the “Common Units”) and any
other equity securities of the Operating Partnership which by their terms rank
junior to the 7.00% Cumulative Convertible Preferred Units as to distributions
pursuant to Section 6.2 of the Partnership Agreement or rights upon the
dissolution, liquidation or winding-up of the Operating Partnership (such
Common Units and such other equity securities, collectively, the “Junior Units”),
(ii) pari passu with any other preferred units which are not by their
terms junior or, subject to Section 11 hereof, senior to the 7.00%
Cumulative Convertible Preferred Units as to distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership, and in all respects shall rank pari
passu with the 6.50% Series A Convertible Preferred Units, Series B
Convertible Preferred Units, 8-3/4% Series B Cumulative Redeemable
Preferred Units, 7.89% Series C Cumulative Step-Up Premium Rate Preferred
Units and 8.00% Cumulative Redeemable Preferred Units, which are the only
preferred units of the Operating Partnership authorized as of the date hereof (“Parity
Units”) and (iii) subject to Section 11 hereof, junior to any other
preferred units which by their terms are senior to the 7.00% Cumulative
Convertible Preferred Units as to distributions pursuant to Section 6.2 of
the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership (“Senior Units”).

 

SECTION 3.  Distributions. (a)  Distributions
on the 7.00% Cumulative Convertible Preferred Units are cumulative from the
date of issuance and are payable quarterly on or about the last day of March,
June, September and December of each year in an amount in cash equal
to 7.00% of the Liquidation Preference (as defined herein) per annum.

 

2

 

(b)  Distributions
on the 7.00% Cumulative Convertible Preferred Units, without any additional
return on unpaid distributions, will accrue, whether or not the Operating
Partnership has earnings, whether or not there are funds legally available for
the payment of such distribution and whether or not such distributions are
declared or paid when due. All such distributions accumulate from the first
date of issuance of any such 7.00% Cumulative Convertible Preferred Units.
Distributions on the 7.00% Cumulative Convertible Preferred Units shall cease
to accumulate on such units on the date of their earlier conversion or
redemption.

 

(c)  In allocating
items of income, gain, loss and deductions which could have an effect upon the
determination of the federal income tax liability of any holder of a 7.00%
Cumulative Convertible Preferred Unit, except as otherwise required by Section 704(c)
of the Internal Revenue Code of 1986, as amended, or any other applicable
provisions thereof, the Operating Partnership shall allocate each such item
proportionately, based on the distributive share of profits or losses, as the
case may be, of the Operating Partnership allocated to holders of the 7.00%
Cumulative Convertible Preferred Units as compared to the total of the
distributive shares of such profits and losses, as the case may be, allocated
to all partners of the Operating Partnership.

 

(d)  If any 7.00%
Cumulative Convertible Preferred Units are outstanding, then, except as
provided in the following sentence, no distributions shall be declared or paid
or set apart for payment on any Parity Units or Junior Units for any period unless
full cumulative distributions have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for
such payments on the 7.00% Cumulative Convertible Preferred Units for all past
distribution periods and the then current distribution period.  When distributions are not paid in full (or a
sum sufficient for such full payment is not set apart) upon the 7.00%
Cumulative Convertible Preferred Units and any Parity Units, all distributions
declared upon the 7.00% Cumulative Convertible Preferred Units and any other
Parity Units shall be declared pro rata so that the amount of distributions
declared per 7.00% Cumulative Convertible Preferred Unit and such other Parity
Units shall in all cases bear to each other the same ratio that accrued
distributions per 7.00% Cumulative Convertible Preferred Unit and such other
series of Parity Units bear to each other.

 

(e)  Except as
provided in subparagraph (d) above, unless full cumulative distributions
on the 7.00% Cumulative Convertible Preferred Units have been or
contemporaneously are declared and paid or declared and a sum sufficient for
the payment thereof set apart for payment for all past distribution periods and
the then current distribution period, no distributions (other than in Junior
Units) shall be declared, set aside for payment or paid and no other
distribution shall be declared or made upon any Junior Units, nor shall any
Junior Units be redeemed, purchased or otherwise acquired for any consideration
(or any moneys be paid to or made available for a sinking fund for the
redemption of any such Junior Units) by the Operating Partnership (except by
conversion into or exchange for Junior Units).

 

3

 

SECTION 4.  Liquidation Preference.  (a)  Each 7.00% Cumulative Convertible
Preferred Unit shall be entitled to a liquidation preference of $28.00 per
7.00% Cumulative Convertible Preferred Unit (“Liquidation Preference”).

 

(b)  In the event of
any voluntary or involuntary liquidation, dissolution or winding up of the
Operating Partnership pursuant to Article VIII of the Partnership
Agreement, the holders of 7.00% Cumulative Convertible Preferred Units then
outstanding shall be entitled to be paid out of the assets of the Operating
Partnership available for distribution, after and subject to the payment in
full of all amounts required to be distributed to the holders of Senior Units,
but before any payment shall be made to the holders of Junior Units, an amount
equal to the aggregate Liquidation Preference of the 7.00% Cumulative
Convertible Preferred Units held by such holder, plus an amount equal to
accrued and unpaid distributions thereon, if any.  If upon any such liquidation, dissolution or
winding up of the Operating Partnership the remaining assets of the Operating
Partnership available for the distribution after payment in full of amounts
required to be paid or distributed to holders of Senior Units shall be
insufficient to pay the holders of the 7.00% Cumulative Convertible Preferred
Units the full amount to which they shall be entitled, the holders of the 7.00%
Cumulative Convertible Preferred Units and the holders of any series of Parity
Units shall share ratably with other holders of Parity Units in any distribution
of the remaining assets and funds of the Operating Partnership in proportion to
the respective amounts which would otherwise be payable in respect to the
Parity Units held by each of the said holders upon such distribution if all
amounts payable on or with respect to said Parity Units were paid in full.  After payment in full of the Liquidation
Preference and accumulated and unpaid distributions to which they  are entitled, the holders of 7.00% Cumulative
Convertible Preferred Units shall not be entitled to any further participation
in any distribution of the assets of the Operating Partnership.

 

SECTION 5.  Redemption.    (a)  General.  The 7.00% Cumulative Convertible Preferred
Units are not redeemable, except as permitted under Sections 6 and 7 herein,
prior to August 27, 2009.

 

(b)  Optional
Redemption.  (i) On and after August 27,
2009, the Operating Partnership may, at its option, at any time, redeem the
7.00% Cumulative Convertible Preferred Units, in whole or in part, at the
Liquidation Preference, plus accrued and unpaid distributions thereon, if any,
to and including the date of redemption (the “Redemption Price”).  The Redemption Price (other than the portion
thereof consisting of accrued and unpaid distributions, which shall be payable
in cash) is payable in Common Units at the Deemed Partnership Unit Value, as of
the Redemption Date (as defined below), of the Common Units to be issued.

 

(ii) Provided that
no later than the Redemption Date the Operating Partnership shall have (A) set
apart the funds necessary to pay the accrued and unpaid distribution on all the
7.00% Cumulative Convertible Preferred Units then called for redemption and (B) reserved
for issuance a sufficient number of authorized Common Units, the Operating
Partnership may give the holders of the 7.00% Cumulative Convertible Preferred
Units written notice (“Redemption Notice”) of a redemption pursuant to Section 5(b) (a
“Redemption”) not more

 

4

 

than 70 nor less than 40 calendar days prior to the date fixed for
redemption (the “Redemption Date”) at the address of such holders on the books
of the Operating Partnership (provided that failure to give such notice or any
defect therein shall not affect the validity of the proceeding for a Redemption
except as to the holder to whom the Operating Partnership has failed to give
such notice or whose notice was defective). 
The 7.00% Cumulative Convertible Preferred Units for which the
Redemption Price has been paid shall no longer be deemed outstanding from and
after the date of payment and all rights with respect to such units shall
forthwith cease and terminate.  In case
fewer than all of the outstanding 7.00% Cumulative Convertible Preferred Units are
called for redemption, such units shall be redeemed pro rata, as nearly as
practicable, among all holders of 7.00% Cumulative Convertible Preferred Units,
provided that, if within 20 business days of the Redemption Notice the
Contributor Representative (as such term is defined in the Tax Protection
Agreement entered into on or prior to the date hereof between Operating
Partnership and certain other parties (the “Tax Protection Agreement”))
notifies the Operating Partnership of an alternative allocation (“Allocation
Notice”), then the redemption of the 7.00% Cumulative Preferred Units shall be
allocated in accordance with such Allocation Notice.  On or before the Redemption Date, a holder of
7.00% Cumulative Convertible Preferred Units shall have the conversion right
set forth in Section 6 hereof notwithstanding anything in this Section 5
to the contrary.

 

(c)  In the event of
the redemption of a 7.00% Cumulative Convertible Preferred Unit pursuant to
this Section 5 for Common Units (but not any Paired Shares issued upon
conversion thereof in exchange therefore), then such Common Units issuable upon
such conversion shall be paired with 8.00% Cumulative Redeemable Preferred
Units so that they are transferable, redeemable or convertible as a paired unit
consisting of the Common Units so issued and one (1) 8.00% Cumulative
Redeemable Preferred Unit and such paired units shall be “Paired Units” for
purposes hereof.

 

SECTION 6.  Conversion.    (a)  Each 7.00% Cumulative Convertible
Preferred Unit shall be convertible at the option of the holder, at any time on
and after August 27, 2004, upon no less than 15 business days prior
written  notice to the Corporation and
the Operating Partnership, in whole or in part, unless previously redeemed,
pursuant to Section 6(b) below.

 

(b)  Each 7.00%
Cumulative Convertible Preferred Unit that the holder elects to convert will be
redeemed for the sum of (i) a share of 7.00% Cumulative Convertible
Preferred Stock of the Corporation having an aggregate liquidation preference
equal to the Liquidation Preference of the 7.00% Cumulative Convertible
Preferred Units that the holder elects to convert plus (ii) a cash payment
in an amount equal to accrued and unpaid distributions thereon.  The preferred stock of the Corporation so
issued shall have the rights and preferences set forth on Annex I hereto (“Corporation
7.00% Cumulative Convertible Preferred Stock”); provided, however, if the
Closing Price of the Paired Shares on any three (3) consecutive trading
days occurring after the date hereof  is
greater than the then Threshold Value (defined below), then each such 7.00%
Cumulative Convertible Preferred Unit that the holder so elects to convert will
instead be converted into 0.75676 Common Units (as adjusted from time to time
pursuant to Section 6(c) hereof, the “Conversion Factor”).  Common Units 

 

5

 

or Corporation 7.00%
Cumulative Convertible Preferred Stock issuable upon the conversion of 7.00%
Cumulative Convertible Preferred Units shall be deemed “Conversion Units” hereunder.  The “Threshold Value” initially shall be
$37.00 but shall be subject to adjustment pursuant to Section 6(d) hereof.

 

(c)  Adjustments to
the Conversion Factor.  (i) 
Adjustments for Dividends and Distributions. 
In case the Operating Partnership shall at any time or from time to time
after the original issuance of the 7.00% Cumulative Convertible Preferred Units
declare a dividend, or make a distribution, on the outstanding Common Units, in
either case, in additional Common Units, or effect a subdivision, combination,
consolidation or reclassification of the outstanding Common Units into a
greater or lesser number of Common Units, then, and in each such case, the
Conversion Factor in effect immediately prior to such event or the record date
therefore, whichever is earlier, shall be adjusted by multiplying such
Conversion Factor by a fraction, (A) the numerator of which is the number
of Common Units that were outstanding immediately after such event and (B) the
denominator of which is the number of Common Units outstanding immediately
prior to such event. An adjustment made pursuant to this Section 6(c) shall
become effective in the case of any such dividend or distribution, immediately
after the close of business on the record date for the determination of holders
of Common Units entitled to receive such dividend or distribution, or in the
case of any such subdivision, reclassification, consolidation or combination,
at the close of business on the day upon which such partnership action becomes
effective.

 

(ii)  Adjustment for
Issuances.  In case the Corporation shall
issue (other than upon the exercise of options, rights or convertible
securities) Paired Shares at a price per share less than 95% of the Current Per
Share Market Price, then, and in each such case, the Conversion Factor in
effect immediately prior to such issuance shall be adjusted so as to be equal
to an amount determined by multiplying the Conversion Factor in effect
immediately prior to such event by a fraction of which (A) the numerator
shall be (x) the number of Paired Shares outstanding at the close of
business on the date immediately preceding such issuance plus (y) the
number of Paired Shares so issued and (B) the denominator shall be (x) the
number of Paired Shares outstanding immediately preceding such issuance plus (y) the
number of Paired Shares which the aggregate consideration receivable by the
Corporation in connection with such issuance would purchase at such Current Per
Share Market Price.  For purposes of this
Section 6(c)(ii), the aggregate consideration receivable by the
Corporation in connection with the issuance for cash of Paired Shares shall be
deemed to be equal to the gross offering price (before deduction of customary
underwriting discounts or commissions and expenses payable to third parties) of
all such securities being issued.

 

(iii)  Issuance of
Options, Warrants or Other Rights.   In
case the Corporation shall issue rights to subscribe for or purchase, or
options or warrants to purchase, any Paired Shares (or securities convertible
into Paired Shares) at a price per Paired Share (or having a conversion price
per Paired Share) less than 95% of the Current Per Share Market Price, the
Conversion Factor in effect immediately prior thereto shall be adjusted so that
it shall equal the price determined by multiplying the Conversion Factor in
effect immediately prior thereto by a fraction, of which (A) the numerator
shall be (x) the number of Paired Shares 

 

6

 

outstanding on the date immediately preceding such issuance plus (y) the
total number of additional Paired Shares offered for subscription or issuable
upon exercise of such options or warrants (or into which the convertible
securities so offered are convertible) and (B) the denominator of which
shall be (x) the number of Paired Shares outstanding at the close of
business on the date immediately preceding such issuance plus (y) the
number of Paired Shares which the aggregate offering price of the total number
of Paired Shares so offered for subscription or issuable upon exercise of such
options or warrants (or the aggregate conversion price of the convertible
securities so offered) would purchase at such the Current Per Share Market
Price. Such adjustment shall be made successively whenever any rights, options
or warrants are issued; provided, however, that in the event that all Paired
Shares offered for subscription or purchase are not delivered (or securities
convertible into Paired Shares are not delivered) upon the exercise of such
rights, options or warrants, upon the expiration of such rights, options or
warrants the Conversion Factor shall be readjusted to the Conversion Factor
which would have been in effect had the numerator and the denominator of the
foregoing fraction and the resulting adjustments made upon the issuance of such
rights, options or warrants been made based upon the number of Paired Shares
(or securities convertible into Paired Shares) actually delivered upon the
exercise of such rights, options or warrants rather than upon the number of
Paired Shares offered for subscription or purchase. In determining whether any
rights, options or warrants entitle the holders to subscribe for or purchase
Paired Shares at less than 95% of such Current Per Share Market Price, and in
determining the aggregate offering price of such rights, options or warrants
(or the aggregate conversion price of the convertible securities), there shall
be taken into account any consideration received by the Corporation for such
rights, options or warrants (or convertible securities) and receivable by the
Corporation upon the exercise or conversion thereof, the value of such
consideration, if other than cash, to be determined in good faith by the Board
of Directors.  Notwithstanding the foregoing,
this Section 6(c)(iii) shall not apply to the issuance of a right,
option or warrant to purchase Paired Shares pursuant to any employee stock
option or similar plan adopted by the Board of Directors of the Corporation.

 

(iv)  Adjustment for
Consolidation, Merger, Reorganization or Recapitalization, etc. In case of any
consolidation, merger or reorganization of the Corporation or the Operating
Partnership with or into another Entity or the sale of all or substantially all
of the assets of the Corporation or the Operating Partnership to another Entity
(other than a consolidation, merger or sale which is treated as a liquidation
pursuant to Section 4 hereof or any recapitalization of either the
Corporation or the Operating Partnership), each 7.00% Cumulative Convertible
Preferred Unit shall, in the case of such sale, thereafter be convertible into
the kind and amount of shares of stock or other securities or property to which
a holder of the number of shares of Corporation 7.00% Cumulative Convertible
Preferred Stock of the Corporation or Common Units of the Operating
Partnership, as the case may be, deliverable upon conversion of such 7.00%
Cumulative Convertible Preferred Units would have been entitled upon such sale
and, in the case of such consolidation, merger or reorganization or
recapitalization, the holder of each 7.00% Cumulative Convertible
Preferred  Unit will, insofar as
practicable, receive a security or securities in the surviving entity or the
recapitalized entity, as the case may be, comparable to the 7.00% Cumulative
Convertible Preferred Unit which, among other comparable provisions, insofar as
may be 

 

7

 

practicable, shall be convertible into securities comparable to the
Common Units but shall, following such merger, consolidation or reorganization,
be immediately convertible following such merger, consolidation or
reorganization notwithstanding the requirements set forth in Section 6(b) hereof;
and, in such case, other appropriate adjustments (as determined in good faith
by the Board of Directors of the Corporation, in the case of a consolidation,
merger, reorganization, recapitalization or sale involving the Corporation, or
the Managing General Partner, in the case of a consolidation, merger, reorganization,
recapitalization or sale involving the Operating Partnership) shall be made in
the application of the provisions in this Section 6 set forth with respect
to the rights and interests thereafter of the holders of the 7.00% Cumulative
Convertible Preferred Units, to the end that the provisions set forth in this Section 6
(including provisions with respect to changes in and other adjustments of the
Conversion Factor) shall thereafter be applicable, as nearly as reasonably may
be, in relation to any shares of stock, partnership units or other property
thereafter deliverable upon the conversion of the 7.00% Cumulative Convertible
Preferred Units.

 

(d)  Adjustments to
the Threshold Value.  (i)  In case
the Corporation shall at any time or from time to time after the original
issuance of the 7.00% Cumulative Convertible Preferred Units declare a
dividend, or make a distribution, on the outstanding Paired Shares, in either
case, in additional Paired Shares, or effect a subdivision, combination, consolidation
or reclassification of the outstanding Paired Shares into a greater or lesser
number of Paired Shares, then, and in each such case, the Threshold Value in
effect immediately prior to such event or the record date therefore, whichever
is earlier, shall be adjusted by multiplying such Threshold Value by a
fraction, (A) the numerator of which is the number of Paired Shares that
were outstanding immediately prior such event and (B) the denominator of
which is the number of Paired Shares outstanding immediately after to such
event.

 

(ii)  The Threshold
Value shall also be equitably adjusted to reflect the effect of an issuance
which would result in an adjustment to the Conversion Factor under Section 6(c)(iv).

 

(iii)  An adjustment
made pursuant to this Section 6(d) shall become effective in the case
of any such dividend or distribution, immediately after the close of business
on the record date for the determination of holders of Paired Shares entitled
to receive such dividend or distribution, or in the case of any such
subdivision, reclassification, recapitalization, consolidation or combination,
at the close of business on the day upon which such partnership or corporate
action becomes effective.

 

(e)  No adjustment
in the Conversion Factor or the Threshold Value shall be required unless such
adjustment would require an increase or decrease of at least 0.25% of the
Conversion Factor or the Threshold Value, as applicable; provided, that any
adjustments which by reason of this Section 6(e) are not required to
be made shall be carried forward and taken into account in any subsequent
adjustment.

 

(f)  No fractional
Conversion Units or scrip representing fractions of Conversion Units shall be
issued upon conversion of a 7.00% Cumulative Convertible Preferred Unit.  If a 

 

8

 

fractional Conversion
Unit is otherwise deliverable to a converting holder upon a conversion of 7.00%
Cumulative Convertible Preferred Units, the Operating Partnership shall in lieu
thereof pay to the person entitled thereto an amount in cash equal to the
current value of such fractional interest, calculated to the nearest 1/1000th
of a unit, to be computed using the current market price of a Paired Share on
the date of conversion, in the case of a conversion into Common Units.

 

(g)  Whenever the
Conversion Factor is adjusted pursuant to Section 6(c) or the
Threshold Value is adjusted pursuant to Section 6(d), the Operating
Partnership shall promptly mail to the holders of 7.00% Cumulative Convertible
Preferred Units at their addresses as shown on the books of the Operating
Partnership and to the Contributor Representative at its notice address
pursuant to the Tax Protection Agreement a notice stating that the Conversion
Factor and/or the Threshold Value, as the case may be, has been adjusted, the
effective date of such adjustment and the new Conversion Factor or Threshold
Value.

 

(h)  In the event of
the conversion of a 7.00% Cumulative Convertible Preferred Unit pursuant to
this Section 6 into Common Units, then such Common Units issuable upon
such conversion shall be paired with 8.00% Cumulative Redeemable Preferred
Units so that they are transferable, redeemable or convertible as a paired unit
consisting of 0.75676 Common Units (subject to adjustment) and one (1) 8.00%
Cumulative Redeemable Preferred Unit and such paired units shall be “Paired
Units” for purposes hereof; provided, however, that 8.00% Cumulative Redeemable
Preferred Units shall not be paired with Paired Shares issued upon conversion
or in exchange for Common Units.  In the
event of the conversion of a 7.00% Cumulative Convertible Preferred Unit
pursuant to this Section 6 into 7.00% Cumulative Convertible Preferred
Stock, then the 8.00% Cumulative Redeemable Preferred Unit to which it is
paired shall simultaneously be converted into 8.00% Cumulative Convertible
Preferred Stock pursuant to Section 6 of the 8.00% Certificate of
Designation.

 

SECTION 7.   Put Right.     (a)  In the event of (i) the
death of an Actual Taxpayer (as defined in the Tax Protection Agreement)
holding directly or indirectly 7.00% Cumulative Convertible Preferred Units, (ii) in
the case of 7.00% Cumulative Convertible Preferred Units held directly or
indirectly by an Actual Taxpayer in trust, the death of the person designated
from time to time by the trustee(s) of such trust, or (iii) a Tax
Triggering Event with respect to an Actual Taxpayer holding directly or
indirectly 7.00% Cumulative Convertible Preferred Units, then in any such event
such holder or the subsequent holder or holders, as the case may be, of such
7.00% Cumulative Convertible Preferred Units may require the Operating
Partnership to repurchase such 7.00% Cumulative Convertible Preferred Units, in
accordance with Section 7(b) below, at a price of $28.00 per 7.00%
Cumulative Convertible Preferred Unit, plus distributions accrued and unpaid to
the repurchase date (such sum, the “Repurchase Price”).  As used in this Section 7(a), “Tax
Triggering Event” means, with respect to any Actual Taxpayer holding directly
or indirectly 7.00% Cumulative Convertible Preferred Units, any transaction by
the Operating Partnership (x) involving the Contributed Property and (y) constituting
a Taxable Sale.  The terms Contributed
Property and Taxable Sale shall have the meanings specified in the Tax
Protection Agreement.  The term 

 

9

 

“Repurchase Date” shall mean the date on which the first payment (in
cash or Paired Shares) is made as described in Section 7(b) below.

 

(b)  The aggregate
Repurchase Price shall be paid within one year after the exercise of the right
described in Section 7(a) above, at the option of the Operating
Partnership, (i) in cash, or (ii) in fully registered Paired Shares
valued at the Current Per Share Market Price for such Paired Shares as of the
date such shares are to be issued hereunder, except that the portion of the
aggregate Repurchase Price consisting of accrued and unpaid distributions shall
be paid in full in cash when such distributions are paid with respect to other
7.00% Cumulative Convertible Preferred Units, but in no event later than the
time of the first cash payment provided in this Section 7(b) or the
issuance of such Paired Shares, as the case may be.  If the Operating Partnership elects to pay
for the 7.00% Cumulative Convertible Preferred Units in cash, the aggregate
Repurchase Price shall be paid, at the option of the Operating Partnership,
either (x) in full on or before such date which is one year after the
exercise of the right described in Section 7(a) above or (y) in four (4) equal
annual installments commencing not later than one year after the exercise of
the right described in Section 7(a) above, with interest accruing on
unpaid amounts from the date of exercise of the right described in Section 7(a) above
at the rate of 7% per annum.

 

SECTION 8.  No Right to Certain Distributions.  Any holder of 7.00% Cumulative Convertible
Preferred Units whose units are redeemed pursuant to Section 5 hereto,
converted pursuant to Section 6 hereto or caused to be repurchased
pursuant to Section 7 hereto, prior to being entitled to received any cash
or other securities upon the occurrence of any such event, will be required to
execute and deliver to the Operating Partnership and the Corporation a
Distribution Return Agreement substantially in the form of Annex II hereto.

 

SECTION 9.  Restrictions on Transfer; Stapled Security.
Restrictions on Transfer, Redemption, Conversion or Put; Stapled Security.  (a) The Paired Units shall be subject to
the restrictions on transfer set forth in Sections 9.3 and 9.5 of the
Partnership Agreement as if such units were “Partnership Units” there
under.  Any transfer or attempted
transfer in violation of the provisions of this Section 9(a)  shall
be null and void.

 

(b)  Notwithstanding
anything in this Certificate of Designation to the contrary, Paired Units shall
only be transferred to a transferee, caused to be redeemed pursuant to Section 5,
converted pursuant to Section 6 or caused to be repurchased pursuant to Section 7
as a Paired Unit, if any such units are otherwise required to be paired under
this Certificate of Designation.  Any
such transfer, redemption or repurchase or attempted transfer, redemption or
repurchase of 7.00% Cumulative Convertible Preferred Units in violation of the
provisions of this Section 9(b) shall be null and void.

 

SECTION 10.   Status of Converted or Redeemed 7.00%
Cumulative Convertible Preferred  Units.  Upon any conversion or any redemption,
repurchase or other acquisition by the Operating Partnership of 7.00%
Cumulative Convertible Preferred Units, the 7.00% Cumulative Convertible
Preferred Units so converted, redeemed, repurchased or acquired shall be
retired and canceled.

 

10

 

SECTION 11.  Voting. (a) The Operating
Partnership shall not, without the affirmative consent or approval of the
holders of at least a majority of the 7.00% Cumulative Convertible Preferred
Units then outstanding, voting separately as a class, (i) authorize any
Senior Units; (ii) amend, alter or modify any of the provisions of this
Certificate of Designation so as to adversely affect the holders of 7.00%
Cumulative Convertible Preferred Units; or (iii) issue to any holder of
Common Units any Parity Units by way of exchange, distribution or similar
transaction in respect of such Common Units, unless such exchange, distribution
or similar transaction is for fair value (as determined in good faith by the
Managing General Partner).

 

(b) The Corporation
shall not, without the affirmative consent or approval of the holders of at
least a majority in Liquidation Preference of the 7.00% Cumulative Convertible
Preferred Units and Corporation 7.00% Cumulative Convertible Preferred Stock
then outstanding, voting together as a single class, (i) authorize any
Senior Preferred Stock (as defined in Annex I hereto) or (ii) amend, alter
or modify any of the provisions of the Certificate of Designation of the
Corporation 7.00% Cumulative Convertible Preferred Stock so as to adversely
affect the holders thereof.

 

SECTION 12.   Registration  Rights for
Corporation 7.00% Cumulative Convertible Preferred Stock.  The Corporation 7.00% Cumulative Convertible
Preferred Stock issued to any holder of 7.00% Cumulative Convertible Preferred
Units pursuant to Section 6 hereof shall be deemed “Registrable
Securities” for purposes of Section 9.6 of the Partnership Agreement,
subject to the limitations and qualifications contained in Section 9.6 of
the Partnership Agreement unless the holder of such 7.00% Cumulative
Convertible Preferred Units is party to a registration rights agreement
pursuant to Section 5.06 of the Portfolio Agreement, in which case such
holder exclusively shall have the rights set forth therein.

 

SECTION 13.  Issuance of Paired SRC Limited Partnership
Units.  If any Common Units are to be
issued to a holder of a 7.00% Cumulative Convertible Preferred Unit in
connection with the redemption or conversion of such 7.00% Cumulative
Convertible Preferred Unit as provided herein, the Operating Partnership shall
distribute to the holder of such 7.00% Cumulative Convertible Preferred Unit so
converted, for no additional consideration, a number of SRC Limited Partnership
Units (as defined in the Partnership Agreement) equal to the number of Common
Units so issued; provided, however, that if the value of such SRC Limited
Partnership Units, as determined by the Operating Partnership consistent with
its prior valuation methodology used to value SRC Limited Partnership Units,
exceeds $.50 per Unit, then prior to the distribution of such SRC Limited
Partnership Units, the Operating Partnership shall notify the Contributor
Representative of its valuation of the SRC Limited Partnership Units.  If the Contributor Representative believes
that the distribution of such SRC Limited Partnership Units may be taxable to
the converting holders under Section 731(a) of the Code it may
request that the Operating Partnership offer to provide the converting Partners
with the opportunity to enter into so- called “bottom-up” guarantees under
terms and conditions set forth in Section 2(z) of the Tax Protection
Agreement, mutatis mutandis.  Remedy for
a failure by the Operating Partnership to comply with such obligation to
provide “bottom- up” guarantees shall be as set forth in Section 3 of 

 

11

 

the Tax Protection Agreement, mutatis mutandis.  It shall be a condition to any distribution
of SRC Limited Partnership Units to a holder that such holder agree in writing
to become a limited partner under the SRC Partnership agreement.

 

SECTION 14.  Definitions.  Except as otherwise herein expressly
provided, the following terms and phrases shall have the meanings set forth
below:

 

“Closing Price” on any
date shall mean the last sale price per share, regular way, of the Paired
Shares or, in case no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, of the Paired Shares in either case
as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the New York Stock
Exchange or, if the Paired Shares are not listed or admitted to trading on the
New York Stock Exchange, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national
securities exchange on which the Paired Shares are listed or admitted to
trading or, if the Paired Shares are not listed or admitted to trading on any
national securities exchange, the last quoted price, or if not so quoted, the
average of the high bid and low asked prices in the over-the-counter market, as
reported by the National Association of Securities Dealers, Inc. Automated
Quotations System for the Paired Shares or, if such system is no longer in use,
the principal other automated quotations system that may then be in use or, if
the Paired Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making
a market in the Paired Shares selected from time to time by the Board of
Directors of the Managing General Partner.

 

“Current Per Share Market
Price” on any date shall mean the average of the Closing Prices for the five
consecutive Trading Days ending on such date.

 

“Deemed Partnership Unit
Value” as of any date shall mean (i) the Current Per Share Market Price as
of the Trading Day immediately preceding such date, minus (ii) the SPG
Realty Deemed Partnership Unit Value; provided, however, that in the event of a
stock dividend, stock split, stock distribution or the like, the Deemed
Partnership Unit Value shall be adjusted by the Managing General Partner to
provide fair and equitable arrangements, to the extent necessary, to fully
adjust and avoid any dilution in the rights of the holders of the 7.00%
Cumulative Convertible Preferred Units.

 

“Entity” shall mean any
general partnership, limited partnership, limited liability company, limited
liability partnership, corporation, joint venture, trust, business trust,
cooperative or association.

 

“Limited Partners” shall
mean those Persons whose names are set forth on Exhibit A to the
Partnership Agreement as Limited Partners, their permitted successors or
assigns as limited partners hereof, and/or any Person who, at the time of
reference thereto, is a limited partner of the Operating Partnership.

 

12

 

“Managing General
Partner” shall mean Simon Property Group, Inc., a Delaware corporation.

 

“Non-Managing General
Partners” shall mean, collectively, SD Property Group, Inc. and SPG
Properties, Inc.

 

“Paired Share” shall mean
one Share and one Trust Interest.

 

“Partners” shall mean the
Managing General Partner, the Non-Managing General Partners and the Limited
Partners, their duly admitted successors or assigns or any Person who is a
partner of the Operating Partnership at the time of reference thereto.

 

“Partnership Units” shall
mean the interest in the Operating Partnership of any Partner which entitles a
Partner to the allocations (and each item thereof) specified in the Partnership
Agreement and all distributions from the Operating Partnership, and its rights
of management, consent, approval, or participation, if any, as provided in the
Partnership Agreement. Partnership Units do not include Preferred Units.  Each Partner’s percentage ownership interest
in the Operating Partnership shall be determined by dividing the number of
Partnership Units then owned by each Partner by the total number of Partnership
Units then outstanding.

 

“Person” shall mean any
individual or Entity.

 

“Shares” shall mean the
shares of common stock, par value $0.0001 per share, of the Corporation.

 

“SPG Managing General
Partner” shall mean SPG Realty Consultants, Inc.

 

“SPG Realty” shall mean
SPG Realty Consultants, Inc.

 

“SPG Realty Deemed
Partnership Unit Value” with respect to a particular Trust Interest as of any
date shall mean the value of the SPG Shares underlying such Trust Interest,
which shall be an amount equal to the greater of (i) the aggregate par
value of the SPG Share underlying the Trust Interest and (ii) the amount
determined in good faith by the Board of Directors of the  SPG Managing General Partner to represent the
fair market net asset value of the SPG Share underlying the Trust Interest.

 

“SPG Shares” shall mean
the Common Stock, par value $.01 per share of the SPG Managing General Partner.

 

“Trading Day” shall mean
a day on which the principal national securities exchange on which the Paired
Shares are listed or admitted to trading is open for the transaction of
business or, if the Paired Shares are not listed or admitted to trading on any
national securities exchange, shall mean any day other than a Saturday, a
Sunday or a day on which banking 

 

13

 

institutions in the State of New York are authorized or obligated by
law or executive order to close.

 

“Trust” shall mean the
trust owning all of the outstanding shares of Common Stock, par value $0.0001
per share, of SPG Realty subject to a trust agreement among certain
stockholders of the Corporation, a trustee and the SPG Realty pursuant to which
all holders of Shares are beneficiaries of such Trust.

 

“Trust Interest” shall
mean a pro rata beneficial interest in the Trust.

 

14

 

DISTRIBUTION
RETURN AGREEMENT

 

	
   

  	
  Date:

  

 

Simon Property Group,
L.P.

National City Center

115 West Washington
Street, Suite 15 East

Indianapolis, Indiana
46204

 

Dear Sirs:

 

The undersigned is a holder of 7.00% Cumulative
Convertible Preferred Units (“Preferred Units”) of Simon Property Group, L.P.,
a Delaware limited liability (the “Operating Partnership”).  On the date hereof, the undersigned has
presented to the Operating
Partnership        (number) Preferred Units
(the “Tendered Units”) for (a) redemption (the “Redemption”); (b) conversion
(the “Conversion”) or (c) repurchase (the “Repurchase”) pursuant to their
terms.  This letter agreement is being
given in satisfaction of a condition to the Redemption, Conversion, or
Repurchase, as applicable, of the Tendered Units.

 

The undersigned hereby
agrees with the Operating Partnership that, in the event the undersigned
receives any payment or distribution with respect to Tendered Units after their
Redemption, Conversion, or Repurchase, as applicable, other than a payment or
distribution required to be made in connection therewith, the undersigned will
promptly remit such payment or distribution back to the Operating Partnership.

 

In furtherance of the
foregoing, the undersigned further grants to the Operating Partnership the
right to set off against any unpaid amount due to the Operating Partnership
under this letter agreement any debt or other obligation of the Operating
Partnership owing to the undersigned, including, without limitation, any
dividend or other distribution payable to the undersigned by reason of its
ownership of Preferred Units or any other securities of the Operating
Partnership.

 

This letter agreement
shall be construed in accordance with, and governed by, the laws of the State
of New York, without regard to conflicts of laws principles.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Name of Holder of
  Preferred Units)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED:

  	
   

  	
   

  
	
  SIMON PROPERTY GROUP,
  L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

15

 

CERTIFICATE
OF DESIGNATION

 

OF

 

8.00%
CUMULATIVE REDEEMABLE PREFERRED UNITS

 

OF

 

SIMON
PROPERTY GROUP, L.P.

 

WHEREAS, Simon Property Group, L.P. (the
“Operating Partnership”) has agreed to designate a series of preferred units
having the powers, preferences and relative, participating, optional or other
special rights set forth herein and to issue the units so designated solely as
partial consideration for the NED Portfolio Properties as defined in certain
contribution agreements with respect to properties the sale of which was
arranged by NED Management Limited Partnership and WellsPark Management LLC
and, under certain circumstances, as partial consideration for Pheasant Lane
Mall in Nashua New Hampshire and Cambridgeside Galleria in Cambridge,
Massachusetts pursuant to contribution agreements with respect to those
properties (the contribution agreements for the NED Portfolio Properties.
Pheasant Lane Mall and Cambridgeside Galleria are referred to herein as the
“Contribution Agreements”); and

 

WHEREAS, the designation of the preferred units
of the Operating Partnership hereby is permitted by the terms of the Seventh
Amended and Restated Limited Partnership Agreement of the Operating Partnership
(the “Partnership Agreement”); and

 

WHEREAS, Simon Property Group, Inc. (the
“Corporation”), the managing general partner of the Operating Partnership (in
such capacity, the “Managing General Partner”), has determined that it is in
the best interest of the Operating Partnership to designate a new series of
preferred units of the Operating Partnership;

 

NOW
THEREFORE, the
Managing General Partner hereby designates a series of preferred units and
fixes the designations, powers, preferences and relative, participating,
optional or other special rights, and the qualifications, limitations or
restrictions thereof, of such preferred units, as follows:

 

SECTION 1.  Designation and Number.  The units of such series shall be designated
“8.00% Cumulative Redeemable Preferred Units” (the “8.00% Cumulative Redeemable
Preferred Units”).  The authorized number
of 8.00% Cumulative Redeemable Preferred Units shall be 1,500,000 but such
8.00% Cumulative Redeemable Preferred Units shall only be issuable as consideration
pursuant to the Contribution Agreements. 
Subject to Sections 5 and 6 hereof, each 8.00% Cumulative Redeemable
Preferred Unit shall be paired with one (1) 7.00% Cumulative Convertible
Preferred Unit of the Operating Partnership (“7.00% Cumulative Convertible
Preferred Unit”) or one (1) Common Unit into which such 7.00% 

 

1

 

Cumulative Convertible
Preferred Unit is converted and such paired units shall be subject to the
transfer restrictions set forth in Section 9 hereof (as such, “Paired
Units”); provided that in the event of (i) the redemption by the Operating
Partnership of the 8.00% Cumulative Redeemable Preferred Units for Common
Units; (ii) the conversion of 8.00% Cumulative Redeemable Preferred Units
into 8.00% Cumulative Redeemable Preferred Stock (as defined below) as
permitted under Section 6 herein or (iii) the repurchase of 8.00%
Cumulative Redeemable Preferred Units payable in Paired Shares as  permitted under Section 7 herein, then in
each such case, the 7.00% Cumulative Convertible Preferred Units shall cease to
be paired with such Common Units issuable upon such redemption, such 8.00%
Cumulative Redeemable Preferred Stock issuable upon such conversion, or such
Paired Shares issuable upon repurchase, as the case may be, and the provisions
of Section 9(b) hereof shall no longer apply to 8.00% Cumulative
Redeemable Preferred Units which had been paired with the 8.00% Cumulative
Redeemable Preferred Stock which were so redeemed or converted.

 

SECTION 2.  Ranking. The 8.00% Cumulative
Redeemable Preferred Units shall, with respect to the payment of distributions
pursuant to Section 6.2 of the Partnership Agreement or rights upon the
dissolution, liquidation or winding-up of the Operating Partnership, rank: (i) senior
to the holders of Partnership Units of the Operating Partnership (the “Common
Units”) and any other equity securities of the Operating Partnership which by
their terms rank junior to the 8.00% Cumulative Redeemable Preferred Units as
to distributions pursuant to Section 6.2 of the Partnership Agreement or
rights upon the dissolution, liquidation or winding-up of the Operating
Partnership (such Common Units and such other equity securities, collectively,
the “Junior Units”), (ii) pari passu with any other preferred units which
are not by their terms junior or, subject to Section 11 hereof, senior to
the 8.00% Cumulative Redeemable Preferred Units as to distributions pursuant to
Section 6.2 of the Partnership Agreement or rights upon the dissolution,
liquidation or winding-up of the Operating Partnership, and in all respects
shall rank pari passu with the 6.50% Series A Convertible Preferred Units,
Series B Convertible Preferred Units, 8-3/4% Series B Cumulative
Redeemable Preferred Units, 7.89% Series C Cumulative Step-Up Premium Rate
Preferred Units and 7.00% Cumulative Convertible Preferred Units, which are the
only preferred units of the Operating Partnership authorized as of the date
hereof (“Parity Units”) and (iii) subject to Section 11 hereof,
junior to any other preferred units which by their terms are senior to the
8.00% Cumulative Redeemable Preferred Units as to distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership (“Senior Units”).

 

SECTION 3.  Distributions. (a)  Distributions
on the 8.00% Cumulative Redeemable Preferred Units are cumulative from the date
of issuance and are payable quarterly on or about the last day of March, June, September and
December of each year in an amount in cash equal to 7.00% of the
Liquidation Preference (as defined herein) per annum.

 

(b)  Distributions
on the 8.00% Cumulative Redeemable Preferred Units, without any additional
return on unpaid distributions, will accrue, whether or not the Operating
Partnership has earnings, whether or not there are funds legally available for
the payment of such distribution and whether or not such distributions are
declared or paid when due. All 

 

2

 

such distributions
accumulate from the first date of issuance of any such 8.00% Cumulative
Redeemable Preferred Units. Distributions on the 8.00% Cumulative Redeemable
Preferred Units shall cease to accumulate on such units on the date of their
earlier conversion or redemption.

 

(c)  In  allocating  items  of  income,  gain,  loss  and  deductions  which  could  have  an  effect  upon  the  determination  of  the  federal  income  tax  liability  of  any  holder  of  the  8.00%  Cumulative  Redeemable  Preferred  Unit,  except  as  otherwise  required  by  Section  704(c)  of  the  Internal  Revenue  Code  of  1986,  as  amended,  or  any  other  applicable  provisions  thereof,  the  Operating  Partnership  shall  allocate  each  such  item  proportionately,  based  on  the  distributive  share  of  profits  or  losses,  as  the  case  may  be,  of  the  Operating  Partnership  allocated  to  holders  of  the  8.00%  Cumulative  Redeemable  Preferred  Units  as  compared  to  the  total  of  the  distributive  shares  of  such  profits  and  losses,  as  the  case  may  be,  allocated  to  all  partners  of  the  Operating  Partnership.

 

(d)  If any 8.00%
Cumulative Redeemable Preferred Units are outstanding, then, except as provided
in the following sentence, no distributions shall be declared or paid or set
apart for payment on any Parity Units or Junior Units for any period unless
full cumulative distributions have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for
such payments on the 8.00% Cumulative Redeemable Preferred Units for all past
distribution periods and the then current distribution period.  When distributions are not paid in full (or a
sum sufficient for such full payment is not set apart) upon the 8.00%
Cumulative Redeemable Preferred Units and any Parity Units, all distributions
declared upon the 8.00% Cumulative Redeemable Preferred Units and any other
Parity Units shall be declared pro rata so that the amount of distributions
declared the 8.00% Cumulative Redeemable Preferred Unit and such other Parity
Units shall in all cases bear to each other the same ratio that accrued
distributions per 8.00% Cumulative Redeemable Preferred Unit and such other
series of Parity Units bear to each other.

 

(e)  Except as
provided in subparagraph (d) above, unless full cumulative distributions
on the 8.00% Cumulative Redeemable Preferred Units have been or
contemporaneously are declared and paid or declared and a sum sufficient for
the payment thereof set apart for payment for all past distribution periods and
the then current distribution period, no distributions (other than in Junior
Units) shall be declared, set aside for payment or paid and no other
distribution shall be declared or made upon any Junior Units, nor shall any
Junior Units be redeemed, purchased or otherwise acquired for any consideration
(or any moneys be paid to or made available for a sinking fund for the
redemption of any such Junior Units) by the Operating Partnership (except by
conversion into or exchange for Junior Units).

 

SECTION 4.  Liquidation Preference.  (a)  Each 8.00% Cumulative Redeemable
Preferred Unit shall be entitled to a liquidation preference of $30.00 per
8.00% Cumulative Redeemable Preferred Unit (“Liquidation Preference”).

 

(b) In the event of
any voluntary or involuntary liquidation, dissolution or winding up of the
Operating Partnership pursuant to Article VIII of the Partnership
Agreement, the 

 

3

 

holders of 8.00% Cumulative Redeemable Preferred Units then outstanding
shall be entitled to be paid out of the assets of the Operating Partnership
available for distribution, after and subject to the payment in full of all
amounts required to be distributed to the holders of Senior Units, but before
any payment shall be made to the holders of Junior Units, an amount equal to
the aggregate Liquidation Preference of the 8.00% Cumulative Redeemable
Preferred Units held by such holder, plus an amount equal to accrued and unpaid
distributions thereon, if any.  If upon
any such liquidation, dissolution or winding up of the Operating Partnership
the remaining assets of the Operating Partnership available for the
distribution after payment in full of amounts required to be paid or
distributed to holders of Senior Units shall be insufficient to pay the holders
of the 8.00% Cumulative Redeemable Preferred Units the full amount to which
they shall be entitled, the holders of the 8.00% Cumulative Redeemable
Preferred Units, and the holders of any series of Parity Units, shall share
ratably with other holders of Parity Units in any distribution of the remaining
assets and funds of the Operating Partnership in proportion to the respective
amounts which would otherwise be payable in respect to the Parity Units held by
each of the said holders upon such distribution if all amounts payable on or
with respect to said Parity Units were paid in full. After payment in full of
the Liquidation Preference and accumulated and unpaid distributions to which
they are entitled, the holders of 8.00% Cumulative Redeemable Preferred Units
shall not be entitled to any further participation in any distribution of the
assets of the Operating Partnership.

