Document:

Exhibit 4.1

 

SIMON PROPERTY GROUP, L.P.

 

ISSUER

 

TO

 

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

 

TRUSTEE

 

 

 

FORTY-FIRST SUPPLEMENTAL INDENTURE

 

DATED AS OF AUGUST 18, 2021

 

 

 

$550,000,000 1.375% NOTES due 2027

$700,000,000 2.250% NOTES due 2032

 

SUPPLEMENT
TO INDENTURE,

DATED AS OF NOVEMBER 26, 1996,

BETWEEN

SIMON PROPERTY GROUP, L.P.

AND

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

(AS SUCCESSOR TO THE CHASE MANHATTAN BANK),

AS TRUSTEE

 

    

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS OF THE SECURITIES	2
	SECTION 1.01.	Definitions	2
	SECTION 1.02.	Creation of the Notes	3
	SECTION 1.03.	Form of the Notes	3
	SECTION 1.04.	Terms and Conditions of the 2027 Notes	4
	SECTION 1.05.	Terms and Conditions of the 2032 Notes	6
	ARTICLE II COVENANTS; EVENTS AND NOTICE OF DEFAULT; SUPPLEMENTAL INDENTURES	8
	SECTION 2.01.	Covenants for Benefit of Holders of Notes	8
	SECTION 2.02.	Provision of Financial Information	8
	SECTION 2.03.	Definitions	8
	SECTION 2.04.	Events of Default	10
	SECTION 2.05.	Notice of Defaults	11
	SECTION 2.06.	Supplemental Indentures Without Consent
    of Holders	11
	ARTICLE III TRANSFER AND EXCHANGE	11
	SECTION 3.01.	Transfer and Exchange	11
	ARTICLE IV LEGENDS	12
	SECTION 4.01.	Legends	12
	ARTICLE V TRUSTEE	12
	SECTION 5.01.	Corporate Trust Office	12
	SECTION 5.02.	Recitals of Fact; Other Matters	12
	SECTION 5.03.	Successor	13
	ARTICLE VI MISCELLANEOUS PROVISIONS	13
	SECTION 6.01.	Ratification of Original Indenture	13
	SECTION 6.02.	Effect of Headings	13
	SECTION 6.03.	Successors and Assigns	13
	SECTION 6.04.	Separability Clause	13
	SECTION 6.05.	Governing Law	14
	SECTION 6.06.	Counterparts	14
	 	 	 
	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	Form of Global Note	
	EXHIBIT B	Form of Certificated Note	 

 

    -i-

     

    

 

FORTY-FIRST
SUPPLEMENTAL INDENTURE, dated as of August 18, 2021 (the “Forty-First Supplemental Indenture”), between SIMON PROPERTY
GROUP, L.P. (formerly known as Simon DeBartolo Group, L.P.), a Delaware limited partnership (the “Issuer” or the “Operating
Partnership”), having its principal offices at 225 West Washington Street, Indianapolis, Indiana 46204, and THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A. (as successor to The Chase Manhattan Bank), a national banking association organized and existing under the
laws of the United States of America, as trustee (the “Trustee”), having its Corporate Trust Office at 2 North LaSalle Street,
Suite 1020, Chicago, Illinois 60602.

 

RECITALS

 

WHEREAS,
the Issuer and Simon Property Group, L.P., a Delaware limited partnership acting as a guarantor (the “Guarantor”), executed
and delivered to the Trustee an Indenture, dated as of November 26, 1996 (the “Original Indenture”), providing for the issuance
from time to time of debt securities evidencing unsecured and unsubordinated indebtedness of the Issuer;

 

WHEREAS,
on December 31, 1997 the Guarantor was merged into the Issuer as contemplated under the Indenture;

 

WHEREAS,
the Issuer changed its name from “Simon DeBartolo Group, L.P.” to “Simon Property Group, L.P.” effective as of
September 24, 1998;

 

WHEREAS,
the Original Indenture provides that by means of a supplemental indenture, the Issuer may create one or more series of its debt securities
and establish the form and terms and conditions thereof;

 

WHEREAS,
the Issuer intends by this Forty-First Supplemental Indenture to create and provide for the following series of debt securities:

 

Simon Property
Group, L.P. 1.375% Notes due 2027 (the “2027 Notes”) initially in an aggregate principal amount of $550,000,000;

 

Simon Property
Group, L.P. 2.250% Notes due 2032 (the “2032 Notes,” and together with the 2027 Notes, the “Notes”) initially
in an aggregate principal amount of $700,000,000;

 

WHEREAS,
the Board of Directors of Simon Property Group, Inc., the general partner of the Issuer, has approved the creation of the Notes and the
forms, terms and conditions thereof pursuant to Sections 301 and 1701 of the Original Indenture; and

 

WHEREAS,
all actions required to be taken under the Original Indenture with respect to this Forty-First Supplemental Indenture have been taken.

 

NOW, THEREFORE, IT IS AGREED:

 

    

     

    

 

ARTICLE I

 

DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS
OF THE SECURITIES

 

SECTION
1.01. Definitions. Capitalized terms used in this Forty-First Supplemental Indenture and not otherwise defined shall have
the meanings ascribed to them in the Original Indenture. Certain terms, used principally in Article II of this Forty-First Supplemental
Indenture, are defined in that Article. In addition, the following terms shall have the following meanings to be equally applicable to
both the singular and the plural forms of the terms defined:

 

“2027
Interest Payment Date” has the meaning set forth in Section 1.04(c).

 

“2027
Notes” has the meaning set forth in the Recitals hereto.

 

“2027
Redemption Price” has the meaning set forth in Section 1.04(d).

 

“2027
Regular Record Date” has the meaning set forth in Section 1.04(c).

 

“2032
Interest Payment Date” has the meaning set forth in Section 1.05(c).

 

“2032
Notes” has the meaning set forth in the Recitals hereto.

 

“2032
Redemption Price” has the meaning set forth in Section 1.05(d).

 

“2032
Regular Record Date” has the meaning set forth in Section 1.05(c).

 

“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
in The City of New York are authorized or required by law, regulation or executive order to close.

 

“Certificated
Notes” has the meaning set forth in Article III.

 

“Closing
Date” means August 18, 2021.

 

“Dollar”
or “$” means the lawful currency of the United States of America.

 

“DTC”
means The Depository Trust Company, its nominees and their successors and assigns.

 

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

 

“Global
Note” means a permanent fully registered global Note in book-entry form, without

coupons, substantially
in the form of Exhibit A attached hereto.

 

“Indenture”
means the Original Indenture as supplemented by this Forty-First Supplemental Indenture.

 

“Issuer”
has the meaning set forth in the Recitals hereto.

 

“Make-Whole
Amount” means, in connection with any optional redemption or accelerated payment of any Notes, the excess, if any, of (i)
the aggregate present value, as of the date of such redemption or accelerated payment, of each Dollar of principal of such Notes
being redeemed or accelerated and the amount of interest, calculated by the Operating Partnership, excluding interest accrued to the
date of redemption or accelerated payment, that would have been payable in respect of each such Dollar if such redemption or
accelerated payment had been made on October 15, 2026, in the case of the 2027 Notes or October 15, 2031, in the case of the 2032
Notes, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate, determined on the
third Business Day preceding the date notice of such redemption or accelerated payment is given, from the respective dates on which
such principal and interest would have been payable if such redemption or accelerated payment had been made on October 15, 2026, in
the case of the 2027 Notes or October 15, 2031, in the case of the 2032 Notes, over (ii) the aggregate principal amount of such
Notes being redeemed or accelerated.

 

    -2-

     

    

 

“Notes”
has the meaning set forth in the Recitals hereto.

 

“Operating
Partnership” has the meaning set forth in the Recitals hereto.

 

“Original
Indenture” has the meaning set forth in the Recitals hereto.

 

“Reinvestment
Rate” means, in connection with any optional redemption or accelerated payment of any Notes, the yield on treasury securities
at a constant maturity corresponding to the remaining life to maturity (rounded up to the nearest month) of the principal of the Notes
being redeemed or accelerated as of the date of redemption or accelerated payment (which maturity shall be deemed to be October 15, 2026,
in the case of the 2027 Notes or October 15, 2031, in the case of the 2032 Notes) (the “Treasury Yield”), plus 0.100%, in
the case of the 2027 Notes and 0.150%, in the case of the 2032 Notes, being redeemed or accelerated. For purposes hereof, (1) the Treasury
Yield shall be equal to the arithmetic mean of the yields displayed for each day in the preceding calendar week published in the Statistical
Release for Treasury constant maturities with a maturity equal to the remaining life to maturity of the Notes being redeemed or accelerated
(assuming the 2027 Notes mature on October 15, 2026 and the 2032 Notes mature on October 15, 2031) and (2) the most recent Statistical
Release published prior to the date of the applicable determination will be used; provided, that if no published maturity exactly
corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic
means of the yields for the next shortest and next longest published maturities, rounding each of such relevant periods to the nearest
month. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the
above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably
determined by the Operating Partnership.

 

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

 

“Statistical
Release” means the statistical release designated “H.15” or any successor publication which is published weekly
by the Federal Reserve System and which reports yields on actively traded United States government securities adjusted to constant maturities,
or, if such statistical release or successor publication is not published at the time of any required determination, then such other reasonably
comparable index which shall be designated by the Operating Partnership.

 

“Trustee”
has the meaning set forth in the Recitals hereto.

 

SECTION
1.02.Creation of the Notes. In accordance with Section 301 of the Original Indenture, the Issuer hereby creates each
of the 2027 Notes and the 2032 Notes as a separate series of its debt securities issued pursuant to the Indenture. The 2027 Notes shall
be issued initially in an aggregate principal amount of $550,000,000 and the 2032 Notes shall be issued initially in an aggregate principal
amount of $700,000,000, except, in each case, as permitted by Sections 301, 304, 305 or 306 of the Original Indenture.

 

SECTION
1.03.Form of the Notes. Each series of the Notes shall be issued in the form of one or more Global Notes, duly
executed by the Operating Partnership and authenticated by the Trustee without the necessity of the reproduction thereon of the
corporate seal of the General Partner (as defined in the Original Indenture), which shall be deposited with, or on behalf of, DTC
and registered in the name of “Cede & Co.,” as the nominee of DTC. The Notes of each series shall be substantially
in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its
nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented by such Global Notes for all
purposes under the Indenture. Ownership of beneficial interests in such Global Notes shall be shown on, and transfers thereof will
be effected only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or
Persons that hold interests through participants (with respect to beneficial interests of beneficial owners).

 

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SECTION
1.04. Terms and Conditions of the 2027 Notes. The 2027 Notes shall be governed by all the terms and conditions of
the Indenture. In particular, the following provisions shall be terms of the 2027 Notes:

 

(a)               
Title and Aggregate Principal Amount. The title of the 2027 Notes shall be as specified in the Recitals; and the
aggregate principal amount of the 2027 Notes shall be as specified in Section 1.02 of this Forty-First Supplemental Indenture, except
as permitted by Sections 301, 304, 305 or 306 of the Original Indenture.

 

(b)               
Stated Maturity. The 2027 Notes shall mature, and the unpaid principal thereon shall be payable, on January 15, 2027,
subject to the provisions of the Original Indenture and Section 1.04(d) below.

 

(c)               
Interest. The rate per annum at which interest shall be payable on the 2027 Notes shall be 1.375%. Interest on the
2027 Notes shall be payable semi-annually in arrears on each January 15 and July 15, commencing on January 15, 2022 (each, a “2027
Interest Payment Date”), to the Persons in whose names the applicable 2027 Notes are registered in the Security Register applicable
to the 2027 Notes at the close of business on the 15th calendar day immediately prior to the applicable 2027 Interest Payment
Date regardless of whether such day is a Business Day (each, a “2027 Regular Record Date”). Interest on the 2027 Notes shall
be computed on the basis of a 360-day year of twelve 30-day months. Interest on the 2027 Notes shall accrue from and including August
18, 2021.

 

(d)               
Sinking Fund, Redemption or Repayment. No sinking fund shall be provided for the 2027 Notes and the 2027 Notes shall
not be repayable at the option of the Holders thereof prior to their Stated Maturity. The 2027 Notes may be redeemed at any time at the
option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal amount
of the 2027 Notes being redeemed plus accrued interest thereon to but excluding the Redemption Date and (ii) the Make-Whole Amount, if
any, with respect to such 2027 Notes (collectively, the “2027 Redemption Price”), all in accordance with the provisions of
Article XI of the Original Indenture, as supplemented herein; provided, however, that if the 2027 Notes are redeemed on or after October
15, 2026, the 2027 Redemption Price shall not include the Make-Whole Amount.

 

If notice
of redemption has been given as provided in the Original Indenture and as supplemented herein, and funds for the redemption of any 2027
Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such 2027 Notes shall cease
to bear interest on the Redemption Date and the only right of the Holders of the 2027 Notes from and after the Redemption Date shall be
to receive payment of the 2027 Redemption Price upon surrender of such 2027 Notes in accordance with such notice.

 

(e)               
Registration and Form. The 2027 Notes shall be issuable as Registered Securities as provided in Section 1.03 of this
Forty-First Supplemental Indenture. The 2027 Notes shall be issued and may be transferred only in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. All payments of principal, premium, if any, and interest in respect of the 2027 Notes
shall be made by the Issuer in immediately available funds.

 

 

    -4-

     

    

(f)                
 Defeasance and Covenant Defeasance. The provisions for defeasance in Section 1402 of the Original Indenture, and
the provisions for covenant defeasance (which provisions shall apply, without limitation, to the covenants set forth in Article II of
this Forty-First Supplemental Indenture) in Section 1403 of the Original Indenture, shall be applicable to the 2027 Notes.

 

(g)               
Make-Whole Amount Payable Upon Acceleration. Upon any acceleration of the Stated Maturity of the 2027 Notes in accordance
with Section 502 of the Original Indenture, the Make-Whole Amount on the 2027 Notes shall become immediately due and payable, subject
to the terms and conditions of the Indenture.

 

(h)               
Further Issues. Notwithstanding anything to the contrary contained herein or in the Original Indenture, the Issuer
may, from time to time, without the consent of or notice to the Holders, create and issue further debt securities under the Indenture
having the same terms and conditions as the 2027 Notes in all respects, except for issue date, issue price and, to the extent applicable,
first payment of interest. Additional debt securities issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding 2027 Notes, provided, however, that if such additional notes will not be fungible with the previously
outstanding 2027 Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number. Notice of any such
issuance shall be given to the Trustee and a new supplemental indenture shall be executed in connection with the issuance of such additional
debt securities.

 

(i)                
Election to Redeem; Notice to the Trustee. The second sentence of Section 1102 of the Original Indenture is replaced
in its entirety by the following with respect to the 2027 Notes:

 

“In
case of any redemption at the election of the Issuer of less than all of the Securities of any series, the Issuer shall, at least 5 business
days prior to the giving of the notice of redemption in Section 1104 (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.”

 

(j)                
Selection by Trustee of Securities to be Redeemed. The first paragraph of Section 1103 of the Original Indenture
is replaced in its entirety by the following with respect to the 2027 Notes:

 

“If
less than all the Securities of any series issued on the same day with the same terms are to be redeemed, the particular Securities to
be redeemed shall be selected by the Trustee from the Outstanding Securities of such series issued on such date with the same terms not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate (and in such manner as complies with the
requirements of DTC, if applicable) and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series.”

 

(k)               
Notice of Redemption. The first paragraph of Section 1104 of the Original Indenture is replaced in its entirety by
the following with respect to the 2027 Notes:

 

“Notice
of redemption shall be given in the manner provided in Section 106, not less than 10 days nor more than 60 days prior to the
Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each
Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security
designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of
the proceedings for the redemption of any other such Security or portion thereof.”

 

    -5-

     

    

 

(l)                
Other Terms and Conditions. The 2027 Notes shall have such other terms and conditions applicable to them as provided
in the form thereof attached as Exhibit A.