 

SECTION 5.  Redemption.  (a)  General.  The 8.00% Cumulative Redeemable Preferred
Units are not redeemable, except as permitted under Sections 6 and 7 herein,
prior to August 27, 2009.

 

(b)  Optional
Redemption.  (i) On and after August 27,
2009, the Operating Partnership may, at its option, at any time, redeem the
8.00% Cumulative Redeemable Preferred Units, in whole or in part, at the
Liquidation Preference, plus accrued and unpaid distributions thereon, if any,
to and including the date of redemption (the “Redemption Price”).  The Redemption Price (other than the portion
thereof consisting of accrued and unpaid distributions, which shall be payable
in cash) is payable, at the option of the Operating Partnership, in any
combination of (i) new preferred unit (“New Preferred Units”) of the
Operating Partnership having substantially the same terms as the 8.00%
Cumulative Redeemable Preferred Units with a distribution coupon to be reset
based on the then market rates (such rate to be determined in good faith by the
Managing General Partner), or (ii) in Common Units at the Deemed
Partnership Unit Value as of the Redemption Date (as defined below), of the
Common Units to be issued.

 

(ii)  Provided that
no later than the Redemption Date the Operating Partnership shall have (A) set
apart the funds necessary to pay the accrued and unpaid distribution on all the
8.00% Cumulative Redeemable Preferred Units then called for redemption and (B) reserved
for issuance a sufficient number of authorized Common Units and/or New
Preferred Units, the Operating Partnership may give the holders of the 8.00%
Cumulative Redeemable Preferred Units written notice (“Redemption Notice”) of a
redemption pursuant to Section 5(b) (a “Redemption”) not more than 70
nor less than 40 calendar days prior to the date fixed 

 

4

 

for redemption (the
“Redemption Date”) at the address of such holders on the books of the  Operating Partnership (provided that failure
to give such notice or any defect therein shall not affect the validity of the
proceeding for a Redemption except as to the holder to whom the Operating
Partnership has failed to give such notice or whose notice was defective).  The 8.00% Cumulative Redeemable Preferred
Units for which the Redemption Price has been paid shall no longer be deemed
outstanding from and after the date of payment and all rights with respect to
such units shall forthwith cease and terminate. In case fewer than all of the
outstanding 8.00% Cumulative Redeemable Preferred Units are called for
redemption, such units shall be redeemed pro rata, as nearly as practicable,
among all holders of 8.00% Cumulative Redeemable Preferred Units, provided
that, if within 20 business days of the Redemption Notice the Contributor
Representative (as such term is defined in the Tax Protection Agreement entered
into on or prior to the date hereof between Operating Partnership and certain
other parties (the “Tax Protection Agreement”)) notifies the Operating
Partnership of an alternative allocation (“Allocation Notice”), then the
redemption of the 7.00% Cumulative Preferred Units shall be allocated in
accordance with such Allocation Notice. 
On or before the Redemption Date, a holder of 8.00% Cumulative
Redeemable Preferred Units shall have the conversion right set forth in Section 6
hereof notwithstanding anything in this Section 5 to the contrary.

 

SECTION 6.  Conversion.    (a)  Each 8.00% Cumulative Redeemable
Preferred Unit shall be convertible at the option of the holder, at any time on
and after August 27, 2004, upon no less than 15 business days prior
written notice to the Corporation and the Operating Partnership, in whole or in
part, unless previously redeemed, pursuant to Section 6(b) below.

 

(b)  Each 8.00%
Cumulative Redeemable Preferred Unit that the holder elects to convert will be
redeemed for shares of 8.00% Cumulative Redeemable Preferred Stock of the
Corporation having an aggregate liquidation preference equal to the Liquidation
Preference of the 8.00% Cumulative Redeemable Preferred Units that the holder
elects to convert, such preferred stock of the Corporation to have the rights
and preferences set forth on Annex I hereto (“Corporation 8.00% Cumulative
Redeemable Preferred Stock”).

 

(c)  No fractional
Conversion Units or scrip representing fractions of Conversion Units shall be
issued upon conversion of a 8.00% Cumulative Redeemable Preferred Unit.  If a fractional Conversion Unit is otherwise
deliverable to a converting holder upon a conversion of 8.00% Cumulative
Redeemable Preferred Units, the Operating Partnership shall in lieu thereof pay
to the person entitled thereto an amount in cash equal to the current value of
such fractional interest, calculated to the nearest 1/1000th of a unit, to be
computed using the current market price of a Paired Share on the date of
conversion, in the case of a conversion into Common Units.

 

SECTION 7.  Put Right.     (a) In the event of (i) the death
of an Actual Taxpayer (as defined in the Tax Protection Agreement) holding
directly or indirectly 8.00% Cumulative Redeemable Preferred Units, (ii) in
the case of 8.00% Cumulative Redeemable Preferred Units held directly or
indirectly by an Actual Taxpayer in trust, the death of the person designated
from time to time by the trustee(s) of such trust, or (iii) a Tax
Triggering Event

 

5

 

with respect to an Actual
Taxpayer holding directly or indirectly 8.00% Cumulative Redeemable Preferred
Units, then in any such event such holder or the subsequent holder or holders,
as the case may be, of such 8.00% Cumulative Redeemable Preferred Units may
require the Operating Partnership to repurchase such 8.00% Cumulative
Redeemable Preferred Units, in accordance with Section 7(b) below, at
a price of $30.00 per 8.00% Cumulative Redeemable Preferred Unit, plus
distributions accrued and unpaid to the repurchase date (such sum, the “Repurchase
Price”).  As used in this Section 7(a),
“Tax Triggering Event” means, with respect to any Actual Taxpayer holding
directly or indirectly 8.00% Cumulative Redeemable Preferred Units, any
transaction by the Operating Partnership (x) involving the Contributed
Property and (y) constituting a Taxable Sale.  The terms Contributed Property and Taxable
Sale shall have the meanings specified in the Tax Protection Agreement.  The term “Repurchase Date” shall mean the
date on which the first payment (in cash or Paired Shares) is made as described
in Section 7(b) below.

 

(b)  The aggregate Repurchase Price shall be paid
within one year after the exercise of the right described in Section 7(a) above,
at the option of the Operating Partnership, (i) in cash, or (ii) in
fully registered Paired Shares valued at the Current Per Share Market Price for
such Paired Shares as of the date such shares are to be issued hereunder,
except that the portion of the aggregate Repurchase Price consisting of accrued
and unpaid distributions shall be paid in full in cash when such distributions
are paid with respect to other 8.00% Cumulative Redeemable Preferred Units, but
in no event later than the time of the first cash payment provided in this Section 7(b)
or the issuance of such Paired Shares, as the case may be.  If the Operating Partnership elects to pay
for the 8.00% Cumulative Redeemable Preferred Units in cash, the aggregate
Repurchase Price shall be paid, at the option of the Operating Partnership,
either (x) in full on or before such date which is one year after the exercise
of the right described in Section 7(a) above or (y) in four (4) equal
annual installments commencing not later than one year after the exercise of
the right described in Section 7(a) above, with interest accruing on
unpaid amounts from the date of exercise of the right described in Section 7(a)
above at the rate of 8% per annum.

 

SECTION 8. 
No Right to Certain Distributions.  Any holder of 8.00% Cumulative Redeemable
Preferred Units whose units are redeemed pursuant to Section 5 hereto,
converted pursuant to Section 6 hereto or caused to be  repurchased pursuant to Section 7
hereto, prior to being entitled to received any cash or other securities upon
the occurrence of any such event, will be required to execute and deliver to
the Operating Partnership and the Corporation a Distribution Return Agreement
substantially in the form of Annex II hereto.

 

SECTION 9. 
Restrictions on Transfer, Redemption, Conversion or Put; Stapled
Security.  (a)  The Paired Units
shall be subject to the restrictions on transfer set forth in Sections 9.3 and
9.5 of the Partnership Agreement as if such units were “Partnership Units”
there under.  Any transfer or attempted
transfer in violation of the provisions of this Section 9(a) shall be
null and void.

 

(b)  Notwithstanding anything in this Certificate
of Designation to the contrary, Paired Units shall only be transferred to a
transferee, caused to be redeemed pursuant to Section 5,

 

6

 

converted pursuant to Section 6 or caused to be repurchased
pursuant to Section 7 as a Paired Unit, if any such units are otherwise
required to be paired under this Certificate of Designation.  Any such transfer, redemption or repurchase
or attempted transfer, redemption or repurchase of 8.00% Cumulative Redeemable
Preferred Units in violation of the provisions of this Section 9(b) shall
be null and void.

 

·                  Status of
Converted or Redeemed 8.00% Cumulative Redeemable Preferred  Units.  Upon any conversion or any redemption,
repurchase or other acquisition by the Operating Partnership of 8.00%
Cumulative Redeemable Preferred Units, the 8.00% Cumulative Redeemable
Preferred Units so converted, redeemed, repurchased or acquired shall be
retired and canceled.

 

SECTION 11. 
Voting. (a) The Operating Partnership shall not, without the
affirmative consent or approval of the holders of at least a majority of the
8.00% Cumulative Redeemable Preferred Units then outstanding, voting separately
as a class, (i) authorize any Senior Units; (ii) amend, alter or
modify any of the provisions of this Certificate of Designation so as to
adversely affect the holders of 8.00% Cumulative Redeemable Preferred Units; or
(iii) issue to any holder of Common Units any Parity Units by way of
exchange, distribution or similar transaction in respect of such Common Units,
unless such exchange, distribution or similar transaction is for fair value (as
determined in good faith by the Managing General Partner).

 

(b) The Corporation shall not, without the
affirmative consent or approval of the holders of at least a majority in
Liquidation Preference of the 8.00% Cumulative Redeemable Preferred Units and
Corporation 8.00% Cumulative Redeemable Preferred Stock then outstanding,
voting together as a single class, (i) authorize any Senior Preferred
Stock (as defined in Annex I hereto); or (ii) amend, alter or modify any
of the provisions of the Certificate of Designation of the Corporation 8.00%
Cumulative Redeemable Preferred Stock so as to adversely affect the holders
thereof.

 

SECTION 12. 
Registration Rights for Corporation 8.00% Cumulative Redeemable
Preferred Stock.  The Corporation
8.00% Cumulative Redeemable Preferred Stock issued to any holder of 8.00%
Cumulative Redeemable Preferred Units pursuant to Section 6 hereof shall
be deemed “Registrable Securities” for purposes of Section 9.6 of the
Partnership Agreement, subject to the limitations and qualifications contained
in Section 9.6 of the Partnership Agreement unless the holder of such
8.00% Cumulative Redeemable Preferred Units is party to a registration rights
agreement pursuant to Section 5.06 of the Portfolio Agreement, in which
case such holder exclusively shall have the rights set forth therein.

 

SECTION 13. 
Issuance of Paired SRC Limited Partnership Units.  If any Common Units are to be issued to a
holder of a 8.00% Cumulative Redeemable Preferred Unit in connection with the
redemption of such 8.00% Cumulative Redeemable Preferred Unit as provided
herein, the Operating Partnership shall distribute to the holder of such 8.00%
Cumulative Redeemable Preferred Unit so converted, for no additional
consideration, a number of SRC Limited Partnership Units (as defined in the
Partnership Agreement) equal to

 

7

 

the number of Common Units so issued; provided, however, that if the
value of such SRC Limited Partnership Units, as determined by the Operating
Partnership consistent with its prior valuation methodology used to value SRC
Limited Partnership Units, exceeds $.50 per Unit, then prior to the
distribution of such SRC Limited Partnership Units, the Operating Partnership
shall notify the Contributor Representative of its valuation of the SRC Limited
Partnership Units.  If the Contributor
Representative believes that the distribution of such SRC Limited Partnership
Units may be taxable to the converting holders under Section 731(a) of
the Code it may request that the Operating Partnership offer to provide the
converting Partners with the opportunity to enter into so-called “bottom-up”
guarantees under terms and conditions set forth in Section 2(z) of
the Tax Protection Agreement, mutatis mutandis. 
Remedy for a failure by the Operating Partnership to comply with such
obligation to provide “bottom-up” guarantees shall be as set forth in Section 3
of the Tax Protection Agreement, mutatis mutandis.  It shall be a condition to any distribution
of SRC Limited Partnership Units to a holder that such holder agree in writing
to become a limited partner under the SRC Partnership agreement.

 

SECTION 14. 
Definitions.  Except as
otherwise herein expressly provided, the following terms and phrases shall have
the meanings set forth below:

 

“Closing Price” on any date shall mean the last sale
price per share, regular way, of the Paired Shares or, in case no such sale
takes place on such day, the average of the closing bid and asked prices,
regular way, of the Paired Shares in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if the Paired Shares are
not listed or admitted to trading on the New York Stock Exchange, as reported
in the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the
Paired Shares are listed or admitted to trading or, if the Paired Shares are
not listed or admitted to trading on any national securities exchange, the last
quoted price, or if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported by the National Association
of Securities Dealers, Inc. Automated Quotations System for the Paired
Shares or, if such system is no longer in use, the principal other automated
quotations system that may then be in use or, if the Paired Shares are not
quoted by any such organization, the average of the closing bid and asked
prices as furnished by a professional market maker making a market in the
Paired Shares selected from time to time by the Board of Directors of the
Managing General Partner.

 

“Current Per Share Market Price” on any date shall
mean the average of the Closing Prices for the five consecutive Trading Days
ending on such date.

 

“Deemed Partnership Unit Value” as of any date shall
mean (i) the Current Per Share Market Price as of the Trading Day
immediately preceding such date, minus (ii) the SPG Realty Deemed
Partnership Unit Value; provided, however, that in the event of a stock
dividend, stock split, stock distribution or the like, the Deemed Partnership
Unit Value shall be adjusted by the Managing General Partner to provide fair
and equitable arrangements, to

 

8

 

the extent necessary, to fully adjust and avoid any dilution in the
rights of the holders of the 7.00% Cumulative Convertible Preferred Units.

 

“Entity” shall mean any general partnership, limited
partnership, limited liability company, limited liability partnership,
corporation, joint venture, trust, business trust, cooperative or association.

 

“Limited Partners” shall mean those Persons whose
names are set forth on Exhibit A to the Partnership Agreement as Limited
Partners, their permitted successors or assigns as limited partners hereof,
and/or any Person who, at the time of reference thereto, is a limited partner
of the Operating Partnership.

 

“Managing General Partner” shall mean Simon Property
Group, Inc., a Delaware corporation.

 

“Non-Managing General Partners” shall mean,
collectively, SD Property Group, Inc. and SPG Properties, Inc.

 

“Paired Share” shall mean one Share and one Trust
Interest.

 

“Partners” shall mean the Managing General Partner,
the Non-Managing General Partners and the Limited Partners, their duly admitted
successors or assigns or any Person who is a partner of the Operating
Partnership at the time of reference thereto.

 

“Partnership Units” shall mean the interest in the
Operating Partnership of any Partner which entitles a Partner to the
allocations (and each item thereof) specified in the Partnership Agreement and
all distributions from the Operating Partnership, and its rights of management,
consent, approval, or participation, if any, as provided in the Partnership
Agreement. Partnership Units do not include Preferred Units.  Each Partner’s percentage ownership interest
in the Operating Partnership shall be determined by dividing the number of
Partnership Units then owned by each Partner by the total number of Partnership
Units then outstanding.

 

“Person” shall mean any individual or Entity.

 

“Shares” shall mean the shares of common stock, par
value $0.0001 per share, of the Corporation.

 

“SPG Managing General Partner” shall mean SPG Realty
Consultants, Inc.

 

“SPG Realty” shall mean SPG Realty Consultants, Inc.

 

“SPG Realty Deemed Partnership Unit Value” with
respect to a particular Trust Interest as of any date shall mean the value of
the SPG Shares underlying such Trust Interest, which shall be an amount equal
to the greater of (i) the aggregate par value of the SPG Share

 

9

 

underlying the Trust Interest and (ii) the amount determined in
good faith by the Board of Directors of the SPG Managing General Partner to
represent the fair market net asset value of the SPG Share underlying the Trust
Interest.

 

“SPG Shares” shall mean the Common Stock, par value
$.01 per share of the SPG Managing General Partner.

 

“Trading Day” shall mean a day on which the principal
national securities exchange on which the Paired Shares are listed or admitted
to trading is open for the transaction of business or, if the Paired Shares are
not listed or admitted to trading on any national securities exchange, shall
mean any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of New York are authorized or obligated by law or
executive order to close.

 

“Trust” shall mean the trust owning all of the
outstanding shares of Common Stock, par value $0.0001 per share, of SPG Realty
subject to a trust agreement among certain stockholders of the Corporation, a
trustee and the SPG Realty pursuant to which all holders of Shares are
beneficiaries of such Trust.

 

“Trust Interest” shall mean a pro rata beneficial
interest in the Trust.

 

10

 

DISTRIBUTION
RETURN AGREEMENT

 

Date:                           

 

Simon Property Group,
L.P.

National City Center

115 West Washington Street,
Suite 15 East

Indianapolis, Indiana
46204

 

Dear Sirs:

 

The undersigned is a holder of 8.00% Cumulative
Redeemable Preferred Units (“Preferred Units”) of Simon Property Group, L.P., a
Delaware limited liability (the “Operating Partnership”).  On the date hereof, the undersigned has
presented to the Operating
Partnership        (number) Preferred Units
(the “Tendered Units”) for (a) redemption (the “Redemption”); (b) conversion
(the “Conversion”) or (c) repurchase (the “Repurchase”) pursuant to their
terms.  This letter agreement is being
given in satisfaction of a condition to the Redemption, Conversion, or
Repurchase, as applicable, of the Tendered Units.

 

The undersigned hereby agrees with the Operating
Partnership that, in the event the undersigned receives any payment or
distribution with respect to Tendered Units after their Redemption, Conversion,
or Repurchase, as applicable, other than a payment or distribution required to
be made in connection therewith, the undersigned will promptly remit such payment
or distribution back to the Operating Partnership.

 

In furtherance of the foregoing, the undersigned
further grants to the Operating Partnership the right to set off against any
unpaid amount due to the Operating Partnership under this letter agreement any
debt or other obligation of the Operating Partnership owing to the undersigned,
including, without limitation, any dividend or other distribution payable to
the undersigned by reason of its ownership of Preferred Units or any other
securities of the Operating Partnership.

 

This letter agreement
shall be construed in accordance with, and governed by, the laws of the State
of New York, without regard to conflicts of laws principles.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Name of Holder of
  Preferred Units)

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

AGREED:

SIMON PROPERTY GROUP,
L.P.

 

 

By:

Name:

Title:

 

11

 

CERTIFICATE
OF DESIGNATION

OF

7.50%
CUMULATIVE REDEEMABLE PREFERRED UNITS

OF

SIMON
PROPERTY GROUP, L.P.

 

WHEREAS, Simon Property
Group, L.P. (the “Operating Partnership”) has agreed to designate a
series of preferred units having the powers, preferences and relative,
participating, optional or other special rights set forth herein and to issue
the units so designated solely as consideration for certain partnership
interests which have been or may be transferred to the Operating Partnership
pursuant to a Contribution Agreement dated as of November 10, 2003, among
the Operating Partnership and the contributors described therein (the “Contribution
Agreement”); and

 

WHEREAS, the designation
of the preferred units of the Operating Partnership hereby is permitted by the
terms of the Seventh Amended and Restated Limited Partnership Agreement of the
Operating Partnership dated as of August 27, 1999 and supplemented by the
Amended and Restated Supplement dated as of June 30, 2003 (the “Partnership
Agreement”);

 

NOW THEREFORE, Simon
Property Group, Inc. (the “Corporation”), the general partner of
the Operating Partnership (in such capacity, the “General Partner”),
hereby designates a series of preferred units and fixes the designations,
powers, preferences and relative, participating, optional or other special
rights, and the qualifications, limitations or restrictions thereof, of such
preferred units, as follows:

 

SECTION 1. Designation
and Number.  The units of such series
shall be designated “7.50% Cumulative Redeemable Preferred Units” (the “7.50%
Cumulative Redeemable Preferred Units”). 
The authorized number of 7.50% Cumulative Redeemable Preferred Units
shall be 260,000 but such 7.50% Cumulative Redeemable Preferred Units shall
only be issuable pursuant to the Contribution Agreement.

 

SECTION 2.  Ranking.  The 7.50% Cumulative Redeemable Preferred
Units shall, with respect to the payment of distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership, rank: 
(i) senior to the holders of Partnership Units as defined in Section 10
(the “Common Units”) and any other equity securities of the Operating
Partnership which by their terms rank junior to the 7.50% Cumulative Redeemable
Preferred Units as to distributions pursuant to Section 6.2 of the
Partnership Agreement or rights upon the dissolution, liquidation or winding-up
of the Operating Partnership (such Common Units and such other equity
securities, collectively, the “Junior Units”), (ii) pari passu with any other preferred units which are not by
their terms junior or, subject to Section 9 hereof, senior to the 7.50%
Cumulative Redeemable Preferred Units as to distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership, and in all respects shall rank pari passu with the 6.50% Series B 

 

1

 

Convertible Preferred Units, 8.00% Series E Cumulative Redeemable
Preferred Units, 8-3/4% Series F Cumulative Redeemable Preferred Units,
7.89% Series G Cumulative Step-Up Premium Rate Preferred Units, 7.00%
Cumulative Convertible Preferred Units and 8.00% Cumulative Redeemable
Preferred Units, which are the only preferred units of the Operating
Partnership authorized as of the date hereof (“Parity Units”) and (iii) subject
to Section 9 hereof, junior to any other preferred units which by their
terms are senior to the 7.50% Cumulative Redeemable Preferred Units as to
distributions pursuant to Section 6.2 of the Partnership Agreement or
rights upon the dissolution, liquidation or winding-up of the Operating
Partnership (“Senior Units”).

 

SECTION 3.  Distributions. (a) Distributions
on the 7.50% Cumulative Redeemable Preferred Units are cumulative from the date
of issuance and are payable quarterly on or about the last day of March, June, September and
December of each year in an amount in cash equal to 7.50% of the
Liquidation Preference (as defined herein) per annum.

 

(b)           Distributions on the 7.50% Cumulative
Redeemable Preferred Units, without any additional return on unpaid distributions,
will accrue, whether or not the Operating Partnership has earnings, whether or
not there are funds legally available for the payment of such distributions and
whether or not such distributions are declared or paid when due.  All such distributions accumulate from the
first date of issuance of any such 7.50% Cumulative Redeemable Preferred Units.
Distributions on the 7.50% Cumulative Redeemable Preferred Units shall cease to
accumulate on such units on the date of their redemption.

 

(c)           In allocating items of income, gain,
loss and deductions which could have an effect upon the determination of the
federal income tax liability of any holder of the 7.50% Cumulative Redeemable
Preferred Units, except as otherwise required by Section 704(c) of
the Internal Revenue Code of 1986, as amended, or any other applicable
provisions thereof, the Operating Partnership shall allocate each such item
proportionately, based on the distributive share of profits or losses, as the
case may be, of the Operating Partnership allocated to holders of the 7.50%
Cumulative Redeemable Preferred Units as compared to the total of the
distributive shares of such profits and losses, as the case may be, allocated
to all partners of the Operating Partnership.

 

(d)           If any 7.50% Cumulative Redeemable
Preferred Units are outstanding, then, except as provided in the following
sentence, no distributions shall be declared or paid or set apart for payment
on any Parity Units or Junior Units for any period unless full cumulative
distributions have been or contemporaneously are declared and paid or declared
and a sum sufficient for the payment thereof set apart for such payments on the
7.50% Cumulative Redeemable Preferred Units for all past distribution periods
and the then current distribution period. 
When distributions are not paid in full (or a sum sufficient for such
full payment is not set apart) upon the 7.50% Cumulative Redeemable Preferred
Units and any Parity Units, all distributions declared upon the 7.50%
Cumulative Redeemable Preferred Units and any other Parity Units shall be
declared pro rata so that the amount of distributions declared upon the 7.50%
Cumulative Redeemable Preferred Units and such other Parity Units 

 

2

 

shall in all cases bear to each other the same ratio that accrued
distributions per 7.50% Cumulative Redeemable Preferred Unit and such other
series of Parity Units bear to each other.

 

(e)           Except as provided in subparagraph (d) above,
unless full cumulative distributions on the 7.50% Cumulative Redeemable
Preferred Units have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof set apart for payment for
all past distribution periods and the then current distribution period, no
distributions (other than in Junior Units) shall be declared, set aside for
payment or paid and no other distribution shall be declared or made upon any
Junior Units, nor shall any Junior Units be redeemed, purchased or otherwise
acquired for any consideration (or any moneys be paid to or made available for
a sinking fund for the redemption of any such Junior Units) by the Operating
Partnership (except by conversion into or exchange for Junior Units).

 

SECTION 4.  Liquidation Preference.  (a) Each 7.50% Cumulative Redeemable
Preferred Unit shall be entitled to a liquidation preference of $100.00 per
7.50% Cumulative Redeemable Preferred Unit (“Liquidation Preference”).

 

(b)           In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Operating Partnership
pursuant to Article VIII of the Partnership Agreement, the holders of
7.50% Cumulative Redeemable Preferred Units then outstanding shall be entitled
to be paid out of the assets of the Operating Partnership available for
distribution, after and subject to the payment in full of all amounts required
to be distributed to the holders of Senior Units, but before any payment shall
be made to the holders of Junior Units, an amount equal to the aggregate
Liquidation Preference of the 7.50% Cumulative Redeemable Preferred Units held
by such holder, plus an amount equal to accrued and unpaid distributions
thereon, if any.  If upon any such
liquidation, dissolution or winding up of the Operating Partnership the
remaining assets of the Operating Partnership available for the distribution
after payment in full of amounts required to be paid or distributed to holders
of Senior Units shall be insufficient to pay the holders of the 7.50%
Cumulative Redeemable Preferred Units the full amount to which they shall be
entitled, the holders of the 7.50% Cumulative Redeemable Preferred Units, and
the holders of any series of Parity Units, shall share ratably with other
holders of Parity Units in any distribution of the remaining assets and funds
of the Operating Partnership in proportion to the respective amounts which
would otherwise be payable in respect to the Parity Units held by each of the
said holders upon such distribution if all amounts payable on or with respect
to said Parity Units were paid in full. 
After payment in full of the Liquidation Preference and accumulated and
unpaid distributions to which they are entitled, the holders of 7.50%
Cumulative Redeemable Preferred Units shall not be entitled to any further
participation in any distribution of the assets of the Operating Partnership.

 

SECTION 5.  Redemption.  (a) General.  The 7.50% Cumulative Redeemable Preferred
Units are not redeemable prior to November 10, 2006, except as otherwise
expressly permitted under this Section 5 or Section 6 herein.

 

3

 

(b)           Optional Redemption.  (i)  The Operating Partnership may, at
its option, redeem the 7.50% Cumulative Redeemable Preferred Units, in whole or
in part, at the Liquidation Preference, plus accrued and unpaid distributions
thereon, if any, to and including the date of redemption (the “Redemption
Price”) upon the occurrence of any of the following events: (A) the
death of an Actual Taxpayer (as defined in the Tax Protection Agreement (as
defined in Section 10)) holding directly or indirectly 7.50% Cumulative
Redeemable Preferred Units, but only the 7.50% Cumulative Redeemable Preferred
Units held by such holder; (B) the transfer of any 7.50% Cumulative
Redeemable Preferred Units to any person or entity other than the persons or
entities entitled to the benefits and rights of a Contributor (as defined in
the Tax Protection Agreement), but only the 7.50% Cumulative Redeemable
Preferred Units so transferred; and (C) on or after November 10,
2013.  Notwithstanding the foregoing, the
Operating Partnership may not redeem any 7.50% Cumulative Redeemable Preferred
Units held by Harold or Adele Schaeffer during the period commencing November 10,
2003 and ending on the death of the survivor of Harold and Adele Schaeffer.

 

(ii) The Redemption
Price (other than the portion thereof consisting of accrued and unpaid
distributions, which shall be payable in cash) is payable, at the option of the
Operating Partnership, in any combination of (i) cash, or (ii) whole
Shares valued at the Current Per Share Market Price as of the Redemption Date
(as defined below); provided, however, that any such Shares shall be covered by
an effective registration statement under the Securities Act of 1933, as
amended (the “Securities Act”), permitting the resale without
restriction of such Shares in the public trading market.  If the Operating Partnership intends to pay a
portion of the Redemption Price in Shares or if the redemption is pursuant to Section 5(b)(i)(D) above,
the Operating Partnership shall give the affected holders of the 7.50%
Cumulative Redeemable Preferred Units written notice specifying the maximum
portion, if any, of the Redemption Price to be paid in Shares (“Share
Payment Notice”) not more than 75 nor less than 45 calendar days prior to
the Redemption Date.  If the event giving
rise to the redemption is the event specified in Section 5(b)(i)(D), the
affected holders may within fifteen (15) business days of the receipt of the
Share Payment Notice, require the Operating Partnership to pay the affected
holders Common Units in lieu of cash or Shares at the Deemed Partnership Unit
Value as of the Redemption Date.  In
addition, any affected holder of the 7.50% Cumulative Redeemable Preferred
Units may within fifteen (15) business days of the receipt of the Share Payment
Notice, require the Operating Partnership to pay in cash a greater portion of
the Redemption Price than proposed to be paid in cash by the Operating
Partnership, up to the entire Redemption Price.  The sending of a Share Payment Notice shall
not be deemed to require the Operating Partnership to pay any portion of the
Redemption Price in Shares and the Operating Partnership may pay any portion of
the Redemption Price in cash on the Redemption Date, subject, if the event
giving rise to the redemption is the event specified in Section 5(b)(i)(D),
to the holder’s right to elect to receive Common Units in lieu of cash or
Shares with respect to all or any portion of the Redemption Price.  If the registration statement permitting the
resale of the Shares is not effective on the scheduled Redemption Date, then
the scheduled Redemption Date shall be deferred to the date the registration
statement is declared effective; provided, however, if more than sixty (60)
days elapse after the scheduled Redemption Date, then the affected holders may
within ten (10)

 

4

business days after the
expiration of such sixty (60) day period, require the Operating Partnership to
pay the Redemption Price entirely in cash.

 

(iii)          Provided that no later
than the Redemption Date the Operating Partnership shall have (A) set
apart the funds necessary to pay the Redemption Price on all the 7.50%
Cumulative Redeemable Preferred Units then called for redemption and (B) reserved
for issuance a sufficient number of authorized Shares and/or Common Units, the
Operating Partnership may give the holders of the 7.50% Cumulative Redeemable
Preferred Units written notice (“Redemption Notice”) of a redemption
pursuant to Section 5(b) (a “Redemption”) not more than 70 nor
less than 40 calendar days prior to the date fixed for redemption (the “Redemption
Date”) at the address of such holders on the books of the Operating
Partnership (provided that failure to give such notice or any defect therein
shall not affect the validity of the proceeding for a Redemption except as to
the holder to whom the Operating Partnership has failed to give such notice or
whose notice was defective).  The 7.50%
Cumulative Redeemable Preferred Units for which the Redemption Price has been
paid shall no longer be deemed outstanding from and after the date of payment
and all rights with respect to such units shall forthwith cease and
terminate.  In case fewer than all of the
outstanding 7.50% Cumulative Redeemable Preferred Units are called for
redemption, such units shall be redeemed pro rata, as nearly as practicable,
among all holders of 7.50% Cumulative Redeemable Preferred Units, provided
that, if within 20 business days of the Redemption Notice the Contributor
Representative (as such term is defined in the Tax Protection Agreement)
notifies the Operating Partnership of an alternative allocation (“Allocation
Notice”), then the redemption of the 7.50% Cumulative Redeemable Preferred
Units shall be allocated in accordance with such Allocation Notice.

 

SECTION 6.  Put Right.  (a) In the event of (i) the
election of the holder on and after November 10, 2006, (ii) the death
of an Actual Taxpayer (as defined in the Tax Protection Agreement) holding
directly or indirectly 7.50% Cumulative Redeemable Preferred Units, or (iii) a
Tax Triggering Event (as defined below) with respect to an Actual Taxpayer
holding directly or indirectly 7.50% Cumulative Redeemable Preferred Units,
then in any such event such holder of such 7.50% Cumulative Redeemable
Preferred Units or such holder’s estate or personal representative, as the case
may be, may require the Operating Partnership to repurchase such 7.50%
Cumulative Redeemable Preferred Units, in accordance with Section 6(b) below,
at the Liquidation Preference, plus accrued and unpaid distributions thereon,
if any, to and including the repurchase date (the “Repurchase Price”).  As used in this Section 6(a), “Tax
Triggering  Event” means, with respect to any Actual Taxpayer
holding directly or indirectly 7.50% Cumulative Redeemable Preferred Units, any
transaction by the Operating Partnership (x) involving a Contributed
Property and (y) constituting a Taxable Sale.  The terms Contributed Property and Taxable
Sale shall have the meanings specified in the Tax Protection Agreement.

 

(b)           The Repurchase Price
(other than the portion thereof consisting of accrued and unpaid distributions,
which shall be payable in cash) is payable, at the option of the Operating
Partnership, in any combination of (i) cash, or (ii) whole Shares
valued at the Current Per Share Market Price as of the date of closing the
repurchase; provided, however, that any such Shares shall be covered by an
effective registration statement under the

 

5

 

Securities Act, permitting the resale without restriction of such
Shares in the public trading market.  If
the Operating Partnership intends to pay a portion of the Repurchase Price in
Shares, the Operating Partnership shall give the affected holders of the 7.50%
Cumulative Redeemable Preferred Units written notice specifying the maximum
portion of the Repurchase Price to be paid in Shares (“Repurchase Payment
Notice”) within twenty (20) business days after the exercise of the rights
described in Section 6(a).  Any
affected holder of the 7.50% Cumulative Redeemable Units may within fifteen
(15) business days of the receipt of the Repurchase Payment Notice, require the
Operating Partnership to pay in cash a greater portion of the Repurchase Price
than proposed to be paid in cash by the Operating Partnership, up to the entire
Repurchase Price.  The sending of a
Repurchase Payment Notice shall not be deemed to require the Operating
Partnership to pay any portion of the Repurchase Price in Shares and the
Operating Partnership may pay any portion of the Repurchase Price in cash on
the date of the closing of the repurchase.

 

(c)           The closing of any
repurchase contemplated by this Section 6 shall occur within ninety (90)
days of the exercise of the right described in Section 6(a) above.

 

SECTION 7.  No Right to Certain Distributions.  Any holder of 7.50% Cumulative Redeemable
Preferred Units whose units are redeemed pursuant to Section 5 hereto or
caused to be repurchased pursuant to Section 6 hereto, prior to being
entitled to receive any cash or other securities upon the occurrence of any
such event, will be required to execute and deliver to the Operating
Partnership and the Corporation a Distribution Return Agreement substantially
in the form of Annex I hereto.

 

SECTION 8.  Status of Redeemed 7.50% Cumulative
Redeemable Preferred Units.  Upon any
redemption, repurchase or other acquisition by the Operating Partnership of
7.50% Cumulative Redeemable Preferred Units, the 7.50% Cumulative Redeemable
Preferred Units so redeemed, repurchased or acquired shall be retired and
canceled.

 

SECTION 9.  Voting.  The Operating Partnership shall not, without
the affirmative consent or approval of the holders of at least a majority of
the 7.50% Cumulative Redeemable Preferred Units then outstanding, voting
separately as a class, (i) authorize any Senior Units; (ii) amend,
alter or modify any of the provisions of this Certificate of Designation so as
to aversely affect the holders of 7.50% Cumulative Redeemable Preferred Units;
or (iii) issue to any holder of Common Units any Parity Units by way of
exchange, distribution or similar transaction in respect of such Common Units,
unless such exchange, distribution or similar transaction is for fair value (as
determined in good faith by the General Partner).

 

SECTION 10.  Definitions.  Except as otherwise herein expressly provided,
the following terms and phrases shall have the meanings set forth below:

 

“Closing Price” on
any date shall mean the last sale price per share, regular way, of the Shares
or, in case no such sale takes place on such day, the average of the closing
bid and asked prices, regular way, of the Shares in either case as reported in
the principal consolidated transaction reporting system with respect to
securities listed or admitted to

 

6

 

trading on the New York Stock Exchange or, if the Shares are not listed
or admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Shares are
listed or admitted to trading, of if the Shares are not listed or admitted to
trading on any national securities exchange, the last quoted price, or if not
so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc.
Automated Quotations System for the Shares or, if such system is no longer in
use, the principal other automated quotations system that may then be in use
or, if the Shares are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making
a market in the Shares selected from time to time by the Board of Directors of
the General Partner.

 

“Current Per Share
Market Price” on any date shall mean the average of the Closing Prices for
the twenty (20) consecutive Trading Days ending on such date.

 

“Deemed Partnership
Unit Value” as to any date shall mean the Current Per Share Market Price as
of the Trading Day immediately preceding such date, provided, however,
that in the event of a stock dividend, stock split, stock distribution or the
like, the Deemed Partnership Unit Value shall be adjusted by the General
Partner to provide fair and equitable arrangements, to the extent necessary, to
fully adjust and avoid any dilution in the rights of the holders of the 7.50%
Cumulative Redeemable Preferred Units.

 

“Entity” shall
mean any general partnership, limited partnership, limited liability company,
limited liability partnership, corporation, joint venture, trust, business
trust, cooperative or association.

 

“General Partner”
shall mean Simon Property Group, Inc., a Delaware corporation.

 

“Limited Partners”
shall mean those Persons whose names are set forth on Exhibit A to the
Partnership Agreement as Limited Partners, their permitted successors or
assigns as limited partners, and/or any Person who, at the time of reference
thereto, is a limited partner of the Operating Partnership.

 

“Partners” shall
mean the General Partner and the Limited Partners, their duly admitted
successors or assigns or any Person who is a partner of the Operating
Partnership at the time of reference thereto.

 

“Partnership Units”
shall mean the interest in the Operating Partnership of any Partner which
entitles a Partner to the allocations (and each item thereof) specified in the
Partnership Agreement and all distributions from the Operating Partnership, and
its rights of management, consent, approval, or participation, if any, as
provided in the Partnership Agreement. 
Partnership Units do not include preferred units.  Each Partner’s percentage ownership interest
in the Operating Partnership shall be determined by dividing the number

 

7

 

of Partnership Units then owned by each Partner by the total number of
Partnership Units then outstanding.

 

“Person” shall
mean any individual or Entity.

 

“Shares” shall
mean the shares of common stock, par value $0.0001 per share, of the
Corporation.

 

“Tax Protection Agreement”
shall mean the agreement dated as of November , 2003, among the
Partnership and the holders of certain of the 7.50% Cumulative Redeemable
Preferred Units.

 

“Trading Day”
shall mean a day on which the principal national securities exchange on which
the Shares are listed or admitted to trading is open for the transaction of
business or, if the Shares are not listed or admitted to trading on any
national securities exchange, shall mean any day other than a Saturday, a
Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

 

8

 

Annex I

 

DISTRIBUTION
RETURN AGREEMENT

 

Date:
                      ,
20    

 

Simon Property Group, L.P.

National City Center

115 West Washington
Street, Suite 15, East

Indianapolis,
Indiana  46204

 

Dear Sirs:

 

The undersigned is a holder of 7.50% Cumulative
Redeemable Preferred Units (“Preferred Units”) of Simon Property Group, L.P., a
Delaware limited partnership (the “Operating Partnership”).  On the date hereof, the undersigned has
presented to the Operating Partnership
                        
(number) Preferred Units (the “Tendered Units”) for redemption (the “Redemption”);
or (b) repurchase (the “Repurchase”) pursuant to their terms.  This letter agreement is being given in
satisfaction of a condition to the Redemption or Repurchase, as applicable, of
the Tendered Units.

 

The undersigned hereby agrees with the Operating
Partnership that, in the event the undersigned receives any payment or
distribution with respect to Tendered Units after their Redemption or
Repurchase, as applicable, other than a payment or distribution required to be
made in connection therewith, the undersigned will promptly remit such payment
or distribution back to the Operating Partnership.

 

In furtherance of the foregoing, the undersigned
further grants to the Operating Partnership the right to set off against any
unpaid amount due to the Operating Partnership under this letter agreement any
debt or other obligation of the Operating Partnership owing to the undersigned,
including, without limitation, any dividend or other distribution payable to
the undersigned by reason of its ownership of Preferred Units or any other
securities of the Operating Partnership.

 

This letter agreement shall be construed in accordance
with, and governed by, the laws of the State of Delaware, without regard to
conflicts of laws principles.

 

1

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Name of Holder of Preferred Units)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

AGREED:

SIMON PROPERTY GROUP,
L.P.

 

	
  By:

  	
  SIMON PROPERTY GROUP,
  INC.,

  
	
   

  	
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

2

 

CERTIFICATE
OF DESIGNATION

OF

7.75%/8.00%
CUMULATIVE REDEEMABLE PREFERRED UNITS

OF

SIMON
PROPERTY GROUP, L.P.

 

WHEREAS, Simon Property
Group, L.P. (the “Operating Partnership”) has agreed to designate a
series of preferred units having the powers, preferences and relative,
participating, optional or other special rights set forth herein and to issue
the units so designated as consideration for certain partnership interests or
other assets which have been transferred to the Operating Partnership pursuant
to a Contribution Agreement, dated as of December 1, 2003, between the
Operating Partnership and Westfield Growth LP, a Delaware limited partnership
(the “Contribution Agreement”); and

 

WHEREAS, the designation
of the preferred units of the Operating Partnership hereby is permitted by the
terms of the Seventh Amended and Restated Limited Partnership Agreement of the
Operating Partnership dated as of August 27, 1999 and supplemented by the
Amended and Restated Supplement dated as of June 30, 2003 and the
Certificate of Designation with respect to the 7.50% Cumulative Redeemable
Preferred Units issued as of November 10, 2003 (the “Partnership
Agreement”);

 

NOW THEREFORE, Simon
Property Group, Inc. (the “Corporation”), the general partner of
the Operating Partnership (in such capacity, the “General Partner”),
hereby designates a series of preferred units and fixes the designations,
powers, preferences and relative, participating, optional or other special
rights, and the qualifications, limitations or restrictions thereof, of such
preferred units, as follows:

 

SECTION 1.  Designation and Number.  The units of such series shall be designated “7.75%/8.00%
Cumulative Redeemable Preferred Units” (the “7.75%/8.00% Preferred Units”).  The authorized number of 7.75%/8.00%
Preferred Units shall be 900,000 but such 7.75%/8.00% Preferred Units shall
only be issuable as consideration pursuant to the Contribution Agreement.

 

SECTION 2. 
Ranking.  The 7.75%/8.00%
Preferred Units shall, with respect to the payment of distributions pursuant to
Section 6.2 of the Partnership Agreement or rights upon the dissolution,
liquidation or winding-up of the Operating Partnership, rank:

 

(i)            senior
to the holders of Partnership Units (the “Common Units”) and any other
equity securities of the Operating Partnership which by their terms rank junior
to the 7.75%/8.00% Preferred Units as to distributions pursuant to Section 6.2
of the Partnership Agreement or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership (such Common Units and such other
equity securities, collectively, the “Junior Units”);

 

1

 

(ii)           pari
passu with any other class or series of preferred units which by their
terms are not junior and in all respects shall rank pari  passu
with the 6.50% Series B Redeemable Preferred Units, 8.00% Series E
Cumulative Redeemable Preferred Units, 8.75% Series F Cumulative
Redeemable Preferred Units, 7.89% Series G Cumulative Step-Up Premium Rate
Preferred Units, 7.00% Cumulative Redeemable Preferred Units, 8.00% Cumulative
Redeemable Preferred Units and the 7.50% Cumulative Redeemable Preferred Units,
which are the only preferred units of the Operating Partnership authorized as
of the date hereof (“Parity Units”); and

 

(iii)          junior to any other class or series of
preferred units which by their terms are senior to the 7.75%/8.00% Preferred
Units as to distributions or rights upon the dissolution, liquidation or
winding-up of the Operating Partnership (“Senior Units”).

 

SECTION 3. 
Distributions. (a)  Subject to Section 3(b), holders of
the 7.75%/8.00% Preferred Units shall be entitled to receive on each
Distribution Payment Date, but only out of funds legally available for payment
of distributions, cumulative preferential distributions payable in cash in an
amount equal to the applicable Base Rate (as defined below in Section 11)
per 7.75%/8.00% Preferred Unit per annum (the “Distribution Amount”).  Notwithstanding the foregoing, if the amount
of net ordinary income of the Operating Partnership permitted to be allocated
to the holders of the 7.75%/8.00% Preferred Units pursuant to Section 7 is
less than the Distribution Amount otherwise distributable to such holders, then
the amount of the Distribution Amount in excess of the amount of net ordinary
income allocable to such holders shall be deferred, and shall continue to
accumulate but at the rate of LIBOR plus 2% (such deferred amount, including
any accumulation thereon, being referred to as the “Ordinary Income Deferral
Amount”), until such time as there is sufficient net ordinary income of the
Operating Partnership allocable to such holders to distribute all outstanding
Ordinary Income Deferral Amounts (such period being referred to as the “Ordinary
Income Deferral Period”).  Subject to
the limitations and conditions herein, to the extent that the Operating
Partnership has any amount of net ordinary income that is permitted to be
allocated to holders pursuant to Section 7, the Operating Partnership
shall allocate such amount to holders and distribute to holders that portion of
the outstanding Ordinary Income Deferral Amounts equal to such amount of net
ordinary income.