 

SECTION
1.05.Terms and Conditions of the 2032 Notes. The 2032 Notes shall be governed by all the terms and conditions of the
Indenture. In particular, the following provisions shall be terms of the 2032 Notes:

 

(a)               
Title and Aggregate Principal Amount. The title of the 2032 Notes shall be as specified in the Recitals; and the
aggregate principal amount of the 2032 Notes shall be as specified in Section 1.02 of this Forty-First Supplemental Indenture, except
as permitted by Sections 301, 304, 305 or 306 of the Original Indenture.

 

(b)               
Stated Maturity. The 2032 Notes shall mature, and the unpaid principal thereon shall be payable, on January 15, 2032,
subject to the provisions of the Original Indenture and Section 1.05(d) below.

 

(c)               
Interest. The rate per annum at which interest shall be payable on the 2032 Notes shall be 2.250%. Interest on the
2032 Notes shall be payable semi-annually in arrears on each January 15 and July 15, commencing on January 15, 2022 (each, a “2032
Interest Payment Date”), to the Persons in whose names the applicable 2032 Notes are registered in the Security Register applicable
to the 2032 Notes at the close of business on the 15th calendar day immediately prior to the applicable 2032 Interest Payment
Date regardless of whether such day is a Business Day (each, a “2032 Regular Record Date”). Interest on the 2032 Notes shall
be computed on the basis of a 360-day year of twelve 30-day months. Interest on the 2032 Notes shall accrue from and including August
18, 2021.

 

(d)               
Sinking Fund, Redemption or Repayment. No sinking fund shall be provided for the 2032 Notes and the 2032 Notes shall
not be repayable at the option of the Holders thereof prior to their Stated Maturity. The 2032 Notes may be redeemed at any time at the
option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) 100% of the principal amount
of the 2032 Notes being redeemed plus accrued interest thereon to but excluding the Redemption Date and (ii) the Make-Whole Amount, if
any, with respect to such 2032 Notes (collectively, the “2032 Redemption Price”), all in accordance with the provisions of
Article XI of the Original Indenture, as supplemented herein; provided, however, that if the 2032 Notes are redeemed on or after October
15, 2031, the 2032 Redemption Price shall not include the Make-Whole Amount.

 

If notice
of redemption has been given as provided in the Original Indenture and as supplemented herein, and funds for the redemption of any 2032
Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such 2032 Notes shall cease
to bear interest on the Redemption Date and the only right of the Holders of the 2032 Notes from and after the Redemption Date shall be
to receive payment of the 2032 Redemption Price upon surrender of such 2032 Notes in accordance with such notice.

 

(e)               
Registration and Form. The 2032 Notes shall be issuable as Registered Securities as provided in Section 1.03 of this
Forty-First Supplemental Indenture. The 2032 Notes shall be issued and may be transferred only in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. All payments of principal, premium, if any, and interest in respect of the 2032 Notes
shall be made by the Issuer in immediately available funds.

 

(f)                 Defeasance
and Covenant Defeasance. The provisions for defeasance in Section 1402 of the Original Indenture, and the provisions for
covenant defeasance (which provisions shall apply, without limitation, to the covenants set forth in Article II of this Forty-First
Supplemental Indenture) in Section 1403 of the Original Indenture, shall be applicable to the 2032 Notes.

 

    -6-

     

    

 

(g)               
Make-Whole Amount Payable Upon Acceleration. Upon any acceleration of the Stated Maturity of the 2032 Notes in accordance
with Section 502 of the Original Indenture, the Make-Whole Amount on the 2032 Notes shall become immediately due and payable, subject
to the terms and conditions of the Indenture.

 

(h)               
Further Issues. Notwithstanding anything to the contrary contained herein or in the Original Indenture, the Issuer
may, from time to time, without the consent of or notice to the Holders, create and issue further debt securities under the Indenture
having the same terms and conditions as the 2032 Notes in all respects, except for issue date, issue price and, to the extent applicable,
first payment of interest. Additional debt securities issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding 2032 Notes, provided, however, that if such additional notes will not be fungible with the previously
outstanding 2032 Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number. Notice of any such
issuance shall be given to the Trustee and a new supplemental indenture shall be executed in connection with the issuance of such additional
debt securities.

 

(i)                
Election to Redeem; Notice to the Trustee. The second sentence of Section 1102 of the Original Indenture is replaced
in its entirety by the following with respect to the 2032 Notes:

 

“In
case of any redemption at the election of the Issuer of less than all of the Securities of any series, the Issuer shall, at least 5 business
days prior to the giving of the notice of redemption in Section 1104 (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.”

 

(j)                
Selection by Trustee of Securities to be Redeemed. The first paragraph of Section 1103 of the Original Indenture
is replaced in its entirety by the following with respect to the 2032 Notes:

 

“If
less than all the Securities of any series issued on the same day with the same terms are to be redeemed, the particular Securities to
be redeemed shall be selected by the Trustee from the Outstanding Securities of such series issued on such date with the same terms not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate (and in such manner as complies with the
requirements of DTC, if applicable) and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series.”

 

(k)               
Notice of Redemption. The first paragraph of Section 1104 of the Original Indenture is replaced in its entirety by
the following with respect to the 2032 Notes:

 

“Notice
of redemption shall be given in the manner provided in Section 106, not less than 10 days nor more than 60 days prior to the
Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each
Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security
designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of
the proceedings for the redemption of any other such Security or portion thereof.”

 

    -7-

     

    

 

 

(l)          
Other Terms and Conditions. The 2032 Notes shall have such other terms and conditions applicable to them as provided
in the form thereof attached as Exhibit A.

 

ARTICLE II

 

COVENANTS; EVENTS AND NOTICE OF DEFAULT; SUPPLEMENTAL
INDENTURES

 

SECTION
2.01.    Covenants for Benefit of Holders of Notes. In addition to the covenants set forth in Article X of the Original
Indenture, there are established pursuant to Section 901(2) of the Original Indenture the following covenants for the benefit of the Holders
of the Notes of each series and to which such Notes shall be subject.

 

(a)         
Limitation on Debt. As of each Reporting Date (as defined below), Debt (as defined below) shall not exceed 65% of
Total Assets (as defined below).

 

(b)         
Limitation on Secured Debt. As of each Reporting Date, Secured Debt (as defined below) shall not exceed 50% of Total
Assets.

 

(c)         
Fixed Charge Coverage Ratio. For the four consecutive quarters ending on each Reporting Date, the ratio of Annualized
EBITDA (as defined below) to Annualized Interest Expense (as defined below) shall be at least 1.50 to 1.00.

 

(d)         
Maintenance of Unencumbered Assets. As of each Reporting Date, Unencumbered Assets (as defined below) shall be at
least 125% of Unsecured Debt (as defined below).

 

SECTION
2.02.    Provision of Financial Information. For the purposes of the Notes of each series, Section 1010 of the Original
Indenture is hereby amended by adding the following as the third paragraph of such section:

 

“The
availability of the foregoing materials on the Commission’s website or on the Issuer’s website shall be deemed to satisfy
the foregoing delivery obligations. The Trustee shall have no obligation to determine if and when the Issuer’s Financial Statements
or reports are publicly available and accessible electronically.”

 

SECTION
2.03.    Definitions. As used herein:

 

“Annualized
EBITDA” means, for the four consecutive quarters ending on each Reporting Date, the Operating Partnership’s Pro Rata Share
(as defined below) of earnings before interest, taxes, depreciation and amortization (“EBITDA”), with other adjustments as
are necessary to exclude the effect of all realized or unrealized gains and losses related to hedging obligations, items classified as
extraordinary items and impairment charges in accordance with generally accepted accounting principles, adjusted to reflect the assumption
that (i) any EBITDA related to any assets acquired or placed in service since the first day of such four-quarter period had been earned,
on an annualized basis, from the beginning of such period, and (ii) any assets disposed of during such four-quarter period had been disposed
of as of the first day of such period and no EBITDA related to such assets had been earned during such period.

 

    -8-

     

    

 

“Annualized
Interest Expense” means, for the four consecutive quarters ending on each Reporting Date, the Operating
Partnership’s Pro Rata Share of interest expense, with other adjustments as are necessary to exclude the effect of items
classified as extraordinary items, in accordance with generally accepted accounting principles, reduced by amortization of debt
issuance costs and adjusted to reflect the assumption that (i) any interest expense related to indebtedness incurred since the first
day of such four-quarter period is computed as if such indebtedness had been incurred as of the beginning of such period, and (ii)
any interest expense related to indebtedness that was repaid or retired since the first day of such four-quarter period is computed
as if such indebtedness had been repaid or retired as of the beginning of such period (except that, in making such computation, the
amount of interest expense related to indebtedness under any revolving credit facility shall be computed based upon the average
daily balance of such indebtedness during such four-quarter period).

 

“Capitalization Rate”
means 7.00%.

 

“Capitalized
Value” means, as of any date, Annualized EBITDA divided by the Capitalization Rate.

 

“Company”
means Simon Property Group, Inc., a Delaware corporation and the sole general partner of the Operating Partnership.

 

“Debt”
means the Operating Partnership’s Pro Rata Share of the aggregate principal amount of indebtedness in respect of (i) borrowed money
evidenced by bonds, notes, debentures or similar instruments, as determined in accordance with generally accepted accounting principles,
(ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the
Operating Partnership or any Subsidiary directly, or indirectly through unconsolidated joint ventures, as determined in accordance with
generally accepted accounting principles, (iii) reimbursement obligations in connection with any letters of credit actually issued and
called and (iv) any lease of property by the Operating Partnership or any Subsidiary as lessee which is reflected in the Operating Partnership’s
balance sheet as a financing lease, in accordance with generally accepted accounting principles; provided, that Debt also includes,
to the extent not otherwise included, any obligation by the Operating Partnership or any Subsidiary to be liable for, or to pay, as obligor,
guarantor or otherwise, items of indebtedness of another Person (other than the Operating Partnership or any Subsidiary) described in
clauses (i) through (iv) above (or, in the case of any such obligation made jointly with another Person, the Operating Partnership’s
or Subsidiary’s allocable portion of such obligation based on its ownership interest in the related real estate assets); and provided,
further, that Debt excludes (a) Intercompany Debt (as defined below) and (b) in the case of clause (iv) above, operating lease
liabilities on the Operating Partnership’s balance sheet in accordance with generally accepted accounting principles.

 

“Intercompany
Debt” means Debt to which the only parties are the Company, the Operating Partnership and any of their Subsidiaries or affiliates
(but only so long as such Debt is held solely by any of the Company, the Operating Partnership and any Subsidiary or affiliate) and provided
that, in the case of Debt owed by the Operating Partnership to any Subsidiary or affiliate, the Debt is subordinated in right of payment
to the Notes.

 

“Pro
Rata Share” means any applicable figure or measure of the Operating Partnership and its Subsidiaries on a consolidated basis,
less any portion attributable to minority interests, plus the Operating Partnership’s or its Subsidiaries’ allocable portion
of such figure or measure, based on their ownership interest, of unconsolidated joint ventures.

 

“Reporting
Date” means March 31, June 30, September 30 and December 31 of each year.

 

“Secured
Debt” means Debt secured by any mortgage, lien, pledge, encumbrance or security interest of any kind upon any of the property
of the Operating Partnership or any Subsidiary.

 

    -9-

     

    

 

“Stabilized
Asset” means (i) with respect to an acquisition of an asset, such asset becomes stabilized when the Operating Partnership
or its Subsidiaries or an unconsolidated joint venture in which the Operating Partnership or any Subsidiary has an interest has
owned the asset as of at least six Reporting Dates, and (ii) with respect to a new construction or development asset, such asset
becomes stabilized four Reporting Dates after the earlier of (a) six Reporting Dates after substantial completion of construction or
development or (b) the first Reporting Date on which the asset is at least 90% leased.

 

“Total
Assets” means, as of any Reporting Date, the sum of (i) for Stabilized Assets, Capitalized Value; (ii) for all other assets
of the Operating Partnership and its Subsidiaries, the Operating Partnership’s Pro Rata Share of undepreciated book value as determined
in accordance with generally accepted accounting principles; and (iii) the Operating Partnership’s Pro Rata Share of cash and cash
equivalents; provided, that Total Assets excludes right-of-use assets associated with operating leases in accordance with generally
accepted accounting principles.

 

“Unencumbered
Annualized EBITDA” means Annualized EBITDA less any portion thereof attributable to assets serving as collateral for Secured
Debt.

 

“Unencumbered
Assets” as of any Reporting Date means Total Assets as of such date multiplied by a fraction, the numerator of which is Unencumbered
Annualized EBITDA and the denominator of which is Annualized EBITDA.

 

“Unsecured
Debt” means Debt that is not secured by any mortgage, lien, pledge, encumbrance or security interest of any kind.

 

SECTION
2.04.    Events of Default. For the purposes of the Notes of each series, Section 501 of the Original Indenture is
hereby amended by, supplemented with, and where inconsistent replaced by, the following provisions:

 

		(a)	Section 501(4) of the Original Indenture is replaced in its entirety by the following:

 

“(4)
default in the performance, or breach, of any covenant or warranty of the Issuer in this Indenture with respect to any Security of that
series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail,
to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or”

 

		(b)	Section 501(5) of the Original Indenture is replaced in its entirety by the following:

 

“(5)
a default under any evidence of recourse indebtedness of the Issuer, or under any mortgage, indenture or other instrument of the
Issuer (including a default with respect to Securities of any series other than that series) under which there may be issued or by
which there may be secured any recourse indebtedness of the Issuer (or of any Subsidiary, the repayment of which the Issuer has
guaranteed or for which the Issuer is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists
or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $50,000,000
of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have
resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 becoming or being declared due and payable
prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such
acceleration having been rescinded or annulled, within a period of 30 days after there shall have been given, by registered or
certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in principal amount of
the Outstanding Securities of that series a written notice specifying such default and requiring the Issuer to cause such
indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice
of Default” hereunder; or”

 

    -10-

     

    

 

SECTION
2.05.     Notice of Defaults. For the purposes of the Notes of each series, Section 601 of the Original Indenture is hereby
replaced in its entirety by the following provision:

 

“Notice
of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee
shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the Trustee,
unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal
of (or premium, if any) or interest on or any Additional Amounts with respect to any Security of such series, or in the payment of any
sinking fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and
so long as a trust committee of Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in
the interests of the Holders of the Securities and Coupons of such series; and provided further that in the case of any default or breach
of the character specified in Section 501(4) with respect to the Securities and Coupons of such series, no such notice to Holders shall
be given until at least 90 days after the occurrence thereof. For the purpose of this Section, the term “default” means any
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series.”

 

SECTION
2.06.    Supplemental Indentures Without Consent of Holders. For the purposes of the Notes of each series, Section 901 of
the Original Indenture is hereby amended by adding the following as Section 901(11): “to conform the terms of this Indenture or
the Securities of a series or any Coupons to the description thereof contained in any prospectus, prospectus supplement or other offering
document relating to the offer and sale of such Securities, as evidenced by an Officers’ Certificate.”

 

ARTICLE III

 

TRANSFER AND EXCHANGE

 

SECTION
3.01.    Transfer and Exchange.

 

(a)          The
Global Notes shall be exchanged by the Operating Partnership for one or more Notes of the same series in definitive, fully
registered certificated form, without coupons, substantially in the form of Exhibit B hereto (the “Certificated Notes”)
if (i) DTC (1) has notified the Operating Partnership that it is unwilling or unable to continue as, or ceases to be, a clearing
agency registered under Section 17A of the Exchange Act and (2) a successor to DTC registered as a clearing agency under Section 17A
of the Exchange Act is not able to be appointed by the Operating Partnership within 90 calendar days or (ii) DTC is at any time
unwilling or unable to continue as depositary and the Operating Partnership is not able to appoint a successor to DTC within 90
calendar days. If an Event of Default occurs and is continuing, the Operating Partnership shall, at the request of the Trustee or
the Holder thereof, exchange all or part of the applicable Global Note for one or more Certificated Notes of the same series, as
applicable. In addition, beneficial interests in a Global Note may be exchanged for Certificated Notes of the same series upon
request but only upon at least 30 calendar days’ prior written notice given to the Trustee by or on behalf of DTC in
accordance with customary procedures. Whenever a Global Note is exchanged for one or more Certificated Notes of the same series, it
shall be surrendered by the Holder thereof to the Trustee and cancelled by the Trustee. All Certificated Notes issued in exchange
for a Global Note, a beneficial interest therein or a portion thereof shall be registered in such names, and delivered, as DTC shall
instruct the Trustee.