 

(b)           Notwithstanding
the foregoing, if the distributions with respect to the 7.75%/8.00% Preferred Units
to be made on or prior to the third anniversary of the Issue Date (the “Third
Anniversary”) would, if made, result in any holder of such 7.75%/8.00%
Preferred Units receiving distributions in excess of an annual return on such
holder’s “unreturned capital” (as defined below) for a Partnership Fiscal Year
(treating the Partnership Fiscal Year in which such Third Anniversary occurs as
ending on such Third Anniversary solely for purposes of this Section 3(b))
equal to the Safe Harbor Rate (as defined below), then the distributions to
such holder in excess of such amount shall be deferred (such amount being
referred to as the “Deferral Amount”), shall continue to accumulate but
at the rate of LIBOR plus 2%, and shall be payable, subject to the limitations and
conditions herein, on the first Distribution Payment Date with respect to the
7.75%/8.00% Preferred Units following the Third Anniversary (such period being
referred to as the “Deferral Period”). 
For purposes of the foregoing, the “Safe Harbor Rate” shall equal
7.545%, based on quarterly

 

2

 

compounding.  For purposes of the foregoing, a holder’s “unreturned
capital” shall be equal to such holder’s positive Capital Account balance on
the first day of the calendar year in which the relevant Distribution Payment
Date falls.  Distributions with respect
to the 7.75%/8.00% Preferred Units are intended to qualify as permitted
distributions of cash that are not treated as part of a disguised sale within
the meaning of Treasury Regulations Sections 1.707-3 and 1.707-4.

 

(c)           The
Distribution Amount to the extent not fully paid shall be fully cumulative,
whether or not in any distribution period there shall be funds of the Operating
Partnership legally available for the payment of such distributions.  Except as otherwise provided herein, no
interest, or sum of money in lieu of interest, shall be payable in respect of
any Distribution Amount which may be in arrears.  Subject to the limitations set forth in this Section 3,
accumulated distributions for any past quarterly distribution periods may be
declared and made at any time, without reference to any regularly scheduled
quarterly Distribution Payment Date.  Any
Distribution Amount payment made on the 7.75%/8.00% shall first be credited
against the earliest accumulated but unpaid distribution due with respect to
the 7.75%/8.00% Preferred Units which remains payable.

 

(d)           The
initial distribution period for the 7.75%/8.00% Preferred Units will include a
partial distribution for the period from the Issue Date until the last day of
the calendar quarter immediately following such Issue Date.  The distribution payable for such initial
period, or any other period shorter than a fully quarterly distribution period,
on the 7.75%/8.00% Preferred Units shall be computed by dividing the number of
days in such period by 90 and multiplying the result by the Distribution Amount
determined in accordance with Section 3(a).

 

(e)           So
long as any 7.75%/8.00% Preferred Units are outstanding, no distributions shall
be declared or paid or set apart for payment on any Parity Units or Junior
Units for any period unless full cumulative distributions (other than with
respect to the Ordinary Income Deferral Amount during the Ordinary Income
Deferral Period or the Deferral Amount during the Deferral Period) have been or
contemporaneously are declared and paid or declared and a sum sufficient for
the payment thereof set apart for such payments on the 7.75%/8.00% Preferred
Units for all past distribution periods and the then current distribution
period.  When distributions are not paid
in full (or a sum sufficient for such full payment is not set apart) upon the
7.75%/8.00% Preferred Units and any Parity Units, all distributions declared
upon the 7.75%/8.00% Preferred Units and any other Parity Units shall be
declared pro rata so that the amount of distributions declared per 7.75%/8.00%
Preferred Unit and such other Parity Units shall in all cases bear to each
other the same ratio that accrued distributions per 7.75%/8.00% Preferred Unit
and such other series of Parity Units bear to each other.

 

(f)            So
long as any 7.75%/8.00% Preferred Units are outstanding, unless full cumulative
distributions on the 7.75%/8.00% Preferred Units (other than with respect to the
Ordinary Income Deferral Amount during the Ordinary Income Deferral Period or
the Deferral Amount during the Deferral Period) have been or contemporaneously
are declared and paid or declared and a sum sufficient for the payment thereof
set apart for payment for all past distribution periods and the then current
distribution period, no distributions (other than

 

3

 

in Junior Units) shall be
declared, set aside for payment or paid and no other distribution shall be
declared or made upon any Junior Units, nor shall any Junior Units be redeemed,
purchased or otherwise acquired for any consideration (or any moneys be paid to
or made available for a sinking fund for the redemption of any such Junior
Units) by the Operating Partnership (except by conversion into or exchange for
Junior Units).

 

SECTION 4. 
Liquidation Preference.  (a) 
Each 7.75%/8.00% Preferred Unit shall be entitled to a liquidation preference
of $100 (“Liquidation Preference”).

 

(b)  In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Operating Partnership pursuant to
Article VIII of the Partnership Agreement, the holders of 7.75%/8.00%
Preferred Units then outstanding shall be entitled to be paid out of the assets
of the Operating Partnership available for distribution, after and subject to
the payment in full of all amounts required to be distributed to the holders of
Senior Units, but before any payment shall be made to the holders of Junior
Units, an amount equal to the aggregate Liquidation Preference of the
7.75%/8.00% Preferred Units held by such holder, plus an amount equal to
accrued and unpaid distributions thereon, if any.  If upon any such liquidation, dissolution or
winding up of the Operating Partnership the remaining assets of the Operating
Partnership available for the distribution after payment in full of amounts
required to be paid or distributed to holders of Senior Units shall be
insufficient to pay the holders of the 7.75%/8.00% Preferred Units the full
amount to which they shall be entitled, the holders of the 7.75%/8.00%
Preferred Units and the holders of any series of Parity Units shall share
ratably with other holders of Parity Units in any distribution of the remaining
assets and funds of the Operating Partnership in proportion to the respective
amounts which would otherwise be payable in respect to the Parity Units held by
each of the said holders upon such distribution if all amounts payable on or
with respect to said Parity Units were paid in full.  After payment in full of the Liquidation
Preference and accumulated and unpaid distributions to which they are entitled,
the holders of 7.75%/8.00% Preferred Units shall not be entitled to any further
participation in any distribution of the assets of the Operating Partnership.

 

SECTION 5. 
Redemption at the Option of the Operating Partnership.

 

(a)           The
7.75%/8.00% Preferred Units are not redeemable prior to the Redemption Date (as
defined below).

 

(b)           (i) 
On and after the occurrence of a Permissible Transaction (as defined below), or
(ii) absent the occurrence of a Permissible Transaction, on or after January 1,
2011, the Operating Partnership may, at its option, at any time thereafter,
redeem the 7.75%/8.00% Preferred Units, in whole or in part, at a redemption
price per 7.75%/8.00% Preferred Unit equal to the Liquidation Preference, plus
accrued and unpaid distributions and accumulation thereon, if any, to and
including the date of redemption (the “Redemption Price”).  In the case of a redemption following the
occurrence of a Permissible Transaction, the Redemption Price shall be payable
in cash.  In the case of a redemption
absent the occurrence of a Permissible Transaction, the Redemption Price payable
following January 1, 2011 shall be payable in the form of interests in one
or more properties identified by the

 

4

 

holders of the 7.75%/8.00% Preferred Units and otherwise agreed upon by
the Operating Partnership and such holders.

 

(c)           In
the case of a redemption of the 7.75%/8.00% Preferred Units for interests in
one or more properties, to the extent that the value of such property or
properties is greater than the Redemption Price, then the holders of the
7.75%/8.00% Preferred Units shall pay the difference to the Operating
Partnership in cash.  If the holders and
the Operating Partnership are unable to agree upon such properties, such
redemption shall not occur and the 7.75%/8.00% Preferred Units shall remain
outstanding in full force and effect as if no Redemption Notice had been given.

 

(d)           The
Operating Partnership shall give the holders of the 7.75%/8.00% Preferred Units
written notice (“Redemption Notice”) of a redemption pursuant to this Section 5
not less than 30 calendar days prior to the date fixed for redemption (the “Redemption
Date”), at the address of such holders on the books of the Operating
Partnership (provided that failure to give such notice or any defect therein
shall not affect the validity of the proceeding for a redemption except as to
the holder to whom the Operating Partnership has failed to give such notice or
whose notice was defective).  Each such
notice shall state, as appropriate:  (1) the
Redemption Date; (2) the number of 7.75%/8.00% Preferred Units to be
redeemed; (3) the Redemption Price; (4) the place or places at which
certificates for such units are to be surrendered; and (5) that distributions
on the 7.75%/8.00% Preferred Units to be redeemed shall cease to accumulate on
such Redemption Date.  On or before the
Redemption Date, the Operating Partnership shall have (A) set apart the
funds necessary to pay the Redemption Price on all the 7.75%/8.00% Preferred
Units then called for redemption or (B) delivered, or cause to be
delivered, to the holders of the 7.75%/8.00% Preferred Units, all instruments,
documents and agreements that are necessary and appropriate to consummate such
redemption for interests in one or more properties.  The 7.75%/8.00% Preferred Units for which the
Redemption Price has been paid shall no longer be deemed outstanding from and
after the date of payment and all rights with respect to such units shall
forthwith cease and terminate.  In case
fewer than all of the outstanding 7.75%/8.00% Preferred Units are called for
redemption, such units shall be redeemed pro rata, as nearly as practicable,
among all holders of 7.75%/8.00% Preferred Units.

 

SECTION 6. 
Put Right at the Option of the Holders.

 

(a)           (i) On
and after January 1, 2005, but prior to January 1, 2009 (the “Initial
Put Option”), or (ii) at any time on and after January 1, 2009
(the “Subsequent Put Option”), or (iii) if at any time the
aggregate Liquidation Preference of the outstanding 7.75%/8.00% Preferred Units
exceeds 10% of the book value of the equity capital of the Operating
Partnership (the “Holder Put Option”), each holder of the 7.75%/8.00%
Preferred Units shall have the right and option, to be exercised at its
election, to require the Operating Partnership to repurchase the 7.75%/8.00%
Preferred Units, in whole or in part, at a repurchase price per 7.75%/8.00%
Preferred Unit equal to the Liquidation Preference, plus accrued and unpaid
distributions and accumulation thereon, if any, to and including the repurchase
date (the “Repurchase Price”).  If
at any time the aggregate Liquidation Preference of the outstanding 7.75%/8.00%
Preferred Units exceeds 10% of the book value of the equity capital of the 

 

5

 

Operating Partnership, the Operating Partnership shall promptly deliver
notice thereof to the holders of the 7.75%/8.00% Preferred Units.  If a holder of the 7.75%/8.00% Preferred
Units desires to exercise the Initial Put Option, the Subsequent Put Option or
the Holder Put Option, such holder shall deliver written notice thereof to the
Operating Partnership (the “Repurchase Notice”).

 

(b)           In
the case of the Initial Put Option, the Repurchase Price shall be payable, at
the Operating Partnership’s election, in cash or interests in one or more
properties mutually agreed upon by the Operating Partnership and the holders of
the 7.75%/8.00% Preferred Units.  In the
case of the exercise of the Subsequent Put Option following a Permissible
Transaction, the Repurchase Price shall be payable in cash, or, in case of the
exercise of the Subsequent Put Option absent the occurrence of a Permissible
Transaction, the Repurchase Price shall be payable, at the election of the
holders of the 7.75%/8.00% Preferred Units, in cash or in the form of interests
in one or more properties mutually agreed upon by the Operating Partnership and
the holders of the 7.75%/8.00% Preferred Units. 
On or before the Repurchase Date, the Operating Partnership shall have (A) in
the case where the Repurchase Price is payable in cash, set apart the funds
necessary to pay the Repurchase Price on all the 7.75%/8.00% Preferred Units to
be repurchased, and (B) in the case where the Repurchase Price is payable
in the form of interests in one or more properties, delivered, or cause to be
delivered to the holders of the 7.75%/8.00% Preferred Units to be repurchased,
all instruments, documents and agreements that are necessary and appropriate to
consummate such redemption for interests in one or more properties.

 

(c)           The
closing of any repurchase contemplated by this Section 6 shall occur
within ninety (90) days of the delivery of the Repurchase Notice or on such
other date as agreed upon by the Operating Partnership and the holders (the “Repurchase
Date”); provided, however, that the closing of the exercise of the Holder
Put Option shall take place no later than thirty (30) days from the end of the
calendar quarter in which the value of the 7.75%/8.00% Preferred Units exceeded
10% of the outstanding securities of the Operating Partnership; provided,
further, that, such date may be extended at the sole option of the holders.

 

(d)           In
the case of the repurchase of the 7.75%/8.00% Preferred Units for interests in
one or more properties, to the extent that the value of such property or
properties is greater than the Repurchase Price, then the holders of the
7.75%/8.00% Preferred Units shall pay the difference to the Operating
Partnership in cash.  If the holders and
the Operating Partnership are unable to agree upon such properties, such
repurchase shall not occur and the 7.75%/8.00% Preferred Units shall remain
outstanding in full force and effect as if no Repurchase Notice had been given.

 

SECTION 7.           Tax Allocations.  The Operating Partnership shall, for tax
purposes, allocate net ordinary income to the holders of the 7.75%/8.00%
Preferred Unit such that the allocated amount of taxable income shall be equal
to the distributions paid pursuant to Section 3.  No loss or deduction shall be allocated to
the holders of the 7.75%/8.00% Preferred Units or, to the extent required,
shall be matched with an equal allocation of net ordinary income such that the
allocated amount of taxable income shall be equal to the 

 

6

 

distributions paid pursuant to Section 3.  Except for capital gain resulting from a
Permissible Transaction which is allocable to the 7.75%/8.00% Preferred Units
pursuant to Code Section 704(c), no capital gain shall be allocated to the
holders of the 7.75%/8.00% Preferred Units and no item of income or gain shall
be allocated to the holders of the 7.75%/8.00% Preferred Units to eliminate the
book-tax disparity in the WEA Kravco Interest (as defined in the Contribution
Agreement).  Notwithstanding any other
provision of this Certificate of Designation or the Partnership Agreement, a
holder of 7.75%/8.00% Preferred Units, shall upon a redemption or liquidation
described in Section 4, 5 or 6, receive the distribution to which such
holder is entitled pursuant to such Section 4, 5 or 6, as applicable,
regardless of the balance of such holder’s Capital Account at the time of such
redemption or liquidation.

 

SECTION 8.  Status of Redeemed 7.75%/8.00% Preferred
Units.  Upon any redemption by the
Operating Partnership of 7.75%/8.00% Preferred Units, the 7.75%/8.00% Preferred
Units so redeemed shall be retired and canceled.

 

SECTION 9. 
No Right to Certain Distributions.  Any holder of 7.75%/8.00% Preferred Units
whose units are redeemed pursuant to Section 5 or Section 6 hereto,
prior to being entitled to receive any cash, properties or securities upon the
occurrence of any such event, will be required to execute and deliver to the
Operating Partnership and the Corporation a Distribution Return Agreement
substantially in the form of Annex I hereto.

 

SECTION 10. 
Voting.  The Operating
Partnership shall not, without the affirmative consent or approval of the
holders of at least a majority of the 7.75%/8.00% Preferred Units then outstanding,
voting separately as a class:  (i) authorize
any Senior Units; (ii) amend, alter or modify any of the provisions of
this Certificate of Designation or the Partnership Agreement so as to adversely
affect the holders of the 7.75%/8.00% Preferred Units; or (iii) issue to
any holder of Common Units any Parity Units by way of exchange, distribution or
similar transaction in respect of such Common Units, unless such exchange,
distribution or similar transaction is for fair value (as determined in good
faith by the General Partner).

 

SECTION 11. 
Definitions.  The following
terms shall have the respective meanings in this Section 11, and
capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Partnership Agreement:

 

“Base Rate” shall mean an annual distribution
per 7.75%/8.00% Preferred Unit equal to (i) 7.75% of the Liquidation
Preference for the period beginning from the Issue Date and ending December 31,
2004, (ii) 8.00% of the Liquidation Preference for the period beginning January 1,
2005 and ending December 31, 2009, (iii) 10.00% of the Liquidation
Preference for the period beginning January 1, 2010 and ending December 31,
2010, and (iv) 12.00% of the Liquidation Preference thereafter.

 

“Business Day” shall mean any day, other than
Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions in Indianapolis, Indiana, are authorized or required by law,
regulation or executive order to close.

 

7

 

“Code” shall mean the Internal Revenue Code of
1986, as amended, or any corresponding provision or provisions of prior or
succeeding law.

 

“Distribution Payment Date” shall mean the last
day of March, June, September and December, provided that if such day is
not a Business Day, “Distribution Payment Date” shall mean the next succeeding
Business Day.

 

“Determination Date” shall mean in connection
with the calculation of accumulation of distributions for any calendar quarter,
the fifteenth (15th) day of the first month of such calendar
quarter.

 

“Issue Date” shall mean the date on which the
7.75%/8.00% Preferred Units are issued.

 

“LIBOR” 
shall mean the rate per annum calculated as set forth below:

 

(i)            On each Determination Date, LIBOR will be
determined on the basis of the offered rate for deposits of not less than U.S.
$1,000,000 for a period of three months (the “Index Maturity”),
commencing on such Determination Date, which appears on Dow Jones Market
Service (formerly Telerate) Page 3750 as of 11:00 a.m., London time
(or such other page as may replace the Dow Jones Market Service (formerly
Telerate) Page on that service for the purposes of displaying London
interbank offered rates of major banks). 
If no such offered rate appears, LIBOR with respect to the relevant
accrual period will be determined as described in (ii) below.

 

(ii)           With
respect to a Determination Date on which no such offered rate appears on Dow
Jones Market Service (formerly Telerate) Page 3750 as described in (i) above,
LIBOR shall be the arithmetic mean, expressed as a percentage, of the offered
rates for deposits in U.S. dollars for the Index Maturity which appears on the
Reuters Screen LIBO Page as of 11:00 a.m., London time, on such
date.  If, in turn, such rate is not
displayed on the Reuters Screen LIBO Page at such time, then LIBOR for
such date will be obtained from the preceding Business Day for which the
Reuters Screen LIBO Page displayed a rate for the Index Maturity.

 

“Limited Partners” shall mean those Persons
whose names are set forth on Exhibit A to the Partnership Agreement as
Limited Partners, their permitted successors or assigns as limited partners,
and/or any Person who, at the time of reference thereto, is a limited partner
of the Operating Partnership.

 

“Partner(s)” shall mean the General Partner and
the Limited Partners, their duly admitted successors or assigns or any Person
who is a partner of the Operating Partnership at the time of reference thereto.

 

“Partnership Units” shall mean the interest in
the Operating Partnership of any Partner which entitles a Partner to the
allocations (and each item thereof) specified in the Partnership Agreement and
all distributions from the Operating Partnership, and its rights of management,
consent, approval, or participation, if any, as provided in the Partnership

 

8

 

Agreement. Partnership Units do not include preferred units.  Each Partner’s percentage ownership interest
in the Operating Partnership shall be determined by dividing the number of
Partnership Units then owned by such Partner by the total number of Partnership
Units then outstanding.

 

“Permissible Transaction” shall have the
meaning specified in the Contribution Agreement.

 

“Person” shall mean any natural person,
corporation, business trust, joint venture, association, company, limited
liability entity, firm, partnership, or other entity.

 

9

 

ANNEX I

 

DISTRIBUTION RETURN
AGREEMENT

 

Date:
                      ,
20

 

Simon Property Group, L.P.

National City Center

115 West Washington Street, Suite 15, East

Indianapolis, Indiana  46204

 

Dear Sirs:

 

The undersigned is a holder of 7.75%/8.00% Cumulative
Redeemable Preferred Units (“Preferred Units”) of Simon Property Group, L.P., a
Delaware limited partnership (the “Operating Partnership”).  On the date hereof, the undersigned has
presented to the Operating Partnership
                        
(number) Preferred Units (the “Tendered Units”) for redemption (the “Redemption”);
or (b) repurchase (the “Repurchase”) pursuant to their terms.  This letter agreement is being given in
satisfaction of a condition to the Redemption or Repurchase, as applicable, of
the Tendered Units.

 

The undersigned hereby agrees with the Operating
Partnership that, in the event the undersigned receives any payment or
distribution with respect to Tendered Units after their Redemption or
Repurchase, as applicable, other than a payment or distribution required to be
made in connection therewith, the undersigned will promptly remit such payment
or distribution back to the Operating Partnership.

 

This letter agreement shall be construed in accordance
with, and governed by, the laws of the State of Delaware, without regard to conflicts
of laws principles.

 

10

 

Very truly yours,

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Name of Holder
  of Preferred Units)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

AGREED:

 

SIMON PROPERTY GROUP, L.P., a Delaware limited partnership

 

	
   

  	
  By:

  	
  SIMON PROPERTY GROUP, INC.,

  	
   

  	
   

  
	
   

  	
   

  	
  a Delaware corporation, General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Stephen E. Sterrett

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  	
   

  	
   

  
							

 

 

CERTIFICATE OF DESIGNATION

OF

6% SERIES I CONVERTIBLE PERPETUAL PREFERRED UNITS

OF

SIMON PROPERTY GROUP, L.P.

 

Pursuant
to Articles 4.3(c) and 9.4 of the Seventh Amended and Restated Limited
Partnership Agreement of Simon Property Group, L.P. (the “Operating
Partnership”);

 

WHEREAS, it is
currently contemplated that, pursuant to the Agreement and Plan of Merger,
dated June 20, 2004, (the “Agreement of Merger”) between Simon
Property Group, Inc. (the “Corporation”), the Operating
Partnership, Simon Acquisition I, LLC, (“Merger Sub”), a wholly owned
subsidiary of the Corporation, Simon Acquisition II, LLC (“L.P. Merger Sub”),
an indirect wholly owned subsidiary of the Corporation, Chelsea Property Group, Inc.,
(the “Chelsea”), and CPG Partners, L.P., (“Chelsea L.P.”), each
holder of a common unit of Chelsea L.P. will
receive, in a transaction intended to qualify for non-recognition of any
taxable gain or loss to such holder under Section 721(a) of the
Internal Revenue Code, 0.6459 of a common partnership interest in the Operating
Partnership and 0.6600 of a 6% Series I Convertible Perpetual Preferred
Unit (as defined below) of the Operating Partnership, either upon a
contribution of such common units of Chelsea L.P. or upon completion of a
merger of L.P. Merger Sub with and into Chelsea L.P.;

 

WHEREAS, the
Corporation, in its capacity as the managing general partner of the Operating
Partnership (in such capacity, the “Managing General Partner”), has
agreed to designate a series of preferred partnership units having the powers,
preferences and relative, participating, optional or other special rights and
such qualifications, limitations or restrictions thereof, as set forth herein;

 

WHEREAS, the
Managing General Partner has determined that it is in the best interests of the
Operating Partnership and its partners to designate a new series of preferred units
of the Operating Partnership;

 

NOW, THEREFORE, in
accordance with the terms of the Seventh Amended and Restated Limited
Partnership Agreement of the Operating Partnership, dated as of August 27,
1999, by and among the Corporation, as managing general partner, SD Property
Group, Inc., as a non-managing general partner, SPG Properties, Inc.,
as a non-managing general partner, and the limited partners named therein (as
amended, the “Partnership Agreement”), the Managing General Partner
hereby designates a series of preferred units and fixes the designations,
preferences and relative, participating, optional and other special rights, and
the qualifications, limitations and restrictions, of a new series of preferred
units as follows:

 

SECTION 1.  Number and Designation.  19,000,000 units of preferred units of the
Operating Partnership shall be designated as the “6% Series I Convertible
Perpetual Preferred Units” (the “Series I Preferred Units”).

 

1

 

SECTION 2.  Certain Definitions.  As used in this Certificate, the following
terms shall have the meanings defined in this Section 2. Any capitalized
term not otherwise defined herein shall have the meaning set forth in the
Partnership Agreement, unless the context otherwise requires:

 

“Affiliate” of any Person means any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling”
and “controlled” have meanings correlative to
the foregoing.

 

“Board of Directors” means the board of
directors of the Corporation.

 

“Business Day” means any day other than a
Saturday, Sunday or a day on which state or U.S. federally chartered banking
institutions in New York, New York are not required to be open.

 

“Capital Stock” of any Person means any
and all shares, interests, participations or other equivalents however
designated of corporate stock or other equity participations, including
partnership interests, whether general or limited, of such Person and any
rights (other than debt securities convertible or exchangeable into an equity
interest), warrants or options to acquire an equity interest in such Person.

 

“Certificate” means this Certificate of
Designation.

 

“Change of Control” means the occurrence
of any of the following events:

 

(a)           any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Exchange Act) acquires beneficial ownership (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has
the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, through a purchase, merger
or other acquisition transaction, of more than 50% of the total voting power of
the Corporation’s total outstanding voting stock other than an acquisition by
the Corporation, any of its subsidiaries or any of the Corporation’s employee
benefit plans;

 

(b)           the Corporation consolidates with, or merges with
or into, another Person or conveys, transfers, leases or otherwise disposes of
all or substantially all of its assets to any Person, or any Person
consolidates with, or merges with or into, the Corporation, other than: (i) any
transaction pursuant to which holders of the Corporation’s Capital Stock
immediately prior to the transaction have the entitlement to exercise, directly
or indirectly, more than 50% of the total voting 

 

2

 

power of all shares of Capital Stock entitled to vote generally in the
election of directors of the continuing or surviving person immediately after
the transaction and (ii) any merger solely for the purpose of changing the
Corporation’s jurisdiction of incorporation and resulting in a
reclassification, conversion or exchange of outstanding shares of Common Stock
solely into shares of common stock of the surviving entity;

 

(c)           during any consecutive two-year period,
individuals who at the beginning of such period constituted the Board of
Directors of the Corporation (together with any new directors whose election to
such Board of Directors of the Corporation, or whose nomination for election by
the stockholders of the Corporation, was approved by a vote of a majority of
the directors of the Corporation then still in office who were either directors
at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the
Board of Directors of the Corporation then in office; or

 

(d)           the Corporation adopts a plan of liquidation or
dissolution.

 

“Change of Control Purchase Date” shall
have the meaning assigned to it in Section 11(a) hereof.

 

“Closing Sale Price” of the shares of
Common Stock or other Capital Stock or similar equity interests on any date
means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one in
either case, the average of the average closing bid and the average closing ask
prices) on such date as reported on the principal United States securities
exchange on which shares of Common Stock or such other Capital Stock or similar
equity interests are traded or, if the shares of Common Stock or such other
capital stock or similar equity interests are not listed on a United States
national or regional securities exchange, as reported by Nasdaq or by the
National Quotation Bureau Incorporated. In the absence of such quotations, the
Board of Directors of the Corporation shall be entitled to determine the
Closing Sale Price on the basis it considers appropriate, which determination
shall be conclusive. The Closing Sale Price shall be determined without
reference to any extended or after hours trading.

 

“Common Stock” means any stock of any
class of the Corporation that has no preference in respect of dividends or of
amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation and that is not subject to
redemption by the Corporation.

 

“Common Units”
shall mean the Partnership Units (as defined in the Partnership Agreement).

 

“Computation Date” shall have the meaning
assigned to it in Section 10(c) hereof.

 

3

 

“Conversion
Price” per unit of the Series I Preferred Units means, on any
date, the Liquidation Preference divided by the Conversion Rate in effect on
such date.

 

“Conversion Rate” per unit of the Series I
Preferred Units means 0.783 of a Common Unit, subject to adjustment pursuant to
Section 8 hereof.

 

“Corporation” shall have the meaning
assigned to it in the preamble to this Certificate, and shall include any
successor to such Corporation.

 

“Current Market Price” means the average
of the daily Closing Sale Prices per share of Common Stock for the ten
consecutive Trading Days ending on the earlier of such date of determination
and the day before the ex-date with respect to the issuance, distribution,
subdivision or combination requiring such computation immediately prior to the
date in question. For purpose of this paragraph, the term “ex-date,”
(1) when used with respect to any issuance or distribution, means the
first date on which the Common Stock trades, regular way, on the relevant
exchange or in the relevant market from which the Closing Sale Price was
obtained without the right to receive such issuance or distribution, and (2) when
used with respect to any subdivision or combination of shares of Common Stock,
means the first date on which the Common Stock trades, regular way, on such
exchange or in such market after the time at which such subdivision or
combination becomes effective.

 

“Distribution Payment Date” means February 28,
May 31, August 31 and November 30 of each year, commencing November 30,
2004, or if any such date is not a Business Day, on the next succeeding
Business Day.

 

“Distribution Period” means the period
beginning on, and including, a Distribution Payment Date and ending on, and
excluding, the immediately succeeding Distribution Payment Date.

 

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

 

“Exchange Option” shall have the meaning
assigned to it in Section 10(a) hereof.

 

“Fair Market Value” means the amount
which a willing buyer would pay a willing seller in an arm’s-length
transaction.

 

“Junior Units” shall have the meaning
assigned to it in Section 3(a) hereof.

 

“Liquidation Preference” shall have the
meaning assigned to it in Section 5(a) hereof.

 

“Managing General Partner” shall have the
meaning assigned to it in the preamble to this Certificate.

 

4

 

“Notice of
Exchange” shall have the meaning assigned to it in Section 10(a) hereof.

 

“Offered
Units” shall have the meaning assigned to it in Section 10(a) hereof.

 

“Offered
Units Purchase Price” shall have the meaning assigned to it in Section 10(c) hereof.

 

“Outstanding”
means, when used with respect to Series I Preferred Units, as of any date
of determination, all Series I Preferred Units outstanding as of such
date; provided, however, that, if such Series I
Preferred Units are to be redeemed, notice of such redemption has been duly
given pursuant to this Certificate and the Redemption Price for such Series I
Preferred Units to be redeemed has been paid, then immediately after such
Redemption Date such Series I Preferred Units shall cease to be
Outstanding; provided further that, in
determining whether the holders of Series I Preferred Units have given any
request, demand, authorization, direction, notice, consent or waiver or taken
any other action hereunder, Series I Preferred Units owned by the
Operating Partnership, the Corporation or any of their Affiliates shall be
deemed not to be Outstanding.

 

“Parity Units”
shall have the meaning assigned to it in Section 3(b) hereof.

 

“Person”
means an individual, a corporation, a partnership, a limited liability company,
an association, a trust or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

 

“Purchase
Price” means an amount equal to 100% of the Liquidation Preference
per Series I Preferred Unit being purchased, plus an amount equal to any
accumulated and unpaid distributions, if any (whether or not declared), thereon
to, but excluding, the Change of Control Purchase Date; provided
that if a Change of Control Purchase Date falls after a Record Date and on or
prior to the corresponding Distribution Payment Date, the Purchase Price will
only be an amount equal to the Liquidation Preference per Series I
Preferred Unit being purchased and will not include any amount in respect of
distributions declared and payable on such corresponding Distribution Payment
Date.

 

“Record Date”
means not more than 60 days and not less than 10 days preceding the applicable
Distribution Payment Date, as shall be fixed by the Managing General Partner.

 

“Redemption
Date” means a date that is fixed for redemption of the Series I
Preferred Units by the Operating Partnership in accordance with Section 6
hereof.

 

“Redemption Price”
means an amount equal to 100% of the Liquidation Preference per Series I
Preferred Unit being redeemed, plus an amount equal to all accumulated and
unpaid distributions, if any (whether or not declared), thereon to, but
excluding, the Redemption Date; provided that
if the Redemption Date shall occur after a Record Date and before the related
Distribution Payment Date, the Redemption Price shall be only an amount equal
to the Liquidation Preference per Series I Preferred Unit being redeemed
and will not 

 

5

 

include
any amount in respect of distributions declared and payable on such
corresponding Distribution Payment Date.

 

“Securities Act” means the Securities Act
of 1933, as amended.

 

“Senior Units” shall have the meaning
assigned to it in Section 3(c) hereof.

 

“Series I Preferred Stock” means the
6% Series I Convertible Perpetual Preferred Stock of the Corporation.

 

“Settlement Date” shall have the meaning
assigned to it in Section 10(d) hereof.

 

“6%  Preferred
Units” shall have the meaning assigned to it in Section 1
hereof.

 

“Trading Day”
means a day during which trading in securities generally occurs on the New York
Stock Exchange or, if the Common Stock is not listed on the New York Stock
Exchange, on the principal other national or regional securities exchange on
which the Common Stock is then listed or, if the Common Stock is not listed on
a national or regional securities exchange, on Nasdaq or, if the Common Stock
is not quoted on Nasdaq, on the principal other market on which the Common
Stock is then traded.

 

SECTION 3.  Rank.  The Series I Preferred Units shall, with
respect to distribution rights and rights upon liquidation, winding-up or
dissolution, rank:

 

(a)           senior to the Common Units and any other equity securities of the
Operating Partnership which by their terms expressly provide that such equity
securities rank junior to the Series I Preferred Units as to distribution
rights and rights on liquidation, winding up and dissolution of the Operating
Partnership (together with the Common Units, the “Junior Units”);

 

(b)           on a parity with any other preferred units which are not by their terms
junior or senior to the Series I Preferred Units, including, without
limitation, the 6.50% Series B Convertible Preferred Units, 8.00% Series E
Cumulative Redeemable Preferred Units, 8 3⁄4% Series F Cumulative Redeemable
Preferred Units, 7.89% Series G Cumulative Step-up Premium Rate Preferred
Units, 7.00% Cumulative Convertible Preferred Units, and 8.00% Cumulative
Redeemable Preferred Units, which are the only preferred units of the Operating
Partnership authorized as of the date hereof (the “Parity Units”); and

 

(c)           junior to each class or series of units of the Operating Partnership,
the terms of which expressly provide that such class or series ranks senior to
the Series I Preferred Units as to distribution rights and rights on
liquidation, winding-up and dissolution of the Operating Partnership (the “Senior
Units”).

 

6

 

SECTION 4.  Distributions.

 

(a)           Holders of Series I Preferred Units shall be entitled to receive,
when, as and if declared by the Managing General Partner, out of funds legally
available for the payment of distributions, cash distributions on each unit of Series I
Preferred Units at the annual rate of 6% of the Liquidation Preference per
unit.  Such distributions shall be
payable in arrears in equal amounts quarterly on each Distribution Payment
Date, beginning November 30, 2004, in preference to and in priority over
distribution on any Junior Units but subject to the rights of any holders of
Senior Units or Parity Units.

 

(b)           Distributions shall be cumulative from the initial date of issuance or
the last Distribution Payment Date for which accumulated distributions were
paid, whichever is later, whether or not funds of the Operating Partnership are
legally available for the payment of such distributions.  Each such distribution shall be payable to
the holders of record of Series I Preferred Units, as they appear on the
Operating Partnership’s books and records at the close of business on a Record
Date.  Accumulated and unpaid
distributions for any past Distribution Periods may be declared and paid at any
time, without reference to any Distribution Payment Date, to holders of record
on such date, not more than 60 days preceding the payment date thereof, as may
be fixed by the Managing General Partner.

 

(c)           Accumulated and unpaid distributions for any past Distribution Period
(whether or not declared) shall cumulate at the annual rate of 6% and shall be
payable in the manner set forth in this Section 4.

 

(d)           The amount of distributions payable for each full Distribution Period
for the Series I Preferred Units shall be computed by dividing the annual
distribution rate by four. The amount of distributions payable for the initial
Distribution Period, or any other period shorter or longer than a full
Distribution Period, on the Series I Preferred Units shall be computed on
the basis of 30-day months and a 12-month year. Holders of Series I
Preferred Units shall not be entitled to any distributions, whether payable in
cash, property or stock, in excess of cumulative distributions, as herein
provided, on the Series I Preferred Units.

 

(e)           No distribution shall be declared or paid, or funds set apart for the
payment of any distribution, whether in cash, obligations or units of the
Operating Partnership or other property, directly or indirectly, upon any
Junior Units or Parity Units, nor shall any units of Junior Units or Parity
Units be redeemed, repurchased or otherwise acquired for consideration by the
Operating Partnership through a sinking fund or otherwise, unless all
accumulated and unpaid distributions (whether or not declared), if any, through
the most recent Distribution Payment Date (whether or not there are funds of
the Operating Partnership legally available for the payment of distributions)
on the Series I Preferred Units and any Parity Units have been paid in
full or set apart for payment; provided, however,
that, notwithstanding any provisions of this Section 4(e) to the
contrary, the Operating Partnership may redeem, repurchase or otherwise acquire
for consideration Series I Preferred Units and Parity Units pursuant to a
purchase or exchange offer made on the same terms to all holders of such Series I
Preferred Units and Parity Units. When distributions are not paid in full, as
aforesaid, upon the Series I Preferred Units, all distributions declared
on the Series I Preferred Units and any other Parity Units shall be paid
either (A) pro rata so 

 

7

 

that the amount of distributions so declared on the Series I
Preferred Units and each such other class or series of Parity Units shall in
all cases bear to each other the same ratio as accumulated distributions on the
Series I Preferred Units and such class or series of Parity Units bear to
each other or (B) on another basis that is at least as favorable to the
holders of the Series I Preferred Units entitled to receive such
distributions.

 

SECTION 5.  Liquidation Preference.

 

(a)           In the event of any liquidation, dissolution or winding-up of the
Operating Partnership, whether voluntary or involuntary, before any payment or
distribution of the Operating Partnership’s assets shall be made to or set
apart for the holders of Junior Units, holders of Series I Preferred Units
shall be entitled to receive $50.00 per unit of Series I Preferred Units
(the “Liquidation Preference”) plus an amount equal to all distributions
(whether or not declared) accumulated and unpaid thereon to the date of final
distribution to such holders, but shall not be entitled to any further payment
or other participation in any distribution of the assets of the Operating
Partnership.  If, upon any liquidation,
dissolution or winding-up of the Operating Partnership, the Operating
Partnership’s assets, or proceeds thereof, distributable among the holders of Series I
Preferred Units are insufficient to pay in full the preferential amount
aforesaid and liquidating payments on any Parity Units, then such assets, or
the proceeds thereof, shall be distributed among the holders of the Series I
Preferred Units and any other Parity Units ratably in proportion to the
respective amounts that would be payable on such Series I Preferred Units
and any such other Parity Units if all amounts payable thereon were paid in
full.

 

(b)           Neither the voluntary sale, conveyance, exchange or transfer, for cash,
shares of stock, securities or other consideration, of all or substantially all
of the Operating Partnership’s property or assets, nor the consolidation,
merger or amalgamation of the Operating Partnership with or into any person or
the consolidation, merger or amalgamation of any person with or into the
Operating Partnership shall be deemed to be a voluntary or involuntary
liquidation, dissolution or winding-up of the Operating Partnership.

 

(c)           After payment has been made in full to the holders of the Series I
Preferred Units, as provided in this Section 5, holders of Series I
Preferred Units shall have no right or claim to any remaining assets of the
Operating Partnership.

 

SECTION 6.  Optional Redemption of the Series I
Preferred Units.  Units of Series I
Preferred Units shall be redeemable by the Operating Partnership in accordance
with this Section 6.

 

(a)           The Operating Partnership may not redeem any Series I Preferred
Units before October 14, 2009.  On
or after October 14, 2009, the Operating Partnership shall have the option
to redeem, subject to Section 6(g) hereof, for cash only (i) some
or all the Series I Preferred Units at the Redemption Price, but only if
the Closing Sale Price of the Common Stock for 20 Trading Days within a period
of 30 consecutive Trading Days ending on the Trading Day prior to the date the Operating
Partnership gives notice of such redemption pursuant to this Section 6
exceeds 130% of the Conversion Price in effect on 

 

8

 

each such Trading Day and (ii) all the Outstanding Series I
Preferred Units at the Redemption Price, but only if, on any Distribution
Payment Date, the total number of Outstanding Series I Preferred Units is
less than 15% of the total number of Outstanding Series I Preferred Units
on October 14, 2004.

 

(b)           In the event the Operating Partnership elects to redeem any Series I
Preferred Units, the Operating Partnership shall:

 

(i)            send a written notice by first class mail to each
holder of record of the Series I Preferred Units at such holder’s
registered address, not fewer than 20 nor more than 90 days prior to the
Redemption Date, stating:

 

(A)          the Redemption Date;

 

(B)           the Redemption Price;

 

(C)           the Conversion Price and the Conversion Rate;

 

(D)          that Series I Preferred Units called for redemption may be
converted into Common Units at any time before 5:00 p.m., New York City
time on the second Business Day immediately preceding the Redemption Date;

 

(E)           that holders who want to convert Series I Preferred Units into
Common Units must satisfy the requirements set forth in Section 7 of this
Certificate;

 

(F)           if fewer than all the Outstanding units of the Series I Preferred
Units are to be redeemed by the Operating Partnership, the number of units to
be redeemed;

 

(G)           that, unless the Operating Partnership defaults in making payment of
such Redemption Price, distributions in respect of the Series I Preferred
Units called for redemption will cease to accumulate on and after the
Redemption Date; and

 

(H)          any other information the Operating Partnership wishes to present; and

 

(ii)           publish such information on the Corporation’s web site on the World Wide
Web.

 

(c)           If the Operating Partnership calls for redemption Series I
Preferred Units pursuant to the procedures set forth in Section 6(b) above,
then, to the extent sufficient funds are legally available, the Operating
Partnership shall pay the Redemption Price to 

 

9

 

holders of Series I Preferred Units called for redemption and
outstanding on the Redemption Date.  Upon
payment of the Redemption Price, the Series I Preferred Units so redeemed
shall cease to be outstanding and shall be retired and cancelled on the books
and records of the Operating Partnership. 
Distributions shall cease to accumulate as of the Redemption Date on
those Series I Preferred Units called for redemption and all rights of
holders of such units shall terminate, except for the right to receive the
Redemption Price pursuant to this Section 6.

 

(d)           If any Series I Preferred Units selected for partial redemption are
submitted for conversion in part after such selection, such Series I
Preferred Units submitted for conversion shall be deemed (so far as may be
possible) to be a portion of the units selected for redemption.

 

(e)           If the Redemption Date falls after a Record Date and before the related
Distribution Payment Date, holders of Series I Preferred Units at the
close of business on that Record Date shall be entitled to receive the
distribution payable on those units on the corresponding Distribution Payment
Date.

 

(f)            If fewer than all the Outstanding Series I
Preferred Units are to be redeemed, the number of units to be redeemed shall be
determined by the Managing General Partner and the units to be redeemed shall
be selected by lot, on a pro rata basis (with any fractional units being
rounded to the nearest whole unit), or by any other method as may be determined
by the Managing General Partner to be fair and appropriate.

 

(g)           Notwithstanding the foregoing provisions of this Section 6, unless
full cumulative distributions (whether or not declared) on all Outstanding Series I
Preferred Units and Parity Units have been paid or set apart for payment for
all Distribution Periods terminating on or before the Redemption Date, none of
the Series I Preferred Units shall be redeemed, and no sum shall be set
aside for such redemption, unless pursuant to a purchase or exchange offer made
on the same terms to all holders of Series I Preferred Units and any
Parity Units.

 

SECTION 7.  Conversion.

 

(a)  Right to
Convert.  Each Series I
Preferred Unit shall be convertible, only on or after the occurrence of one of
the conversion triggering events described in Section 7(b), into a number
of fully paid and non-assessable Common Units equal to the Conversion Rate in
effect at such time. Notwithstanding the foregoing, if any Series I
Preferred Units are to be redeemed pursuant to Section 6, such conversion
right shall cease and terminate, as to the Series I Preferred Units to be
redeemed, at 5:00 p.m., New York City time, two Business Days immediately
preceding the Redemption Date, unless the Operating Partnership shall default
in the payment of the Redemption Price therefore, as provided herein.

 

(b)           A holder may convert Series I Preferred Units
into Common Units:

 

10

 

(i)            if called for redemption pursuant to Section 6
hereof;

 

(ii)           if the Corporation is a party to a Change of Control, in which case each
Series I Preferred Unit may be surrendered for conversion at any time from
and after the date that is 15 days prior to the anticipated effective date
of the Change of Control until 15 days after the actual date of such
Change of Control and, at such effective date, the right to convert the Series I
Preferred Units into Common Units shall be changed into a right to convert such
Series I Preferred Units into the kind and amount of cash, securities or
other property that the holder would have received if the holder had converted
such Series I Preferred Units immediately prior to the transaction; or

 

(iii)          during any fiscal quarter after the fiscal quarter ending December 31,
2004 (and only during such fiscal quarter) if the Closing Sale Price of Common
Stock for at least 20 Trading Days in a period of 30 consecutive Trading Days
ending on the last Trading Day of the immediately preceding fiscal quarter is
more than 125% of the Conversion Price on such Trading Day.  If this Closing Sale Price condition is not
satisfied at the end of any fiscal quarter, then conversion pursuant to this Section 7(b)(iii) will
not be permitted in the following fiscal quarter. The Managing General Partner
shall determine for each Trading Day during the 30 consecutive Trading Day
period specified in this Section 7(b)(iii) whether the Closing Sale
Price exceeds 125% of the Conversion Price and whether the Series I
Preferred Units shall be convertible as a result of the occurrence of the event
set forth in this Section 7(b)(iii). 
Upon determination that holders of Series I Preferred Units are or
will be entitled to convert their units into Common Units in accordance with
the provisions of  this Section 7(b)(iii),
the Operating Partnership will mail a written notice to the holders thereof and
publish such information on the Corporation’s website on the World Wide Web.