 

    -11-

     

    

 

(b)         
Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by such Holder (or its agent), and that, subject to the immediately
preceding paragraph, ownership of a beneficial interest in the Notes represented thereby shall be required to be reflected in book-entry
form. Transfers of a Global Note shall be limited to transfers in whole and not in part, to DTC, its successors and their respective nominees.
Interests of beneficial owners in a Global Note shall be transferred in accordance with the rules and procedures of DTC (or its successors).

 

ARTICLE IV

 

LEGENDS

 

SECTION
4.01.     Legends. Each Global Note shall bear the following legends on the face thereof:

 

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

 

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

 

ARTICLE V

 

TRUSTEE

 

SECTION
5.01.    Corporate Trust Office. The Trustee is appointed as the principal paying agent, transfer agent and registrar for
the Notes and for the purposes of Section 1002 of the Indenture. The Notes may be presented for payment at the Corporate Trust Office
of the Trustee or at any other agency as may be appointed from time to time by the Operating Partnership in The City of New York or the
City of Chicago.

 

SECTION
5.02.    Recitals of Fact; Other Matters.

 

(a)          The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Forty-First
Supplemental Indenture or the due execution thereof by the Issuer. The recitals of fact contained herein shall be taken as the
statements solely of the Issuer and the Trustee assumes no responsibility for the correctness thereof.

 

    -12-

     

    

 

(b)         
The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under the
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation,
acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions
of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority
or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable
under the circumstances.

 

(c)        
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(d)         
The Trustee may reasonably rely upon and comply with instructions or directions sent via unsecured facsimile or email transmission
and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Issuer or the Holders of the Notes
due to the Trustee’s reasonable reliance upon and compliance with instructions or directions given by unsecured facsimile or email
transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee.

 

(e)         
Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to the Indenture, the Notes or the transactions contemplated hereby or thereby.

 

SECTION
5.03.     Successor. Any corporation or association into which the Trustee may be merged or converted or with which it may
be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be
a party, or any corporation or association to which all or substantially all of the corporate trust business of the Trustee may be sold
or otherwise transferred, shall be the successor trustee hereunder without any further act.

 

ARTICLE VI

 

MISCELLANEOUS PROVISIONS

 

SECTION
6.01.     Ratification of Original Indenture. This Forty-First Supplemental Indenture is executed and shall be construed
as an indenture supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects
ratified and confirmed, and the Original Indenture and this Forty-First Supplemental Indenture shall be read, taken and construed as one
and the same instrument.

 

SECTION
6.02.     Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction
hereof.

 

SECTION
6.03.     Successors and Assigns. All covenants and agreements in this Forty-First Supplemental Indenture by the Issuer shall
bind its successors and assigns, whether so expressed or not.

 

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

 

    -13-

     

    

 

SECTION
6.05.     Governing Law. This Forty-First Supplemental Indenture shall be governed by and construed in accordance with the
laws of the State of New York. This Forty-First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are
required to be part of this Forty-First Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

 

SECTION
6.06.     Counterparts. This Forty-First Supplemental Indenture may be executed in any number of counterparts manually, by
facsimile or by electronic signature, and each of such counterparts so executed shall for all purposes be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument. The exchange of copies of this Forty-First Supplemental Indenture
and of signature pages by facsimile or PDF transmission or other electronically-imaged format (including, without limitation, DocuSign
or Adobe Sign) transmission shall constitute effective execution and delivery of this Forty-First Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Forty-First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or PDF transmission or other electronically-imaged format (including, without limitation, DocuSign or Adobe Sign) shall be
deemed to be their original signatures for all purposes. The words “execution,” “signed,” “signature,”
and words of similar import in this Forty-First Supplemental Indenture shall be deemed to include electronic or digital signatures or
the keeping of records in electronic form, each of which shall be of the same effect, validity, and enforceability as manually executed
signatures in wet ink or a paper-based recordkeeping system, as the case may be, to the fullest extent and as provided for under applicable
law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the Electronic
Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to
accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by
such Trustee. Any documents to be executed in connection with the Notes and the transactions contemplated thereby may be executed in the
manner provided in this Section in the case of this Forty-First Supplemental Indenture.

 

* * * *

 

    -14-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Forty-First Supplemental Indenture to be duly executed all as of the date first above written.

 

	 	SIMON PROPERTY GROUP, L.P.
	 	 
	 	By:	Simon Property Group, Inc., its sole General Partner
	 	 
	 	By:	/s/ Brian J. McDade
	 	 	Name:	Brian J. McDade
	 	 	Title:	Executive Vice President - Chief Financial Officer and Treasurer
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	/s/ Mitchell L. Brumwell
	 	 	Name:	Mitchell L. Brumwell
	 	 	Title:	Vice President

 

[Signature Page to Supplemental Indenture]

 

     

     

    

 

Exhibit A

 

FORM OF
GLOBAL NOTE [FACE OF GLOBAL NOTE]

 

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

 

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

 

	REGISTERED	REGISTERED
	NO. [ ]	PRINCIPAL AMOUNT
	CUSIP NO. 828807DP9 / 828807DQ7]	$[]
	ISIN NO. [US828807DP98 / US828807DQ71]	 

 

SIMON
PROPERTY GROUP, L.P.

 

[1.375/2.250]%
Note due [2027/2032]

 

Simon Property
Group, L.P., a Delaware limited partnership (the “Issuer,” which term includes any successor under the Indenture (as defined
below)), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal amount of [PRINCIPAL AMOUNT
IN WORDS] dollars on January 15, [2027]/[2032] (the “Maturity Date”), unless earlier redeemed as described on the reverse
hereof, and to pay interest on the outstanding principal amount hereof from and including August 18, 2021, semi-annually in arrears on
January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing on January 15, 2022, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, at the rate of [1.375/2.250]% per annum, until payment of
said principal amount has been made or duly provided for.

 

The
interest so payable and punctually paid or duly provided for on any Interest Payment Date shall be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered in the Security Register applicable to this Note at the close of business
on the “Record Date” for such payment, which shall be the 15th calendar day immediately prior to such
Interest Payment Date, regardless of whether such day is a Business Day (as defined below). Any interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered at the close of business on a subsequent record date for the
payment of such defaulted interest (which shall not be more than 15 calendar days and less than 10 calendar days prior to the date
of the payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of the
Notes not less than 10 calendar days preceding such subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. Interest on this Note shall be computed on the basis of a
360-day year of twelve 30-day months.

 

    A-1

     

    

 

Interest payable
on this Note on any Interest Payment Date or, if applicable, on the date of redemption shall be the amount of interest accrued from and
including the immediately preceding Interest Payment Date (or from and including August 18, 2021, in the case of the initial period) to
but excluding the applicable Interest Payment Date or date of redemption, as the case may be. If any date for the payment of principal
of, or premium, if any, interest on, or any other amount with respect to, this Note (each, a “Payment Date”) falls on a day
that is not a Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the
next succeeding Business Day with the same force and effect as if made on such Payment Date, and no interest shall accrue on the amount
so payable for the period from and after such Payment Date to such next succeeding Business Day. “Business Day” means any
day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York
are authorized or required by law, regulation or executive order to close.

 

The principal
of this Note payable on the Maturity Date or the principal, premium, if any, and interest, if any, payable on any earlier date of redemption
shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in The
Borough of Manhattan, The City of New York or The City of Chicago. The Issuer hereby initially designates the Corporate Trust Office of
the Trustee in The City of New York as the office to be maintained by it where Notes may be presented for payment, registration of transfer
or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof
may be served.

 

Payments of
principal, premium, if any, and interest in respect of this Note shall be made by wire transfer of immediately available funds in such
coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Reference is
made to the further provisions of this Note set forth on the reverse hereof after the Trustee’s Certificate of Authentication. Such
further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Note shall
not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by the Trustee under such Indenture.

 

    A-2

     

    

 

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be signed manually or by facsimile by its authorized officers.

 

Dated:

 

	 	SIMON PROPERTY GROUP, L.P.,
	 	as Issuer
	 	 
	 	 
	 	By: SIMON PROPERTY GROUP, INC.
	 	its sole General Partner
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest:	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

	 	 
	 	THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	 
	 	By:	                     
	 	 	Authorized Officer

 

    A-4

     

    

 

[REVERSE OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[1.375/2.250]% Note due [2027/2032]

 

This security
is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”), issued or to be
issued under and pursuant to an Indenture dated as of November 26, 1996 (herein called the “Indenture”), duly executed and
delivered by the Issuer to The Bank of New York Mellon Trust Company, N.A. (as successor to The Chase Manhattan Bank), as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities
of which this Note is a part), to which Indenture and all indentures supplemental thereto relating to this Note (including, without limitation,
the Forty-First Supplemental Indenture, dated as of August 18, 2021, between the Issuer and the Trustee) reference is hereby made for
a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered and for the definition of
capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different series may
be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), and may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series of debt securities under the Indenture designated as the Simon Property Group, L.P. [1.375/2.250]%
Notes due [2027/2032], initially limited in aggregate principal amount to [$550,000,000/$700,000,000] (the “Notes”).

 

In case an
Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole
Amount may be declared, and in certain cases shall automatically be, accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

 

The Notes
may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum
of (i) 100% of the principal amount of the Notes being redeemed plus accrued interest thereon to but excluding the Redemption Date and
(ii) the Make-Whole Amount, if any, with respect to such Notes. If the Notes are redeemed on or after October 15, [2026/2031], the redemption
price shall not include the Make-Whole Amount. Notice of any optional redemption shall be given to Holders at their addresses, as shown
in the Security Register for the Notes, not more than 60 nor less than 10 days prior to the date fixed for redemption. The notice of redemption
shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed.

 

    A-5

     

    

 

The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of
the aggregate principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class),
evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each series; provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any) or any
installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest
thereon or any premium payable upon the redemption or acceleration thereof, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or
composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or (ii) reduce the
aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or (iii) reduce
the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the
Indenture or any waiver of certain defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of
the Securities. The Indenture also permits the Holders of a majority in principal amount of the Outstanding Securities of any series
(or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the Securities
of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and their consequences, prior to any declaration
accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note that may be
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of, and premium, if any, and interest on, this Note in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

 

Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment
of any sums due under the Securities, including, without limitation, the principal, premium, if any, or interest payable under the Securities,
or for the payment or performance of any obligation under, or for any claim based on, the Indenture or otherwise in respect thereof, against
any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner’s assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies
under the Securities and the Indenture, or under any other document with respect to the Securities, against such parties with respect
to such amounts, obligations or claims shall be against the Issuer.

 

This Note
is issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of the same series of other authorized denominations at the office
or agency of the Issuer in The Borough of Manhattan, The City of New York or The City of Chicago, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection
therewith.

 

Upon due presentment
for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York or The
City of Chicago, one or more new Notes of the same series of authorized denominations in an equal aggregate principal amount shall be
issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

 

The Issuer,
the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered
as the absolute owner and Holder of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership
or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof and any premium hereon and,
subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

    A-6

     

    

 

This Note, including
the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions
of law.

 

Capitalized terms
used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Forty-First Supplemental
Indenture referred to herein.

 

    A-7

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this Note, shall be construed as though they were written out in full according to applicable laws or
regulations:

 

TEN COM – as tenants in common

UNIF GIFT MIN ACT –               Custodian             (Cust)
      

(minor) under Uniform Gifts to Minors Act                                 (State)

TEN ENT – as tenants by the entireties

JT TEN – as joint tenants
with right of survivorship and not as tenants in common

 

Additional abbreviations may also be used though not in the above list.

 

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

(Please print or typewrite name and address, including postal zip code of assignee.)

 

this Note and all rights thereunder
and does hereby irrevocably constitute and appoint                                                    Attorney
to transfer this Note on the books of the Trustee, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	Notice:
    The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without
    alteration or enlargement or any change whatsoever

 

    A-8

     

    

 

  

Exhibit B

  

FORM OF CERTIFICATED NOTE 

 

[FACE OF CERTIFICATED NOTE]

 

	REGISTERED 	REGISTERED
	NO. [ ] 	PRINCIPAL AMOUNT
	 	$[] 

 

SIMON PROPERTY GROUP, L.P.

 

[1.375/2.250]% Note due [2027/2032]

 

Simon Property
Group, L.P., a Delaware limited partnership (the “Issuer,” which term includes any successor under the Indenture (as defined
below)), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal amount of [PRINCIPAL AMOUNT
IN WORDS] dollars on January 15, [2027]/[2032] (the “Maturity Date”), unless earlier redeemed as described on the reverse
hereof, and to pay interest on the outstanding principal amount hereof from and including August 18, 2021, semi-annually in arrears on
January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing on January 15, 2022, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, at the rate of [1.375/2.250]% per annum, until payment of
said principal amount has been made or duly provided for.

 

The interest
so payable and punctually paid or duly provided for on any Interest Payment Date shall be paid to the Holder in whose name this Note (or
one or more predecessor Notes) is registered in the Security Register applicable to this Note at the close of business on the “Record
Date” for such payment, which shall be the 15th calendar day immediately prior to such Interest Payment Date, regardless
of whether such day is a Business Day (as defined below). Any interest not so punctually paid or duly provided for shall forthwith cease
to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on a subsequent record date for the payment of such defaulted interest (which shall not
be more than 15 calendar days and less than 10 calendar days prior to the date of the payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 calendar days preceding such subsequent
record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Interest payable
on this Note on any Interest Payment Date or, if applicable, on the date of redemption shall be the amount of interest accrued from and
including the immediately preceding Interest Payment Date (or from and including August 18, 2021, in the case of the initial period) to
but excluding the applicable Interest Payment Date or date of redemption, as the case may be. If any date for the payment of principal
of, or premium, if any, interest on, or any other amount with respect to, this Note (each, a “Payment Date”) falls on a day
that is not a Business Day, the principal, premium, if any, or interest payable with respect to such Payment Date shall be made on the
next succeeding Business Day with the same force and effect as if made on such Payment Date, and no interest shall accrue on the amount
so payable for the period from and after such Payment Date to such next succeeding Business Day. “Business Day” means any
day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York
are authorized or required by law, regulation or executive order to close.

 

The
principal of this Note payable on the Maturity Date or the principal, premium, if any, and interest, if any, payable on any earlier
date of redemption shall be paid against presentation and surrender of this Note at the office or agency of the Issuer maintained
for that purpose in The Borough of Manhattan, The City of New York or The City of Chicago. The Issuer hereby initially designates
the Corporate Trust Office of the Trustee in The City of New York as the office to be maintained by it where Notes may be presented
for payment, registration of transfer or exchange, and where notices to or demands upon the Issuer in respect of the Notes or the
Indenture referred to on the reverse hereof may be served.

 

    B-1

     

    

 

Payments of
principal, premium, if any, and interest in respect of this Note shall be made by wire transfer of immediately available funds in such
coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Reference
is made to the further provisions of this Note set forth on the reverse hereof after the Trustee’s Certificate of Authentication.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This Note shall
not be entitled to the benefits of the Indenture or be valid or obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by the Trustee under such Indenture.

 

    B-2

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be signed manually or by facsimile by its authorized officers.

 

Dated:

 

	 	SIMON PROPERTY GROUP, L.P.,
	 	as Issuer
	 	 
	 	By:	SIMON PROPERTY GROUP, INC.
	 	 	its sole General Partner
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest:	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    B-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	THE BANK OF NEW YORK MELLON 

TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	 
	 	Authorized Officer

 

    B-4

     

    

 

[REVERSE
OF NOTE]

 

SIMON PROPERTY GROUP, L.P.