 

(c)  Conversion
Procedures.  Conversion of Series I
Preferred Units may be effected by any holder thereof upon the surrender to the
Operating Partnership, at the principal office of the Operating Partnership a
complete and manually signed Notice of Conversion (in the form included as Exhibit A
to this Certificate) along with, if required pursuant to Section 7(d),
funds equal to the distribution payable on the next Distribution Payment
Date.  In case such Notice of Conversion
shall specify a name or names other than that of such holder, such notice shall
be accompanied by payment of all transfer taxes payable upon the issuance of
Common Units in such name or names (or proof that no such taxes are
payable).  Other than such taxes, the Operating
Partnership shall pay any documentary, stamp or similar issue or transfer taxes
that may be payable in respect of any issuance of Common Units upon conversion
of Series I Preferred Units pursuant hereto.  The conversion of the Series I Preferred
Units will be deemed to have been made as of the close of business on the date
(the “Conversion Date”) such Notice of Conversion is received and all
required transfer taxes, if any, are paid (or the demonstration to the
satisfaction of the Operating Partnership that such taxes have been paid) and shall
be recorded on the books and records 

 

11

 

of the Operating Partnership as of such Conversion Date.  The Operating Partnership shall promptly, and
in any event within five Business Days after receipt of a Notice of Conversion
from a holder of Series I Preferred Units, notify such holder of the
effectiveness of such conversion in writing to such holder’s address set forth
on the books and records of the Operating Partnership (or that such conversion
was not given effect due to a failure to satisfy the conditions for conversion
set forth in this Section 7).

 

(d) 
Distribution and Other Payments Upon Conversion.  If a holder of Series I Preferred Units
exercises conversion rights, such units will cease to accumulate distributions
as of the end of the day immediately preceding the Conversion Date.  On conversion of the Series I Preferred
Units, except for conversion during the period from the close of business on
any Record Date corresponding to a Distribution Payment Date to the close of
business on the Business Day immediately preceding such Distribution Payment
Date, in which case the holder on such Distribution Record Date shall receive
the distributions payable on such Distribution Payment Date, accumulated and
unpaid distributions on the converted Series I Preferred Units shall not
be cancelled, extinguished or forfeited, but rather shall be deemed to be paid
in full to the holder thereof through issuance of the Common Units (together
with the cash payment, if any, in lieu of fractional units) in exchange for the
Series I Preferred Units being converted pursuant to the provisions
hereof.  Any Series I Preferred
Units surrendered for conversion after the close of business on any Record Date
for the payment of distributions declared and before the opening of business on
the Distribution Payment Date corresponding to that Record Date must be
accompanied by a payment to the Operating Partnership in cash of an amount
equal to the distribution payable in respect of those units on such
Distribution Payment Date; provided that a
holder of Series I Preferred Units on a Record Date who converts such
units into Common Units on the corresponding Distribution Payment Date shall be
entitled to receive the distribution payable on such Series I Preferred
Units on such Distribution Payment Date, and such holder need not include
payment to the Operating Partnership of the amount of such distribution upon
surrender of the Series I Preferred Units for conversion. Notwithstanding the
foregoing, if Series I Preferred Units are converted during the period
between the close of business on any Record Date and the opening of business on
the corresponding Distribution Payment Date and the Operating Partnership has
called such Series I Preferred Units for redemption during such period, or
the Operating Partnership has designated a Change of Control Purchase Date
during such period, then, in each case, the holder who tenders such units for
conversion shall receive the distribution payable on such Distribution Payment
Date and need not include payment of the amount of such distribution upon
surrender of such Series I Preferred Units for conversion.

 

(e)  Fractional
Units.  In connection with the
conversion of any Series I Preferred Units, no fractions of Common Units
shall be issued, but the Operating Partnership shall pay a cash adjustment in
respect of any fractional interest in an amount equal to the fractional
interest multiplied by the Closing Sale Price of the Common Stock on the Conversion
Date, rounded to the nearest whole cent.

 

12

 

(f)  Total
Units.  If more than one Series I
Preferred Unit shall be surrendered for conversion by the same holder at the
same time, the number of full Common Units issuable on conversion of those Series I
Preferred Units shall be computed on the basis of the total number of Series I
Preferred Units so surrendered.

 

SECTION 8.  Conversion Rate Adjustments.

 

(a)           If the conversation rate of the Series I Preferred Stock of the
Corporation set forth in the Certificate of Designations of the Series I
Preferred Stock shall be adjusted at any time and from time to time on or after
the date hereof, then, as of the date of such adjustment, the Conversion Rate
for the Series I Preferred Units shall be similarly adjusted without the
requirement of any further action by the Operating Partnership such that  the conversation rate of the Series I
Preferred Stock and the Conversion Rate of the Series I Preferred Units
shall at all times be equal and the same.

 

(b)           Whenever the Conversion Rate is adjusted as herein provided, the
Operating Partnership shall promptly and in any event within 20 days after the
effectiveness of such adjustment, deliver a notice to each holder of the Series I
Preferred Units to such holder’s address as it appears on the books and records
of the Operating Partnership setting forth the adjusted Conversion Rate, the
date on which such adjustment became effective and a brief statement of the
facts requiring such adjustment.  Failure
to deliver such notice shall not affect the legality or validity of any such
adjustment.

 

SECTION 9.  Effect of Consolidation, Merger
or Sale on Conversion Privilege. 
(a)  If any of (i) any reclassification (other than a change in
par value, or from par value to no par value, or from no par value to par
value, and other than a subdivision or combination to which Section 8(c) of
the Certificate of Designations of the Series I Preferred Stock applies)
of the outstanding shares of Common Stock, (ii) any consolidation, merger
or combination of the Corporation with another Person, in each case as a result
of which holders of Common Units shall be entitled to receive stock, other
securities or other property or assets (including cash) with respect to or in
exchange for such Common Units, or (iii) any sale or conveyance of all or
substantially all of the properties and assets of the Corporation to any other
Person as a result of which holders of Common Units shall be entitled to
receive stock, other securities or other property or assets (including cash)
with respect to or in exchange for such Common Units, then each Series I
Preferred Unit shall be convertible into the kind and amount of shares of
stock, other securities or other property or assets (including cash) receivable
upon such reclassification, change, consolidation, merger, combination, sale or
conveyance by a holder of a number of Common Units issuable upon conversion of
such Series I Preferred Units immediately prior to such reclassification,
change, consolidation, merger, combination, sale or conveyance assuming such
holder of Common Units did not exercise his rights of election, if any, as to
the kind or amount of stock, other securities or other property or assets
(including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance (provided that, if the kind or amount
of stock, other securities or other property or assets (including cash)
receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance is not the same for each Common Unit in respect
of which such rights of election shall not have been exercised (“non-electing
unit”), then for the purposes of this

 

13

 

Section 9
the kind and amount of stock, other securities or other property or assets
(including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance for each non-electing unit shall be
deemed to be the kind and amount so receivable per unit by a plurality of the
non-electing units).

 

(b)           The Operating Partnership shall
cause notice of the application of this Section 9 to be delivered to each
holder of the Series I Preferred Units at the address of such holder as it
appears on the books and records of the Operating Partnership within twenty
(20) days after the occurrence of any of the events specified in Section 9(a) and
shall publish such information on the Corporation’s web site on the World Wide
Web.  Failure to deliver such notice
shall not affect the legality or validity of any conversion right pursuant to
this Section 9.

 

(c)           The above provisions of this Section 9
shall similarly apply to successive reclassifications, changes, consolidations,
mergers, combinations, sales and conveyances.

 

SECTION 10.  Optional Exchange for Shares of
Series I Preferred Stock.

 

(a)           A holder of Series I
Preferred Units may exchange all or any number of such holder’s Series I
Preferred Units for an equal number of shares of Series I Preferred Stock
or cash, as selected by the Managing General Partner, upon the terms and
subject to the conditions set forth in this Section 10 (the “Exchange
Option”).  The Exchange Option may be
exercised by a Limited Partner, on the terms and subject to the conditions and
restrictions contained in this Section 10, upon delivery to the Managing
General Partner of a notice in the form of Exhibit B (a “Notice of
Exchange”), which notice shall specify the number of such holder’s Series I
Preferred Units to be exchanged (the “Offered Units”).  Once delivered, the Notice of Exchange shall
be irrevocable, subject to payment by the Managing General Partner or the
Partnership of the Offered Units Purchase Price for the Offered Units in
accordance with the terms hereof.  In the
event the Managing General Partner elects to cause the Offered Units to be
exchanged for cash, the Managing General Partner shall effect such exchange by
causing the Partnership to redeem the Offered Units for cash.

 

(b)           If a Notice of Exchange is
delivered to the Managing General Partner but, as a result of the Ownership
Limit (as defined in the Partnership Agreement) or as a result of other
restrictions contained in the Charter of the Managing General Partner, the
Exchange Option cannot be exercised in full for shares of Series I
Preferred Stock, the Notice of Exchange, if the Offered Units Purchase Price is
to be payable in shares of Series I Preferred Stock, shall be deemed to be
modified such that the Exchange Option shall be exercised only to the extent
permitted under the Ownership Limit or under other restrictions in the Charter
of the Managing General Partner.

 

(c)           The purchase price (“Offered
Units Purchase Price”) payable to a tendering holder of Series I
Preferred Units shall be equal to the Closing Sale Price of the Series I
Preferred Stock multiplied by the number of Offered Units computed as of the
date on which the Notice of Exchange was delivered to the Managing General
Partner (the

 

14

 

“Computation Date”).  The
Offered Units Purchase Price for the Offered Units shall be payable, at the
option of the Managing General Partner, by causing the Partnership to redeem
the Offered Units for cash in the amount of the Offered Units Purchase Price,
or by the issuance by the Managing General Partner of the number of shares of Series I
Preferred Stock equal to the number of Offered Units (adjusted as appropriate
to account for stock splits, stock dividends or other similar transactions
between the Computation Date and the closing of the purchase and sale of the
Offered Units in the manner specified in Section 10(f)(ii) below).

 

(d)           The closing of the acquisition or
redemption of Offered Units shall, unless otherwise mutually agreed, be held at
the principal offices of the Managing General Partner, on the date agreed to by
the Managing General Partner and the relevant holder of Series I Preferred
Units, which date (the “Settlement Date”) shall in no event be on a date
which is later than ten (10) days after the date of the Notice of
Exchange.  Until the Settlement Date,
each tendering holder of Series I Preferred Units shall continue to own
his Offered Units, and will continue to be treated as the holder of such
Offered Units for all purposes of this Certificate of Designations and the
Partnership Agreement, including, without limitation, for purposes of voting,
consent, allocations and distributions. 
Offered Units will be transferred to the Managing General Partner only
upon receipt by the tendering holder of Series I Preferred Units of shares
of Series I Preferred Stock or cash in payment in full therefor.

 

(e)           At the closing of the purchase
and sale or redemption of Offered Units, payment of the Offered Units Purchase
Price shall be accompanied by proper instruments of transfer and assignment and
by the delivery of (i) representations and warranties of (A) the
tendering holder of Series I Preferred Units with respect to its due
authority to sell all of the right, title and interest in and to such Offered
Units to the Managing General Partner or the Partnership, as applicable, and
with respect to the ownership by the holder of such Offered Units, free and
clear of all Liens, and (B) the Managing General Partner with respect to
its due authority to acquire such Offered Units for shares of Series I
Preferred Stock or to cause the Partnership to redeem such Offered Units for
cash and, in the case of payment by shares of Series I Preferred Stock, (ii) a
stock certificate or certificates evidencing the shares of Series I
Preferred Stock to be issued and registered in the name of the holder or its
designee.

 

(f)            To facilitate the Managing
General Partner’s ability fully to perform its obligations hereunder, the
Managing General Partner covenants and agrees as follows:

 

(i)            The Managing General Partner
shall (A) reserve for issuance such number of shares of Series I
Preferred Stock as may be necessary to enable the Managing General Partner to
issue such shares in full payment of the Offered Units Purchase Price in regard
to all Series I Preferred Units which are from time to time outstanding, (B) prior
to the delivery of any securities that the Managing General Partner may be
obligated to deliver upon exercise of the Exchange Option, comply with all
applicable federal and state laws and regulations that require action to be
taken by the Managing General Partner in connection with such delivery, (C) use
its

 

15

 

commercially reasonable best efforts to ensure that any shares of Series I
Preferred Stock delivered upon exercise of the Exchange Option will, upon
delivery, be listed on the New York Stock Exchange (or such other national
exchange, if any, on which the Series I Preferred Stock is then listed),
and (D) ensure that all shares of Series I Preferred Stock delivered
upon exercise of the Exchange Option will, upon delivery, be duly and validly
issued and fully paid and nonassessable, free of all liens and charges and not
subject to any preemptive rights.

 

(ii)           Under no circumstances shall the
Managing General Partner declare any stock dividend, stock split, stock
distribution or the like (whether as to the Series I Preferred Units or
the Series I Preferred Stock), unless fair and equitable arrangements are
provided, to the extent necessary, fully to adjust, and to avoid any dilution
in, the Exchange option of any holder of Series I Preferred Units under
this Certificate of Designation.

 

(g)           Each of holder of Series I
Preferred Units covenants and agrees with the Managing General Partner that all
Offered Units tendered to the Managing General Partner or the Partnership, as
the case may be, in accordance with the exercise of the Exchange Option shall
be delivered free and clear of all Liens and should any Liens exist or arise
with respect to such Offered Units, the Managing General Partner or the
Partnership, as the case may be, shall be under no obligation to acquire the
same unless, in connection with such acquisition, the Managing General Partner
has elected to cause the Partnership to pay such portion of the Offered Units
Purchase Price in the form of cash consideration in circumstances where such
consideration will be sufficient to cause such existing Lien to be discharged
in full upon application of all or a part of such consideration and the
Partnership is expressly authorized to apply such portion of the Offered Units
Purchase Price as may be necessary to satisfy any indebtedness in full and to
discharge such Lien in full. In the event any transfer tax is payable by a
holder of Offered Units as a result of a transfer of Offered Units pursuant to
the exercise of such holder’s Exchange Option, such holder shall pay such
transfer tax.

 

(h)           If a holder of Series I
Preferred Units shall exchange any Series I Preferred Units for shares of Series I
Preferred Stock pursuant to this Section 10 on or prior to the Record Date
for any distribution to be made on such Series I Preferred Units, in
accordance with the Charter of the Managing General Partner such holder of Series I
Preferred Units will be entitled to receive the corresponding distribution to
be paid on such shares of Series I Preferred Stock and shall not be
entitled to receive the distribution made by the Partnership in respect of the
exchanged Series I Preferred Units.

 

(i)            In the event that the Managing
General Partner elects to redeem all or any portion of the Series I
Preferred Stock, the Managing General Partner shall deliver a copy of the
notice of redemption required by Section 6(b) of the Certificate of
Designations of the Series I Preferred Stock to each holder of Series I
Preferred Units.  Such notice shall be
delivered to the holders of Series I Preferred Units at the same time such
notice is delivered to the holders of the Series I Preferred Stock.  Upon receipt of such notice, if a holder of

 

16

 

Series I Preferred Units elects to exercise its Exchange Option and
receives shares of Series I Preferred Stock in connection therewith on a
Settlement Date that occurs prior to the specified redemption date for the Series I
Preferred Stock, then, if such shares of Series I Preferred Stock remain
outstanding as of such redemption date, such holder shall be entitled to
participate in such redemption with respect to such shares of  Series I Preferred Stock.

 

SECTION 11.  Change of Control.

 

(a)  Repurchase
Right.  If there shall occur a
Change of Control, Series I Preferred Units shall be purchased, subject to
satisfaction by or on behalf of any holder of the requirements set forth in Section 11(c),
by the Operating Partnership at the option of the holders thereof as of the
date specified by the Operating Partnership (the “Change of Control Purchase
Date”) that is not less than 30 calendar days nor more than 60 calendar
days after the mailing of written notice of the Change of Control pursuant to Section 11(b) below.  The Purchase Price shall be paid in cash.

 

(b)  Notice to
Holders.  As promptly as
practicable thereafter but not later than 20 days after the occurrence of
a Change of Control, the Operating Partnership shall mail a written notice of
the Change of Control to each holder at such holder’s address set forth on the
books and records of the Operating Partnership and publish such notice on the
Corporation’s web site on the World Wide Web. 
The notice shall include the form of a Change of Control Purchase Notice
(as defined in Section 11(c) below) to be completed by the holder and
shall state:

 

(i)            the date of such Change of
Control and, briefly, the events causing such Change of Control;

 

(ii)           the date by which the Change of
Control Purchase Notice pursuant to this Section must be given;

 

(iii)          the Change of Control Purchase
Date;

 

(iv)          the Conversion Rate and any
adjustments thereto;

 

(v)           that Series I Preferred
Units as to which a Change of Control Purchase Notice has been given may not
thereafter be converted into Common Units; and

 

(vi)          the procedures that the holder of
Series I Preferred Units must follow to exercise rights under this Section 11.

 

(c)  Conditions
to Purchase.  (i) A
holder of Series I Preferred Units may exercise its rights specified in Section 11(a) upon
delivery of a written notice (which shall be in substantially the form included
as Exhibit C to this Certificate and which may be delivered by
letter, overnight courier, hand delivery, facsimile transmission or in any
other written

 

17

 

form) of the exercise of such rights (a “Change of Control Purchase
Notice”) to the Operating Partnership at any time prior to the close of
business on the Business Day immediately before the Change of Control Purchase
Date.

 

(ii)           Any purchase by the Operating
Partnership contemplated pursuant to the provisions of this Section 11(c) shall
be consummated by the delivery of the consideration to be received by the
holder promptly following the Change of Control Purchase Date.

 

(d)  Effect of
Change of Control Purchase Notice. 
Upon receipt by the Operating Partnership of a valid Change of Control
Purchase Notice, the holder of Series I Preferred Units in respect of
which such Change of Control Purchase Notice was given shall thereafter be
entitled to receive the Purchase Price with respect to such Series I
Preferred Units.  Such Purchase Price
shall be paid to such holder promptly on the Change of Control Purchase Date
with respect to such Series I Preferred Units.  Any Series I Preferred Units in respect
of which a Change of Control Purchase Notice has been given by the holder
thereof may not be converted into Common Units on or after the date of the
delivery of such Change of Control Purchase Notice

 

(e) 
Cancellation of Series I Preferred Units.  Upon the payment of the Purchase Price to a
holder of Series I Preferred Units electing to have his Series I Preferred
Units purchased pursuant to this Section 11, such Series I Preferred
Units shall be retired and canceled, distributions will cease to accrue and all
other rights of the holder in respect thereof shall terminate (other than the
right to receive the Purchase Price as aforesaid), in each case on and as of
the Change of Control Purchase Date.

 

SECTION 12.  Voting Rights.

 

(a)           The holders of record the Series I
Preferred Units shall not be entitled to any voting rights except as
hereinafter provided in this Section 12, as otherwise provided in the
Partnership Agreement, or as otherwise provided by law.

 

(b)           The affirmative consent or
approval of holders of at least two-thirds of the outstanding Series I
Preferred Units, voting as a single class, shall be required to alter, repeal
or amend any provisions of the Partnership Agreement or this Certificate,
whether by merger, consolidation, combination, reclassification or otherwise
(an “Event”), if the amendment would materially and adversely affect the
rights, powers, or preferences of the holders of Series I Preferred Units;
provided, however, that (i) an
Event will not be deemed to materially and adversely affect such rights, powers
or preferences, in each such case, where each Series I Preferred Units
remains outstanding without a material change to its terms and rights or is
converted into or exchanged for preferred units of the surviving entity having
preferences, conversion and other rights, privileges, voting powers,
restrictions, limitations and terms or conditions of redemption thereof
identical to that of a Series I Preferred Unit; (ii) any increase in
the amount of the authorized Common Units or Parity Units or the creation and
issuance of any class or series of Common Units, other Junior

 

18

 

Units or Parity Units will not be deemed to materially and adversely
affect such rights, powers or preferences; and (iii) the creation of, or
increase in the authorized number of, units of any class or series of Senior
Units shall be deemed to materially and adversely affect such rights, powers
and preferences.

 

SECTION 13.  Restrictions On Transfer.  The Series I Preferred Units shall be
subject to the restrictions on transfer set forth in Sections 9.3 and 9.5 of the
Partnership Agreement of the Operating Partnership as if such units were “Partnership
Units”.  Any transfer or attempted
transfer (direct or indirect) in violation of the provisions of this Section 13
shall be null and void.

 

SECTION 14.  Currency.  All Series I Preferred Units shall be
denominated in U.S. currency, and all payments and distributions thereon or
with respect thereto shall be made in U.S. currency.  All references herein to “$” or “dollars” refer
to U.S. currency.

 

SECTION 15.  Headings.  The headings of the Sections of this
Certificate are for convenience of reference only and shall not define, limit
or affect any of the provisions hereof.

 

19

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(To be Executed by the Holder in
Order to Convert

the 6% Series I Convertible Perpetual Preferred Units)

 

The undersigned hereby
irrevocably elects to convert (the “Conversion”)              units of 6% Series I
Convertible Perpetual Preferred Units (the “Series I Preferred Units”)
into Common Units of Simon Property Group, L.P. (the “Operating Partnership”)
according to the conditions of the Certificate of Designation establishing the
terms of the Series I Preferred Units (the “Certificate of Designation”),
as of the date written below.  If shares
are to be issued in the name of a person other than the undersigned, the
undersigned shall designate such persons name below and will pay all transfer
taxes payable with respect thereto (unless it can be established that no such taxes
are payable).  No fee will be charged to
the holder for any conversion, except for transfer taxes, if any.

 

The Operating Partnership is not required to issue
Common Units unless the conditions for conversion of the Series I
Preferred Units set forth in Section 7(b) of the Certificate of
Designation have been satisfied.  If the
foregoing conditions have been satisfied, the Operating Partnership shall issue
Common Units to the undersigned (or its designee identified below) on the books
and records of the Operating Partnership effective upon receipt of this Notice
of Conversion and shall, within 5 Business Days of receipt of this Notice of
Conversion, notify such holder of the effectiveness of such conversion in
writing to such holder’s address set forth on the books and records of the
Operating Partnership.  If the
aforementioned conditions to conversion have not been satisfied, the Operating
Partnership shall promptly notify the undersigned in writing.

 

Capitalized terms used but not defined herein shall
have the meanings ascribed thereto in or pursuant to the Certificate of
Designation.

 

Date of Conversion:                                               

 

Applicable Conversion
Rate:                                               

 

Number of Series I
Preferred Units to be Converted:                                               

 

Number of Common Units to
be Issued:                                               

 

	
  Signature:

  	
   

  	
   

  

 

Name:                                               Name
of Transferee (if applicable):                                               

 

Address:(1)                                               

 

 

Fax No.:                                               

 

(1) Address of the
holder where any notices and payments shall be sent by the Operating
Partnership.

 

1

 

EXHIBIT B

 

NOTICE OF EXCHANGE

 

(To be Executed by the Holder in
Order to Exchange

6% Series I Convertible Perpetual Preferred Units for

Series I Convertible Perpetual Preferred Stock of Simon Property Group, Inc.)

 

Date:                              

 

The
undersigned hereby irrevocably elects to exchange              6% Series I Convertible
Perpetual Preferred Units (the “Series I Preferred Units”) of Simon
Property Group, L.P. (the “Operating Partnership”) into that number
of shares of 6% Series I Convertible Perpetual Preferred Stock (the “Series I
Preferred Stock”) of Simon Property Group, Inc. (the “Managing
General Partner”) in accordance with the Certificate of Designation establishing
the terms of the Series I Preferred Units (the “Certificate of
Designation”), effective as of the date written below or such later date as
may be determined by the Managing General Partner in accordance with the
Certificate of Designation).  If shares
are to be issued in the name of a person other than the undersigned, the
undersigned shall designate such person’s name below and will pay all transfer
taxes payable with respect thereto (unless it can be established that no such
taxes are payable).

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in
or pursuant to the Certificate of Designation.

 

Proposed
Effective Date of Exchange(1):                                               

 

Number
of Series I Preferred Units to be exchanged:                                               

 

	
  Signature:

  	
   

  	
   

  

 

Name:                                               Name of Transferee (if applicable):                                               

 

Address:(2)                                               

 

 

 

Fax
No.:                                               

 

 

(1) As
may be agreed by the Managing General Partner in accordance with Section 10(d) of
the Certificate of Designation.

(2) Address
of the holder where notices and payments shall be sent by the Operating
Partnership.

 

 

EXHIBIT C

 

FORM OF NOTICE OF ELECTION
OF REDEMPTION

UPON A CHANGE OF CONTROL

 

Simon
Property Group, L.P.

115
West Washington Street, Suite 15 East

Indianapolis,
Indiana 46204

Attn:  General Counsel

 

Re:          Simon Property Group, L.P.

6% Series I Convertible Perpetual Preferred Units

(the “Series I Preferred Units”)

 

The
undersigned hereby irrevocably acknowledges receipt of a notice from Simon
Property Group, L.P. (the “Operating Partnership”) as to the occurrence
of a Change of Control with respect to Simon Property Group, Inc. and
requests and instructs the Operating Partnership to purchase             
Series I Preferred Units in accordance with the terms of the Certificate
of Designation at the Purchase Price.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto
pursuant to the Certificate of Designation.

 

Dated:

 

 

	
  Signature(s):

  	
   

  	
   

  

 

 

Print Name and Address:

 

 

Social Security or Other Taxpayer Identification Number:

 

 

EXHIBIT D – LTIP UNIT DESIGNATION

 

 

 

EXHIBIT E – REGISTRATION RIGHTS AGREEMENT

 

Execution Version

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT, dated as of September 24, 1998 (the
“Agreement”), by and among Simon Property Group, Inc. (the “Company”)
and the persons set forth on Schedule A (the “Rights  Holders”).
The Rights Holders and their respective successors-in-interest and permitted
assigns are hereinafter sometimes referred to as the “Holders.”

 

Upon execution of the Sixth Amended and Restated Agreement of Limited
Partnership (the “Partnership  Agreement”) of Simon Property
Group, L.P., a Delaware limited partnership (the “Operating Partnership”),
dated as of the date hereof, among the Company, SPG Properties, Inc., SD
Property Group, Inc. and its limited partners (the “Limited Partners”),
the Limited Partners have the right at any time to exchange all or any portion
of their units of partnership interest (“Units”) in the Operating
Partnership and in SPG Realty Consultants, L.P., a Delaware limited partnership
(together with the Operating Partnerships the “Operating Partnerships”), for
shares (“Shares”) of the Company’s common stock, par value $.0001 per
share (including beneficial interest in shares of common stock, par value
$.0001 per share, of SPG Realty Consultants, Inc. (“SPG Realty”) the “Common
Stock”), or cash, at the election of the Company and SPG Realty, and,
except as provided herein, any Shares issued upon such exchange will not be
registered under the Securities Act of 1933, as amended (the “Securities Act”).
The Company has agreed to provide certain registration rights with respect to
the Shares held or to be held by certain Limited Partners.

 

Upon execution of this Agreement and upon consummation of the
transactions contemplated by the Agreement and Plan of Merger, dated as of February 18,
1998 (the “Merger Agreement”), by and among Simon DeBartolo Group, Inc.
(the predecessor to SPG Properties, Inc.), Corporate Property Investors
(the predecessor to the Company) and Corporate Realty Consultants, Inc.,
the Company has agreed to provide certain registration rights with respect to
the Shares held or to be held by certain former stockholders of Corporate
Property Investors, Inc., which stockholders shall constitute “Holders”
for purposes of this Agreement.

 

In consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.         Securities
Subject to this Agreement. The securities entitled to the benefits of this
Agreement are (a) the Shares issued by the Company to the Holders, (b) the
Shares issued by the Company to the Holders upon conversion of the Series A
Convertible Preferred Stock, par value $.0001 per share

 

 

(“Series A
Preferred Stock”), of the Company and the Shares issued by the Company to
the Holders upon conversion of the Series B Convertible Preferred Stock,
par value $.0001 per share (“Series B Preferred Stock”), of the Company,
and (c) the Shares issued by the Company to the Holders upon exchange of
the Units pursuant to the Partnership Agreements (collectively, the “Registrable
Securities”) but, with respect to any particular Registrable Security, only
so long as it continues to be a Registrable Security. Registrable Securities
shall include any securities issued as a dividend or distribution on account of
Registrable Securities or resulting from a subdivision of the outstanding
shares of Registrable Securities into a greater number of shares (by
reclassification, stock split or otherwise). For the purposes of this
Agreement, a security that was at one time a Registrable Security shall cease
to be a Registrable Security when (a) such security has been effectively
registered under the Securities Act, other than pursuant to Section 4 of
this Agreement, and either (i) the registration statement with respect
thereto has remained continuously effective for 150 days or (ii) such
security has been disposed of pursuant to such registration statement, (b) such
security is sold to the public in reliance on Rule 144 (or any similar
provision then in force) under the Securities Act, (c) such security has
been otherwise transferred, and (i) the Company has delivered a new
certificate or other evidence of ownership not bearing the legend set forth on
the Shares upon the initial issuance thereof (or other legend of similar
import) and (ii) in the opinion of counsel to the Company reasonably
acceptable to the Holders and addressed to the Company and the holder of such
security, the subsequent disposition of such security shall not require the
registration or qualification under the Securities Act, or (d) such
security has ceased to be outstanding.

 

Notwithstanding anything to the contrary herein, any Holder may
exercise any of its rights hereunder prior to its receipt of Shares, provided
that such Holder, simultaneously with the delivery of any notice requesting
registration hereunder, shall deliver an Exercise Notice to the Company
requesting (i) exchange of Units exchangeable into such number of Shares
as such Limited Partner has requested to be registered, or (ii) conversion
of the Series A Preferred Stock or Series B Preferred Stock into such
number of Shares as such Holder has requested to be registered. Any such
Exercise Notice so delivered shall be (a) conditioned on the effectiveness
of the requested registration in connection with which it was delivered and (b) deemed
to cover only such number of Units, Series A Preferred Stock or Series B
Preferred Stock as are exchangeable or convertible into the number of Shares
actually sold pursuant to the requested registration. Any Shares to be issued
in connection with any such Exercise Notice shall be issued upon the closing of
the requested registration. In the event that the Company elects to issue all
cash in lieu of Shares upon the exchange of the Units covered by any such
Exercise Notice, the registration requested by the Limited Partner that
delivered such

 

2

 

Exercise Notice,
if a Demand Registration, shall not constitute a Demand Registration under Section 2.1
hereof.

 

In the event a Holder holding shares of Series B Preferred Stock
exercises its rights to have Registrable Securities included in a registration
statement pursuant to Section 2, 3 or 4 of this Agreement, it may also
request that shares of Series B Preferred Stock be included therein,
subject in all respects to the terms and conditions of this Agreement, except
that, notwithstanding any provision to the contrary contained in this Agreement,
(a) in the event that the number of Registrable Securities requested to be
included in a registration statement pursuant to Section 2 or 3 is reduced
as provided therein, the shares of Series B Preferred Stock requested to
be included shall be reduced, to zero if so requested by the managing
underwriters, before the number of Registrable Securities is reduced and (b) in
no event shall the Company be required to maintain or extend the effectiveness
of a registration statement solely as a result of the fact that shares of Series B
Preferred Stock covered by such registration statement remain unsold.

 

Nothing contained herein shall create any obligation on the part of the
Company to issue Shares, rather than cash, upon the exchange of any Units.

 

2.         Demand
Registration.

 

2.1.      Request for
Registration. At any time, each Holder (or, with respect to each Holder
that is a member of the DeBartolo entities listed on Schedule B (the “DeBartolo
Group”), EJDC LLC) may make a written request per 12-month period (specifying
the intended method of disposition) for registration under the Securities Act
(each, a “Demand Registration”) of all or part of such Holder’s
Registrable Securities (but such part, together with the number of securities
requested by other Holders to be included in such Demand Registration pursuant
to this Section 2.1, shall have an estimated market value at the time of
such request (based upon the then market price of a share of Common Stock of
the Company) of at least $10,000,000). Notwithstanding the foregoing, the
Company shall not be required to file any registration statement on behalf of
any Holder within six months after the effective date of any earlier
registration statement so long as the Holder requesting the Demand Registration
was given a notice offering it the opportunity to sell Registrable Securities
under the earlier registration statement and such Holder did not request that
all of its Registrable Securities be included; provided, however,
that if a Holder requested that all of its Registrable Securities be included
in the earlier registration statement but not all were so included through no
fault of the Holder, such Holder may, but shall not be obligated to, require
the Company to file another registration statement pursuant to a Demand
Registration (subject, in the event of a Demand Registration for less than all

 

3

 

such remaining
Registrable Securities, to the same $10,000,000 limitation set forth above)
exercised by such Holder within six months of the effective date of such
earlier registration statement. Within ten days after receipt of a request for
a Demand Registration, the Company shall give written notice (the “Notice”)
of such request to all other Holders and shall include in such registration all
Registrable Securities that the Company has received written requests for
inclusion therein within 15 days after the Notice is given (the “Requested
Securities”). Thereafter, the Company may elect to include in such
registration additional Shares to be issued by the Company. In such event for
purposes only of Section 2.3 (other than the first sentence thereof) and
not for purposes of any other provision or Section hereof (including,
without limitation, Section 3), (a) such shares to be issued by the
Company in connection with a Demand Registration shall be deemed to be
Registrable Securities and (b) the Company shall be deemed to be a Holder
thereof. All requests made pursuant to this Section 2.1 shall specify the
aggregate number of Registrable Securities to be registered.

 

2.2.      Effective
Registration and Expenses. A registration shall not constitute a Demand
Registration under Section 2.1 hereof until it has become effective. In
any registration initiated as a Demand Registration, the Company shall pay all
Registration Expenses (as defined in Section 8) incurred in connection
therewith, whether or not such Demand Registration becomes effective, unless
such Demand Registration fails to become effective as a result of the fault of one
or more Holders other than the Company, in which case the Company will not be
required to pay the Registration Expenses incurred with respect to the offering
of such Holder or Holders’ Registrable Securities. The Registration Expenses
incurred with respect to the offering of such Holder or Holders’ Registrable
Securities shall be the product of (a) the aggregate amount of all
Registration Expenses incurred in connection with such registration and (b) the
ratio that the number of such Registrable Securities bears to the total number
of Registrable Securities included in the registration.

 

2.3.      Priority on Demand
Registrations. The Holder making the Demand Registration may elect whether
the offering of such Registrable Securities pursuant to such Demand Registration
shall be in the form of a firm commitment underwritten offering or otherwise; provided,
however, that such Holder may not elect that such offering be made on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act.
In any case in which an offering is in the form of a firm commitment
underwritten offering, if the managing underwriter or underwriters of such
offering advise the Company in writing that in its or their opinion the number
of Registrable Securities proposed to be sold in such offering exceeds the
number of Registrable Securities that can be sold in such offering without
adversely affecting the market for the Company’s common stock, the Company will
include in such registration the number of

 

4

 

Registrable
Securities that in the opinion of such managing underwriter or underwriters can
be sold without adversely affecting the market for the Company’s common stock.
In such event, the number of Registrable Securities, if any, to be offered for
the accounts of Holders (including the Holder making the Demand Registration)
shall be reduced pro  rata on the basis of the relative number of
any Registrable Securities requested by each such Holder to be included in such
registration to the extent necessary to reduce the total number of Registrable
Securities to be included in such offering to the number recommended by such
managing underwriter or underwriters. In the event the Holder making the Demand
shall receive notice pursuant to this Section 2.3 that the amount of
Registrable Securities to be offered for the account of such Holder shall be
reduced, such Holder shall be entitled to withdraw the Demand by written notice
to the Company within seven (7) days after receipt of such notice, with
the effect that such Demand shall be deemed not to have been made.

 

2.4.      Selection of
Underwriters. If any of the Registrable Securities covered by a Demand
Registration are to be sold in an underwritten offering, the Holders, in the
aggregate, that own or will own a majority of the Registrable Securities that
the Company has been requested to register (including the Requested Securities
but excluding any securities to be issued by the Company), shall have the right
to select the investment banker or investment bankers and manager or managers
that will underwrite the offering; provided, however, that such
investment bankers and managers must be reasonably satisfactory to the Company.

 

3.         Piggyback
Registration. Whenever the Company proposes to file a registration
statement under the Securities Act with respect to an underwritten public
offering of Common Stock by the Company for its own account or for the account
of any stockholders of the Company (other than a registration statement filed
pursuant to either Section 2 or 4 hereof), the Company shall give written
notice (the “Offering Notice”) of such proposed filing to each of the
Holders at least 30 days before the anticipated filing date. Such Offering
Notice shall offer all such Holders the opportunity to register such number of
Registrable Securities as each such Holder may request in writing, which
request for registration (each, a “Piggyback  Registration”) must
be received by the Company within 15 days after the Offering Notice is given.
The Company shall use all reasonable efforts to cause the managing underwriter
or underwriters of a proposed underwritten offering, if any, to permit the
holders of the Registrable Securities requested to be included in the
registration for such offering to include such Registrable Securities in such
offering on the same terms and conditions as the common stock of the Company
or, if such offering is for the account of other stockholders, the common stock
of such stockholders included therein. Notwithstanding the foregoing, if the
managing underwriter or underwriters of a

 

5

 

proposed
underwritten offering advise the Company in writing that in its or their
opinion the number of Registrable Securities proposed to be sold in such
offering exceeds the number of Registrable Securities that can be sold in such
offering without adversely affecting the market for the Common Stock, the
Company will include in such registration the number of Registrable Securities
that in the opinion of such managing underwriter or underwriters can be sold
without adversely affecting the market for the Common Stock. In such event, the
number of Registrable Securities, if any, to be offered for the accounts of
Holders shall be reduced pro  rata on the basis of the relative
number of any Registrable Securities requested by each such Holder to be
included in such registration to the extent necessary to reduce the total
number of Registrable Securities to be included in such offering to the number
recommended by such managing underwriter or underwriters. The Company shall pay
all Registration Expenses incurred in connection with any Piggyback
Registration.

 

4.         Shelf Registration.
Following the Effective Time, the Company shall use reasonable efforts to
qualify for registration on Form S-3 for secondary sales. The Company
agrees that, upon the request of any Holder, the Company shall promptly after
receipt of such request notify each other Holder of receipt of such request and
shall cause to be filed on or as soon as practicable thereafter, but not sooner
than 35 days after the receipt of such notice from such Holder, a registration
statement (a “Shelf Registration Statement”) on Form S-l, Form S-3
or any other appropriate form under the Securities Act for an offering to be
made on a delayed or continuous basis pursuant to Rule 415 thereunder or
any similar rule that may be adopted by the Securities and Exchange
Commission (the “Commission”) and permitting sales in any manner not
involving an underwritten public offering (and shall register or qualify the
shares to be sold in such offering under such other securities or “blue sky”
laws as would be required pursuant to Section 7 (g) hereof) covering
up to the aggregate number of (a) Shares to be issued to such Holder and
all other Holders who request that the Shares to be issued to them upon the
exchange of Units held by them be included in the Shelf Registration Statement
upon the exchange of Units so that the Shares issuable upon the exchange of
such Units will be registered pursuant to the Securities Act and (b) the
Shares to be issued to them upon the conversion of Series A Preferred
Stock or Series B Preferred Stock held by them be included in the Shelf
Registration Statement upon the conversion of Series A Preferred Stock or Series B
Preferred Stock so that the Shares issuable upon the conversion will be
registered pursuant to the Securities Act, and (c) Registrable Securities
held by such Holders. The Company shall use its best efforts to cause the Shelf
Registration Statement to be declared effective by the Commission within three
months after the filing thereof. The Company shall use its reasonable efforts
to keep the Shelf Registration Statement continuously effective (and to
register or qualify the shares to be sold in such offering under such other
securities or “blue sky” laws as would be required pursuant to

 

6

 

Section 7(g) hereof)
for so long as any Holder holds any Shares, Units that may be exchanged for
Shares under the Partnership Agreement, Series A Preferred Stock or Series B
Preferred Stock that may be converted into Shares or until the Company has
caused to be delivered to each Holder an opinion of counsel, which counsel must
be reasonably acceptable to such Holders, stating that such Shares or Shares
issued upon such exchange or conversion may be sold by the Holders pursuant to Rule 144
promulgated under the Securities Act without regard to any volume limitations
and that the Company has satisfied the informational requirements of Rule 144.
The Company shall file any necessary listing applications or amendments to
existing applications to cause the Shares issuable upon exchange of Units or
conversion of Series A Preferred Stock or Series B Preferred Stock to
be listed on the primary exchange on which the Common Stock is then listed, if
any. Notwithstanding the foregoing, if the Company determines that it is
necessary to amend or supplement such Shelf Registration Statement and if the
Company shall furnish to the Holders a certificate signed by the Chief
Executive Officer of the Company stating that in the good faith judgment of the
Board of Directors of the Company it would be significantly disadvantageous to
the Company and its stockholders for any such Shelf Registration Statement to
be amended or supplemented, the Company may defer such amending or
supplementing of such Shelf Registration Statement for not more than 45 days
and in such event the Holders shall be required to discontinue disposition of
any Registrable Securities covered by such Shelf Registration Statement during
such period. Notwithstanding the foregoing, if the Company irrevocably elects
prior to the filing of any Shelf Registration Statement to issue all cash in
lieu of Shares upon the exchange of Units by the Holder requesting the filing
of such Shelf Registration Statement, the Company shall not be obligated to
file such Shelf Registration Statement.

 

5.         Rights of Other
Stockholders. The Company shall not grant any person, for so long as any
securities convertible into or exchangeable for Registrable Securities are
outstanding, any rights to have their securities included in any registration
statement to be filed by the Company if such rights are greater than the rights
of the Holders granted herein without extending such greater rights to the
Holders. Subject to the penultimate sentence of Section 2.3 and the last
sentence of Section 3, to the extent the securities of such other
stockholders are entitled to be included in any such registration statement and
the managing underwriter or underwriters believe that the number of securities
proposed to be sold in such offering exceeds the number of securities that can
be sold in such offering without adversely affecting the market for the Company’s
common stock, the number of securities to be offered for the accounts of such
other stockholders shall be reduced to zero before the number of securities to
be offered for the accounts of the Holders is reduced.

 

7

 

6.         Holdback
Agreements.

 

6.1.      Restrictions on
Public Sale by Holders of Registrable Securities. Each Holder (a) participating
in an underwritten offering covered by any Demand Registration or Piggyback
Registration or (b) in the event the Company is issuing shares of its
capital stock to the public in an underwritten offering, agrees, if requested
by the managing underwriter or underwriters for such underwritten offering, not
to effect (except as part of such underwritten offering or pursuant to Article XII
of the Partnership Agreement) any public sale or distribution of Registrable
Securities or any securities convertible into or exchangeable or exercisable
for such Registrable Securities, including a sale pursuant to Rule 144 (or
any similar provision then in force) under the Securities Act, during the
period (a “Lock-Out Period”) commencing 14 days prior to and ending no
more than 90 days subsequent to the date (an “Execution Date”) specified
in the Lock-Out Notice (as defined below) as the anticipated date of the
execution and delivery of the underwriting agreement (or, if later, a pricing
or terms agreement signed pursuant to such underwriting agreement) to be
entered into in connection with such Demand Registration or Piggyback Registration
or other underwritten offering. The Execution Date shall be no fewer than 21
days subsequent to the date of delivery of written notice (a “Lock-Out
Notice”) by the Company to each Holder of the anticipated execution of an
underwriting agreement (or pricing or terms agreement), and the Execution Date
shall be specified in the Lock-Out Notice. The Company may not deliver a
Lock-Out Notice unless it is making a good faith effort to effect the offering
with respect to which such Lock-Out Notice has been delivered. Notwithstanding
the foregoing, the Company may not (a) establish Lock-Out Periods in
effect for more than 208 days in the aggregate within any of the consecutive
fifteen-month periods commencing on August 7, 1997 and (b) cause any
Lock-Out Period to commence (i) during the 45-day period immediately
following the expiration of any Lock-Out Period, such 45-day period to be
extended by one day for each day of delay pursuant to Section 7 (a); provided,
however that in no event shall such extension exceed 90 days; provided,
further, however, that such 90-day limit on extensions shall
terminate on December 31, 1998; or (ii) if the Company shall have
been requested to file a Registration Statement pursuant to Section 2
during such 45-day period (as extended), until the earlier of (x) the date
on which all Registrable Securities thereunder shall have been sold and (y) 45
days after the effective date of such Registration Statement. Notwithstanding
the foregoing, any Lock-Out Period may be shortened at the Company’s sole
discretion by written notice to the Holders, and the applicable Lock-Out Period
shall be deemed to have ended on the date such notice is received by the
Holders. For the purposes of this Section 6.1, a Lock-Out Period shall be
deemed to not have occurred, and a Lock-Out Notice shall be deemed to not have
been delivered, if, within 30 days of the delivery of a Lock-Out Notice, the
Company delivers a written notice (the “Revocation Notice”) to the
Holders stating

 

8

 

that the offering
(the “Aborted Offering”) with respect to which such Lock-Out Notice was
delivered has not been, or shall not be, consummated; provided, however,
that any Lock-Out Period that the Company causes to commence within 45 days of
the delivery of such Revocation Notice shall be reduced by the number of days
pursuant to which the Holders were subject to restrictions on transfer pursuant
to this Section 6.1 with respect to such Aborted Offering.

 

6.2.      Restrictions on
Public Sale by the Company. If, but only if, the managing underwriter or
underwriters for any underwritten offering of Registrable Securities made
pursuant to a Demand Registration so request, the Company agrees not to effect
any public sale or distribution of any of its securities similar to those being
registered, or any securities convertible into or exchangeable or exercisable
for such securities (except pursuant to registrations on Form S-4 or S-8
or any successor or similar forms thereto) during the 14 days prior to, and
during the 180-day period beginning on, the effective date of such Demand
Registration.