 

[1.375/2.250]% Note due [2027/2032]

 

This security
is one of a duly authorized issue of debt securities of the Issuer (hereinafter called the “Securities”), issued or to be
issued under and pursuant to an Indenture dated as of November 26, 1996 (herein called the “Indenture”), duly executed and
delivered by the Issuer to The Bank of New York Mellon Trust Company, N.A. (as successor to The Chase Manhattan Bank), as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities
of which this Note is a part), to which Indenture and all indentures supplemental thereto relating to this Note (including, without limitation,
the Forty-First Supplemental Indenture, dated as of August 18, 2021, between the Issuer and the Trustee) reference is hereby made for
a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered and for the definition of
capitalized terms used hereby and not otherwise defined. The Securities may be issued in one or more series, which different series may
be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), and may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series of debt securities under the Indenture designated as the Simon Property Group, L.P. [1.375/2.250]%
Notes due [2027/2032], initially limited in aggregate principal amount to [$550,000,000/$700,000,000] (the “Notes”).

 

In case an
Event of Default with respect to the Notes shall have occurred and be continuing, the principal amount of the Notes and the Make-Whole
Amount may be declared, and in certain cases shall automatically be, accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

 

The Notes
may be redeemed at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum
of (i) 100% of the principal amount of the Notes being redeemed plus accrued interest thereon to but excluding the Redemption Date and
(ii) the Make-Whole Amount, if any, with respect to such Notes. If the Notes are redeemed on or after October 15 [2026/2031], the redemption
price shall not include the Make-Whole Amount. Notice of any optional redemption shall be given to Holders at their addresses, as shown
in the Security Register for the Notes, not more than 60 nor less than 10 days prior to the date fixed for redemption. The notice of redemption
shall specify, among other items, the redemption price and the principal amount of the Notes to be redeemed.

  

The
Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of
the aggregate principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class),
evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each series; provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security so affected, (i) change the Stated Maturity of the principal of, or premium, (if any) or any
installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of interest
thereon or any premium payable upon the redemption or acceleration thereof, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or
composite currency or currencies in which, the principal of any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or (ii) reduce the
aforesaid percentage of Securities the Holders of which are required to consent to any such supplemental indenture, or (iii) reduce
the percentage of Securities the Holders of which are required to consent to any waiver of compliance with certain provisions of the
Indenture or any waiver of certain defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in
the Indenture, or (iv) effect certain other changes to the Indenture or any supplemental indenture or in the rights of Holders of
the Securities. The Indenture also permits the Holders of a majority in principal amount of the Outstanding Securities of any series
(or, in the case of certain defaults or Events of Default, all series of Securities), on behalf of the Holders of all the Securities
of such series (or all of the Securities, as the case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and their consequences, prior to any declaration
accelerating the maturity of such Securities, or subject to certain conditions, rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this Note (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note that may be
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other
Note.

 

    B-5

     

    

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of, and premium, if any, and interest on, this Note in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

 

Notwithstanding
any other provision of the Indenture to the contrary, no recourse shall be had, whether by levy or execution or otherwise, for the payment
of any sums due under the Securities, including, without limitation, the principal, premium, if any, or interest payable under the Securities,
or for the payment or performance of any obligation under, or for any claim based on, the Indenture or otherwise in respect thereof, against
any partner of the Issuer, whether limited or general, including Simon Property Group, Inc. or such partner’s assets or against
any principal, shareholder, officer, director, trustee or employee of such partner. It is expressly understood that the sole remedies
under the Securities and the Indenture, or under any other document with respect to the Securities, against such parties with respect
to such amounts, obligations or claims shall be against the Issuer.

 

This Note
is issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of the same series of other authorized denominations at the office
or agency of the Issuer in The Borough of Manhattan, The City of New York or The City of Chicago, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except for any tax or other governmental charge imposed in connection
therewith.

 

Upon due presentment
for registration of transfer of this Note at the office or agency of the Issuer in The Borough of Manhattan, The City of New York or The
City of Chicago, one or more new Notes of the same series of authorized denominations in an equal aggregate principal amount shall be
issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

  

The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this Note is
registered as the absolute owner and Holder of this Note (whether or not this Note shall be overdue and notwithstanding any notation
of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof and any
premium hereon and, subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

This Note, including
the validity hereof, and the Indenture shall be governed by and construed in accordance with the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions
of law.

 

Capitalized terms
used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and the Forty-First Supplemental
Indenture referred to herein.

 

    B-6

     

    

  

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this Note, shall be construed as though they were written out in full according to applicable laws or
regulations:

 

TEN COM – as tenants in common

UNIF GIFT MIN ACT –             Custodian          (Cust)
       

(minor) under Uniform Gifts to Minors Act                               (State)

TEN
ENT – as tenants by the entireties

JT TEN – as joint tenants
with right of survivorship and not as tenants in common

 

Additional abbreviations may also be used though not in the above list.

 

 

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

 

(Please print or typewrite name and address, including postal
zip code of assignee.)

 

this Note and all rights thereunder and does hereby irrevocably
constitute and appoint                                        Attorney
to transfer this Note on the books of the Trustee, with full power of substitution in the premises.

 

	Dated:	 	 	 

 

	 	 	Notice: The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular,
without alteration or enlargement or any change whatsoever

 

    B-7EX-10.18

 Exhibit 10.18 

BIRD RIDES, INC. 

2017 STOCK PLAN 

1. Purposes of the Plan. The purposes of this 2017 Stock Plan are to attract and retain the best available personnel for
positions of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock
Options, as determined by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422 of the Code and the regulations promulgated thereunder. SARs and Stock Awards may also be granted under the
Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 

(a) “Administrator” means the Board or a Committee. 

(b) “Affiliate” means (i) an entity other than a Subsidiary which, together with the Company, is
under common control of a third person or entity and (ii) an entity other than a Subsidiary in which the Company and /or one or more Subsidiaries own a controlling interest. 

(c) “Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not
limited to, all applicable U.S. federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations of any other country or jurisdiction where Awards are granted under the Plan or Participants reside or
provide services, as such laws, rules, and regulations shall be in effect from time to time. 
 (d)
“Award” means any award of an Option, SAR or Stock Award under the Plan. 
 (e)
“Award Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of an Award granted under the Plan and includes any documents
attached to or incorporated into such Award Agreement, including, but not limited to, a notice of grant and a form of exercise or purchase notice. 

(f) “Board” means the Board of Directors of the Company. 

(g) “California Participant” means a Participant whose Award is issued in reliance on
Section 25102(o) of the California Corporations Code. 
 (h) “Cashless Exercise” means a program
approved by the Administrator in which payment of the Option exercise price or tax withholding obligations or other required deductions may be satisfied, in whole or in part, with Shares subject to the Option, including by delivery of an irrevocable
direction to a securities broker (on a form prescribed by the Company) to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of such amount. 

 

 (i) “Cause” for termination of a Participant’s
Continuous Service Status will exist (unless another definition is provided in an applicable Award Agreement, employment agreement or other applicable written agreement) if the Participant’s Continuous Service Status is terminated for any of
the following reasons: (i) any material breach by Participant of any material written agreement between Participant and the Company and Participant’s failure to cure such breach within 30 days after receiving written notice thereof;
(ii) any failure by Participant to comply with the Company’s material written policies or rules as they may be in effect from time to time; (iii) neglect or persistent unsatisfactory performance of Participant’s duties and
Participant’s failure to cure such condition within 30 days after receiving written notice thereof; (iv) Participant’s repeated failure to follow reasonable and lawful instructions from the Board or Chief Executive Officer and
Participant’s failure to cure such condition within 30 days after receiving written notice thereof; (v) Participant’s conviction of, or plea of guilty or nolo contendere to, any crime that results in, or is reasonably expected to
result in, material harm to the business or reputation of the Company; (vi) Participant’s commission of or participation in an act of fraud against the Company; (vii) Participant’s intentional material damage to the
Company’s business, property or reputation; or (viii) Participant’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of
nondisclosure as a result of his or her relationship with the Company. For purposes of clarity, a termination without “Cause” does not include any termination that occurs as a result of Participant’s death or disability. The
determination as to whether a Participant’s Continuous Service Status has been terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The foregoing definition does not in any way limit
the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if
appropriate. 
 (j) “Change of Control” means (i) a sale of all or substantially all of the
Company’s assets other than to an Excluded Entity (as defined below), (ii) a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, limited liability company or
other entity (other than an Excluded Entity), excluding any such transaction in which the holders of the Company’s outstanding voting securities immediately prior to the transaction beneficially own, directly or indirectly, more than fifty
percent (50%) of the outstanding voting securities of the surviving entity immediately following the transaction, or (iii) the consummation of a transaction, or series of related transactions, in which any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the Company’s then-outstanding voting securities. For these purposes, beneficial ownership shall be
determined in accordance with Rule 13d-3 of the Exchange Act. 
 Notwithstanding the foregoing, a transaction shall
not constitute a Change of Control if its purpose is to (A) change the jurisdiction of the Company’s incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons who hold the
Company’s securities immediately before such transaction, or (C) obtain funding for the Company in a financing that is approved by the Company’s Board. An “Excluded Entity ” means a corporation or other entity of
which the holders of voting capital stock of the Company outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled to be cast by all of such
corporation’s or other entity’s voting securities outstanding immediately after such transaction. 