 

7.         Registration
Procedures. Whenever the Holders have requested that any Registrable
Securities be registered pursuant to Section 2, 3 or 4, the Company shall
use its best efforts to effect the registration of Registrable Securities in
accordance with the intended method of disposition thereof as expeditiously as
practicable, and in connection with any such request, the Company shall as
expeditiously as possible:

 

(a)       in connection
with a request pursuant to Section 2, prepare and file with the
Commission, not later than 40 days (or such longer period as may be required in
order for the Company to comply with the provisions of Regulation S-X under the
Securities Act) after receipt of a request to file a registration statement
with respect to Registrable Securities, a registration statement on any form
for which the Company then qualifies or which counsel for the Company shall
deem appropriate and which form shall be available for the sale of such
Registrable Securities in accordance with the intended method of distribution
thereof and, if the offering is an underwritten offering, shall be reasonably
satisfactory to the managing underwriter or underwriters, and use its best
efforts to cause such registration statement to become effective; provided,
however, that if the Company shall within five (5) Business Days
after receipt of such request furnish to the Holders making such a request a
certificate signed by the Chief Executive Officer of the Company stating that
in the good faith judgment of the Board of Directors of the Company it would be
significantly disadvantageous to the Company and its stockholders for such a
registration statement to be filed on or before the date filing would be
required, the Company shall have an additional period of not more than 45 days
within which to file such registration statement (provided that only one such
notice may be given during any 12 month period); and provided, further,
that before filing a

 

9

 

registration statement or prospectus or any amendments or supplements
thereto, the Company shall (a) furnish to the counsel selected by the
Holder making the demand, or if no demand, then, by the Holders, in the
aggregate, that own or will own a majority of the Registrable Securities
covered by such registration statement, copies of all such documents proposed
to be filed, which documents will be subject to the review of such counsel, and
(b) notify each seller or prospective seller of Registrable Securities of
any stop order issued or threatened by the Commission or withdrawal of any
state qualification and take all reasonable actions required to prevent such
withdrawal or the entry of such stop order or to remove it if entered;

 

(b)        in
connection with a registration pursuant to Section 2, prepare and file with the
Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 150 days (or
such shorter period that will terminate when all Registrable Securities covered
by such registration statement have been sold, but not before the expiration of
the applicable period referred to in Section 4(3) of the Securities Act and
Rule 174 thereunder, if applicable), and comply with the provisions of the
Securities Act applicable to it with respect to the disposition of all
securities covered by such registration statement during such period in
accordance with the intended method of disposition by the sellers thereof set
forth in such registration statement;

 

(c)        notify
each seller of Registrable Securities and the managing underwriter, if any,
promptly, and (if requested by any such Person) confirm such advice in writing,

 

(i)
        when the prospectus or any supplement thereto
or amendment or post-effective amendment to the registration statement has been
filed, and, with respect to the registration statement or any post-effective
amendment, when the same has become effective,

 

(ii)
       of any request by the Commission for
amendments or post-effective amendments to the registration statement or
supplements to the prospectus or for additional information,

 

(iii)
      of the issuance by the Commission of any stop
order suspending the effectiveness of the registration statement or the
initiation or threatening of any proceedings for that purpose,

 

(iv)
     if at any time during the distribution of
securities by the managing underwriter the representations and warranties of
the Company to be contained in the underwriting agreement cease to be true and
correct in all material respects, and

 

10

 

(v)        of
the receipt by the Company of any notification with respect to the suspension
of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose;

 

(d)        use its
best efforts to prevent the issuance of any stop order suspending the
effectiveness of the registration statement or any state qualification or any
order preventing or suspending the use of any preliminary prospectus, and use
its best efforts to obtain the withdrawal of any order suspending the
effectiveness of the registration statement or any state qualification or of
any order preventing or suspending the use of any preliminary prospectus at the
earliest possible moment;

 

(e)        if
requested by the managing underwriter or a seller of Registrable Securities,
promptly incorporate in a prospectus supplement or post-effective amendment to
the registration statement such information as the managing underwriter or a
seller of Registrable Securities reasonably request to have included therein
relating to the plan of distribution with respect to the Registrable
Securities, including, without limitation, information with respect to the
amount of Registrable Securities being sold to such underwriters, the purchase
price being paid therefor by such underwriters and with respect to any other
terms of the underwritten offering of the Registrable Securities to be sold in
such offering; and make all required filings of such prospectus supplement or
post-effective amendment promptly after being notified of the matters to be
incorporated in such prospectus supplement or post- effective amendment;

 

(f)         furnish
to each seller of Registrable Securities and the managing underwriter one
signed copy of the registration statement and each amendment thereto as filed
with the Commission, and such number of copies of such registration statement,
each amendment (including post-effective amendments) and supplement thereto (in
each case including all documents incorporated by reference and all exhibits
thereto whether or not incorporated by reference), the prospectus included in
such registration statement (including each preliminary prospectus) and such
other documents as each seller may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such seller;

 

(g)        use
reasonable efforts to register or qualify such Registrable Securities under
such other securities or “blue sky” laws of such jurisdictions as any seller or
underwriter reasonably requests in writing and to do any and all other acts and
things that may be reasonably necessary or advisable to register or qualify for
sale in such jurisdictions the Registrable Securities owned by such seller; provided,
however, that the Company shall not be required to (a) qualify
generally

 

11

 

to do business in
any jurisdiction where it is not then so qualified, (b) subject itself to
taxation in any such jurisdiction, (c) consent to general service of
process in any such jurisdiction or (d) provide any undertaking required
by such other securities or “blue sky” laws or make any change in its charter
or bylaws that the Board of Directors determines in good faith to be contrary
to the best interest of the Company and its stockholders;

 

(h)        use
reasonable efforts to cause the Registrable Securities covered by such
registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company to enable the seller or sellers thereof
or the underwriters, if any, to consummate the disposition of such Registrable
Securities;

 

(i)         notify
each seller of such Registrable Securities at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such
registration statement contains an untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading, and prepare and file with the Commission a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading;

 

(j)         enter
into customary agreements (including an underwriting agreement in customary
form, if the offering is an underwritten offering) and take such other actions
as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities and in such connection:

 

(i)          make
such representations and warranties to the underwriters in form, substance and
scope, reasonably satisfactory to the managing underwriter, as are customarily
made by issuers to underwriters in primary underwritten offerings on the form
of registration statement used in such offering;

 

(ii)         obtain
opinions and updates thereof of counsel, which counsel and opinions to the
Company (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriter, addressed to the managing underwriter, covering the
matters customarily covered in opinions requested in primary underwritten
offerings on the form, of registration statement used in such offering and such
other

 

12

 

matters
as may be reasonably requested by the managing underwriter;

 

(iii)       obtain so-called “cold comfort” letters and
updates thereof from the Company’s independent public accountants addressed to
the managing underwriter in customary form and covering matters of the type
customarily covered in “cold comfort” letters to underwriters in connection
with primary underwritten offerings and such other matters as may be reasonably
requested by the managing underwriter;

 

(iv)      cause the underwriting agreements to set forth in
full the indemnification provisions and procedures of Section 9 (or such
other substantially similar provisions and procedures as the managing
underwriter shall reasonably request) with respect to all parties to be
indemnified pursuant to said Section; and

 

(v)       deliver such documents and certificates as may be
reasonably requested by the Participating Holder or Holders to evidence
compliance with the provisions of this Section 7(j) and with any
customary conditions contained in the underwriting agreement or other agreement
entered into by the Company.

 

The above shall be done at the effectiveness of such registration
statement (when consistent with customary industry practice), each closing
under any underwriting or similar agreement as and to the extent required
thereunder and from time to time as may reasonably be requested by the sellers
of Registrable Securities, all in a manner consistent with customary industry
practice.

 

(k)       make
available for inspection by any seller of Registrable Securities, any
underwriter participating in any disposition pursuant to such registration
statement, the counsel referred to in clause (a) of Section 7(a) and
any attorney, accountant or other agent retained by any such seller or
underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause the Company’s
officers, directors, employees and agents to supply all information reasonably
requested by any such Inspector in connection with such registration statement.
Records that the Company determines, in good faith, to be confidential and that
it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors unless (a) the disclosure of such Records is, in the reasonable
judgment of any Inspector, necessary to avoid or correct a misstatement or
omission of a material fact in the registration statement or (b) the
release of such Records is ordered pursuant to a subpoena or other order from a
court or

 

13

 

governmental
agency of competent jurisdiction or required (in the written opinion of counsel
to such seller or underwriter, which counsel shall be reasonably acceptable to
the Company) pursuant to applicable state or federal law. Each seller of
Registrable Securities agrees that it will, upon learning that disclosure of
such Records are sought by a court or governmental agency, give notice to the
Company and allow the Company, at the Company’s expense, to undertake
appropriate action to prevent disclosure of the Records deemed confidential;

 

(l)        if
such sale is pursuant to an under-written offering, use reasonable efforts to
obtain a “cold comfort” letter and updates thereof from the Company’s
independent public accountants in customary form and covering such matters of
the type customarily covered by “cold comfort” letters as the holders, in the
aggregate, of a majority of the Registrable Securities being sold and the
managing underwriter or underwriters reasonably request;

 

(m)      otherwise
use reasonable efforts to comply with the Securities Act, the Exchange Act, all
applicable rules and regulations of the Commission and all applicable
state securities and real estate syndication laws, and make generally available
to its security holders, as soon as reasonably practicable, an earnings
statement covering a period of 12 months, beginning within three months after
the effective date of the registration statement, which earnings statement
shall satisfy the provisions of Section 11 (a) of the Securities Act;

 

(n)       use
reasonable efforts to cause all Registrable Securities covered by the
registration statement to be listed on each securities exchange, if any, on
which similar securities issued by the Company are then listed, provided that
the applicable listing requirements are satisfied;

 

(o)       cooperate
with the sellers of Registrable Securities and the managing underwriter to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends; and
enable such Registrable Securities to be in such denominations and registered
in such names as the managing underwriter may reasonably request at least 2
business days prior to any sale of Registrable Securities to the underwriters;

 

(p)       cooperate
and assist in any filings required to be made with the NASD and in the
performance of any due diligence investigation by any underwriter;

 

(q)       prior
to the filing of any document which is to be incorporated by reference into the
registration statement or the prospectus (after the initial filing of the
registration statement) provide copies of such document to the sellers of
Registrable Securities, the underwriters and their respective counsel, make the
Company representatives available for

 

14

 

discussion of such
document with such persons and, to the extent changes may be made to such
document without the consent of a third party (other than the Company’s
accountants or any affiliate of the Company), make such changes in such
document prior to the filing thereof as any such persons may reasonably request
to the extent and only to the extent that such changes relate to a description
of a DeBartolo Group Holder or the Plan or Distribution being effected by a DeBartolo
Group Holder; and

 

(r)        participate,
if so requested, in a “road show” in connection with the sale of the
Registrable Securities but only to the extent reasonably requested by the
managing underwriter, if such sale is pursuant to an underwritten offering.

 

The Company may require each seller or prospective seller of
Registrable Securities as to which any registration is being effected to
furnish to the Company such information regarding the distribution of such
securities and other matters as may be required to be included in the
registration statement.

 

Each holder of Registrable Securities agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
Paragraph (i) of this Section 7, such holder shall forthwith
discontinue disposition of Registrable Securities pursuant to the registration
statement covering such Registrable Securities until such holder’s receipt of
the copies of the supplemented or amended prospectus contemplated by Paragraph (i) of
this Section 7, and, if so directed by the Company, such holder shall
deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such holder’s possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such
notice. If the Company shall give any such notice, the Company shall extend the
period during which such registration statement shall be maintained effective
pursuant to this Agreement (including the period referred to in Paragraph (b) of
this Section 7) by the number of days during the period from and including
the date of the giving of such notice pursuant to Paragraph (i) of this Section 7
to and including the date when each seller of Registrable Securities covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Paragraph (i) of this Section 7.

 

The Company shall keep the sellers of Registrable Securities to be
offered in a given registration advised of the status of any registration in
which they are participating. In addition, the Company and each such seller of
Registrable Securities may enter into understandings in writing whereby such
seller of Registrable Securities will agree in advance as to the acceptability
of the price or range of prices per share at which the Registrable Securities
included in such registration are to be offered to the public. Furthermore, the
Company shall

 

15

 

establish pricing
notification procedures reasonably acceptable to each such seller of
Registrable Securities and shall, as promptly as practicable after learning the
same from the managing underwriter, use reasonable efforts to give oral notice
to each such seller of Registrable Securities of the anticipated date on which
the Company expects to receive a notification from the managing underwriter
(and any changes in such anticipated date) of the price per share at which the
Registrable Securities included in such registration are to be offered to the
public.

 

8.         Registration
Expenses. The Company shall pay all expenses incident to its performance of
or compliance with this Agreement, including, without limitation, (a) all
Commission, stock exchange and National Association of Securities Dealers, Inc.
registration, filing and listing fees, (b) all fees and expenses incurred
in complying with securities or “blue sky” laws (including reasonable fees and
disbursements of counsel in connection with “blue sky” qualifications of the
Registrable Securities), (c) all printing, messenger and delivery
expenses, (d) all fees and disbursements of the Company’s independent
public accountants and counsel and (e) all fees and expenses of any
special experts retained by the Company in connection with any Demand
Registration or Piggyback Registration pursuant to the terms of this Agreement,
regardless of whether such registration becomes effective; provided, however,
that the Company shall not pay the costs and expenses of any Holder relating to
underwriters’ commissions and discounts relating to Registrable Securities to
be sold by such Holder (but such costs and expenses shall be paid by the
Holders on a pro  rata basis), brokerage fees, transfer taxes, or
the fees or expenses of any counsel, accountants or other representatives
retained by the Holders, individually or in the aggregate. All of the expenses
described in this Section 8 that are to be paid by the Company are herein
called “Registration Expenses.”

 

9.         Indemnification;
Contribution.

 

9.1.      Indemnification by
the Company. The Company agrees to indemnify, to the fullest extent
permitted by law, each Holder and each secured creditor referred to in Section 12.4(c)(ii) hereof
(a “Secured Creditor”), each of their respective officers, directors,
agents, advisors, employees and trustees, and each person, if any, who controls
such Holder or Secured Creditor (within the meaning of the Securities Act),
against any and all losses, claims, damages, liabilities and expenses caused by
any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in light of the circumstances
under which they were made) not misleading, except insofar as the same are
caused by or contained in any information with respect to such Holder or
Secured Creditor

 

16

 

furnished in
writing to the Company by such Holder or Secured Creditor expressly for use
therein or by such Holder’s or Secured Creditor’s failure to deliver a copy of
the prospectus or any supplements thereto after the Company has furnished such
Holder or Secured Creditor with a sufficient number of copies of the same or by
the delivery of prospectuses by such Holder or Secured Creditor after the
Company notified such Holder or Secured Creditor in writing to discontinue
delivery of prospectuses. The Company also shall indemnify any underwriters of
the Registrable Securities, their officers and directors and each person who
controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the
Holders.

 

9.2.      Indemnification by
Holders. In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such
information and affidavits with respect to such Holder as the Company
reasonably requests for use in connection with any such registration statement
or prospectus and agrees to indemnify, severally and not jointly, to the fullest
extent permitted by law, the Company, its officers, directors and agents and
each person, if any, who controls the Company (within the meaning of the
Securities Act) against any and all losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of a material
fact or any omission or alleged omission of a material fact required to be
stated in any registration statement, prospectus or preliminary prospectus or
any amendment thereof or supplement thereto or necessary to make the statements
therein (in the case of a prospectus, in light of the circumstances under which
they were made) not misleading, to the extent, but only to the extent, that
such untrue or alleged untrue statement or omission is contained in or omitted
from, as the case may be, any information or affidavit with respect to such
Holder so furnished in writing by such Holder specifically for use in the
Registration Statement. Each Holder also shall indemnify any underwriters of
the Registrable Securities, their officers and directors and each person who
controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the
Company.

 

9.3.      Conduct of
Indemnification Proceedings. Any party that proposes to assert the right to
be indemnified under this Section 9 shall, promptly after receipt of
notice of commencement of any action against such party in respect of which a
claim is to be made against an indemnifying party or parties under this Section 9,
notify each such indemnifying party of the commencement of such action,
enclosing a copy of all papers served, but the omission so to notify such
indemnifying party will not relieve it from any liability that it may have to
any indemnified party under the foregoing provisions of this Section 9
unless, and only to the extent that, such omission results in the forfeiture of
substantive rights or defenses by the

 

17

 

indemnifying
party. If any such action is brought against any indemnified party and it
notifies the indemnifying party of its commencement, the indemnifying party
will be entitled to participate in and, to the extent that it elects by
delivering written notice to the indemnified party promptly after receiving
notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of
the action, with counsel reasonably satisfactory to the indemnified party, and
after notice from the indemnifying party to the indemnified party of its
election to assume the defense, the indemnifying party will not be liable to
the indemnified party for any legal or other expenses except as provided below
and except for the reasonable costs of investigation subsequently incurred by
the indemnified party in connection with the defense. If the indemnifying party
assumes the defense, the indemnifying party shall have the right to settle such
action without the consent of the indemnified party; provided, however,
that the indemnifying party shall be required to obtain such consent (which
consent shall not be unreasonably withheld) if the settlement includes any
admission of wrongdoing on the part of the indemnified party or any decree or
restriction on the indemnified party or its officers or directors; provided,
further, that no indemnifying party, in the defense of any such action,
shall, except with the consent of the indemnified party (which consent shall
not be unreasonably withheld), consent to entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability with respect to such action. The indemnified party will have the
right to employ its own counsel in any such action, but the fees, expenses and
other charges of such counsel will be at the expense of such indemnified party
unless (a) the employment of counsel by the indemnified party has been
authorized in writing by the indemnifying party, (b) the indemnified party
has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from
or in addition to those available in the indemnifying party, (c) a
conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (d) the indemnifying
party has not in fact employed counsel to assume the defense of such action
within a reasonable time after receiving notice of the commencement of the action,
in each of which cases the reasonable fees, disbursements and other charges of
counsel will be at the expense of the indemnifying party or parties. It is
understood that the indemnifying party or parties shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for
the reasonable fees, disbursements and other charges of more than one separate
firm admitted to practice in such jurisdiction at any one time from all such
indemnified party or parties unless (a) the employment of more than one
counsel has

 

18

 

been authorized in
writing by the indemnifying party or parties, (b) an indemnified party has
reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it that are different from or in addition to those
available to the other indemnified parties or (c) a conflict or potential
conflict exists (based on advice of counsel to an indemnified party) between
such indemnified party and the other indemnified parties, in each of which
cases the indemnifying party shall be obligated to pay the reasonable fees and
expenses of such additional counsel or counsels. An indemnifying party will not
be liable for any settlement of any action or claim effected without its
written consent (which consent shall not be unreasonably withheld).

 

9.4.      Contribution. If
the indemnification provided for in this Section 9 from the indemnifying
party is unavailable to an indemnified party hereunder in respect of any
losses, claims, damages, liabilities or expenses referred to herein, then the
indemnifying party, to the extent such indemnification is unavailable, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and indemnified parties in connection
with the actions that resulted in such losses, claims, damages, liabilities or
expenses. The relative fault of such indemnifying party and indemnified parties
shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, has been made by, or
relates to information supplied by, such indemnifying party or indemnified
parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a
party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include, subject to the limitations set
forth in Section 9.3, any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding.

 

The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 9.4 were determined by pro  rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding
paragraph. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person.

 

If indemnification is available under this Section 9, the
indemnifying parties shall indemnify each indemnified party to the full extent
provided in Section 9.1 and 9.2 without regard

 

19

 

to the relative
fault of said indemnifying parties or indemnified party.

 

10.       Participation
in Underwritten Registrations. No person may participate in any
underwritten registration hereunder unless such person (i) agrees to sell
such person’s securities on the basis provided in any underwriting agreements
approved by the persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

 

11.       Rule 144. The Company
covenants that it shall use its best efforts to file the reports required to be
filed by it under the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission thereunder if and when the Company
becomes obligated to file such reports (or, if the Company ceases to be
required to file such reports, it shall, upon the request of any Holder, make
publicly available other information), and it shall, if feasible, take such
further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rule may be amended
from time to time or (ii) any similar rules or regulations hereafter adopted by
the Commission. Upon the written request of any Holder, the Company shall
deliver to such Holder a written statement as to whether it has complied with
such requirements.

 

12.       Miscellaneous.

 

12.1.    Remedies. Each Holder, in addition to
being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of this Agreement and hereby agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate.

 

12.2.    Amendments and Waivers. Except as
otherwise provided herein, the provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given unless the Company has obtained the written
consent of all Holders.

 

12.3.    Notices. Any notice or other
communication required or permitted hereunder shall be in writing and shall be
delivered personally, or sent by certified or registered or express mail,
postage prepaid. Any such notice shall be deemed given when so delivered
personally, or, if mailed, five days (or,

 

20

 

in the case of express mail, one day) after the date
of deposit in the United States mail, as follows:

 

(i)        if to the Company, to:

 

	
  Simon Property Group, Inc.

  	
   

  
	
  Merchants Plaza

  	
   

  
	
  115 West Washington Street

  	
   

  
	
  Suite 15 East

  	
   

  
	
  Indianapolis, Indiana 46204

  	
   

  
	
  Attention:

  	
  David Simon

  
	
   

  	
  James M. Barkley, Esq.

  
	
  Facsimile No.:

  	
  (317) 685-7221

  
	
   

  	
   

  
	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
  Willkie Farr & Gallagher

  	
   

  
	
  787 Seventh Avenue

  	
   

  
	
  New York, New York 10019

  	
   

  
	
  Attention: 

  	
  Richard L. Posen, Esq.

  
	
  Facsimile: 

  	
  (212) 728-8111

  
				

 

(ii) if to any Holder, to
the most current address of such Holder given by such Holder to the Company in
writing.

 

Any party may by notice
given in accordance with this Section 12.3 to the other parties designate
another address or person for receipt of notice hereunder.

 

12.4.        Successors and Assigns.

 

(a)       This Agreement shall inure to the benefit
of and be binding upon the Holders and their respective successors and assigns
and the successors and assigns of the Company; provided, however,
that, except as otherwise provided in Sections 12.4(b) and (c) hereof, no
Limited Partner Holder may assign its rights hereunder to any person who is not
a permitted transferee of such Holder pursuant to the terms of the Partnership
Agreement; provided  further, that, except as otherwise provided
in Section 12.4 (b) or (c) hereof, no Holder may assign its rights hereunder to
any person who does not acquire all or substantially all of such Holder’s
Registrable Securities or Units, as the case may be, or, (i) in the case of the
Simon Family Entities, to any person who does not acquire at least $10,000,000
worth of the Simon Family Entities’ Registrable Securities or Units and (ii) in
the case of the DeBartolo Group to any person who does not acquire at least
$10,000,000 worth of DeBartolo Group’s Registrable Securities or Units, (iii)
in the case of State Street Bank and Trust Company (the “TREET Trustee”), not
individually but solely in its capacity as trustee of the Telephone Real Estate
Equity Trust (“TREET”), to any person who does not acquire at least $10,000,000
worth of TREET’s Registrable Securities, (iv) in the case of Stichting Pensioen

 

21

 

fonds Voor de Gezondheid Geestelijke en Maatschappelijke Belangan (“PGGM”),
to any person who does not acquire at least $10,000,000 worth of PGGM’s
Registrable Securities, and (v) in the case of Kuwait Investment
Authority, as agent for the government of Kuwait (“Kuwait”), to any person who
does not acquire at least $10,000,000 worth of Kuwait’s Registrable Securities.
Notwithstanding the foregoing, it is understood and agreed that the TREET
Trustee shall have the right to assign its rights hereunder to the beneficial
owners of TREET in connection with any distribution of TREET’s Registrable Securities
to such beneficial owners.

 

(b)        Affiliates.
It is understood that JCP Realty, Inc. (“JCP”) and Brandywine
Realty, Inc. (“Brandywine”) are affiliates and that under the terms
of the Partnership Agreement, Limited Partners have the right to assign their
partnership interests, in whole or in part, to their affiliates. The provisions
of this Agreement shall inure to the benefit of all such affiliates and, for
all purposes of this Agreement, a party to this Agreement (other than the
Company) and all of its affiliates which at the time in question are Limited
Partners of the Operating Partnership shall be deemed to be one party, with the
consequence that (i) they may aggregate their Units for the purpose of
exercising their rights under this Agreement and (ii) to assign the
benefits of this Agreement to a third party which is not an affiliate of them,
except as otherwise provided with respect to the Simon Family Entities in Section 12.4(a) above,
they must together assign to such third party all or substantially all of the
aggregate amount of Units held by all of them.

 

(c)        Transfer
of Exchange and Registration Rights. (i) The rights of each DeBartolo
Group Holder to make a request and to cause the Company to register Registrable
Securities owned by such Holder under Section 2 hereof and the right to
cause the Company to include Registrable Securities in a registration for the
account of the Company under Section 3 hereof (the “Rights”) may be
assigned, from time to time and reassigned, in whole or in part, to a
transferee or assignee receiving (except as provided in Section 12.4 (c) (ii) below)
at least three percent (3%) of the outstanding shares of Common Stock or Units
exchangeable into at least such number of shares of Common Stock (the “Three
Percent Requirement”) in connection with a transfer or assignment of shares
of Common Stock received upon exchange of Units in connection with a
substantially contemporaneous resale of all such Units or Units which is not
prohibited under any other agreement to which the transferor or assignor is a
party or any pledge of Units or Common Stock which is not prohibited under any
other agreement to which the transferor or assignor is a party, provided that (x) such
transfer may otherwise be effected in accordance with applicable securities
law, (y) the Company is given written notice of such assignment prior to
such assignment or promptly thereafter, and (z) the transferee or assignee
by written agreement acknowledges that he is bound by the terms of

 

22

 

this Agreement.
From and after the occurrence of any such transfer, the defined term “Holder”
shall include such transferees or assignees.

 

(ii)       The Rights granted
to each member of the DeBartolo Group hereunder may be assigned pursuant to
this Section 12.4(c) to a secured creditor to whom such Holder has
pledged Units (or other securities exchangeable or convertible into Registrable
Securities) or Registrable Securities prior to the date hereof, which pledge
shall be permitted hereunder, and the Three Percent Requirement shall not apply
to any such assignment. Such rights may, to the extent provided in the pledge,
security or other agreement or instrument pursuant to which such rights have
been assigned and to the extent permitted by the Securities Act and the rules and
regulations thereunder, be exercised by any such secured creditor even though
it does not become an assignee of the pledged Units of such Holder pursuant to Section 12.4(c) (i) hereof.
The Company acknowledges and consents to the pledge by each of Rues Properties
LLC, Great Lakes Mall LLC, NIDC LLC, EJDC LLC and DeBartolo LLC (the “DeBartolo
Pledgors”) of the rights, as described in the two preceding sentences, to Bank
One, N.A., or such other institution serving as indenture trustee under the
Indenture dated as of July 8, 1998 among the DeBartolo Pledgors and Bank
One, N.A., as indenture trustee, as such indenture may be supplemented or
amended from time to time (the “Indenture” and Bank One, N.A. or such other
institution, the “Trustee”) with respect to the Units pledged to the Trustee
pursuant to the Indenture, and that the Trustee shall be deemed to be a Secured
Creditor as such term is used herein. Upon notice to the Company by any such
secured creditor that it has become authorized to exercise such Rights, no
further written instrument shall be required under this Agreement; provided
that such secured creditor provides the Company at the time it exercises any
rights with such indemnification and certifications as are reasonably
satisfactory to the Company in form and substance as to its authorization to
exercise such rights. It is further expressly understood and agreed that (i) the
Company shall not be required in any way to determine the validity or sufficiency,
whether in form or in substance, of any certification from a secured creditor
that it is authorized to exercise Rights so transferred to it, (ii) the
Company shall have no liability to any Holder for acting in accordance with any
such certification and (iii) no further indemnification to the Company
shall be required pursuant to this Section 12.4(c). The Company shall not
be required in any way to determine the validity or sufficiency, whether in
form or in substance, of any written instrument referred to in the second
sentence of this Section 12.4(c) (ii), and it shall be sufficient if
any writing purporting to be such an instrument is delivered to the Company and
purports on its face to be correct in form and signed or otherwise executed by
such Holder. The Company may continue to rely on such written instrument until
such time, if any, that it receives a written instrument from the secured
creditor named therein (or its successor) revoking, or

 

23

 

acknowledging the
revocation or other termination of, the authority granted by such written
instrument.

 

(iii)      The rights of each
of JCP and Brandywine to make a request and cause the Company to register
Registrable Securities owned by such Holder under Section 2 hereof and the
right of such Holder to cause the Company to include Registrable Securities in
a registration for the account of the Company under Section 3 hereof (the “JCP
Rights”) may be assigned (i) to a secured creditor to whom such Holder
has pledged Units or, if such Holder has not previously exercised the right
provided for in the first sentence of Section 9.3 (c) of the
Operating Partnership Agreement, to any Person to whom the secured creditor has
transferred the pledged Units pursuant to Section 9.3 (c) of the
Operating Partnership Agreement (such secured creditor or such transferee being
referred to as the “Assignee”), in each case subject to the further
terms and provision of this Section 12.4(c) (iii). The JCP Rights may
be exercised by the Assignee after the Assignee has become a substitute Limited
Partner of the Operating Partnership and only if the Assignee provides the
Company at the time it exercises the JCP Rights with such indemnification and
certifications as are reasonably satisfactory to the Company in form and
substance as to its authorization to exercise such JCP Rights. It is further
expressly understood and agreed that (i) the Company shall not be required
in any way to determine the validity or sufficiency, whether in form or in
substance, of any certification from the Assignee that it is authorized to
exercise the JCP Rights so transferred to it, (ii) the Company shall have
no liability to such Holder for acting in accordance with any such
certification and (iii) except as set forth above in this paragraph, no
further indemnification to the Company shall be required pursuant to this Section 12.4
(c).

 

12.5.    Mergers, Etc. In
addition to any other restriction on mergers, consolidations and
reorganizations contained in the articles of incorporation, by-laws, code of
regulations or agreements of the Company, the Company covenants and agrees that
it shall not, directly or indirectly, enter into any merger, consolidation or
reorganization in which the Company shall not be the surviving corporation
unless all the Registrable Securities and all of the outstanding shares of
Common Stock of the Company and Units are exchanged or purchased upon
substantially equivalent economic terms for cash or freely marketable
securities of the surviving corporation unless the surviving corporation shall,
prior to such merger, consolidation or reorganization, agree in a writing to
assume in full and without modification other than conforming changes necessary
to reflect the new issuer of the Registrable Securities all of the obligations
of the Company under this Agreement, and for that purpose references hereunder
to “Registrable Securities” shall be deemed to include the securities
which holders of Common Stock would be entitled to receive in exchange for
Registrable Securities pursuant to any such merger, consolidation, sale of

 

24

 

all or
substantially all of its assets or business, liquidation, dissolution or
reorganization.

 

12.6.    Intentionally Omitted.

 

12.7.    Intentionally Omitted.

 

12.8.    Counterparts. This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

12.9.    Headings. The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

 

12.10.  GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

12.11.  Severability. If
any one or more of the provisions contained herein, or the application thereof
in any circumstances, is held invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions hereof shall not be in
any way impaired, it being intended that all of the rights of the Holders shall
be enforceable to the full extent permitted by law.

 

12.12.  Entire Agreement.
This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. Upon execution by any of the parties hereto, such
party irrevocably waives (i) all of its rights under the Registration
Rights Agreement, dated as of August 9, 1996, by and among certain of the
parties hereto and/or (ii) any registration rights (including demand,
piggy back and shelf registration rights) it may hold relating to the Company
(including any predecessor such as Corporate Property Investors). There are no
restrictions, promises, warranties or undertakings other than those set forth
or referred to herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

 

25

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first written above.

 

 

	
   

  	
  SIMON
  PROPERTY GROUP, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Simon

  
	
   

  	
   

  	
  Name:  David
  Simon

  	
   

  
	
   

  	
   

  	
  Title:      Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MELVIN
  SIMON & ASSOCIATES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Simon

  
	
   

  	
   

  	
  Name:  David
  Simon

  Title:      Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JCP
  REALTY, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jack Garvey

  
	
   

  	
   

  	
  Name:  Jack
  Garvey

  Title:     Executive Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BRANDYWINE
  REALTY, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jack Garvey

  
	
   

  	
   

  	
  Name:  Jack
  Garvey

  Title:     Executive Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Melvin Simon

  
	
   

  	
  MELVIN
  SIMON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Herbert Simon

  
	
   

  	
  HERBERT
  SIMON

  

 

26

 

	
   

  	
  /s/ David Simon

  
	
   

  	
  DAVID
  SIMON

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Deborah J. Simon

  
	
   

  	
  DEBORAH
  J. SIMON

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Cynthia A. Simon Skjodt

  
	
   

  	
  CYNTHIA
  A. SIMON SKJODT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IRWIN
  KATZ, as Successor Trustee

  Under Declaration of Trust and Trust

  Agreement Dated August 4, 1970

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IRWIN
  KATZ, as Trustee of the Melvin

  Simon Trust No. 1, the Melvin Simon

  Trust No. 6, the Melvin Simon Trust

  No. 7 and the Herbert Simon Trust

  No. 3

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTHEAST
  PROPERTIES, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Herbert Simon

  
	
   

  	
   

  	
  Name:   Herbert
  Simon, Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  S.F.G.
  COMPANY, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MELVIN
  SIMON & ASSOCIATES,

  
	
   

  	
   

  	
  INC., its manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ David Simon

  
	
   

  	
   

  	
   

  	
  Name:  David
  Simon

  
	
   

  	
   

  	
   

  	
  Title:      Vice President

  
							

 

27

 

[INTENTIONALLY LEFT BLANK]

 

28

 

	
   

  	
   

  	
  MELVIN SIMON,
  HERBERT SIMON AND

  DAVID SIMON, NOT INDIVIDUALLY BUT AS

  VOTING TRUSTEES UNDER THAT CERTAIN

  VOTING TRUST AGREEMENT, VOTING

  AGREEMENT AND PROXY DATED AS OF

  DECEMBER 1, 1993, BETWEEN MELVIN

  SIMON & ASSOCIATES, INC., AND MELVIN

  SIMON, HERBERT SIMON AND DAVID

  SIMON:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Melvin Simon

  
	
   

  	
   

  	
  Melvin
  Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Herbert Simon

  
	
   

  	
   

  	
  Herbert
  Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David Simon

  
	
   

  	
   

  	
  David
  Simon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ESTATE
  OF EDWARD J. DeBARTOLO, SR.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Marie Denise DeBartolo York

  
	
   

  	
   

  	
   

  	
  Name:    Marie
  Denise DeBartolo York

  
	
   

  	
   

  	
   

  	
  Title:         Co-Executor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Edward J. DeBartolo, Jr.

  
	
   

  	
   

  	
   

  	
  Name:   Edward
  J. DeBartolo, Jr.

  
	
   

  	
   

  	
   

  	
  Title:        Co-Executor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Edward J. DeBartolo, Jr.

  
	
   

  	
   

  	
  Edward
  J. DeBartolo, Jr.,

  individually, and in his capacity

  as Trustee under (1) the Lisa M.

  DeBartolo Revocable Trust-successor

  by assignment from Edward J.

  DeBartolo Trust No. 5, (ii) the

  Tiffanie L. DeBartolo Revocable

  Trust-successor by assignment from

  Edward J. DeBartolo Trust No. 6 and

  (iii) Edward J. DeBartolo Trust No.

  

 

29

 

	
   

  	
   

  	
  7
  for the Benefit of Nicole A.

  DeBartolo

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Cynthia R. DeBartolo

  
	
   

  	
   

  	
  Cynthia
  R. DeBartolo

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Marie Denise DeBartolo York

  
	
   

  	
   

  	
  Marie
  Denise DeBartolo York,

  individually, and in his/her

  capacity as Trustee under (i)

  Edward J. DeBartolo Trust No. 8 for

  the benefit of John Edward York,

  (ii) Edward J. DeBartolo Trust No.

  9 for the benefit of Anthony John

  York, (iii) Edward J. DeBartolo

  Trust No. 10 for the benefit of

  Mara Denise York and (iv) Edward J.

  DeBartolo Trust No. 11 for the

  benefit of Jenna Marie York

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EJDG
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport 

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DeBARTOLO
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NIDC
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  

 

30

 

	
   

  	
   

  	
  GREAT
  LAKES MALL LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RUES
  PROPERTIES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RUES
  PROPERTIES INC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CHELTENHAM
  SHOPPING CENTER

  ASSOCIATES

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ Lynn E. Davenport

  
	
   

  	
   

  	
   

  	
  Name:   Lynn
  E. Davenport

  
	
   

  	
   

  	
   

  	
  Title: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STICHTING
  PENSIOENFONDS VOOR DE

  GEZONDHEID GEESTELIJKE EN

  MAATSCHAPPELIJKE BELANGEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ D.J. de Beus

  
	
   

  	
   

  	
   

  	
  Name:   D.J.
  de Beus

  
	
   

  	
   

  	
   

  	
  Title:      Chairman,
  Board of

                 Managing
  Directors

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 
  

  	
  /s/ E.A. Brassem

  
	
   

  	
   

  	
   

  	
  Name:   E.A.
  Brassem

  
	
   

  	
   

  	
   

  	
  Title:      Tax
  Adviser

  

 

31

 

	
   

  	
   

  	
   

  	
  KUWAIT
  FUND FOR ARAB ECONOMIC

  DEVELOPMENT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Bader Al-Humaidhi

  
	
   

  	
   

  	
   

  	
   

  	
  Name:   Bader
  Al-Humaidhi

  
	
   

  	
   

  	
   

  	
   

  	
  Title:       Director-General

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ARAB
  FUND FOR ECONOMIC AND SOCIAL

  DEVELOPMENT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Abdlatif Al-Hamad

  
	
   

  	
   

  	
   

  	
   

  	
  Name:   Abdlatif
  Al-Hamad

  
	
   

  	
   

  	
   

  	
   

  	
  Title:       Chairman/D.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  KUWAIT
  INVESTMENT AUTHORITY AS

  AGENT FOR GOVERNMENT OF KUWAIT

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Dr. Adnan Al-Sultan

  
	
   

  	
   

  	
   

  	
   

  	
  Name:   Dr. Adnan
  Al-Sultan

  
	
   

  	
   

  	
   

  	
   

  	
  Title:       Chief
  Investment Manager

                  Direct
  Investments Dept.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  STATE
  STREET BANK AND TRUST

  COMPANY, not individually but

  solely in its capacity as Trustee

  of the Telephone Real Estate Equity

  Trust,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Kathy Rohan

  
	
   

  	
   

  	
   

  	
   

  	
  Name:   Kathy
  Rohan

  
	
   

  	
   

  	
   

  	
   

  	
  Title:       Vice
  President

  

 

32

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT, dated as of
                    
(the “Agreement”), is by and among Simon Property Group, Inc. (the “Company”)
and the persons set forth on Schedule A (the “Rights Holders”).
The Rights Holders and their respective successors-in-interest and permitted
assigns are hereinafter sometimes referred to as the “Holders.”

 

R  E  C  I  T
A  L  S :

 

On September 24, 1998, the Company and certain holders of
Partnership Units (as defined below in Section 11.4) (the “Priority
Holders”) of Simon Property Group, L.P., a Delaware limited partnership
(the “Operating Partnership”), entered into a Registration Rights
Agreement.

 

The Operating Partnership has issued to the Rights Holders units in the
Operating Partnership consisting of common units (“‘Common Units”),
7.00% Cumulative Convertible Preferred Units (“7% Preferred Units”) and
8.00% Cumulative Redeemable Preferred Units (“8% Preferred Units” and,
together with the 7% Preferred Units and New 8% Preferred Units, as defined
below, the “Preferred Units”, and the Common Units, together with
Preferred Units, the “Units”).

 

Under the Sixth Amended and Restated Agreement of Limited Partnership
of the Operating Partnership dated as of September 24, 1998, as amended
and supplemented to date (the “Partnership Agreement”), the Holders have
the right to exchange all or any portion of their 7% Preferred Units (i) at
any time after
[                    ],
2004 [FIFTH ANNIVERSARY OF INITIAL CLOSING DATE], for shares (“7% Preferred
Shares”) of the Company’s 7.00% Cumulative Convertible Preferred Stock (the
“7% Preferred Stock”), (ii) under certain circumstances after
[                    ],
2004 [FIFTH ANNIVERSARY OF INITIAL CLOSING DATE], for Common Units. In
addition, under certain circumstances the Holders (or the successor holders, as
the case may be) may require the Operating Partnership to repurchase such
Holders’ 7% Preferred Units, with the purchase price to be paid in cash and/or
Common Shares (as defined below), all as set forth in the Partnership
Agreement.

 

Under the Partnership Agreement the Holders have the right to exchange
all or any portion of their 8% Preferred Units at any time after
[                    ],
2004 [FIFTH ANNIVERSARY OF INITIAL CLOSING DATE], for shares (“8% Preferred
Shares” and, together with the 7% Preferred Shares, “Preferred Shares”)
of the Company’s 8.00% Cumulative Redeemable Preferred Stock (the “8%
Preferred Stock”). At any time after
[                      ],
2009 [TENTH ANNIVERSARY OF INITIAL CLOSING DATE] the Operating Partnership has
the right to redeem the 8% Preferred Units with payment of a redemption price
consisting (other than the portion thereof consisting of accrued and unpaid
distributions, which is payable in cash) of new preferred units (“New 8%
Preferred Units”) or Common Units, at the election of the Operating
Partnership. In addition, under certain circumstances the Holders (or the
successor holders, as the case may be) may require the

 

-1-

 

Operating
Partnership to repurchase such Holders’ 8% Preferred Units, with the purchase
price to be paid in cash and/or Common Shares, all as set forth in the
Partnership Agreement.

 

Under the Partnership Agreement holders of Common Units have the right
to exchange all or any portion of their Common Units for shares (“Common
Shares” and together with Preferred Shares, “Shares”) of the Company’s
common stock, par value $.0001 per share (which are paired with a beneficial
interest in shares of common stock, par value $.0001 per share, of SPG Realty
Consultants, Inc. (“SPG. Realty”)) (the “Common Stock”), or
cash, at the election of the Company and SPG Realty.

 

Except as provided herein, any Shares issued upon such exchange of
Preferred Units for Preferred Shares or Common Units for Common Shares will not
be registered under the Securities Act of 1933, as amended (the “Securities
Act”).

 

The Company has agreed to provide certain registration rights with
respect to the Shares held or to be held by the Holders.

 

In consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.         Securities Subject
to this Agreement. The securities entitled to the benefits of this
Agreement are (a) the Preferred Shares or Common Shares issued upon
exchange or repurchase of the Preferred Units, (b) the Common Shares
issued by the Company to the Holders upon exchange of the Common Units and (c) the
Common Shares issued upon conversion of the Preferred Shares (collectively, the
“Registrable Securities”) but, with respect to any particular
Registrable Security, only so long as it continues to be a Registrable
Security. Registrable Securities shall include any securities issued as a
dividend or distribution on account of Registrable Securities or resulting from
a subdivision of the outstanding shares of Registrable Securities into a
greater number of shares (by reclassification, stock split or otherwise). For
the purposes of this Agreement, a security that was at one time a Registrable
Security shall cease to be a Registrable Security when (a) such security
has been effectively registered under the Securities Act, other than pursuant
to Section 4 of this Agreement, and either (i) the registration
statement with respect thereto has remained continuously effective for 150 days
or (ii) such security has been disposed of pursuant to such registration
statement, (b) such security is sold to the public in reliance on Rule 144
(or any similar provision then in force) under the Securities Act, (c) such
security has been otherwise transferred, and (i) the Company has delivered
a new certificate or other evidence of ownership not bearing the legend set
forth on the Shares upon the initial issuance thereof (or other legend of
similar import) and (ii) in the opinion of counsel to the Company
reasonably acceptable to the Holders and addressed to the Company and the
holder of such security, the subsequent disposition of such security shall not
require the registration or qualification under the Securities Act, or (d) such
security has ceased to be outstanding.

 

Notwithstanding anything to the contrary herein, any Holder may
exercise any of its rights hereunder prior to its receipt of Shares, provided
that such Holder,

 

-2-

 

simultaneously
with the delivery of any notice requesting registration hereunder, shall
deliver an Exercise Notice to the Company requesting (i) exchange, or
repurchase, of Units exchangeable into, or with a repurchase price equal to,
such number of Shares as such Holder has requested to be registered or (ii) conversion
of 7% Preferred Shares into such number of Common Shares as such Holder has
requested to be registered. Any such Exercise Notice so delivered shall be (a) conditioned
on the effectiveness of the requested registration in connection with which it
was delivered and (b) deemed to cover only such number of Units or
Preferred Shares as are exchangeable or convertible into the number of Shares
actually sold pursuant to the requested registration. Any Shares to be issued
in connection with any such Exercise Notice shall be issued upon the closing of
the sale of such Shares pursuant to the requested registration. In the event
that the Company elects to issue all cash in lieu of Shares upon the exchange
of Units covered by any such Exercise Notice, the registration requested by the
Holder that delivered such Exercise Notice, if a Demand Registration, shall not
constitute a Demand Registration under Section 2.1 hereof.

 

Nothing contained herein shall create any obligation on the part of the
Company to issue Shares, rather than cash, upon the exchange of any Units.

 

2.         Demand
Registration.

 

2.1.      Request for
Registration. At any time, each Holder may make a written request per
12-month period (specifying the intended method of disposition) for
registration under the Securities Act (each, a “Demand Registration”) of
all or part of such Holder’s Registrable Securities (but such part, together
with the number of securities requested by other Holders to be included in such
Demand Registration pursuant to this Section 2.1, shall have an estimated
market value at the time of such request (based upon the then market price of a
share of Common Stock of the Company) of at least $10,000,000). Notwithstanding
the foregoing, the Company shall not be required to file any registration
statement on behalf of any Holder within six months after the effective date of
any earlier registration statement so long as the Holder requesting the Demand
Registration was given a notice offering it the opportunity to sell Registrable
Securities under the earlier registration statement and such Holder did not
request that all of its Registrable Securities be included; provided, however,
that if a Holder requested that all of its Registrable Securities be included
in the earlier registration statement but not all were so included through no
fault of the Holder, such Holder may, but shall not be obligated to, require
the Company to file another registration statement pursuant to a Demand
Registration (subject, in the event of a Demand Registration for less than all
such remaining Registrable Securities, to the same $10,000,000 limitation set
forth above) exercised by such Holder within six months of the effective date
of such earlier registration statement. Within ten days after receipt of a
request for a Demand Registration, the Company shall give written notice (the “Notice”)
of such request to all other Holders and shall include in such registration all
Registrable Securities that the Company has received written requests for
inclusion therein within 15 days after the Notice is given (the “Requested
Securities”). Thereafter, the Company may elect to include in such
registration additional Shares to be issued by the Company. In such event for
purposes only of Section 2.3 (other than the first sentence thereof) and
not for purposes of any other provision or

 

-3-

 

Section hereof
(including, without limitation, Section 3), (a) such shares to be
issued by the Company in connection with a Demand Registration shall be deemed
to be Registrable Securities and (b) the Company shall be deemed to be a
Holder thereof. All requests made pursuant to this Section 2.1 shall
specify the aggregate number of Registrable Securities to be registered.

 

2.2.      Effective
Registration and Expenses. A registration shall not constitute a Demand
Registration under Section 2.1 hereof until it has become effective. In
any registration initiated as a Demand Registration, the Company shall pay all
Registration Expenses (as defined in Section 8) incurred in connection
therewith, whether or not such Demand Registration becomes effective, unless
such Demand Registration fails to become effective as a result of the fault of
one or more Holders other than the Company, in which case the Company will not
be required to pay the Registration Expenses incurred with respect to the offering
of such Holder or Holders’ Registrable Securities. The Registration Expenses
incurred with respect to the offering of such Holder or Holders’ Registrable
Securities shall be the product of (a) the aggregate amount of all
Registration Expenses incurred in connection with such registration and (b) the
ratio that the number of such Registrable Securities bears to the total number
of Registrable Securities included in the registration.

 

2.3.      Priority on Demand
Registrations. The Holder making the Demand Registration may elect whether
the offering of such Registrable Securities pursuant to such Demand
Registration shall be in the form of a firm commitment underwritten offering or
otherwise; provided, however, that such Holder may not elect that
such offering be made on a delayed or continuous basis pursuant to Rule 415
under the Securities Act. In any case in which an offering is in the form of a
firm commitment underwritten offering, if the managing underwriter or
underwriters of such offering advise the Company in writing that in its or
their opinion the number of Registrable Securities proposed to be sold in such
offering exceeds the number of Registrable Securities that can be sold in such
offering without adversely affecting the market for the Company’s common stock,
the Company will include in such registration the number of Registrable
Securities that in the opinion of such managing underwriter or underwriters can
be sold without adversely affecting the market for the Company’s common stock.
In such event, the number of Registrable Securities, if any, to be offered for
the accounts of Holders (including the Holder making the Demand Registration)
shall be reduced pro  rata on the basis of the relative number of
any Registrable Securities requested by each such Holder to be included in such
registration to the extent necessary to reduce the total number of Registrable
Securities to be included in such offering to the number recommended by such
managing underwriter or underwriters. In the event the Holder making the Demand
shall receive notice pursuant to this Section 2.3 that the amount of
Registrable Securities to be offered for the account of such Holder shall be
reduced, such Holder shall be entitled to withdraw the Demand by written notice
to the Company within seven (7) days after receipt of such notice, with
the effect that such Demand shall be deemed not to have been made.

 

2.4.      Selection of
Underwriters. If any of the Registrable Securities covered by a Demand
Registration are to be sold in an underwritten offering, the Holders, in

 

-4-

 

the aggregate,
that own or will own a majority of the Registrable Securities that the Company
has been requested to register (including the Requested Securities but
excluding any securities to be issued by the Company), shall have the right to
select the investment banker or investment bankers and manager or managers that
will underwrite the offering; provided, however, that such
investment bankers and managers must be reasonably satisfactory to the Company.

 

3.         Piggyback
Registration. Whenever the Company proposes to file a registration
statement under the Securities Act with respect to an underwritten public
offering of Common Stock by the Company for its own account or for the account
of any stockholders of the Company (other than a registration statement filed
pursuant to either Section 2 or 4 hereof), the Company shall give written
notice (the “Offering Notice”) of such proposed filing to each of the
Holders at least 30 days before the anticipated filing date. Such Offering
Notice shall offer all such Holders the opportunity to register such number of
Registrable Securities as each such Holder may request in writing, which
request for registration (each, a “Piggyback Registration”) must be
received by the Company within 15 days after the Offering Notice is given. The
Company shall use all reasonable efforts to cause the managing underwriter or
underwriters of a proposed underwritten offering, if any, to permit the holders
of the Registrable Securities requested to be included in the registration for
such offering to include such Registrable Securities in such offering on the
same terms and conditions as the common stock of the Company or, if such
offering is for the account of other stockholders, the common stock of such
stockholders included therein. Notwithstanding the foregoing, if the managing
underwriter or underwriters of a proposed underwritten offering advise the
Company in writing that in its or their opinion the number of Registrable
Securities proposed to be sold in such offering exceeds the number of
Registrable Securities that can be sold in such offering without adversely
affecting the market for the Common Stock, the Company will include in such
registration the number of Registrable Securities that in the opinion of such
managing underwriter or underwriters can be sold without adversely affecting
the market for the Common Stock. In such event, the number of Registrable
Securities, if any, to be offered for the accounts of Holders shall be reduced pro
rata on the basis of the relative number of any Registrable Securities
requested by each such Holder to be included in such registration to the extent
necessary to reduce the total number of Registrable Securities to be included
in such offering to the number recommended by such managing underwriter or
underwriters. The number of securities to be offered for the accounts of the
Holders shall be reduced to zero before the number of securities to be offered
for the accounts of the Priority Holders is reduced. The Company shall pay all
Registration Expenses incurred in connection with any Piggyback Registration.

 

4.         Shelf Registration.
Following the Effective Time, the Company shall use reasonable efforts to
qualify for registration on Form S-3 for secondary sales. The Company
agrees that, upon the request of any Holder, the Company shall promptly after
receipt of such request notify each other Holder of receipt of such request and
shall cause to be filed on or as soon as practicable thereafter, but not sooner
than 35 days after the receipt of such notice from such Holder, a registration
statement (a “Shelf Registration Statement”) on Form S-l, Form S-3
or any other appropriate form under the Securities Act for an offering to

 

-5-

 

be made on a
delayed or continuous basis pursuant to Rule 415 thereunder or any similar
rule that may be adopted by the Securities and Exchange Commission (the “Commission”)
and permitting sales in any manner not involving an underwritten public
offering (and shall register or qualify the shares to be sold in such offering
under such other securities or “blue sky” laws as would be required pursuant to
Section 7(g) hereof) covering up to the aggregate number of (a) Shares
to be issued to such Holder and all other Holders who request that the Shares
to be issued to them upon the exchange or repurchase of Units held by them be
included in the Shelf Registration Statement upon the exchange or repurchase of
Units so that the Shares issuable upon the exchange or repurchase of such Units
will be registered pursuant to the Securities Act, (b) Common Shares to be
issued to such Holder and all other Holders who request that the Common Shares
to be issued to them upon the conversion of 7% Preferred Shares held by them be
included in the Shelf Registration Statement upon the conversion of 7%
Preferred Shares so that the Common Shares issuable upon the conversion of such
7% Preferred Shares will be registered for sale by such Holders pursuant to the
Securities Act and (c) Registrable Securities held by such Holders. The
Company shall use its best efforts to cause the Shelf Registration Statement to
be declared effective by the Commission within three months after the filing
thereof. The Company shall use its reasonable efforts to keep the Shelf
Registration Statement continuously effective (and to register or qualify the
shares to be sold in such offering under such other securities or “blue sky”
laws as would be required pursuant to Section 7(g) hereof) for so
long as any Holder holds any Shares or Units that may be exchanged for Shares
under the Partnership Agreement or until the Company has caused to be delivered
to each Holder an opinion of counsel, which counsel must be reasonably
acceptable to such Holders, stating that such Shares or Shares issued upon such
exchange or conversion may be sold by the Holders pursuant to Rule 144
promulgated under the Securities Act without regard to any volume limitations
and that the Company has satisfied the informational requirements of Rule 144.
The Company shall file any necessary listing applications or amendments to
existing applications to cause the Common Shares issuable upon exchange or
repurchase of Units or upon conversion of 7% Preferred Shares to be listed on
the primary exchange on which the Common Stock is then listed, if any.
Notwithstanding the foregoing, if the Company determines that it is necessary
to amend or supplement such Shelf Registration Statement and if the Company
shall furnish to the Holders a certificate signed by the Chief Executive
Officer of the Company stating that in the good faith judgment of the Board of
Directors of the Company it would be significantly disadvantageous to the
Company and its stockholders for any such Shelf Registration Statement to be
amended or supplemented, the Company may defer such amending or supplementing
of such Shelf Registration Statement for not more than 45 days and in such
event the Holders shall be required to discontinue disposition of any
Registrable Securities covered by such Shelf Registration Statement during such
period. Notwithstanding the foregoing, if the Company irrevocably elects prior
to the filing of any Shelf Registration Statement to issue all cash in lieu of
Shares upon the exchange of Units by the Holder requesting the filing of such
Shelf Registration Statement, the Company shall not be obligated to file such
Shelf Registration Statement.

 

5.         Rights of
Other Stockholders. Except for the rights granted previously to the
Priority Holders pursuant to the Registration Rights Agreement referred to in
the first

 

-6-

 

recital to this
Agreement, the Company shall not grant any person (a “Subsequent Holder”), for so
long as any securities convertible into or exchangeable for Registrable
Securities are outstanding, any rights to have their securities included in any
registration statement to be filed by the Company if such rights are greater
than the rights of the Holders granted herein without extending such greater
rights to the Holders. To the extent the securities of a Subsequent Holder are
entitled to be included in any registration statement and the managing
underwriter or underwriters believe that the number of securities proposed to
be sold in such offering exceeds the number of securities that can be sold in
such offering without adversely affecting the market for the Company’s common
stock, the number of securities to be offered for the accounts of such Subsequent
Holders shall be reduced to zero before the number of securities to be offered
for the accounts of the Holders is reduced. Notwithstanding the foregoing, it
is understood that in any case in which the securities to be offered for the
accounts of the Holders is reduced, such securities will be reduced pro  rata
with any securities offered for the accounts of holders of registration rights
granted pursuant to that certain Registration Rights Agreement among the
Company and [JP Morgan, et. al] to be entered into in connection with the
issuance of the Units to the Holders.

 

6.         Holdback
Agreements.

 

6.1.      Restrictions on
Public Sale by Holders of Registrable Securities. Each Holder (a) participating
in an underwritten offering covered by any Demand Registration or Piggyback
Registration or (b) in the event the Company is issuing shares of its
capital stock to the public in an underwritten offering, agrees, if requested
by the managing underwriter or underwriters for such underwritten offering, not
to effect (except as part of such underwritten offering or pursuant to Article XI
of the Partnership Agreement) any public sale or distribution of Registrable
Securities or any securities convertible into or exchangeable or exercisable
for such Registrable Securities, including a sale pursuant to Rule 144 (or
any similar provision then in force) under the Securities Act, during the
period (a “Lock-Out Period”) commencing 14 days prior to and ending no
more than 90 days subsequent to the date (an “Execution Date”) specified
in the Lock-Out Notice (as defined below) as the anticipated date of the
execution and delivery of the underwriting agreement (or, if later, a pricing
or terms agreement signed pursuant to such underwriting agreement) to be
entered into in connection with such Demand Registration or Piggyback
Registration or other underwritten offering. The Execution Date shall be no
fewer than 21 days subsequent to the date of delivery of written notice (a “Lock-Out
Notice”) by the Company to each Holder of the anticipated execution of an
underwriting agreement (or pricing or terms agreement), and the Execution Date
shall be specified in the Lock-Out Notice. The Company may not deliver a
Lock-Out Notice unless it is making a good faith effort to effect the offering
with respect to which such Lock-Out Notice has been delivered. Notwithstanding
the foregoing, the Company may not (a) establish Lock-Out Periods in
effect for more than 208 days in the aggregate within any of the consecutive
fifteen-month periods commencing on the date of this Agreement and (b) cause
any Lock-Out Period to commence (i) during the 45-day period immediately
following the expiration of any Lock-Out Period, such 45-day period to be
extended by one day for each day of delay pursuant to Section 7(a); or (ii) if
the Company shall have been requested to file a Registration Statement pursuant
to Section 2

 

-7-

 

during such 45-day
period (as extended), until the earlier of (x) the date on which all
Registrable Securities thereunder shall have been sold and (y) 45 days
after the effective date of such Registration Statement. Notwithstanding the
foregoing, any Lock-Out Period may be shortened at the Company’s sole
discretion by written notice to the Holders, and the applicable Lock-Out Period
shall be deemed to have ended on the date such notice is received by the
Holders. For the purposes of this Section 6.1, a Lock-Out Period shall be
deemed to not have occurred, and a Lock-Out Notice shall be deemed to not have
been delivered, if, within 30 days of the delivery of a Lock-Out Notice, the
Company delivers a written notice (the “Revocation Notice”) to the
Holders stating that the offering (the “Aborted Offering”) with respect
to which such Lock-Out Notice was delivered has not been, or shall not be,
consummated; provided, however, that any Lock-Out Period that the
Company causes to commence within 45 days of the delivery of such Revocation
Notice shall be reduced by the number of days pursuant to which the Holders
were subject to restrictions on transfer pursuant to this Section 6.1 with
respect to such Aborted Offering.

 

6.2.      Restrictions on
Public Sale by the Company. If, but only if, the managing underwriter or
underwriters for any underwritten offering of Registrable Securities made
pursuant to a Demand Registration so request, the Company agrees not to effect
any public sale or distribution of any of its securities similar to those being
registered, or any securities convertible into or exchangeable or exercisable
for such securities (except pursuant to registrations on Form S-4 or S-8
or any successor or similar forms thereto) during the 14 days prior to, and
during the 180-day period beginning on, the effective date of such Demand
Registration.

 

7.         Registration
Procedures. Whenever the Holders have requested that any Registrable
Securities be registered pursuant to Section 2, 3 or 4, the Company shall
use its best efforts to effect the registration of Registrable Securities in
accordance with the intended method of disposition thereof as expeditiously as
practicable, and in connection with any such request, the Company shall as
expeditiously as possible:

 

(a)       in connection
with a request pursuant to Section 2, prepare and file with the
Commission, not later than 40 days (or such longer period as may be required in
order for the Company to comply with the provisions of Regulation S-X under the
Securities Act) after receipt of a request to file a registration statement
with respect to Registrable Securities, a registration statement on any form
for which the Company then qualifies or which counsel for the Company shall
deem appropriate and which form shall be available for the sale of such
Registrable Securities in accordance with the intended method of distribution
thereof and, if the offering is an underwritten offering, shall be reasonably
satisfactory to the managing underwriter or underwriters, and use its best
efforts to cause such registration statement to become effective; provided,
however, that if the Company shall within five (5) Business Days
after receipt of such request furnish to the Holders making such a request a
certificate signed by the Chief Executive Officer of the Company stating that
in the good faith judgment of the Board of Directors of the Company it would be
significantly disadvantageous to the Company and its stockholders for such a
registration statement to be filed on or before the date filing would be
required, the Company shall have an additional

 

-8-

 

period of not more
than 45 days within which to file such registration statement (provided that
only one such notice may be given during any 12 month period); and provided,
further, that before filing a registration statement or prospectus or
any amendments or supplements thereto, the Company shall (a) furnish to
the counsel selected by the Holder making the demand, or if no demand, then, by
the Holders, in the aggregate, that own or will own a majority of the
Registrable Securities covered by such registration statement, copies of all
such documents proposed to be filed, which documents will be subject to the
review of such counsel, and (b) notify each seller or prospective seller
of Registrable Securities of any stop order issued or threatened by the
Commission or withdrawal of any state qualification and take all reasonable
actions required to prevent such withdrawal or the entry of such stop order or
to remove it if entered;

 

(b)       in connection
with a registration pursuant to Section 2, prepare and file with the
Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 150 days (or such
shorter period that will terminate when all Registrable Securities covered by
such registration statement have been sold, but not before the expiration of
the applicable period referred to in Section 4(3) of the Securities
Act and Rule 174 thereunder, if applicable), and comply with the
provisions of the Securities Act applicable to it with respect to the
disposition of all securities covered by such registration statement during
such period in accordance with the intended method of disposition by the sellers
thereof set forth in such registration statement;

 

(c)       notify each
seller of Registrable Securities and the managing underwriter, if any,
promptly, and (if requested by any such Person) confirm such advice in writing,

 

(i)        when
the prospectus or any supplement thereto or amendment or post-effective
amendment to the registration statement has been filed, and, with respect to
the registration statement or any post-effective amendment, when the same has
become effective,

 

(ii)       of
any request by the Commission for amendments or post-effective amendments to
the registration statement or supplements to the prospectus or for additional
information,

 

(iii)      of the issuance by the Commission of any stop
order suspending the effectiveness of the registration statement or the
initiation or threatening of any proceedings for that purpose,

 

(iv)      if
at any time during the distribution of securities by the managing underwriter
the representations and warranties of the Company to be contained in the
underwriting agreement cease to be true and correct in all material respects,
and

 

-9-

 

(v)       of
the receipt by the Company of any notification with respect to the suspension
of the qualification of the Registrable Securities for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose;

 

(d)       use its best
efforts to prevent the issuance of any stop order suspending the effectiveness
of the registration statement or any state qualification or any order
preventing or suspending the use of any preliminary prospectus, and use its
best efforts to obtain the withdrawal of any order suspending the effectiveness
of the registration statement or any state qualification or of any order
preventing or suspending the use of any preliminary prospectus at the earliest
possible moment;

 

(e)       if requested
by the managing underwriter or a seller of Registrable Securities, promptly
incorporate in a prospectus supplement or post-effective amendment to the
registration statement such information as the managing underwriter or a seller
of Registrable Securities reasonably request to have included therein relating
to the plan of distribution with respect to the Registrable Securities,
including, without limitation, information with respect to the amount of
Registrable Securities being sold to such underwriters, the purchase price
being paid therefor by such underwriters and with respect to any other terms of
the underwritten offering of the Registrable Securities to be sold in such
offering; and make all required filings of such prospectus supplement or
post-effective amendment promptly after being notified of the matters to be
incorporated in such prospectus supplement or post-effective amendment;

 

(f)        furnish to
each seller of Registrable Securities and the managing underwriter one signed
copy of the registration statement and each amendment thereto as filed with the
Commission, and such number of copies of such registration statement, each
amendment (including post-effective amendments) and supplement thereto (in each
case including all documents incorporated by reference and all exhibits thereto
whether or not incorporated by reference), the prospectus included in such
registration statement (including each preliminary prospectus) and such other
documents as each seller may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller;

 

(g)       use
reasonable efforts to register or qualify such Registrable Securities under
such other securities or “blue sky” laws of such jurisdictions as any seller or
underwriter reasonably requests in writing and to do any and all other acts and
things that may be reasonably necessary or advisable to register or qualify for
sale in such jurisdictions the Registrable Securities owned by such seller; provided,
however, that the Company shall not be required to (a) qualify
generally to do business in any jurisdiction where it is not then so qualified,
(b) subject itself to taxation in any such jurisdiction, (c) consent
to general service of process in any such jurisdiction or (d) provide any
undertaking required by such other securities or “blue sky” laws or make any
change in its charter or bylaws that the Board of Directors determines in good
faith to be contrary to the best interest of the Company and its stockholders;

 

-10-

 

(h)        use reasonable efforts to
cause the Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company to
enable the seller or sellers thereof or the underwriters, if any, to consummate
the disposition of such Registrable Securities;

 

(i)         notify each seller of
such Registrable Securities at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement
contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and
prepare and file with the Commission a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading;

 

(j)         enter into customary
agreements (including an underwriting agreement in customary form, if the
offering is an underwritten offering) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities and in such connection:

 

(i)          make such representations and
warranties to the underwriters in form, substance and scope, reasonably
satisfactory to the managing underwriter, as are customarily made by issuers to
underwriters in primary underwritten offerings on the form of registration
statement used in such offering;

 

(ii)         obtain opinions and updates thereof of
counsel, which counsel and opinions to the Company (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriter,
addressed to the managing underwriter, covering the matters customarily covered
in opinions requested in primary underwritten offerings on the form of
registration statement used in such offering and such other matters as may be
reasonably requested by the managing underwriter;

 

(iii)        obtain so-called “cold comfort” letters
and updates thereof from the Company’s independent public accountants addressed
to the managing underwriter in customary form and covering matters of the type
customarily covered in “cold comfort” letters to underwriters in connection
with primary underwritten offerings and such other matters as may be reasonably
requested by the managing underwriter;

 

(iv)       cause the underwriting agreements to set
forth in full the indemnification provisions and procedures of Section 9 (or
such other substantially similar provisions and procedures as the managing
underwriter shall reasonably request) with respect to all parties to be
indemnified pursuant to said Section; and

 

-11-

 

(v)        deliver such documents and certificates
as may be reasonably requested by the Participating Holder or Holders to
evidence compliance with the provisions of this Section 7(j) and with any
customary conditions contained in the underwriting agreement or other agreement
entered into by the Company.

 

The above shall be done
at the effectiveness of such registration statement (when consistent with
customary industry practice), each closing under any underwriting or similar
agreement as and to the extent required thereunder and from time to time as may
reasonably be requested by the sellers of Registrable Securities, all in a
manner consistent with customary industry practice.

 

(k)        make available for inspection by any
seller of Registrable Securities, any underwriter participating in any
disposition pursuant to such registration statement, the counsel referred to in
clause (a) of Section 7(a) and any attorney, accountant or other agent retained
by any such seller or underwriter (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of
the Company (collectively, the “Records”) as shall be reasonably
necessary to enable them to exercise their due diligence responsibility, and
cause the Company’s officers, directors, employees and agents to supply all
information reasonably requested by any such Inspector in connection with such
registration statement. Records that the Company determines, in good faith, to
be confidential and that it notifies the Inspectors are confidential shall not
be disclosed by the Inspectors unless (a) the disclosure of such Records is, in
the reasonable judgment of any Inspector, necessary to avoid or correct a
misstatement or omission of a material fact in the registration statement or
(b) the release of such Records is ordered pursuant to a subpoena or other
order from a court or governmental agency of competent jurisdiction or required
(in the written opinion of counsel to such seller or underwriter, which counsel
shall be reasonably acceptable to the Company) pursuant to applicable state or
federal law. Each seller of Registrable Securities agrees that it will, upon
learning that disclosure of such Records are sought by a court or governmental
agency, give notice to the Company and allow the Company, at the Company’s
expense, to undertake appropriate action to prevent disclosure of the Records
deemed confidential;

 

(l)         if such sale is pursuant to an
under-written offering, use reasonable efforts to obtain a “cold comfort”
letter and updates thereof from the Company’s independent public accountants in
customary form and covering such matters of the type customarily covered by
“cold comfort” letters as the holders, in the aggregate, of a majority of the
Registrable Securities being sold and the managing underwriter or underwriters
reasonably request;

 

(m)       otherwise use reasonable efforts to
comply with the Securities Act, the Exchange Act, all applicable rules and
regulations of the Commission and all applicable state securities and real
estate syndication laws, and make generally available to its security holders,
as soon as reasonably practicable, an earnings statement covering a period of
12 months, beginning within three months after the effective date of the
registration statement, which earnings statement shall satisfy the provisions
of Section 11 (a) of the Securities Act;

 

-12-

 

(n)       use reasonable efforts to
cause all Registrable Securities covered by the registration statement to be
listed on each securities exchange, if any, on which similar securities issued
by the Company are then listed, provided that the applicable listing requirements
are satisfied;

 

(o)       cooperate with the sellers
of Registrable Securities and the managing underwriter to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any restrictive legends; and enable such Registrable
Securities to be in such denominations and registered in such names as the
managing underwriter may reasonably request at least 2 business days prior to
any sale of Registrable Securities to the underwriters;

 

(p)       cooperate and assist in any
filings required to be made with the NASD and in the performance of any due
diligence investigation by any underwriter;

 

(q)       prior to the filing of any
document which is to be incorporated by reference into the registration statement
or the prospectus (after the initial filing of the registration statement)
provide copies of such document to the sellers of Registrable Securities, the
underwriters and their respective counsel and make the Company representatives
available for discussion of such document with such persons; and

 

(r)        participate, if so
requested, in a “road show” in connection with the sale of the Registrable
Securities but only to the extent reasonably requested by the managing
underwriter, if such sale is pursuant to an underwritten offering.

 

The Company may
require each seller or prospective seller of Registrable Securities as to which
any registration is being effected to furnish to the Company such information
regarding the distribution of such securities and other matters as may be
required to be included in the registration statement.

 

Each holder of
Registrable Securities agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Paragraph (i) of
this Section 7, such holder shall forthwith discontinue disposition of
Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Paragraph (i) of this Section 7,
and, if so directed by the Company, such holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in
such holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. If the Company shall
give any such notice, the Company shall extend the period during which such
registration statement shall be maintained effective pursuant to this Agreement
(including the period referred to in Paragraph (b) of this Section 7)
by the number of days during the period from and including the date of the
giving of such notice pursuant to Paragraph (i) of this Section 7 to
and including the date when each seller of Registrable Securities covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Paragraph (i) of this Section 7.

 

-13-

 

The Company shall
keep the sellers of Registrable Securities to be offered in a given
registration advised of the status of any registration in which they are
participating. In addition, the Company and each such seller of Registrable
Securities may enter into understandings in writing whereby such seller of
Registrable Securities will agree in advance as to the acceptability of the
price or range of prices per share at which the Registrable Securities included
in such registration are to be offered to the public. Furthermore, the Company
shall establish pricing notification procedures reasonably acceptable to each
such seller of Registrable Securities and shall, as promptly as practicable
after learning the same from the managing underwriter, use reasonable efforts
to give oral notice to each such seller of Registrable Securities of the
anticipated date on which the Company expects to receive a notification from
the managing underwriter (and any changes in such anticipated date) of the
price per share at which the Registrable Securities included in such
registration are to be offered to the public.

 

8.         Registration Expenses.
The Company shall pay all expenses incident to its performance of or compliance
with this Agreement, including, without limitation, (a) all Commission,
stock exchange and National Association of Securities Dealers, Inc.
registration, filing and listing fees, (b) all fees and expenses incurred
in complying with securities or “blue sky” laws (including reasonable fees and
disbursements of counsel in connection with “blue sky” qualifications of the
Registrable Securities), (c) all printing, messenger and delivery
expenses, (d) all fees and disbursements of the Company’s independent
public accountants and counsel and (e) all fees and expenses of any
special experts retained by the Company in connection with any Demand
Registration or Piggyback Registration pursuant to the terms of this Agreement,
regardless of whether such registration becomes effective; provided, however,
that the Company shall not pay the costs and expenses of any Holder relating to
underwriters’ commissions and discounts relating to Registrable Securities to
be sold by such Holder (but such costs and expenses shall be paid by the
Holders on a pro  rata basis), brokerage fees, transfer taxes, or
the fees or expenses of any counsel, accountants or other representatives
retained by the Holders, individually or in the aggregate. All of the expenses
described in this Section 8 that are to be paid by the Company are herein
called “Registration Expenses.”

 

9.         Indemnification;
Contribution.

 

9.1.      Indemnification by the
Company. The Company agrees to indemnify, to the fullest extent permitted
by law, each Holder, each Holder’s respective officers, directors, agents,
advisors, employees and trustees, and each person, if any, who controls such
Holder (within the meaning of the Securities Act), against any and all losses,
claims, damages, liabilities and expenses caused by any untrue or alleged
untrue statement of material fact contained in any registration statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, except insofar as the same are caused by or contained in any
information with respect to such Holder furnished in writing to the Company by
such Holder

 

-14-

 

expressly for use therein
or by such Holder’s failure to deliver a copy of the prospectus or any
supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same or by the delivery of prospectuses by
such Holder after the Company notified such Holder in writing to discontinue
delivery of prospectuses. The Company also shall indemnify any underwriters of
the Registrable Securities, their officers and directors and each person who
controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the
Holders.

 

9.2.      Indemnification by
Holders. In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such
information and affidavits with respect to such Holder as the Company
reasonably requests for use in connection with any such registration statement
or prospectus and agrees to indemnify, severally and not jointly, to the
fullest extent permitted by law, the Company, its officers, directors and
agents and each person, if any, who controls the Company (within the meaning of
the Securities Act) against any and all losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of a
material fact or any omission or alleged omission of a material fact required
to be stated in any registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or necessary to make
the statements therein (in the case of a prospectus, in light of the
circumstances under which they were made) not misleading, to the extent, but
only to the extent, that such untrue or alleged untrue statement or omission is
contained in or omitted from, as the case may be, any information or affidavit
with respect to such Holder so furnished in writing by such Holder specifically
for use in the Registration Statement. Each Holder also shall indemnify any
underwriters of the Registrable Securities, their officers and directors and
each person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the
indemnification of the Company.

 

9.3.      Conduct of
Indemnification Proceedings. Any party that proposes to assert the right to
be indemnified under this Section 9 shall, promptly after receipt of
notice of commencement of any action against such party in respect of which a
claim is to be made against an indemnifying party or parties under this Section 9,
notify each such indemnifying party of the commencement of such action,
enclosing a copy of all papers served, but the omission so to notify such
indemnifying party will not relieve it from any liability that it may have to
any indemnified party under the foregoing provisions of this Section 9
unless, and only to the extent that, such omission results in the forfeiture of
substantive rights or defenses by the indemnifying party. If any such action is
brought against any indemnified party and it notifies the indemnifying party of
its commencement, the indemnifying party will be entitled to participate in
and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the
action from the indemnified party, jointly with any other indemnifying party
similarly notified, to assume the defense of the action, with counsel
reasonably satisfactory to the indemnified party, and after notice from the
indemnifying party to the indemnified party of its election to assume the
defense, the indemnifying party will not be liable to the indemnified party for
any legal or other expenses except as provided below and

 

-15-

 

except for the reasonable
costs of investigation subsequently incurred by the indemnified party in
connection with the defense. If the indemnifying party assumes the defense, the
indemnifying party shall have the right to settle such action without the
consent of the indemnified party; provided, however, that the
indemnifying party shall be required to obtain such consent (which consent
shall not be unreasonably withheld) if the settlement includes any admission of
wrongdoing on the part of the indemnified party or any decree or restriction on
the indemnified party or its officers or directors; provided, further,
that no indemnifying party, in the defense of any such action, shall, except
with the consent of the indemnified party (which consent shall not be
unreasonably withheld), consent to entry of any judgment or enter into any
settlement that does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all
liability with respect to such action. The indemnified party will have the
right to employ its own counsel in any such action, but the fees, expenses and
other charges of such counsel will be at the expense of such indemnified party
unless (a) the employment of counsel by the indemnified party has been
authorized in writing by the indemnifying party, (b) the indemnified party
has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from
or in addition to those available in the indemnifying party, (c) a
conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (d) the indemnifying
party has not in fact employed counsel to assume the defense of such action
within a reasonable time after receiving notice of the commencement of the
action, in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the indemnifying party or parties.
It is understood that the indemnifying party or parties shall not, in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than
one separate firm admitted to practice in such jurisdiction at any one time from
all such indemnified party or parties unless (a) the employment of more
than one counsel has been authorized in writing by the indemnifying party or
parties, (b) an indemnified party has reasonably concluded (based on
advice of counsel) that there may be legal defenses available to it that are
different from or in addition to those available to the other indemnified
parties or (c) a conflict or potential conflict exists (based on advice of
counsel to an indemnified party) between such indemnified party and the other
indemnified parties, in each of which cases the indemnifying party shall be
obligated to pay the reasonable fees and expenses of such additional counsel or
counsels. An indemnifying party will not be liable for any settlement of any
action or claim effected without its written consent (which consent shall not
be unreasonably withheld).

 

9.4.      Contribution. If the
indemnification provided for in this Section 9 from the indemnifying party
is unavailable to an indemnified party hereunder in respect of any losses,
claims, damages, liabilities or expenses referred to herein, then the
indemnifying party, to the extent such indemnification is unavailable, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and indemnified parties in

 

-16-

 

connection with the
actions that resulted in such losses, claims, damages, liabilities or expenses.
The relative fault of such indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such indemnifying party or indemnified parties, and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action. The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in Section 9.3,
any legal or other fees or expenses reasonably incurred by such party in
connection with any investigation or proceeding.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 9.4
were determined by pro  rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in the immediately preceding paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section 1l(f) of the Securities
Act) shall be entitled to contribution from any person.

 

If indemnification
is available under this Section 9, the indemnifying parties shall
indemnify each indemnified party to the full extent provided in Section 9.1
and 9.2 without regard to the relative fault of said indemnifying parties or
indemnified party.

 

10.       Participation in
Underwritten Registrations. No person may participate in any underwritten
registration hereunder unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting agreements approved by the
persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

 

11.       Rule 144. The
Company covenants that it shall use its best efforts to file the reports
required to be filed by it under the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder if and
when the Company becomes obligated to file such reports (or, if the Company
ceases to be required to file such reports, it shall, upon the request of any
Holder, make publicly available other information), and it shall, if feasible,
take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by (i) Rule 144 under the Securities Act,
as such Rule may be amended from time to time or (ii) any similar rules or
regulations hereafter adopted by the Commission. Upon the written request of
any Holder, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements.

 

-17-

 

12.       Miscellaneous.

 

12.1.    Remedies. Each Holder,
in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

12.2.    Amendments and Waivers.
Except as otherwise provided herein, the provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given unless the Company has obtained the
written consent of all Holders; provided that, without the consent of
any Holders, the Operating Partnership may amend the provisions of this
Agreement solely to include additional Holders as parties hereto as
contemplated by the Contribution Agreements pursuant to which the Units were,
and additional Units may be, originally issued.

 

12.3.    Notices. Any notice or
other communication required or permitted hereunder shall be in writing and
shall be delivered personally, or sent by certified or registered or express
mail, postage prepaid. Any such notice shall be deemed given when so delivered
personally, or, if mailed, five days (or, in the case of express mail, one day)
after the date of deposit in the United States mail, as follows:

 

(i) if to the
Company, to:

 

Simon
Property Group, Inc.

Merchants
Plaza

115 West
Washington Street

Suite 15
East

Indianapolis,
Indiana 46204

Attention:
David Simon

James
M. Barkley, Esq.

Facsimile
No.: (317)685-7221

 

with a copy to:

 

Willkie
Farr & Gallagher

787
Seventh Avenue

New
York, New York 10019

Attention:
Richard L. Posen, Esq.

Facsimile:
(212)728-8111

 

(ii)       if to any Holder, to the
most current address of such Holder given by such Holder to the Company in
writing.

 

Any party may by
notice given in accordance with this Section 12.3 to the other parties
designate another address or person for receipt of notice hereunder.

 

-18-

 

12.4.    Successors and Assigns.

 

(a)       This Agreement shall inure
to the benefit of and be binding upon the Holders and their respective
successors and assigns and the successors and assigns of the Company; provided,
however, that no Holder may assign its rights hereunder to any person
who is not a permitted transferee of such Holder pursuant to the terms of the
Partnership Agreement; provided  further, that, except as
otherwise provided in Section 12.4(b) hereof, no Holder may assign
its rights hereunder to any person who does not acquire either (i) all or
substantially all of such Holder’s Registrable Securities or Securities, as the
case may be or (ii) a number of Units or Registrable Securities which as
of the date the Operating Partnership issued such Units or Registrable
Securities to the Holder were worth at least $10,000,000 (measured, in the case
of Units or Registrable Securities issued upon conversion, exchange or
redemption of other Units, by reference to the Units which were exchanged,
repurchased or converted for or into such Units or Registrable Securities).

 

(b)       Affiliates. It is
understood under the terms of the Partnership Agreement, Holders have the right
to assign their partnership interests, in whole or in part, to their Affiliates
(as defined in the Partnership Agreement). The provisions of this Agreement
shall inure to the benefit of all such Affiliates and, for all purposes of this
Agreement, a party to this Agreement (other than the Company) and all of its
affiliates which at the time in question are Limited Partners of the Operating
Partnership shall be deemed to be one party, with the consequence that (i) they
may aggregate their Units for the purpose of exercising their rights under this
Agreement and (ii) to assign the benefits of this Agreement to a third
party which is not an Affiliate of them, they must together assign to such
third party all or substantially all of the aggregate amount of Units held by
all of them.

 

12.5.    Mergers, Etc. In
addition to any other restriction on mergers, consolidations and
reorganizations contained in the articles of incorporation, by-laws, code of
regulations or agreements of the Company, the Company covenants and agrees that
it shall not, directly or indirectly, enter into any merger, consolidation or
reorganization in which the Company shall not be the surviving corporation
unless all the Registrable Securities and all of the outstanding shares of
Common Stock of the Company and Units are exchanged or purchased upon
substantially equivalent economic terms for cash or freely marketable
securities of the surviving corporation unless the surviving corporation shall,
prior to such merger, consolidation or reorganization, agree in a writing to
assume in full and without modification other than conforming changes necessary
to reflect the new issuer of the Registrable Securities all of the obligations
of the Company under this Agreement, and for that purpose references hereunder
to “Registrable Securities” shall be deemed to include the securities
which holders of Common Stock would be entitled to receive in exchange for
Registrable Securities pursuant to any such merger, consolidation, sale of all
or substantially all of its assets or business, liquidation, dissolution or
reorganization.

 

12.6.    Counterparts. This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so

 

-19-

 

executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

12.7.    Headings. The headings
in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

 

12.8.    GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

12.9.    Severability. If any
one or more of the provisions contained herein, or the application thereof in
any circumstances, is held invalid, illegal or unenforceable in any respect for
any reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired, it being intended that all of the rights of the Holders shall be
enforceable to the full extent permitted by law.

 

12.10.  Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings other
than those set forth or referred to herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

 

[This page intentionally ends here]

 

-20-

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be executed as of the date
first written above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SIMON PROPERTY GROUP,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: 

  Title: 

  Hereunto duly authorized

  

 

[Signatures continue on next page]

 

-21-

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  HOLDERS:

  
	
   

  	
   

  
	
   

  	
  APPLE BLOSSOM MALL LLC,
  a Delaware limited 

  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen R. Karp, its
  Manager

  
	
   

  	
   

  	
  Hereunto duly
  authorized

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ATRIUM ASSOCIATES JOINT
  VENTURE, a

  
	
   

  	
  Massachusetts general
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  CHESTNUT HILL ATRIUM
  LIMITED

  
	
   

  	
   

  	
  PARTNERSHIP, a Delaware
  limited

  
	
   

  	
   

  	
  partnership, its
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  KARP ATRIUM, INC., a
  Delaware

  
	
   

  	
   

  	
   

  	
  corporation, its
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Stephen R. Karp

  
	
   

  	
   

  	
   

  	
  Its Chairman and Chief
  Executive

  Officer

  
	
   

  	
   

  	
   

  	
  Hereunto duly
  authorized

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPE COD MALL LLC, a
  Massachusetts limited

  
	
   

  	
  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ALL CAPE CENTER LLC, a
  Massachusetts

  
	
   

  	
   

  	
  limited liability
  company, its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Stephen R. Karp, its
  Manager

  
	
   

  	
   

  	
   

  	
  Hereunto duly
  authorized

  
										

 

 

[Signatures continue on next page]

 

-22-

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  GREENDALE ASSOCIATES
  LIMITED 

  PARTNERSHIP, a Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen R. Karp, its
  General Partner 

  Hereunto duly authorized

  

 

 

[Signatures continue on next page]

 

-23-

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
   

  
	
   

  	
  Stephen R. Karp

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FISCHMAN MNH PARTNERS,
  a 

  Massachusetts general partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Steven S. Fischman 

  Its general partner 

  Hereunto duly authorized

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE WILLIAM A. DEDRICK
  REVOCABLE 

  TRUST OF 1992

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  William A. Dedrick, as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MANCHESTER SPE
  CORPORATION, a New 

  Hampshire corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Steven S. Fischman, its
  President 

  Hereunto duly authorized

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  STEPHEN R. KARP 1999
  TRUST – VI u/d/t 

  dated as of January 4, 1999

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen R. Karp, as
  Trustee and not 

  individually

  
				

 

 

[Signatures continue on next page]

 

-24-

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  STEPHEN R. KARP 1999
  TRUST – X u/d/t 

  dated as of January 4, 1999

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen R. Karp, as
  Trustee and not

  individually

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Steven S. Fischman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE STEVEN S. FISCHMAN
  1992 NSM 

  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Stephen R. Karp, as
  Trustee and not 

  individually

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Alan W. Rottenberg, as
  Trustee and not 

  individually

  

 

[Signatures continue on next page]

 

-25-

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Dawn K. Neher

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SQUARE ONE MALL LIMITED
  PARTNERSHIP, a 

  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NED Square One Limited
  Partnership, a 

  Delaware limited partnership, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  NED Square
  One, Inc., a Delaware 

  corporation, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Steven S. Fischman, 

  Its President 

  Hereunto duly authorized

  
									

 

-26-

 

SCHEDULE A

 

Rights Holders

 

Apple Blossom Mall LLC

c/o New England
Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman

 

Atrium Associates Joint
Venture

c/o New England
Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman

 

Cape Cod Mall LLC

c/o New England
Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman

 

Greendale Associates
Limited Partnership

c/o New England
Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman

 

Stephen R. Karp

c/o New England
Development

One Wells Avenue

Newton, MA 02459

 

Fischman MNH Partners

c/o Steven S. Fischman

c/o New England
Development

One Wells Avenue

Newton, MA 02459

 

The William A. Dedrick
Revocable Trust of 1992

c/o William A. Dedrick,
Trustee

33 Riverfront Drive

Manchester, NH 03102

 

A-1

 

Manchester SPE
Corporation

c/o New England
Development

One Wells Avenue

Newton, MA 02459

 

Stephen R. Karp 1999
Trust – VI u/d/t dated as of January 4, 1999

c/o Stephen R. Karp

New England Development

One Wells Avenue

Newton, MA 02459

 

Stephen R. Karp 1999
Trust – X u/d/t dated as of January 4, 1999

c/o Stephen R. Karp

New England Development

One Wells Avenue

Newton, MA 02459

 

Steven S. Fischman

c/o New England Development

One Wells Avenue

Newton, MA 02459

 

The Steven S. Fischman
1992 NSM Trust

c/o Steven S. Fischman

New England Development

One Wells Avenue

Newton, MA 02459

 

Dawn K. Neher

c/o New England
Development

One Wells Avenue

Newton, MA 02459

 

Square One Mall Limited
Partnership

c/o New England
Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman

 

A-2

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT, dated as of August       ,
1999 (the “Agreement”), is by and among Simon Property Group, Inc.
(the “Company”) and the persons set forth on Schedule A (the “Rights
Holders”). The Rights Holders and their respective successors-in-interest
and permitted assigns are hereinafter sometimes referred to as the “Holders.”

 

R 
E  C  I 
T  A  L 
S:

 

On September 24,
1998, the Company and certain holders of partnership units (the “Priority
Holders”) of Simon Property Group, L.P., a Delaware limited partnership
(the “Operating Partnership”), entered into a Registration Rights
Agreement.

 

Concurrent with
the execution hereof, Teachers Mayflower, LLC, Mayflower Member LLC, New York
State Teachers’ Retirement System and SPG Mayflower, LLC entered into that
certain Limited Liability Company Agreement of Mayflower Realty LLC (the “Mayflower
Agreement”).

 

Pursuant to the
Mayflower Agreement, the Company has agreed to grant to the Holders
registration rights with respect to shares (“Shares”) of the Company’s
common stock, par value $.0001 per share (which are paired with a beneficial
interest in shares of common stock, par value $.0001 per share, of SPG Realty
Consultants, Inc.), that may be issued to the Holders pursuant to Sections
8.4 or 8.6 of the Mayflower Agreement.

 

Except as provided
herein, any Shares issued as aforesaid will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”).

 

The Company has
agreed to provide certain registration rights with respect to the Shares held
or to be held by the Holders.

 

In consideration
of the mutual covenants and agreements set forth herein and for good and
valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto agree as follows:

 

1.         Securities Subject to
this Agreement. The securities entitled to the benefits of this Agreement
are the Shares that may be issued to the Holders pursuant to Sections 8.4 or
8.6 of the Mayflower Agreement (collectively, the “Registrable Securities”)
but, with respect to any particular Registrable Security, only so long as it
continues to be a Registrable Security. Registrable Securities shall include
any securities issued as a dividend or distribution on account of Registrable
Securities or resulting from a subdivision of the outstanding

 

 

shares of Registrable
Securities into a greater number of shares (by reclassification, stock split or
otherwise). For the purposes of this Agreement, a security that was at one time
a Registrable Security shall cease to be a Registrable Security when (a) such
security has been effectively registered under the Securities Act, other than
pursuant to Section 4 of this Agreement, and either (i) the
registration statement with respect thereto has remained continuously effective
for 150 days or (ii) such security has been disposed of pursuant to such
registration statement, (b) such security is sold to the public in
reliance on Rule 144 (or any similar provision then in force) under the
Securities Act, (c) such security has been otherwise transferred, and (i) the
Company has delivered a new certificate or other evidence of ownership not
bearing the legend set forth on the Shares upon the initial issuance thereof
(or other legend of similar import) and (ii) in the opinion of counsel to
the Company reasonably acceptable to the Holders and addressed to the Company
and the holder of such security, the subsequent disposition of such security
shall not require the registration or qualification under the Securities Act,
or (d) such security has ceased to be outstanding.

 

2.         Demand Registration.

 

2.1.      Request for Registration.
At any time, each Holder may make a written request per 12-month period
(specifying the intended method of disposition) for registration under the
Securities Act (each, a “Demand Registration”) of all or part of such
Holder’s Registrable Securities (if less than all, then such part, together
with the number of securities requested by other Holders to be included in such
Demand Registration pursuant to this Section 2.1, shall have an estimated
market value at the time of such request (based upon the then market price of a
share of common stock of the Company) of at least $10,000,000) or, subject to
such $10,000,000 limitation, any Registrable Securities which SPG Mayflower LLC
has elected to pay to such Holder under Section 8.4 or 8.6 of the Mayflower
Agreement. Notwithstanding the foregoing, the Company shall not be required to
file any registration statement on behalf of any Holder within six months after
the effective date of any earlier registration statement so long as the Holder
requesting the Demand Registration was given a notice offering it the
opportunity to sell Registrable Securities under the earlier registration
statement and such Holder did not request that all of its Registrable
Securities be included; provided, however, that if a Holder
requested that all of its Registrable Securities be included in the earlier
registration statement but not all were so included through no fault of the
Holder, such Holder may, but shall not be obligated to, require the Company to
file another registration statement pursuant to a Demand Registration (subject,
in the event of a Demand Registration for less than all of such Holder’s
remaining Registrable Securities, to the same $10,000,000 limitation set forth
above) exercised by such Holder within six months of the effective date of such
earlier

 

2

 

registration statement.
Within ten days after receipt of a request for a Demand Registration from any
Holder or any Priority Holder, the Company shall give written notice (the “Notice”)
of such request to all other Holders and shall include in such registration all
Registrable Securities that the Company has received written requests for
inclusion therein within 15 days after the Notice is given (the “Requested
Securities”). Thereafter, the Company may elect to include in such
registration additional Shares to be issued by the Company. In such event for
purposes only of Section 2.3 (other than the first sentence thereof) and
not for purposes of any other provision or Section hereof (including,
without limitation, Section 3), (a) such shares to be issued by the
Company in connection with a Demand Registration shall be deemed to be
Registrable Securities and (b) the Company shall be deemed to be a Holder
thereof. All requests made pursuant to this Section 2.1 shall specify the
aggregate number of Registrable Securities to be registered.

 

2.2.      Effective Registration
and Expenses. A registration shall not constitute a Demand Registration
under Section 2.1 hereof until it has become effective. In any
registration initiated as a Demand Registration, the Company shall pay all
Registration Expenses (as defined in Section 8) incurred in connection
therewith, whether or not such Demand Registration becomes effective, unless
such Demand Registration fails to become effective as a result of the fault of
one or more Holders other than the Company, in which case the Company will not
be required to pay the Registration Expenses incurred with respect to the
offering of such Holder or Holders’ Registrable Securities. The Registration
Expenses incurred with respect to the offering of such Holder or Holders’
Registrable Securities shall be the product of (a) the aggregate amount of
all Registration Expenses incurred in connection with such registration and (b) the
ratio that the number of such Registrable Securities bears to the total number
of Registrable Securities included in the registration.

 

2.3.      Priority on Demand
Registrations. The Holder making the Demand Registration may elect whether
the offering of such Registrable Securities pursuant to such Demand
Registration shall be in the form of a firm commitment underwritten offering or
otherwise; provided, however, that such Holder may not elect that
such offering be made on a delayed or continuous basis pursuant to Rule 415
under the Securities Act. In any case in which an offering is in the form of a
firm commitment underwritten offering, if the managing underwriter or
underwriters of such offering advise the Company in writing that in its or
their opinion the number of Registrable Securities proposed to be sold in such
offering exceeds the number of Registrable Securities that can be sold in such
offering without adversely affecting the market for the Company’s common stock,
the Company will include in such registration the number of Registrable
Securities that in the opinion of such managing underwriter or underwriters can
be sold without adversely

 

3

 

affecting the market for
the Company’s common stock. In such event, the number of Registrable
Securities, if any, to be offered for the accounts of Holders (including the
Holder making the Demand Registration) shall be reduced pro  rata
on the basis of the relative number of any Registrable Securities requested by
each such Holder to be included in such registration to the extent necessary to
reduce the total number of Registrable Securities to be included in such
offering to the number recommended by such managing underwriter or underwriters.
In the event the Holder making the Demand shall receive notice pursuant to this
Section 2.3 that the amount of Registrable Securities to be offered for
the account of such Holder shall be reduced, such Holder shall be entitled to
withdraw the Demand by written notice to the Company within seven (7) days
after receipt of such notice, with the effect that such Demand shall be deemed
not to have been made.

 

2.4.      Selection of Underwriters.
If any of the Registrable Securities covered by a Demand Registration are to be
sold in an underwritten offering, the Holders, in the aggregate, that own or
will own a majority of the Registrable Securities that the Company has been
requested to register (including the Requested Securities but excluding any
securities to be issued by the Company), shall have the right to select the
investment banker or investment bankers and manager or managers that will
underwrite the offering; provided, however, that such investment
bankers and managers must be reasonably satisfactory to the Company.

 

3.         Piggyback Registration.
Whenever the Company proposes to file a registration statement under the
Securities Act with respect to an underwritten public offering of common stock
by the Company for its own account or for the account of any stockholders of
the Company (other than a registration statement filed pursuant to either Section 2
or 4 hereof), the Company shall give written notice (the “Offering Notice”)
of such proposed filing to each of the Holders at least 30 days before the
anticipated filing date. Such Offering Notice shall offer all such Holders the
opportunity to register such number of Registrable Securities as each such
Holder may request in writing, which request for registration (each, a “Piggyback
Registration”) must be received by the Company within 15 days after the
Offering Notice is given. The Company shall use all reasonable efforts to cause
the managing underwriter or underwriters of a proposed underwritten offering,
if any, to permit the holders of the Registrable Securities requested to be
included in the registration for such offering to include such Registrable
Securities in such offering on the same terms and conditions as the common
stock of the Company or, if such offering is for the account of other
stockholders, the common stock of such stockholders included therein.
Notwithstanding the foregoing, if the managing underwriter or underwriters of a
proposed underwritten offering advise the Company in writing that in its or
their opinion the number of Registrable Securities

 

4

 

proposed to be sold in
such offering exceeds the number of Registrable Securities that can be sold in
such offering without adversely affecting the market for the Company’s common
stock, the Company will include in such registration the number of Registrable
Securities that in the opinion of such managing underwriter or underwriters can
be sold without adversely affecting the market for the Company’s common stock.
In such event, the number of Registrable Securities, if any, to be offered for
the accounts of Holders shall be reduced pro  rata on the basis of
the relative number of any Registrable Securities requested by each such Holder
to be included in such registration to the extent necessary to reduce the total
number of Registrable Securities to be included in such offering to the number
recommended by such managing underwriter or underwriters. The number of
securities to be offered for the accounts of the Holders shall be reduced to
zero before the number of securities to be offered for the accounts of the
Priority Holders is reduced. The Company shall pay all Registration Expenses
incurred in connection with any Piggyback Registration.

 

4.         Shelf Registration.
The Company agrees that, upon the request of any Holder, the Company shall
promptly after receipt of such request notify each other Holder of receipt of
such request and shall cause to be filed on or as soon as practicable
thereafter, but not sooner than 35 days nor later than 60 days after the
receipt of such notice from such Holder, a registration statement (a “Shelf
Registration Statement”) on Form S-1, Form S-3 or any other
appropriate form under the Securities Act for an offering to be made on a
delayed or continuous basis pursuant to Rule 415 thereunder or any similar
rule that may be adopted by the Securities and Exchange Commission (the “Commission”)
and permitting sales in any manner not involving an underwritten public
offering (and shall register or qualify the shares to be sold in such offering
under such other securities or “blue sky” laws as would be required pursuant to
Section 7(g) hereof) covering up to the aggregate number of
Registrable Securities held by such Holders or to be issued to such Holders
pursuant to Sections 8.4 or 8.6 of the Mayflower Agreement. The Company shall
use its best efforts to cause the Shelf Registration Statement to be declared
effective by the Commission promptly and in any event within three months after
the filing thereof. The Company shall use its reasonable efforts to keep the
Shelf Registration Statement continuously effective (and to register or qualify
the shares to be sold in such offering under such other securities or “blue sky”
laws as would be required pursuant to Section 7(g) hereof) for so
long as any Holder holds any Shares or until the Company has caused to be
delivered to each Holder an opinion of counsel, which counsel must be
reasonably acceptable to such Holders, stating that such Shares may be sold by
the Holders pursuant to Rule 144 promulgated under the Securities Act
without regard to any volume limitations and that the Company has satisfied the
informational requirements of Rule 144. The Company shall file any
necessary listing applications or amendments to existing applications to cause
the

 

5

 

Shares to be listed on
the primary exchange on which the Company’s common stock is then listed, if
any. Notwithstanding the foregoing, if the Company determines that it is
necessary to amend or supplement such Shelf Registration Statement and if the
Company shall furnish to the Holders a certificate signed by the Chief
Executive Officer of the Company stating that in the good faith judgment of the
Board of Directors of the Company it would be significantly disadvantageous to
the Company and its stockholders for any such Shelf Registration Statement to
be amended or supplemented, the Company may defer such amending or
supplementing of such Shelf Registration Statement for not more than 45 days and
in such event the Holders shall be required to discontinue disposition of any
Registrable Securities covered by such Shelf Registration Statement during such
period.

 

5.         Rights of Other
Stockholders. Except for the rights granted previously to the Priority
Holders pursuant to the registration rights agreement referred to in the first
recital to this Agreement, the Company shall not grant any person (a “Subsequent
Holder”), for so long as any securities convertible into or exchangeable
for Registrable Securities are outstanding, any rights to have their securities
included in any registration statement to be filed by the Company if such
rights are greater than the rights of the Holders granted herein without
extending such greater rights to the Holders. To the extent the securities of a
Subsequent Holder are entitled to be included in any registration statement and
the managing underwriter or underwriters believe that the number of securities
proposed to be sold in such offering exceeds the number of securities that can
be sold in such offering without adversely affecting the market for the Company’s
common stock, the number of securities to be offered for the accounts of such
Subsequent Holders shall be reduced to zero before the number of securities to
be offered for the accounts of the Holders is reduced. Notwithstanding the
foregoing, it is understood that in any case in which the securities to be
offered for the accounts of the Holders is reduced, such securities will be
reduced pro  rata with any securities offered for the accounts of
holders of registration rights granted pursuant to that certain Registration
Rights Agreement among the Company and [Karp, et. al] to be entered into in
connection with execution and delivery of the Mayflower Agreement.

 

6.         Holdback Agreements.

 

6.1.      Restrictions on Public
Sale by Holders of Registrable Securities. Each Holder (a) participating
in an underwritten offering covered by any Demand Registration or Piggyback
Registration or (b) in the event the Company is issuing shares of its
capital stock to the public in an underwritten offering, agrees, if requested
by the managing underwriter or underwriters for such underwritten offering, not
to effect (except as part of such underwritten offering) any public sale or
distribution of Registrable Securities or any securities

 

6

 

convertible into or
exchangeable or exercisable for such Registrable Securities, including a sale
pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act, during the period (a “Lock-Out Period”) commencing no
more than 14 days prior to and ending no more than 90 days subsequent to the
date (an “Execution Date”) specified in the Lock-Out Notice (as defined
below) as the anticipated date of the execution and delivery of the
underwriting agreement (or, if later, a pricing or terms agreement signed
pursuant to such underwriting agreement) to be entered into in connection with
such Demand Registration or Piggyback Registration or other underwritten
offering. The Execution Date shall be no fewer than 21 days subsequent to the
date of delivery of written notice (a “Lock-Out Notice”) by the Company
to each Holder of the anticipated execution of an underwriting agreement (or
pricing or terms agreement), and the Execution Date shall be specified in the
Lock-Out Notice. The Company may not deliver a Lock-Out Notice unless it is
making a good faith effort to effect the offering with respect to which such
Lock-Out Notice has been delivered. Notwithstanding the foregoing, the Company
may not (a) establish Lock-Out Periods in effect for more than 208 days in
the aggregate within any of the consecutive fifteen-month periods commencing on
the date of this Agreement and (b) cause any Lock-Out Period to commence (i) during
the 45-day period immediately following the expiration of any Lock-Out Period,
such 45-day period to be extended by one day for each day of delay pursuant to Section 7(a);
or (ii) if the Company shall have been requested to file a registration
statement pursuant to Section 2 during such 45-day period (as extended),
until the earlier of (x) the date on which all Registrable Securities
thereunder shall have been sold and (y) 45 days after the effective date
of such registration statement. Notwithstanding the foregoing, any Lockout
Period may be shortened at the Company’s sole discretion by-written notice to
the Holders, and the applicable Lock-Out Period shall be deemed to have ended
on the date such notice is received by the Holders. For the purposes of this Section 6.1,
a Lock-Out Period shall be deemed to not have occurred, and a Lock-Out Notice
shall be deemed to not have been delivered, if, within 30 days of the delivery
of a Lock-Out Notice, the Company delivers a written notice (the “Revocation
Notice”) to the Holders stating that the offering (the “Aborted Offering”)
with respect to which such Lock-Out Notice was delivered has not been, or shall
not be, consummated; provided, however, that any Lock-Out Period
that the Company causes to commence within 45 days of the delivery of such
Revocation Notice shall be reduced by the number of days pursuant to which the
Holders were subject to restrictions on transfer pursuant to this Section 6.1
with respect to such Aborted Offering.

 

6.2.      Restrictions on Public
Sale by the Company. If, but only if, the managing underwriter or
underwriters for any underwritten offering of Registrable Securities made
pursuant to a Demand Registration so request, the Company agrees not to effect
any public sale or distribution of any of its securities

 

7

 

similar to those being
registered, or any securities convertible into or exchangeable or exercisable
for such securities (except pursuant to registrations on Form S-4 or S-8
or any successor or similar forms thereto) during the 14 days prior to, and
during the 180-day period beginning on, the effective date of the registration
statement filed pursuant to such Demand Registration.

 

7.         Registration
Procedures. Whenever the Holders have requested that any Registrable
Securities be registered pursuant to Sections 2, 3 or 4, the Company shall use
its best efforts to effect the registration of Registrable Securities in
accordance with the intended method of disposition thereof as expeditiously as
practicable, and in connection with any such request, the Company shall as
expeditiously as possible:

 

(a)       in connection with a
request pursuant to Section 2, prepare and file with the Commission, not
later than 40 days (or such longer period as may be required in order for the
Company to comply with the provisions of Regulation S-X under the Securities
Act) after receipt of a request to file a registration statement with respect
to Registrable Securities, a registration statement on any form for which the
Company then qualifies or which counsel for the Company shall deem appropriate
and which form shall be available for the sale of such Registrable Securities
in accordance with the intended method of distribution thereof and, if the
offering is an underwritten offering, shall be reasonably satisfactory to the
managing underwriter or underwriters, and use its best efforts to cause such
registration statement to become effective; provided, however,
that if the Company shall within five (5) business days after receipt of
such request furnish to the Holders making such a request a certificate signed
by the Chief Executive Officer of the Company stating that in the good faith
judgment of the Board of Directors of the Company it would be significantly
disadvantageous to the Company and its stockholders for such a registration
statement to be filed on or before the date filing would be required, the
Company shall have an additional period of not more than 45 days within which
to file such registration statement (provided that only one such notice may be
given during any 12 month period); and provided, further, that
before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company shall (a) furnish to the counsel selected
by the Holder making the demand, or if no demand, then, by the Holders, in the
aggregate, that own or will own a majority of the Registrable Securities
covered by such registration statement, copies of all such documents proposed
to be filed, which documents will be subject to the review of such counsel, and
(b) notify each seller or prospective seller of Registrable Securities of
any stop order issued or threatened by the Commission or withdrawal of any
state qualification and take all reasonable actions required to prevent such
withdrawal or the entry of such stop order or to remove it if entered;

 

8

 

(b)       in connection with a registration pursuant to Section 2,
prepare and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may
be necessary to keep such registration statement effective for a period of not
less than 150 days (or such shorter period that will terminate when all
Registrable Securities covered by such registration statement have been sold,
but not before the expiration of the applicable period referred to in Section 4(3) of
the Securities Act and Rule 174 thereunder, if applicable), and comply
with the provisions of the Securities Act applicable to it with respect to the
disposition of all securities covered by such registration statement during
such period in accordance with the intended method of disposition by the
sellers thereof set forth in such registration statement;

 

(c)       notify each seller of Registrable Securities
and any managing underwriter, if any, promptly, and (if requested by any such person)
confirm such advice in writing,

 

(i)         when the prospectus or any supplement thereto
or amendment or post-effective amendment to the registration statement has been
filed, and, with respect to the registration statement or any post-effective
amendment, when the same has become effective,

 

(ii)        of any
request by the Commission for amendments or post-effective amendments to the
registration statement or supplements to the prospectus or for additional
information,

 

(iii)       of the
issuance by the Commission of any stop order suspending the effectiveness of
the registration statement or the initiation or threatening of any proceedings
for that purpose,

 

(iv)      if at any
time during an underwritten distribution of securities any of the
representations and warranties of the Company to be contained in the
underwriting agreement cease to be true and correct in all material respects,
and

 

(v)       of the receipt by the
Company of any notification with respect to the suspension of the qualification
of the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose;

 

(d)       use its best efforts to
prevent the issuance of any stop order suspending the effectiveness of the
registration statement or any state qualification or any order preventing or
suspending the use of any preliminary prospectus, and use its best efforts to
obtain the withdrawal of any order suspending the effectiveness of the
registration statement or any 

 

9

 

state qualification or of
any order preventing or suspending the use of any preliminary prospectus at the
earliest possible moment;

 

(e)       if requested by a managing
underwriter or a seller of Registrable Securities, promptly incorporate in a
prospectus supplement or post-effective amendment to the registration statement
such information as the managing underwriter or the seller of Registrable
Securities reasonably request to have included therein relating to the plan of
distribution with respect to the Registrable Securities, including, without
limitation, information with respect to the amount of Registrable Securities
being sold to such underwriters, the purchase price being paid therefor by such
underwriters and with respect to any other terms of the underwritten offering
of the Registrable Securities to be sold in such offering; and make all
required filings of such prospectus supplement or post-effective amendment
promptly after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment;

 

(f)        furnish to each seller of
Registrable Securities and any managing underwriter one signed copy of the
registration statement and each amendment thereto as filed with the Commission,
and such number of copies of such registration statement, each amendment
(including post-effective amendments) and supplement thereto (in each case
including all documents incorporated by reference and all exhibits thereto
whether or not incorporated by reference), the prospectus included in such
registration statement (including each preliminary prospectus) and such other
documents as each seller may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller;

 

(g)       use reasonable efforts to
register or qualify such Registrable Securities under such other securities or “blue
sky” laws of such jurisdictions as any seller or underwriter reasonably
requests in writing and to do any and all other acts and things that may be
reasonably necessary or advisable to register or qualify for sale in such
jurisdictions the Registrable Securities owned by such seller; provided,
however, that the Company shall not be required to (a) qualify
generally to do business in any jurisdiction where it is not then so qualified,
(b) subject itself to taxation in any such jurisdiction, (c) consent
to general service of process in any such jurisdiction or (d) provide any
undertaking required by such other securities or “blue sky” laws or make any
change in its charter or bylaws that the Board of Directors determines in good
faith to be contrary to the best interest of the Company and its stockholders;

 

(h)       use reasonable efforts to
cause the Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental 

 

10

 

agencies or authorities
as may be necessary by virtue of the business and operations of the Company to
enable the seller or sellers thereof or the underwriters, if any, to consummate
the disposition of such Registrable Securities;

 

(i)        notify each seller of such
Registrable Securities at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration statement
contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and
prepare and file with the Commission a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading;

 

(j)        enter into customary
agreements (including an underwriting agreement in customary form, if the
offering is an underwritten offering) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities and in such connection:

 

(i)         make such representations
and warranties to the underwriters and the Holder or Holders participating in
such offering (but only if requested by the participating Holder or Holders) in
form, substance and scope, reasonably satisfactory to the managing underwriter,
as are customarily made by issuers to underwriters in primary underwritten
offerings on the form of registration statement used in such offering;

 

(ii)        obtain opinions and
updates thereof of counsel, which counsel and opinions to the Company (in form,
scope and substance) shall be reasonably satisfactory to the managing
underwriter and the Holder or Holders participating in such offering, addressed
to the managing underwriter and the Holder or Holders participating in such
offering (but only if requested by the participating Holder or Holders),
covering the matters customarily covered in opinions requested in primary
underwritten offerings on the form of registration statement used in such
offering and such other matters as may be reasonably requested by the managing
underwriter and the Holder or Holders participating in such offering;

 

(iii)       obtain so-called “cold
comfort” letters and updates thereof from the Company’s independent public
accountants addressed to the managing underwriter and 

 

11

 

the Holder or Holders
participating in such offering (but only if requested by the participating
Holder or Holders), in customary form and covering matters of the type
customarily covered in “cold comfort” letters to underwriters in connection
with primary underwritten offerings and such other matters as may be reasonably
requested by the managing underwriter;

 

(iv)      cause the underwriting
agreements to set forth in full the indemnification provisions and procedures
of Section 9 (or such other substantially similar provisions and
procedures as the managing underwriter shall reasonably request) with respect
to all parties to be indemnified pursuant to said Section; and

 

(v)       deliver such documents and
certificates as may be reasonably requested by the Holder or Holders participating
in such offering to evidence compliance with the provisions of this Section 7(j) and
with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Company.

 

The above shall be
done at the effectiveness of such registration statement (when consistent with
customary industry practice), at each closing under any underwriting or similar
agreement as and to the extent required thereunder, and from time to time as
may reasonably be requested by the sellers of Registrable Securities, all in a
manner consistent with customary industry practice.

 

(k)          make available for
inspection by any seller of Registrable Securities, any underwriter participating
in any disposition pursuant to such registration statement, the counsel
referred to in clause (a) of Section 7(a) and any attorney,
accountant or other agent retained by any such seller or underwriter
(collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”)
as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors, employees and
agents to supply all information reasonably requested by any such Inspector in
connection with such registration statement. Records that the Company
determines, in good faith, to be confidential and that it notifies the
Inspectors are confidential shall not be disclosed by the Inspectors unless (a) the
disclosure of such Records is, in the reasonable judgment of any Inspector,
necessary to avoid or correct a misstatement or omission of a material fact in
the registration statement or (b) the release of such Records is ordered
pursuant to a subpoena or other order from a court or governmental agency of
competent jurisdiction or required (in the written opinion of counsel to such
seller or underwriter, which counsel shall be reasonably acceptable to the Company)
pursuant to applicable state or federal law. Each seller of Registrable 

 

12

 

Securities agrees that it
will, upon learning that disclosure of such Records are sought by a court or
governmental agency, give notice to the Company and allow the Company, at the
Company’s expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential;

 

(l)        if such sale is pursuant
to an under-written offering, use reasonable efforts to obtain a “cold comfort”
letter and updates thereof from the Company’s independent public accountants in
customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the holders, in the aggregate, of a majority of the
Registrable Securities being sold and the managing underwriter or underwriters
reasonably request;

 

(m)      otherwise use reasonable
efforts to comply with the Securities Act, the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), all applicable rules and
regulations of the Commission and all applicable state securities and real
estate syndication laws, and make generally available to its security holders,
as soon as reasonably practicable, an earnings statement covering a period of
12 months, beginning within three months after the effective date of the
registration statement, which earnings statement shall satisfy the provisions
of Section 11 (a) of the Securities Act;

 

(n)       use reasonable efforts to
cause all Registrable Securities covered by the registration statement to be
listed on each securities exchange, if any, on which similar securities issued
by the Company are then listed, provided that the applicable listing
requirements are satisfied;

 

(o)       cooperate with the sellers
of Registrable Securities and the managing underwriter to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any restrictive legends; and enable such Registrable
Securities to be in such denominations and registered in such names as the
managing underwriter may reasonably request at least 2 business days prior to
any sale of Registrable Securities to the underwriters;

 

(p)       cooperate and assist in any
filings required to be made with any “self-regulatory organization” (as defined
in Section 3(a)(26) of the Exchange Act)(“SRO”) and in the performance of any
due diligence investigation by any underwriter;

 

(q)       prior to the filing of any
document which is to be incorporated by reference into the registration
statement or the prospectus (after the initial filing of the registration
statement) provide copies of such document to the sellers of Registrable
Securities, the underwriters and their respective counsel and make Company
representatives available for discussion of such document with such persons;
and 

 

13

 

(r)        participate, if so
requested, in a “road show” in connection with the sale of the Registrable
Securities but only to the extent reasonably requested by the managing
underwriter, if such sale is pursuant to an underwritten offering.

 

The Company may
require each seller or prospective seller of Registrable Securities as to which
any registration is being effected to furnish to the Company such information
regarding the distribution of such securities and other matters as may be
required to be included in the registration statement.

 

Each holder of
Registrable Securities agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Paragraph (i) of
this Section 7, such holder shall forthwith discontinue disposition of
Registrable Securities pursuant to the registration statement covering such
Registrable Securities until such holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Paragraph (i) of this Section 7,
and, if so directed by the Company, such holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in
such holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. If the Company shall
give any such notice, the Company shall extend the period during which such
registration statement shall be maintained effective pursuant to this Agreement
(including the period referred to in Paragraph (b) of this Section 7)
by the number of days during the period from and including the date of the
giving of such notice pursuant to Paragraph (i) of this Section 7 to
and including the date when each seller of Registrable Securities covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Paragraph (i) of this Section 7.

 

The Company shall
keep the sellers of Registrable Securities to be offered pursuant to a given
registration statement advised of the status of any registration in which they
are participating. In addition, the Company and each such seller of Registrable
Securities may enter into understandings in writing whereby such seller of
Registrable Securities will agree in advance as to the acceptability of the
price or range of prices per share at which the Registrable Securities included
in such registration are to be offered to the public. Furthermore, the Company
shall establish pricing notification procedures reasonably acceptable to each
such seller of Registrable Securities and shall, as promptly as practicable
after learning the same from the managing underwriter, use reasonable efforts
to give oral notice to each such seller of Registrable Securities of the
anticipated date on which the Company expects to receive a notification from
the managing underwriter (and any changes in such anticipated date) of the
price per share at which the 

 

14

 

Registrable Securities
included in such registration are to be offered to the public.

 

8.         Registration Expenses.
The Company shall pay all expenses incident to its performance of or compliance
with this Agreement, including, without limitation, (a) all Commission,
stock exchange and SRO registration, filing and listing fees, (b) all fees
and expenses incurred in complying with securities or “blue sky” laws
(including reasonable fees and disbursements of counsel in connection with “blue
sky” qualifications of the Registrable Securities), (c) all printing,
messenger and delivery expenses, (d) all fees and disbursements of the
Company’s independent public accountants and counsel and (e) all fees and
expenses of any special experts retained by the Company in connection with any
Demand Registration or Piggyback Registration pursuant to the terms of this
Agreement, regardless of whether such registration becomes effective; provided,
however, that the Company shall not pay the costs and expenses of any
Holder relating to underwriters’ commissions and discounts relating to
Registrable Securities to be sold by such Holder (but such costs and expenses
shall be paid by the Holders on a pro  rata basis), brokerage
fees, transfer taxes, or the fees or expenses of any counsel, accountants or
other representatives retained by the Holders, individually or in the
aggregate. All of the expenses described in this Section 8 that are to be
paid by the Company are herein called “Registration Expenses.”

 

9.         Indemnification;
Contribution.

 

9.1.      Indemnification by the
Company.  The Company agrees to
indemnify, to the fullest extent permitted by law, each Holder, each Holder’s
respective officers, directors, agents, advisors, employees and trustees, and
each person, if any, who controls such Holder (within the meaning of the
Securities Act), against any and all losses, claims, damages, liabilities and
expenses caused by any untrue or alleged untrue statement of material fact
contained in any registration statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a prospectus, in light
of the circumstances under which they were made) not misleading, except insofar
as the same are caused by or contained in any information with respect to such
Holder furnished in writing to the Company by such Holder expressly for use
therein or by such Holder’s failure to deliver a copy of the prospectus or any
supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same or by the delivery of prospectuses by
such Holder after the Company notified such Holder in writing to discontinue
delivery of prospectuses. The Company also shall indemnify any underwriters of
the Registrable Securities, their officers and directors and each person who
controls such underwriters (within the meaning of the Securities

 

15

 

Act) to the same extent
as provided above with respect to the indemnification of the Holders.

 

9.2.      Indemnification by
Holders. In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such
information and affidavits with respect to such Holder as the Company
reasonably requests for use in connection with any such registration statement
or prospectus and agrees to indemnify, severally and not jointly, to the
fullest extent permitted by law, the Company, its officers, directors and
agents and each person, if any, who controls the Company (within the meaning of
the Securities Act) against any and all losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of a
material fact or any omission or alleged omission of a material fact required
to be stated in any registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or necessary to make
the statements therein (in the case of a prospectus, in light of the
circumstances under which they were made) not misleading, to the extent, but
only to the extent, that such untrue or alleged untrue statement or omission is
contained in or omitted from, as the case may be, any information or affidavit
with respect to such Holder so furnished in writing by such Holder specifically
for use in the Registration Statement. Each Holder also shall indemnify any
underwriters of the Registrable Securities, their officers and directors and
each person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the indemnification
of the Company.

 

9.3.      Conduct of
Indemnification Proceedings. Any party that proposes to assert the right to
be indemnified under this Section 9 shall, promptly after receipt of
notice of commencement of any action against such party in respect of which a
claim is to be made against an indemnifying party or parties under this Section 9,
notify each such indemnifying party of the commencement of such action,
enclosing a copy of all papers served, but the omission so to notify such
indemnifying party will not relieve it from any liability that it may have to
any indemnified party under the foregoing provisions of this Section 9
unless, and only to the extent that, such omission results in the forfeiture of
substantive rights or defenses by the indemnifying party. If any such action is
brought against any indemnified party and it notifies the indemnifying party of
its commencement, the indemnifying party will be entitled to participate in
and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the
action from the indemnified party, jointly with any other indemnifying party
similarly notified, to assume the defense of the action, with counsel
reasonably satisfactory to the indemnified party, and after notice from the
indemnifying party to the indemnified party of its election to assume the
defense, the indemnifying party will 

 

16

 

not be liable to the
indemnified party for any legal or other expenses except as provided below and
except for the reasonable costs of investigation subsequently incurred by the
indemnified party in connection with the defense. If the indemnifying party
assumes the defense, the indemnifying party shall have the right to settle such
action without the consent of the indemnified party; provided, however,
that the indemnifying party shall be required to obtain such consent (which
consent shall not be unreasonably withheld) if the settlement includes any
admission of wrongdoing on the part of the indemnified party or any decree or
restriction on the indemnified party or its officers or directors; provided,
further, that no indemnifying party, in the defense of any such action,
shall, except with the consent of the indemnified party (which consent shall
not be unreasonably withheld), consent to entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability with respect to such action. The indemnified party will have the
right to employ its own counsel in any such action, but the fees, expenses and
other charges of such counsel will be at the expense of such indemnified party
unless (a) the employment of counsel by the indemnified party has been
authorized in writing by the indemnifying party, (b) the indemnified party
has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from
or in addition to those available in the indemnifying party, (c) a
conflict or potential conflict exists (based on advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (d) the indemnifying
party has not in fact employed counsel to assume the defense of such action within
a reasonable time after receiving notice of the commencement of the action, in
each of which cases the reasonable fees, disbursements and other charges of
counsel will be at the expense of the indemnifying party or parties. It is
understood that the indemnifying party or parties shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for
the reasonable fees, disbursements and other charges of more than one separate
firm admitted to practice in such jurisdiction at any one time employed by all
such indemnified party or parties unless (a) the employment of more than
one counsel has been authorized in writing by the indemnifying party or
parties, (b) an indemnified party has reasonably concluded (based on advice
of counsel) that there may be legal defenses available to it that are different
from or in addition to those available to the other indemnified parties or (c) a
conflict or potential conflict exists (based on advice of counsel to an
indemnified party) between such indemnified party and the other indemnified
parties, in each of which cases the indemnifying party shall be obligated to
pay the reasonable fees and expenses of such additional counsel or counsels. An
indemnifying party will not be liable for any settlement of any action or claim

 

17

 

effected without its
written consent (which consent shall not be unreasonably withheld).

 

9.4.      Contribution. If the
indemnification provided for in this Section 9 from the indemnifying party
is unavailable to an indemnified party hereunder in respect of any losses,
claims, damages, liabilities or expenses referred to herein, then the
indemnifying party, to the extent such indemnification is unavailable, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and indemnified parties in connection
with the actions that resulted in such losses, claims, damages, liabilities or
expenses. The relative fault of such indemnifying party and indemnified parties
shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, has been made by, or
relates to information supplied by, such indemnifying party or indemnified
parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a
party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include, subject to the limitations set
forth in Section 9.3, any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 9.4
were determined by pro  rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in the immediately preceding paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f)(1) of the
Securities Act) shall be entitled to contribution from any person.

 

If indemnification
is available under this Section 9, the indemnifying parties shall
indemnify each indemnified party to the full extent provided in Section 9.1
and 9.2 without regard to the relative fault of said indemnifying parties or
indemnified party.

 

10.       Participation in
Underwritten Registrations. No person may participate in any underwritten offering
pursuant to a registration hereunder unless such person (i) agrees to sell
such person’s securities on the basis provided in any underwriting agreements
approved by the persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

 

18

 

11.       Rule 144. The Company
covenants that it shall use its best efforts to file the reports required to be
filed by it under the Exchange Act, and the rules and regulations of the
Commission thereunder if and when the Company becomes obligated to file such
reports (or, if the Company ceases to be required to file such reports, it
shall, upon the request of any Holder, make publicly available other
information), and it shall, if feasible, take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable
such Holder to sell Registrable Securities without registration under the
Securities Act within the limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such Rule may be amended from time to time or
(ii) any similar rules or regulations hereafter adopted by the
Commission. Upon the written request of any Holder, the Company shall deliver
to such Holder a written statement as to whether it has complied with such
requirements.

 

12.       Miscellaneous.

 

12.1.    Remedies. Each Holder, in addition to
being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this
Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

12.2.    Amendments and Waivers. Except as
otherwise provided herein, the provisions of this Agreement may not be amended,
modified or supplemented, and waivers of or consents to departures from the
provisions hereof may not be given unless the Company has obtained the written
consent of all Holders.

 

12.3.    Notices. Any notice or other
communication required or permitted hereunder shall be in writing and shall be
delivered personally, or sent by certified or registered or express mail,
postage prepaid. Any such notice shall be deemed given when so delivered
personally, or, if mailed, five days (or, in the case of express mail, one day)
after the date of deposit in the United States mail, as follows:

 

(i) if to the
Company, to:

 

Simon Property
Group, Inc.

Merchants Plaza

115 West
Washington Street

Suite 15 East

Indianapolis,
Indiana 46204

Attention: David
Simon

James
M. Barkley, Esq.

Facsimile No.:
(317) 685-7221

 

19

 

with a copy to:

 

Willkie Farr &
Gallagher

787 Seventh Avenue

New York, New York
10019

Attention: Richard
L. Posen, Esq.

Facsimile: (212)
728-8111

 

(ii)       if to any Holder, to the address of such
Holder for notices set forth in Section 11.3 of the Mayflower Agreement, or
such other address given by such Holder to the Company in writing.

Any party may by notice given
in accordance with this Section 12.3 to the other parties designate another
address or person for receipt of notice hereunder.

12.4.    Successors and Assigns.

(a)       This Agreement shall inure to the benefit of and be binding
upon the Holders and their respective successors and assigns and the successors
and assigns of the Company; provided, however, that, except as
otherwise provided in Section 12.4(b) hereof, no Holder may assign its rights
hereunder to any person who does not acquire either (i) all or substantially
all of such Holder’s Registrable Securities or (ii) an amount of Registrable
Securities worth at least $10,000,000.

(b)       Affiliates. Each Holder may assign its rights hereunder
to any Affiliate who acquires Registrable Securities from such Holder. For
purposes of the foregoing, “Affiliate” means any person or entity which,
directly or indirectly through one or more intermediaries, Controls, is
Controlled by or is under common Control with such Holder, and “Control” shall
mean the ability, whether by the direct or indirect ownership of shares or
other equity interests, by contract or otherwise, to elect a majority of the
directors of a corporation, to select the managing partner of a partnership or
otherwise to select, or have the power to remove and then select, a majority of
those persons exercising governing authority over a limited liability company
or any other entity. In the case of a limited partnership, the sole general
partner, all of the general partners to the extent each has equal management
control and authority, or the managing general partner or managing general
partners thereof shall be deemed to have control of such partnership and, in
the case of a trust, any trustee thereof or any person having the right to
select or remove any such trustee shall be deemed to have control of such
trust.

12.5.    Mergers, Etc. In addition to any other restriction on
mergers, consolidations and reorganizations contained in the articles of
incorporation, by-laws, code of regulations or agreements of the Company, the
Company covenants and agrees that it shall not, directly or indirectly, enter
into

 

20

 

any merger, consolidation or reorganization in which
the Company shall not be the surviving corporation unless the surviving
corporation shall, prior to such merger, consolidation or reorganization, agree
in a writing to assume in full and without modification other than conforming
changes necessary to reflect the new issuer of the Registrable Securities all
of the obligations of the Company under this Agreement, and for that purpose
references hereunder to “Registrable Securities” shall be deemed to
include the securities which holders of the Company’s common stock would be
entitled to receive in exchange for Registrable Securities pursuant to any such
merger, consolidation, sale of all or substantially all of its assets or
business, liquidation, dissolution or reorganization.

12.6.    Counterparts.
This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

12.7.    Headings.
The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

12.8.    GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

12.9.    Severability.
If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions hereof shall
not be in any way impaired, it being intended that all of the rights of the
Holders shall be enforceable to the full extent permitted by law.

12.10.  Entire
Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. There are no restrictions, promises, warranties or
undertakings other than those set forth or referred to herein. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

 

21

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed as of the date first written
above.

 

 

	
   

  	
  SIMON PROPERTY GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

22

 

	
   

  	
   

  	
   

  	
  MAYFLOWER MEMBER LLC, A Delaware limited 

  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  COMMINGLED PENSION TRUST FUND (STRATEGIC PROPERTY)
  OF MORGAN GUARANTY TRUST COMPANY OF NEW

  YORK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MORGAN GUARANTY TRUST COMPANY OF NEW YORK, its
  Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
    Peter J. Nicoletti 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
    Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Frederick N. Sheppard 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Vice President

  

 

23

 

	
   

  	
   

  	
   

  	
  NEW YORK STATE TEACHERS’ RETIREMENT

  SYSTEM, a public pension system created

  and existing pursuant to Article 11 of

  the Education Law of the State of New

  York and having powers and privileges of

  a corporation pursuant to Section 502

  thereof

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
      James D. Campbell

  
	
   

  	
   

  	
   

  	
   

  	
      Real Estate Investment
  Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
      Name:

  
	
   

  	
   

  	
   

  	
   

  	
      Title:

  
							

 

24

 

	
   

  	
   

  	
   

  	
  TEACHERS MAYFLOWER, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  TEACHERS INSURANCE AND ANNUITY

  
	
   

  	
   

  	
   

  	
  ASSOCIATION OF AMERICA, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
							

 

25

 

EXHIBIT
F – FORM OF EXERCISE OF NOTICE

 

FORM OF
EXERCISE NOTICE

 

[Limited Partner],
as of [date of exercise], hereby irrevocably (except as set forth in the
Agreement referred to below) elects, pursuant to the rights granted to it in Section 11.1
of the Agreement of Limited Partnership of Simon Property Group, L.P. (the “Agreement”)
to convert          of its Partnership
units (as such term is defined in the Agreement) into shares of common stock of
Simon Property Group, Inc. or cash, as selected by Simon Property Group, Inc.

 

 

	
   

  	
  Limited Partner:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Printed Name)Exhibit 10.2

 

SIMON PROPERTY GROUP, L.P.

1998 STOCK
INCENTIVE PLAN

(as amended May 8,
2008)

 

1

 

SIMON PROPERTY GROUP, L.P.

1998 STOCK
INCENTIVE PLAN

 

TABLE OF
CONTENTS

 

	
   

  	
  Page Number

  
	
  ARTICLE 1 GENERAL

  	
  3

  
	
  1.1 Purpose

  	
  3

  
	
  1.2 Administration

  	
  3

  
	
  1.3 Persons Eligible for
  Awards

  	
  3

  
	
  1.4 Types of Awards Under
  Plan

  	
  4

  
	
  1.5 Shares Available for
  Awards

  	
  4

  
	
  1.6 Definitions of Certain
  Terms

  	
  5

  
	
  1.7 Agreements Evidencing
  Awards

  	
  5

  
	
  ARTICLE 2 STOCK OPTIONS AND STOCK
  APPRECIATION RIGHTS

  	
  6

  
	
  2.1 Grants of Stock Options

  	
  6

  
	
  2.2 Reserved

  	
  6

  
	
  2.3 Grant of Stock
  Appreciation Rights

  	
  6

  
	
  2.4 Exercise of Related Stock
  Appreciation Right Reduces Shares Subject to Option

  	
  7

  
	
  2.5 Exercisability of Options
  and Stock Appreciation Rights

  	
  7

  
	
  2.6 Payment of Option Price

  	
  8

  
	
  2.7 Termination of Service

  	
  9

  
	
  2.8 Special ISO Requirements

  	
  10

  
	
  ARTICLE 3 AWARDS OTHER THAN STOCK OPTIONS
  AND STOCK APPRECIATION RIGHTS

  	
  10

  
	
  3.1 Restricted Stock Awards

  	
  10

  
	
  3.2 Common Stock Awards

  	
  11

  
	
  3.3 Performance Units

  	
  11

  
	
  ARTICLE 4 GRANTS OF RESTRICTED STOCK TO
  ELIGIBLE DIRECTORS

  	
  12

  
	
  4.1 Grants to Eligible
  Directors

  	
  12

  
	
  4.2 Amount of Awards

  	
  12

  
	
  4.3 Terms of Restricted Stock
  Awards

  	
  12

  
	
  4.4 Change of Control

  	
  13

  
	
  4.5 Deferred Delivery;
  Reinvestment of Dividends

  	
  13

  
	
  ARTICLE 5 MISCELLANEOUS

  	
  13

  
	
  5.1. Amendment of the Plan;
  Modification of Awards

  	
  13

  
	
  5.2 Limitation on Exercise

  	
  14

  
	
  5.3 Restrictions

  	
  14

  
	
  5.4 Nontransferability

  	
  14

  
	
  5.5 Withholding Taxes

  	
  14

  
	
  5.6 Adjustments Upon Changes
  in Capitalization

  	
  15

  
	
  5.7 Right of Discharge
  Reserved

  	
  15

  
	
  5.8 No Rights as a
  Stockholder

  	
  15

  
	
  5.9 Nature of Payments

  	
  15

  
	
  5.10 Non-Uniform
  Determinations

  	
  16

  
	
  5.11 Other Payments or Awards

  	
  16

  
	
  5.12 Reorganization

  	
  16

  
	
  5.13 Section Headings

  	
  16

  
	
  5.14 Term of Plan

  	
  16

  
	
  5.15 Governing Law

  	
  16

  
	
  5.16 Repricing of Options

  	
  17

  
	
  5.17 Exception to Certain
  Limitations

  	
  17

  
	
  5.18 Code Section 409A

  	
  17

  

 

2

 

SIMON PROPERTY GROUP, L.P.

1998 STOCK INCENTIVE PLAN

 

ARTICLE 1

GENERAL

 

1.1                               Purpose.

 

The purpose of
this 1998 Stock Incentive Plan (the “Plan”) is to provide for certain key
personnel (as defined in Section 1.3) of Simon Property Group, L.P.
(the “Partnership”) and certain of its Affiliates (as defined in Section 1.6)
an equity-based incentive to maintain and enhance the performance and
profitability of the Partnership and Simon Property Group, Inc. (the “Company”).
It is intended that awards granted under this Plan may provide
performance-based compensation within the meaning of section 162(m) of
the Internal Revenue Code of 1986, as amended and the regulations promulgated
thereunder from time-to-time (the “Code”), to the extent applicable.

 

1.2                               Administration.

 

(a)                                  The
Plan shall be administered by a committee (the “Committee”) appointed by the
Partnership, by action of its General Partner, which Committee shall consist of
two or more directors of the Company. A majority of the Committee shall
constitute a quorum, and the acts of a majority of the members present at any
meeting at which a quorum is present or acts approved in writing by all members
of the Committee without a meeting, shall be acts of the Committee. The members
of the Committee shall be appointed by and may be changed at any time and from
time to time in the discretion of, the Partnership, by action of its General
Partner.

 

(b)                                 The
Committee shall have the authority (i) to exercise all of the powers
granted to it under the Plan, (ii) to construe, interpret and implement
the Plan and any Plan agreements executed pursuant to the Plan, (iii) to
prescribe, amend and rescind rules relating to the Plan, (iv) to make
any determination necessary or advisable in administering the Plan, and (v) to
correct any defect, supply any omission and reconcile any inconsistency in the
Plan.

 

(c)                                  The
determination of the Committee on all matters relating to the Plan or any Plan
agreement shall be conclusive.

 

(d)                                 No
member of the Committee shall be liable for any action or determination made in
good faith with respect to the Plan or any award hereunder.

 

(e)                                  Notwithstanding
anything to the contrary contained herein: (i) until the Partnership shall
appoint the members of the Committee, the Plan shall be administered by the
General Partner, and (ii) the General Partner may, in its sole discretion,
at any time and from time to time, resolve to administer the Plan. In either of
the foregoing events, the term Committee as used herein shall be deemed to mean
the General Partner.

 

1.3                               Persons Eligible for Awards.

 

Awards under
Articles 2 and 3 of the Plan may be made to such officers,
employee-directors, Eligible Directors, executive, managerial, professional or
other employees, advisors and consultants (“key personnel”) of the Partnership
or its Affiliates, other than Melvin Simon and Herbert Simon, as the Committee
shall from time to time in its sole discretion select. Eligible Directors shall
also receive awards as provided in Article 4 of the Plan.

 

3

 

1.4                               Types of Awards Under Plan.

 

(a)                                  Awards
may be made under the Plan in the form of (i) stock options (“options”), (ii) stock
appreciation rights related to an option (“related stock appreciation rights”),
(iii) stock appreciation rights not related to any option (“unrelated
stock appreciation rights”), (iv) restricted stock awards and (v) performance
units, all as more fully set forth in Articles 2, 3 and 4.

 

(b)                                 Options
granted under the Plan may be either (i) “nonqualified” stock options
subject to the provisions of section 83 of the Code or (ii) options
intended to qualify for incentive stock option treatment described in Code
section 422.

 

(c)                                  All
options when granted are intended to be nonqualified stock options, unless the
applicable Plan agreement explicitly states that the option is intended to be
an incentive stock option. If an option is intended to be an incentive stock
option, and if for any reason such option (or any portion thereof) shall not
qualify as an incentive stock option, then, to the extent of such
nonqualification, such option (or portion) shall be regarded as a nonqualified
stock option appropriately granted under the Plan provided that such option (or
portion) otherwise meets the Plan’s requirements relating to nonqualified stock
options.

 

(d)                                 In
the event the Company or an Affiliate consummates a transaction described in
Code section 424(a), persons who become key personnel or directors on
account of such transaction may be granted options in substitution or as a
replacement for options granted by the former employer. The Committee, in its
sole discretion and consistent with Code section 424(a), shall determine
the exercise price of the substitute options.

 

1.5                               Shares Available for Awards.

 

(a)                                  Subject
to Section 5.6 (relating to adjustments upon changes in capitalization),
the aggregate number of shares of Common Stock (as defined in Section 1.6)
which may be delivered under the Plan pursuant to awards hereunder shall not
exceed 11,300,000 shares. The number of unrestricted shares acquired pursuant
to the exercise of any related stock appreciation right pursuant to the Plan
shall be deemed to be equal to the number of shares surrendered, or as to which
the grantee’s right to purchase, acquire or receive is surrendered, in
connection with such exercise, and, to the extent that any payment to a grantee
upon exercise of any stock appreciation right is made in the form of restricted
shares, the portion of the shares surrendered, or as to which such grantee’s
right to purchase, acquire or receive is surrendered, which is related to
payment in the form of restricted shares shall not be deemed to be unrestricted
shares acquired pursuant to the Plan until such restricted shares become
unrestricted. Upon unconditional vesting of the right of any grantee to payment
pursuant to any performance unit in cash or any other form (other than
restricted or unrestricted shares), a number of unrestricted shares, equal to
the portion of the shares subject to such performance unit to which such
payment relates, shall be deemed to be delivered pursuant to the Plan in
connection therewith. The number of shares delivered in full or partial payment
of any option exercise price under the Plan shall be deducted from the number
of shares delivered to the grantee pursuant to such option for purposes of
determining the number of unrestricted shares delivered pursuant to the Plan.
Without limiting the generality of the foregoing, shares of Common Stock
covered by awards granted under the Plan which expire or terminate for any
reason (other than an option or part thereof which is canceled by the Committee
and for which cash is paid in respect thereof pursuant to Section 2.5(f))
shall again become available for award under the Plan.

 

(b)                                 Shares
of Common Stock that shall be subject to issuance pursuant to the Plan shall be
authorized and unissued or treasury shares of Common Stock.

 

(c)                                  Without
limiting the generality of the foregoing, the Committee may, with the grantee’s
consent, cancel any award under the Plan and issue a new award in substitution
therefor upon such terms as the Committee may in its sole discretion determine,
provided that the substituted award shall satisfy all applicable Plan
requirements as of the date such new award is made.

 

4

 

1.6                               Definitions of Certain Terms.

 

(a)                                  The
term “Affiliate” as used herein means any person or entity which, at the time
of reference, directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, the Partnership,
as determined by the Committee in its sole discretion; provided, however, that
the Company and Affiliates of the Company shall be considered Affiliates of the
Partnership.

 

(b)                                 The
term “Common Stock” as used herein means the shares of common stock, par value
$0.0001 per share, of Simon Property Group, Inc., as constituted on the
effective date of the Plan, all rights which trade with such shares of common
stock, and any other shares into which such common stock shall thereafter be
changed by reason of a recapitalization, merger, consolidation, split-up,
combination, exchange of shares or the like.

 

(c)                                  The
term “Eligible Director” means a director of the Company who is not an employee
of the Partnership or any of its Affiliates.

 

(d)                                 Except
as provided in Article 4, the “fair market value” as of any date and in
respect of any share of Common Stock shall be the closing price of a share of
Common Stock as reported on the New York Stock Exchange for the date of grant
if shares of Common Stock are then trading upon such exchange, or if not, then
the closing price of a share of Common Stock as reported by such other stock
exchange on which shares of the Common Stock are principally trading, on such
date. In no event shall the fair market value of any share be less than its par
value.

 

(e)                                  The
term “Performance Cycle” means the period of time established by the Committee
within which Performance Goals are required to be attained or satisfied.

 

(f)                                    The
term “Performance Goals” means the performance goals established by the
Committee with respect to the Company, the Partnership or any Affiliates, in
the Committee’s sole discretion. With respect to any participant who is a “covered
employee” within the meaning of Code section 162(m), (i) the
Performance Goals shall be in writing and shall be based on any one or any
combination of the following business criteria: (A) earnings per share; (B) return
on equity; (C) return on assets; (D) market value per share; (E) funds
from operations; (F) return to stockholders (including dividends); (G) revenues;
(H) market share; (I) cash flow; and (J) cost reduction goals; (ii) the
Performance Goals with respect to those business criteria may be determined on
a corporate, regional, departmental or divisional basis and may be expressed in
absolute terms or by reference to an identified variable standard or by
reference to comparative performance of an identified group of businesses; and (iii) awards
shall be delivered only after it is certified, in writing, by the Committee
that the Performance Goals as established by the Committee have been attained
or otherwise satisfied within the Performance Cycle.

 

1.7                               Agreements Evidencing Awards

 

(a)                                  Options,
stock appreciation rights and restricted stock awards granted under the Plan
shall be evidenced by written agreements. Other awards granted under the Plan
shall be evidenced by written agreements to the extent the Committee may in its
sole discretion deem necessary or desirable. Any such written agreements shall (i) contain
such provisions not inconsistent with the terms of the Plan as the Committee
may in its sole discretion deem necessary or desirable and (ii) be
referred to herein as “Plan agreements.”

 

(b)                                 Each
Plan agreement shall set forth the number of shares of Common Stock subject to
the award granted thereby.

 

(c)                                  Each
Plan agreement with respect to the granting of a related stock appreciation
right shall set forth the number of shares of Common Stock subject to the
related option which shall also be subject to the related stock appreciation
right granted thereby.

 

5

 

(d)                                 Each
Plan agreement with respect to the granting of an option shall set forth the
amount (the “option exercise price”) payable by the grantee in connection with
the exercise of the option evidenced thereby. The option exercise price per
share shall not be less than the fair market value of a share of Common Stock
on the date the option is granted.

 

(e)                                  Each
Plan agreement with respect to a stock appreciation right shall set forth the
amount (the “appreciation base”) over which appreciation will be measured upon
exercise of the stock appreciation right evidenced thereby. The appreciation
base per share of Common Stock subject to a stock appreciation right shall not
be less than (i) in the case of an unrelated stock appreciation right, the
fair market value of a share of Common Stock on the date the stock appreciation
right is granted, or (ii) in the case of a related stock appreciation
right, the higher of the fair market value of a share of Common Stock on the
date the stock appreciation right is granted or the option exercise price per
share of Common Stock subject to the related option.

 

(f)                                    Despite
any other provision of this Plan to the contrary, the Committee shall not grant
any awards with terms or conditions that would subject the grantee to gross
income inclusion, interest, or additional tax pursuant to Code
section 409A.

 

ARTICLE 2

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

2.1                               Grants of Stock Options.

 

The Committee
may grant options to purchase shares of Common Stock in such amounts and
subject to such terms and conditions as the Committee shall from time to time
in its sole discretion determine, subject to the terms of the Plan; provided,
however, that (i) the maximum number of shares subject to all awards
granted to any Plan participant pursuant to the Plan shall not exceed 600,000
in any calendar year and (ii) the exercise price of any options shall not
be less than fair market value on the date of grant.

 

2.2                               Reserved.

 

2.3                               Grant of Stock Appreciation Rights.

 

(a)                                  Related
Stock Appreciation Rights. The Committee may grant a related stock appreciation
right in connection with all or any part of an option granted under the Plan,
either at the time the related option is granted or any time thereafter prior
to the exercise, termination or cancellation of such option, and subject to
such terms and conditions as the Committee shall from time to time in its sole
discretion determine, subject to the terms of the Plan. The grantee of a
related stock appreciation right shall, subject to the terms of the Plan and
the applicable Plan agreement, have the right to surrender to the Partnership
for cancellation all or a portion of the related option granted under the Plan,
but only to the extent that such option is then exercisable, and to be paid
therefor an amount equal to the excess (if any) of (i) the aggregate fair
market value of the shares of Common Stock subject to such option or portion
thereof (determined as of the date of exercise of such stock appreciation
right), over (ii) the aggregate appreciation base (determined pursuant to Section 1.7(e))
of the shares of Common Stock subject to such stock appreciation right or
portion thereof.

 

(b)                                 Unrelated
Stock Appreciation Rights. The Committee may grant an unrelated stock
appreciation right in such amount and subject to such terms and conditions, as
the Committee shall from time to time in its sole discretion determine, subject
to the terms of the Plan. The grantee of an unrelated stock appreciation right
shall, subject to the terms of the Plan and the applicable Plan agreement, have
the right to surrender to the Partnership for cancellation all or a portion of
such stock appreciation right, but only to the extent that such stock
appreciation right is then exercisable, and to be paid therefor an amount equal
to the excess (if any) of (i) the aggregate fair market value of the
shares of Common Stock subject to such stock appreciation right or portion
thereof (determined as of the date of exercise of such stock appreciation
right), over (ii) the aggregate

 

6

 

appreciation base (determined pursuant to Section 1.7(e))
of the shares of Common Stock subject to such stock appreciation right or
portion thereof.

 

(c)                                  Payment.
Payment due to the grantee upon exercise of a stock appreciation right shall be
made in cash and/or in Common Stock (valued at the fair market value thereof as
of the date of exercise) as determined by the Committee in its sole discretion.

 

2.4                               Exercise of Related Stock Appreciation Right Reduces
Shares Subject to Option.

 

Upon any
exercise of a related stock appreciation right or any portion thereof, the
number of shares of Common Stock subject to the related option shall be reduced
by the number of shares of Common Stock in respect of which such stock
appreciation right shall have been exercised.

 

2.5                               Exercisability of Options and Stock Appreciation
Rights.

 

Subject to the
other provisions of the Plan:

 

(a)                                  Exercisability
Determined by Plan Agreement. Each Plan agreement shall set forth the period
during which and the conditions subject to which the option or stock
appreciation right evidenced thereby shall be exercisable, as determined by the
Committee in its sole discretion.

 

(b)                                 Default
Provisions. Unless the applicable Plan agreement otherwise specifies:

 

(i)                                     no
option or stock appreciation right shall be exercisable prior to the first
anniversary of the date of grant;

 

(ii)                                  each
option or stock appreciation right granted under the Plan shall become
cumulatively exercisable with respect to 40% of the shares of Common Stock
subject thereto, rounded down to the next lower full share, on the first
anniversary of the date of grant, and with respect to an additional 30% of
shares of Common Stock subject thereto, rounded down to the next lower full
share, on the second anniversary of the date of the grant;

 

(iii)                               each
option or stock appreciation right shall become 100% exercisable on the third
anniversary of the date of grant;

 

(iv)                              except
as provided in Section 2.7 each option or stock appreciation right shall
remain 100% exercisable through the day prior to the tenth anniversary of the
date of grant, after which such option or stock appreciation right shall
terminate and cease to be exercisable; and

 

(v)                                 no
option or stock appreciation right shall be exercisable to the extent that such
exercise will cause the Partnership or Affiliate to pay any amount that would
be nondeductible by the Partnership or such Affiliate by reason of Code
section 162(m).

 

(c)                                  Exercise
of Related Stock Appreciation Right. Unless the applicable Plan agreement
otherwise provides, a related stock appreciation right shall be exercisable at
any time during the period that the related option may be exercised.

 

(d)                                 Partial
Exercise Permitted. Unless the applicable Plan agreement otherwise provides, an
option or stock appreciation right granted under the Plan may be exercised from
time to time as to all or part of the full number of shares as to which such
option or stock appreciation right shall then be exercisable. No option shall
be exercised with respect to less than 50 shares of Common Stock unless the
option is being exercised with respect to the full number of shares issuable
hereunder.

 

(e)                                  Notice
of Exercise; Exercise Date.

 

(i)                                     An
option or stock appreciation right shall be exercisable by the filing of a
written notice of exercise with the Partnership, on such form and in such
manner as the Committee shall in its sole discretion prescribe, and by payment
in accordance with Section 2.6.

 

7

 

(ii)                                  Unless
the applicable Plan agreement otherwise provides or the Committee in its sole
discretion otherwise determines, the date of exercise of an unrelated stock
appreciation right shall be the date the Partnership receives such written
notice of exercise.

 

(iii)                               For
purposes of the Plan, the “option exercise date” shall be deemed to be the
sixth business day immediately following the date written notice of exercise is
received by the Partnership.

 

(f)                                    Cashout
of Options. If and to the extent that the applicable Plan agreement so
provides: At any time after receipt of written notice of exercise of an option
and prior to the “option exercise date” (as defined in Section 2.5(e)),
the Committee in its sole discretion may by written notice to the grantee,
cancel the option or any part thereof if the Committee in its sole discretion
determines that tax, legal or contractual restrictions or brokerage or other
market considerations would make the acquisition of Common Stock, or the grantee’s
sale of Common Stock to the public markets illegal, impracticable or
inadvisable. If the Committee cancels such option or any part thereof, the
Partnership shall pay to the grantee, as soon as practicable thereafter, an
amount equal in cash to the excess of (i) the aggregate fair market value
of the shares of Common Stock subject to the option or part thereof canceled
(determined as of the option exercise date), over (ii) the aggregate
option exercise price of the shares of Common Stock subject to the option or
part thereof canceled.

 

2.6                               Payment of Option Price.

 

(a)                                  Tender
Due Upon Notice of Exercise. Unless the applicable Plan agreement otherwise
provides or the Committee in its sole discretion otherwise determines, (i) any
written notice of exercise of an option shall be accompanied by payment of the
full purchase price for the shares being purchased, and (ii) the grantee
shall have no right to receive shares of Common Stock with respect to an option
exercise prior to the option exercise date.

 

(b)                                 Manner
of Payment. Payment of the option exercise price shall be made in any
combination of the following:

 

(i)                                     by
certified or official bank check payable to the Company (or the equivalent
thereof acceptable to the Committee);

 

(ii)                                  with
the consent of the Committee in its sole discretion, by personal check (subject
to collection), which may in the Committee’s sole discretion be deemed
conditional;

 

(iii)                               if
and to the extent provided in the applicable Plan agreement, by delivery of
previously acquired shares of Common Stock owned by the grantee for at least
six months (or such other period as the Committee may prescribe) having a fair
market value (determined as of the option exercise date) equal to the portion
of the option exercise price being paid thereby, provided that the Committee
may require the grantee to furnish an opinion of counsel acceptable to the
Committee to the effect that such delivery would not result in the grantee
incurring any liability under Section 16(b) of the Act and does not
require any Consent (as defined in Section 5.3);

 

(iv)                              with
the consent of the committee in its sole discretion, by the promissory note and
agreement of the grantee providing for payment with interest on the unpaid
balance accruing at a rate not less than that needed to avoid the imputation of
income under Code section 7872 and upon such terms and conditions
(including the security, if any, therefor) as the Committee may determine in
its sole discretion; provided, however, no grantee who is subject to Section 402
of the Sarbanes-Oxley Act of 2002 (the “S-O Act”) may pay pursuant to this
clause (iv); or

 

(v)                                 by
any other means which the Committee, in its sole discretion, determines to be
consistent with the purposes of the Plan.

 

(c)                                  Cashless
Exercise. For any grantee who is not subject to Section 402 of the S-O
Act, payment in accordance with clause (i) of Section 2.6(b) may
be deemed to be satisfied, if and to the extent provided in the applicable Plan
agreement, by delivery to the Company of an assignment of a sufficient amount
of the proceeds

 

8

 

from the sale of Common Stock acquired upon
exercise to pay for all of the Common Stock acquired upon exercise and an
authorization to the broker or selling agent to pay that amount to the Company,
which sale shall be made at the grantee’s direction at the time of exercise.

 

(d)                                 Issuance
of Shares. As soon as practicable after receipt of full payment, the Company
shall, subject to the provisions of Section 5.3, deliver to the grantee
one or more certificates for the shares of Common Stock so purchased, which
certificates may bear such legends as the Company may deem appropriate
concerning restrictions on the disposition of the shares in accordance with
applicable securities laws, rules and regulations or otherwise.

 

2.7                               Termination of Service.

 

For purposes
of the Plan, “termination of service” means, in the case of an employee, the
termination of the employment relationship between the employee and the
Partnership and all Affiliates; and in the case of an individual who is not an
employee, the termination of the service relationship between the individual
and the Partnership and all Affiliates. Subject to the other provisions of the
Plan and unless the applicable Plan agreement otherwise provides:

 

(a)                                  General
Rule. All options and stock appreciation rights granted to a grantee shall
terminate upon his termination of service for any reason (including death)
except to the extent post-service exercise of the vested portion of an option
or stock appreciation right is permitted in accordance with this Section 2.7.
The “vested portion” of any option or stock appreciation right shall mean the
portion thereof which is exercisable immediately prior to the grantee’s
termination of service for any reason.

 

(b)                                 Improper
Activity. All options and stock appreciation rights granted to a grantee shall
terminate and expire on the day of the grantee’s termination of service for
cause, whether or not the grantee is a party to a written service contract. For
purposes of this Section 2.7, a grantee’s service shall be deemed to be
terminated for “cause” if he is discharged (i) on account of fraud,
embezzlement or other unlawful or tortious conduct, whether or not involving or
against the Partnership or any Affiliate, (ii) for violation of a policy
of the Partnership or any Affiliate, (iii) for serious and willful acts of
misconduct detrimental to the business or reputation of the Partnership or any
Affiliate or (iv) for “cause” or any like term as defined in any written
contract with the grantee.

 

(c)                                  Regular
Termination; Leaves of Absence. If the grantee’s service terminates for reasons
other than as provided in subsection (b) or (d) of this Section 2.7,
the portion of options and stock appreciation rights granted to such grantee
which were exercisable immediately prior to such termination of service may be
exercised until the earlier of (i) 30 days after his termination of
service or (ii) the date on which such options and stock appreciation
rights terminate or expire in accordance with the provisions of the Plan (other
than this Section 2.7) and the Plan agreement; provided, that the
Committee may in its sole discretion determine such other period for exercise
in the case of an individual whose service terminates solely because the
employer ceases to be an Affiliate or the grantee transfers employment with the
Partnership’s consent to a purchaser of a business disposed of by the
Partnership. The Committee may in its sole discretion determine (i) whether
any leave of absence (including short-term or long-term disability or medical
leave) shall constitute a termination of service for purposes of the Plan, and (ii) the
impact, if any, of any such leave on outstanding awards under the Plan. The
Committee shall not, however, have the discretion to grant any extension of an
exercise or expiration period that would subject the grantee to gross income
inclusion, interest, or additional tax pursuant to Code section 409A.

 

(d)                                 Death;
Disability; Retirement. If a grantee’s service terminates by reason of death,
disability, or retirement at or after age 65, the portion of options and stock
appreciation rights granted to such grantee which were exercisable immediately
prior to such termination of service may be exercised until the earlier of (i) one
year after his termination of service in the case of death or disability or
three years after his termination of service by reason of retirement, or (ii) the
date on which such options and stock appreciation rights terminate or expire in
accordance with the Plan agreement. For purposes of this Section 2.7, the
term

 

9

 

“disability” shall mean, with respect to any
grantee, a “permanent and total disability” as defined in section 22(e)(3) of
the Code.

 

2.8                               Special ISO Requirements.

 

In order for a
grantee to receive special tax treatment with respect to stock acquired under
an option intended to be an incentive stock option, the grantee of such option
must be, at all times during the period beginning on the date of grant and
ending on the day three months before the date of exercise of such option, an
employee of the Company or any of the Company’s parent or subsidiary
corporations (within the meaning of Code section 424), or of a corporation
or a parent or subsidiary corporation of such corporation issuing or assuming a
stock option in a transaction to which Code section 424(a) applies.
The aggregate fair market value, determined as of the date an option is
granted, of the Common Stock for which any grantee may be awarded incentive
stock options which are first exercisable by the grantee during any calendar
year under the Plan (and any other stock option plan to be taken into account
under Code section 422(d)) shall not exceed $100,000. If an option granted
under the Plan is intended to be an incentive stock option, and if the grantee,
at the time of grant, owns stock possessing 10% or more of the total combined
voting power of all classes of stock of the grantee’s employer corporation or
of its parent or subsidiary corporation, then (i) the option exercise
price per share shall in no event be less than 110% of the fair market value of
the Common Stock on the date of such grant and (ii) such option shall not
be exercisable after the expiration of five years after the date such option is
granted.

 

ARTICLE 3

AWARDS OTHER THAN STOCK OPTIONS AND STOCK
APPRECIATION RIGHTS

 

3.1                               Restricted Stock Awards.

 

(a)                                  Grant
of Awards. The Committee may grant restricted stock awards, alone or in tandem
with other awards, under the Plan in such amounts and subject to such terms and
conditions as the Committee shall from time to time in its sole discretion
determine. The vesting of a restricted stock award granted under the Plan may
be conditioned upon the completion of a specified period of service with the
Partnership or any Affiliate, upon the attainment of specified Performance
Goals within specified Performance Cycles, and/or upon such other criteria as
the Committee may determine in its sole discretion; provided, however; that
subject to Section 5.17, every restricted stock award which is based
solely on completion of a specified period of service must have a minimum
period of service of thirty-six consecutive months and any restricted stock
award which is based in whole or in part on the achievement of specified
Performance Goals must relate to a Performance Cycle of not less than twelve
consecutive months.

 

(b)                                 Payment.
Each Plan agreement with respect to a restricted stock award shall set forth
the amount (if any) to be paid by the grantee with respect to such award. If a
grantee makes any payment for a restricted stock award which does not vest,
appropriate payment may be made to the grantee following the forfeiture of such
award on such terms and conditions as the Committee may determine.

 

(c)                                  Forfeiture
Upon Termination of Service. Unless the applicable Plan agreement otherwise
provides or the Committee otherwise determines, (i) if a grantee’s service
terminates for any reason (other than death or disability) before all of his
restricted stock awards have vested, such unvested awards shall terminate and
expire upon such termination of service, and (ii) in the event any
condition to the vesting of restricted stock awards is not satisfied within the
period of time permitted therefor, such restricted shares shall be returned to
the Partnership. If a grantee’s service terminates by reason of death or
disability any unvested portion of a restricted stock award which has been
earned as a result of the attainment of applicable Performance Goals shall be
fully vested as of the awardee’s date of death or disability.

 

10

 

(d)           Issuance of Shares. The
Committee may provide that one or more certificates representing restricted
stock awards shall be registered in the grantee’s name and bear an appropriate
legend specifying that such shares are not transferable and are subject to the
terms and conditions of the Plan and the applicable Plan agreement, or that
such certificate or certificates shall be held in escrow by the Partnership on
behalf of the grantee until such shares vest or are forfeited, all on such
terms and conditions as the Committee may determine. Unless the applicable Plan
agreement otherwise provides, no share of restricted stock may be assigned,
transferred, otherwise encumbered or disposed of by the grantee until such
share has vested in accordance with the terms of such award. Subject to the
provisions of Section 5.4, as soon as practicable after any restricted
stock award shall vest, the Partnership shall issue or reissue to the grantee
(or to his designated beneficiary in the event of the grantee’s death) one or
more certificates for the Common Stock represented by such restricted stock
award without such restricted legend.

 

(e)           Grantees’ Rights
Regarding Restricted Stock. Unless the applicable Plan agreement otherwise
provides, (i) a grantee may vote and receive dividends on restricted stock
awarded under the Plan, and (ii) any stock received as a dividend on, or
in connection with a stock split of, a restricted stock award shall be subject
to the same restrictions as such restricted stock.

 

3.2                               Common Stock Awards.

 

The Committee
may issue awards under the Plan, payable in Common Stock, including, but not
limited to awards of Common Stock equal to dividends declared on Common Stock,
alone or in tandem with other awards, in such amounts and subject to such terms
and conditions as the Committee shall from time to time in its sole discretion
determine. Such Common Stock awards under the Plan shall relate to a specified
maximum number of shares granted as, or in payment of, a bonus, or to provide
incentives or recognize special achievements or contributions.

 

3.3                               Performance Units.

 

(a)           Grant of Units. The
Committee may grant performance units under the Plan that include the right to
acquire shares of Common Stock or Partnership equity interests exchangeable for
Common Stock, along with related dividend or distributions rights, in such
amounts and subject to such terms and conditions as the Committee shall from
time to time in its sole discretion determine, subject to the terms of the
Plan.

 

(b)           Performance Units. Each
performance unit under the Plan shall relate to a specified maximum number of
shares of Common Stock or Partnership equity interests and shall be
exchangeable, in whole or in part, for shares, Partnership equity interests
exchangeable for shares of Common Stock, or cash (or such other form of
consideration as may be determined by the Committee in its sole discretion
equivalent in value thereto) in up to an amount equal to the fair market value
of an equal number of unrestricted shares, at the end of a specified
Performance Cycle on such terms as may be established by the Committee. The
number of such shares or Partnership equity interests which may be deliverable
pursuant to such performance unit shall be based upon the degree of attainment
of Performance Goals over a Performance Cycle as may be established by the
Committee. The Committee may provide for full or partial credit, prior to
completion of such Performance Cycle or achievement of the degree of attainment
of the Performance Goals specified in connection with such performance unit, in
the event of the participant’s death, disability, or such other circumstances,
to the extent permitted by Code section 162(m), as the Committee may
determine in its sole discretion to be fair and equitable to the participant or
in the interest of the Partnership and its Affiliates.

 

11

 

ARTICLE 4

GRANTS OF RESTRICTED STOCK TO ELIGIBLE
DIRECTORS

 

4.1                               Grants to Eligible Directors.

 

Effective May 11,
2006, each Eligible Director of the Company shall be granted restricted stock
awards in accordance with this Article 4.

 

4.2                               Amount of Awards.

 

Each person
who serves as an Eligible Director shall receive the following awards of
restricted stock:

 

(a)           Initial Election. Each
Eligible Director who is elected or appointed a director of the Company and who
has not previously served as a director of the Company or its predecessors,
shall be granted a restricted stock award on the first day of the first
calendar month following the month in which such person first becomes an
Eligible Director for that number of shares of stock having a value on such
date of grant equal to $82,500.

 

(b)           Reelection. As of the
date of each annual meeting of the Company’s stockholders (the “Annual Meeting”),
each Eligible Director shall be granted a restricted stock award for that
number of shares of stock having a value on such date of grant equal to $82,500
(the “Subsequent Awards”); provided, however, that if a person is elected,
appointed or otherwise becomes an Eligible Director during a period
60 days prior to the Annual Meeting in any year, then such Eligible
Director will receive no Subsequent Awards, and provided, further, that each
Eligible Director receiving Subsequent Awards must continue to serve as a
director of the Company after such Annual Meeting.

 

(c)           Committee Chairs. Each
Eligible Director who is serving as the chairperson of the Audit Committee of
the Board of Directors as of the date of the Annual Meeting shall be granted a
restricted stock award for that number of shares of stock having a value on
such date of grant equal to $10,000. Each Eligible Director who is serving as
the chairperson of any other standing committee of the Board of Directors as of
the date of the Annual Meeting shall be granted a restricted stock award for
that number of shares of stock having a value on such date of grant equal to
$7,500.

 

(d)           Lead Director. The
Eligible Director who is serving as the Lead Director of the Board of Directors
as of the date of the Annual Meeting shall be granted a restricted stock award
for that number of shares of stock having a value on such date of grant equal
to $12,500.

 

(e)           Valuation. The number
of shares of stock included in any award of restricted stock under this Article 4
shall be determined by dividing the cash value of such award by a number
representing the 20 trading day average per share closing price of the Common
Stock ending on the trading day immediately preceding the date of any such
award.

 

4.3                               Terms of Restricted Stock Awards.

 

(a)           Vesting. Unless the 5%
exception provided for in Section 5.17 has been exceeded, each award of
restricted stock under this Article 4 shall fully vest on the first
anniversary of the date of grant of such award. Except as provided in Section 4.4,
if an Eligible Director’s service as a director terminates before all of his or
her restricted stock awards have vested, any unvested portion of an award shall
terminate and expire upon such termination of service. If the 5% exception
provided for in Section 5.17 has been exceeded, the vesting period for
subsequent grants shall increase to the third anniversary of the date of the
grant. If an Eligible Director’s service terminates by reason of death or
disability or after an Eligible Director has served a minimum of five annual
terms as director of the Company, its predecessors or successors, any unvested
portion of a restricted stock award, may, upon determination of the Committee
or the Board of Directors of the Company and subject to the limitations of Section 5.17,
become fully vested without completion of the minimum period of service
requirement.

 

12

 

(b)           Grantee’s Rights. A
grantee may vote and receive dividends on the restricted stock awards granted
hereunder. Any stock or other property paid as a dividend on, or in connection
with a stock split of, a restricted stock award, shall be subject to the same
restrictions that apply to such restricted stock award.

 

(c)           Issuance of Shares. One
or more certificates representing restricted stock awards shall be registered
in the Eligible Director’s name and bear an appropriate legend specifying that
such shares are not transferable and are subject to the terms and conditions of
the Plan. No shares of restricted stock may be assigned, transferred, otherwise
encumbered or disposed of by the grantee until such award has vested and only
after the underlying shares of Common Stock have been delivered pursuant to Section 4.5
hereof.

 

4.4                               Change of Control.

 

In the event
of a Change of Control prior to the date a restricted stock award granted under
this Article 4 fully vests, all shares of restricted stock not previously
vested shall become immediately vested and deferred pursuant to Section 4.5.
For this purpose, a “Change of Control” shall mean (i) a merger or
consolidation of the Company with another corporation, whether or not the
Company is the surviving corporation, where there is a change in the rights,
preferences or control of outstanding shares of Common Stock by reason of such
merger or consolidation, (ii) an acquisition of all or substantially all
of the assets of the Company by another person, or (iii) a reorganization
or liquidation of the Company.

 

4.5                               Deferred Delivery; Reinvestment of Dividends.

 

Upon vesting,
the delivery of the shares of Common Stock underlying any restricted stock
awards shall be deferred in accordance with the terms of the Director Deferred
Compensation Plan until an Eligible Director’s service as a director of the
Company terminates. During the deferral period, all cash dividends payable with
respect to such shares of Common Stock shall be reinvested in shares of Common
Stock pursuant to terms of the Company’s Dividend Reinvestment Plan and
delivery of any such shares shall also be deferred pursuant to the Director
Deferred Compensation Plan.

 

ARTICLE 5

MISCELLANEOUS

 

5.1.                            Amendment of the Plan; Modification of Awards.

 

(a)           Plan Amendments. The
Partnership, by action of its General Partner, may, without approval of other
partners in the Partnership, at any time and from time to time suspend,
discontinue or amend the Plan in any respect whatsoever, except that no such
amendment shall impair any rights under any award theretofore made under the
Plan without the consent of the grantee of such award. Furthermore, the General
Partner shall submit for stockholder approval any amendment (other than an
amendment pursuant to the adjustment provisions of Section 1.6) required
to be submitted for stockholder approval by law, regulation or applicable stock
exchange requirements or that otherwise would: (i) increase the maximum
number of shares of Common Stock that may be awarded in Section 1.5(a); (ii) extend
the term of this Plan; or (iii) change the class of persons eligible to be
participants. Any Plan amendment shall be obtained in such a manner and to such
a degree as is required by applicable law or regulation.

 

(b)           Award Modifications.
With the consent of the grantee and subject to the terms and conditions of the
Plan (including Section 5.1(a)), the Committee may amend outstanding Plan
agreements with such grantee, including, without limitation, any amendment
which would (i) accelerate the time or times at which an award may vest or
become exercisable but only in case of death, disability, retirement or as a
result of a Change in Control and/or (ii) extend the scheduled termination
or expiration date of the award; provided, however, that the Committee shall
not enter into any amendments of outstanding agreements that would subject the
grantee to gross income inclusion, interest, or additional tax pursuant to Code
section 409A.

 

13

 

5.2                               Limitation on Exercise.

 

No option or
stock appreciation right shall be exercisable to the extent that such exercise
will cause the Partnership or any Affiliate to pay any amount which would be
nondeductible by the Partnership or such Affiliate by reason of Code
section 162(m).

 

5.3                               Restrictions.

 

(a)           Consent Requirements.
If the Committee shall at any time determine in its sole discretion that any
Consent (as hereinafter defined) is necessary or desirable as a condition of,
or in connection with, the granting of any award under the Plan, the
acquisition, issuance or purchase of shares or other rights hereunder or the
taking of any other action hereunder (each such action being hereinafter
referred to as a “Plan Action”), then such Plan Action shall not be taken, in
whole or in part, unless and until such Consent shall have been effected or
obtained to the full satisfaction of the Committee. Without limiting the
generality of the foregoing, if (i) the Committee may make any payment
under the Plan in cash, Common Stock or both, and (ii) the Committee
determines that Consent is necessary or desirable as a condition of, or in
connection with, payment in any one or more of such forms, then the Committee
shall be entitled to determine not to make any payment whatsoever until such
Consent has been obtained.

 

(b)           Consent Defined. The
term “Consent” as used herein with respect to any Plan Action means (i) any
and all listings, registrations or qualifications in respect thereof upon any
securities exchange or other self-regulatory organization or under any federal,
state or local law, rule or regulation, (ii) the expiration, elimination
or satisfaction of any prohibitions, restrictions or limitations under any
federal, state or local law, rule or regulation or the rules of any
securities exchange or other self-regulatory organization, (iii) any and
all written agreements and representations by the grantee with respect to the
disposition of shares, or with respect to any other matter, which the Committee
shall deem necessary or desirable to comply with the terms of any such listing,
registration or qualification or to obtain an exemption from the requirement
that any such listing, qualification or registration be made, and (iv) any
and all consents, clearances and approvals in respect of a Plan Action by any
governmental or other regulatory bodies or any parties to any loan agreements
or other contractual obligations of the Partnership or any Affiliate.

 

5.4                               Nontransferability.

 

Except as
expressly authorized by the Committee in the Plan agreement, no award granted
to any grantee under the Plan shall be assignable or transferable by the
grantee other than by will or by the laws of descent and distribution and
during the lifetime of the grantee, all rights with respect to any option or
stock appreciation right granted to the grantee under the Plan shall be
exercisable only by the grantee.

 

5.5                               Withholding Taxes.

 

(a)           Whenever under the Plan
shares of Common Stock are to be delivered pursuant to an award, the Committee
may require as a condition of delivery that the grantee remit an amount
sufficient to satisfy all federal, state and other governmental withholding tax
requirements related thereto. Whenever cash is to be paid under the Plan
(whether upon the exercise of stock appreciation right or otherwise), the
Partnership may, as a condition of its payment, deduct therefrom, or from any
salary or other payments due to the grantee, an amount sufficient to satisfy
all federal, state and other governmental withholding tax requirements related
thereto or to the delivery of any shares of Common Stock under the Plan.

 

(b)           Without limiting the generality
of the foregoing, (i) a grantee may elect to satisfy all or part of the
foregoing withholding requirements by delivery of unrestricted shares of Common
Stock owned by the grantee for at least six months (or such other period as the
Committee may determine in its sole discretion) having a fair market value
(determined as of the date of such delivery by the grantee) equal to all or
part of the amount to be so withheld, provided that the Committee may require,
as a condition of accepting any such delivery, the grantee to furnish an
opinion of counsel acceptable to the Committee to the effect that such delivery
would not

 

14

 

result in the grantee incurring any liability
under Section 16(b) of the Act; and (ii) the Committee may
permit any such delivery to be made by withholding shares of Common Stock from
the shares otherwise issuable pursuant to the award giving rise to the tax
withholding obligation (in which event the date of delivery shall be deemed the
date such award was exercised) having a fair market value (determined as of the
date of such exercise).

 

5.6                               Adjustments Upon Changes in Capitalization.

 

If and to the
extent specified by the Committee, the number of shares of Common Stock which
may be issued pursuant to awards under the Plan, the number of shares of Common
Stock subject to awards, the option exercise price and appreciation base of
options and stock appreciation rights theretofore granted under the Plan, and
the amount payable by a grantee in respect of an award, shall be appropriately
adjusted (as the Committee may determine) for any change in the number of
issued shares of Common Stock resulting from the subdivision or combination of
shares of Common Stock or other capital adjustments, or the payment of a stock
dividend after the effective date of the Plan, or other change in such shares
of Common Stock effected without receipt of consideration by the Company;
provided that any awards covering fractional shares of Common Stock resulting
from any such adjustment shall be eliminated and provided further, that each
incentive stock option granted under the Plan shall not be adjusted in a manner
that causes such option to fail to continue to qualify as an “incentive stock
option” within the meaning of Code section 422. Adjustments under this Section shall
be made by the Committee, whose determination as to what adjustments shall be
made, and the extent thereof, shall be final, binding and conclusive.

 

5.7                               Right of Discharge Reserved.

 

Nothing in the
Plan or in any Plan agreement shall confer upon any person the right to
continue in the service of the Partnership or any Affiliate or affect any right
which the Partnership or any Affiliate may have to terminate the service of
such person.

 

5.8                               No Rights as a Stockholder.

 

No grantee or
other person shall have any of the rights of a stockholder of the Company with
respect to shares subject to an award until the issuance of a stock certificate
to him for such shares. Except as otherwise provided in Section 5.6, no
adjustment shall be made for dividends, distributions or other rights (whether
ordinary or extraordinary, and whether in cash, securities or other property)
for which the record date is prior to the date such stock certificate is
issued. In the case of a grantee of an award which has not yet vested, the
grantee shall have the rights of a stockholder of the Company if and only to
the extent provided in the applicable Plan agreement.

 

5.9                               Nature of Payments.

 

(a)           Any and all awards or
payments hereunder shall be granted, issued, delivered or paid, as the case may
be, in consideration of services performed for the Partnership or its
Affiliates by the grantee.

 

(b)           No such awards and
payments shall be considered special incentive payments to the grantee or,
unless otherwise determined by the Committee, be taken into account in
computing the grantee’s salary or compensation for the purposes of determining
any benefits under (i) any pension, retirement, life insurance or other
benefit plan of the Partnership or any Affiliate or (ii) any agreement
between the Partnership or any Affiliate and the grantee.

 

(c)           By accepting an award
under the Plan, the grantee shall thereby waive any claim to continued exercise
or vesting of an award or to damages or severance entitlement related to
non-continuation of the award beyond the period provided herein or in the
applicable Plan agreement, notwithstanding any contrary provision in any
written contract with the grantee, whether any such contract is executed before
or after the grant date of the award.

 

15

 

5.10                        Non-Uniform Determinations.

 

The Committee’s
determinations under the Plan need not be uniform and may be made by it
selectively among persons who receive, or are eligible to receive, awards under
the Plan (whether or not such persons are similarly situated). Without limiting
the generality of the foregoing, the Committee shall be entitled, among other
things, to make non-uniform and selective determinations, and to enter into
non-uniform and selective Plan agreements, as to (a) the persons to
receive awards under the Plan, (b) the terms and provisions of awards
under the Plan, (c) the exercise by the Committee of its discretion in
respect of the exercise of stock appreciation rights pursuant to the terms of
the Plan, and (d) the treatment of leaves of absence pursuant to Section 2.7(c).

 

5.11                        Other Payments or Awards.

 

Nothing
contained in the Plan shall be deemed in any way to limit or restrict the
Partnership, any Affiliate or the Committee from making any award or payment to
any person under any other plan, arrangement or understanding, whether now
existing or hereafter in effect.

 

5.12                        Reorganization.

 

(a)           In the event that the
Company is merged or consolidated with another corporation and, whether or not
the Company shall be the surviving corporation, there shall be any change in
the shares of Common Stock by reason of such merger or consolidation, or in the
event that all or substantially all of the assets of the Company are acquired
by another person, or in the event of a reorganization or liquidation of the
Company (each such event being hereinafter referred to as a “Reorganization
Event”) or in the event that the Board of Directors of the Company (the “Board”)
shall propose that the Company enter into a Reorganization Event, then the
Committee may in its sole discretion, by written notice to a grantee, provide
that his options and stock appreciation rights will be terminated unless
exercised within 30 days (or such longer period as the committee shall
determine in its sole discretion) after the date of such notice; provided that
if the Committee takes such action the Committee also shall accelerate the
dates upon which all outstanding options and stock appreciation rights of such
grantee shall be exercisable. The Committee also may in its sole discretion by
written notice to a grantee provide that all or some of the restrictions on any
of his awards may lapse in the event of a Reorganization Event upon such terms
and conditions as the Committee may determine.

 

(b)           Whenever deemed
appropriate by the Committee, the actions referred to in Section 5.12(a) may
be made conditional upon the consummation of the applicable Reorganization
Event.

 

5.13                        Section Headings.

 

The section
headings contained herein are for the purposes of convenience only and are not
intended to define or limit the contents of said sections.

 

5.14                        Term of Plan.

 

This Plan
shall terminate on December 31, 2013, and no awards shall thereafter be
made under the Plan. Notwithstanding the foregoing, all awards made under the
Plan prior to such termination date shall remain in effect until such awards
have been satisfied or terminated in accordance with the terms and provisions
of the Plan and the applicable Plan agreement.

 

5.15                        Governing Law.

 

THE PLAN SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

16

 

5.16                        Repricing of Options.

 

Except in
connection with a corporate transaction involving the company (including,
without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination, or exchange of shares), the terms of outstanding awards
may not be amended to reduce the exercise price of outstanding options or stock
appreciation rights or cancel outstanding options or stock appreciation rights
in exchange for cash, other awards or options or stock appreciation rights with
an exercise price that is less than the exercise price of the original options
or stock appreciation rights without stockholder approval.

 

5.17                        Exception to Certain Limitations

 

Notwithstanding
the limitations contained in the proviso to the second sentence of Section 3.1(a) concerning
minimum periods of service for vesting or minimum periods for Performance
Cycles and the provisions of Section 4.3(a) which permit the Company
or the Board to reduce the three-year vesting period if grantee dies or becomes
disabled, restricted stock awards may be made with vesting periods based on
service periods of less than thirty-six consecutive months or Performance
Cycles of less than twelve consecutive months as long as the aggregate number
of shares subject to such shorter periods does not exceed five percent of the
maximum number of shares set forth in Section 1.5(a).

 

5.18                        Code Section 409A.

 

(a)           If as of the date his
employment terminates, a grantee is a “key employee” within the meaning of Code
section 416(i), without regard to paragraph 416(i)(5) thereof,
and if the Company has stock that is publicly traded on an established
securities market or otherwise, any deferred compensation payments otherwise
payable under this Plan because of his termination of service (for reasons
other than death or disability) will be suspended until, and will be paid to
the grantee on, the first day of the seventh month following the month in which
the grantee’s last day of employment occurs. For purposes of this Plan, “deferred
compensation” means compensation provided under a nonqualified deferred
compensation plan as defined in, and subject to, Code section 409A.

 

(b)           The Plan and any Plan
agreements shall be interpreted and applied in a manner consistent with the
applicable standards for nonqualified deferred compensation plans established
by Code section 409A and its interpretive regulations and other regulatory
guidance. To the extent that any terms of the Plan or a Plan agreement would
subject the grantee to gross income inclusion, interest, or additional tax
pursuant to Code section 409A, those terms are to that extent superseded
by, and shall be adjusted to the minimum extent necessary to satisfy, the
applicable Code section 409A standards.

 

17

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