  
 - 2 - 

 (k) “Code” means the Internal Revenue Code of 1986, as
amended. 
 (l) “Committee” means one or more committees or subcommittees of the Board consisting of
two (2) or more Directors (or such lesser or greater number of Directors as shall constitute the minimum number permitted by Applicable Laws to establish a committee or sub-committee of the Board)
appointed by the Board to administer the Plan in accordance with Section 4 below. 
 (m) “Common
Stock” means the Company’s common stock. 
 (n) “Company” means Bird Rides,
Inc., a Delaware corporation. 
 (o) “Consultant” means any person or entity, including an advisor but
not an Employee, that renders, or has rendered, services to the Company, or any Parent, Subsidiary or Affiliate and is compensated for such services, and any Director whether compensated for such services or not. 

(p) “Continuous Service Status” means the absence of any interruption or termination of service as an
Employee or Consultant. Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii) military leave; (iii) any other bona fide leave of
absence approved by the Company, provided that, if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months then, for purposes of Incentive Stock Option status only, such Employee’s service as an Employee shall be deemed
terminated on the first day following such 3-month period and the Incentive Stock Option (to the extent not exercised during the 3-month period after the date of such
deemed termination) shall thereafter automatically become a Nonstatutory Stock Option in accordance with Applicable Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its Parents,
Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant or from a Consultant to an Employee. 

(q) “Director” means a member of the Board. 

(r) “Disability” means “disability” within the meaning of Section 22(e)(3) of the Code.

 (s) “Employee” means any person employed by the Company, or any Parent, Subsidiary or Affiliate,
with the status of employment determined pursuant to such factors as are deemed appropriate by the Company in its sole discretion, subject to any requirements of Applicable Laws, including the Code. The payment by the Company of a director’s
fee shall not be sufficient to constitute “employment” of such director by the Company or any Parent, Subsidiary or Affiliate. 
  

  
 - 3 - 

 (t) “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 (u) “Fair Market Value” means, as of any date, the per share fair market value
of the Common Stock, as determined by the Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the determination of Fair Market Value shall be based upon the per
share closing price for the Shares as reported in The Wall Street Journal for the applicable date. 
 (v) “Family
Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Participant, any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons (or the Participant)
have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than 50% of the voting interests.

 (w) “Incentive Stock Option” means an Option intended to, and which does, in fact, qualify as an
incentive stock option within the meaning of Section 422 of the Code. 
 (x) “Involuntary
Termination” means (unless another definition is provided in the applicable Award Agreement, employment agreement or other applicable written agreement) the termination of a Participant’s Continuous Service Status other than
for (i) death, (ii) Disability or (iii) for Cause by the Company or a Parent, Subsidiary, Affiliate or successor thereto, as appropriate. 

(y) “Listed Security” means any security of the Company that is listed or approved for listing on a
national securities exchange or designated or approved for designation as a national market system security on an interdealer quotation system by the Financial Industry Regulatory Authority (or any successor thereto). 

(z) “Nonstatutory Stock Option” means an Option that is not intended to, or does not, in fact, qualify as
an Incentive Stock Option. 
 (aa) “Option” means a stock option granted pursuant to the Plan. 

(bb) “Option Exchange Program” means a program approved by the Administrator whereby outstanding Options
or SARs (i) are exchanged for Options or SARs with a lower exercise price, Stock Awards, cash or other property or (ii) are amended to decrease the exercise price as a result of a decline in the Fair Market Value. 

(cc) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending
with the Company if, at the time of grant of the Award, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A
corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
  

  
 - 4 - 

 (dd) “Participant” means any recipient or holder of
one or more Awards under the Plan or holder of Shares issued pursuant to an Award. 
 (ee) “Plan” means
this 2017 Stock Plan. 
 (ff) “Restricted Stock” means Shares awarded to a Participant under the Plan,
subject to payment of such consideration and such conditions on vesting and such transfer and other restrictions as are established in or pursuant to the Plan and the related Award Agreement, to the extent such Shares remain unvested and restricted
under the terms of the applicable Award Agreement. 
 (gg) “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision. 

(hh) “SAR” means a share appreciation right, representing the right, subject to the terms and conditions
of the Plan and the applicable Award Agreement, to receive a payment, in cash and/or Common Stock (as specified in the applicable Award Agreement), equal to the excess of the Fair Market Value of a share of Common Stock on the date the SAR is
exercised over the “base price” of the SAR, which base price shall be set forth in the applicable Award Agreement. 
 (ii)
“Share” means a share of Common Stock, as adjusted in accordance with Section 10 below. 
 (jj)
“Stock Award” means an award granted under Section 8 of the Plan. A Stock Award may include: (a) Restricted Stock, stock bonuses, performance stock, stock units, phantom stock, dividend equivalents, or
similar rights to purchase or acquire shares of Common Stock, whether at a fixed or variable price or ratio related to the Common Stock, upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or
other conditions, or any combination thereof; or (b) any similar securities with a value derived from the value of or related to the Common Stock and/or returns thereon. 

(kk) “Stock Exchange” means any stock exchange or consolidated stock price reporting system on which
prices for the Common Stock are quoted at any given time. 
 (ll) “Subsidiary” means any corporation
(other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of grant of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such
date. 
 (mm) “Ten Percent Holder” means a person who owns stock representing more than 10% of the
voting power of all classes of stock of the Company or any Parent or Subsidiary measured as of an Award’s date of grant. 
  

  
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 3. Stock Subject to the Plan. Subject to the provisions of
Section 10 below, the maximum aggregate number of Shares that may be issued under the Plan is 46,064,0491 Shares, all of which Shares may be issued under the Plan pursuant to Incentive Stock
Options. The Shares issued under the Plan may be authorized, but unissued, or reacquired Shares. If an Award should expire or become unexercisable for any reason without having been exercised in full, or is settled in cash or surrendered pursuant to
an Option Exchange Program, the unissued Shares that were subject thereto shall, unless the Plan shall have been terminated, continue to be available under the Plan for issuance pursuant to future Awards. In addition, any Shares which are retained
by the Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect to such Award shall be treated as not issued and shall continue to be available under the Plan for
issuance pursuant to future Awards. Shares issued under the Plan and later forfeited to the Company due to the failure to vest or repurchased by the Company at the original purchase price paid to the Company for the Shares (including, without
limitation, upon forfeiture to or repurchase by the Company in connection with the termination of a Participant’s Continuous Service Status) shall again be available for future grant under the Plan. Notwithstanding the foregoing, subject to the
provisions of Section 10 below, in no event shall the maximum aggregate number of Shares that may be issued under the Plan pursuant to Incentive Stock Options exceed the number set forth in the first sentence of this Section 3 plus, to the
extent allowable under Section 422 of the Code and the Treasury Regulations promulgated there under, any Shares that again become available for issuance pursuant to the remaining provisions of this Section 3. 

4. Administration of the Plan. 

(a) General. The Plan shall be administered by the Board, a Committee appointed by the Board, or any combination thereof,
as determined by the Board. The Plan may be administered by different administrative bodies with respect to different classes of Participants and, if permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make
Awards under the Plan to Employees and Consultants (who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board. 

(b) Committee Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall
continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new
members in substitution therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all to the extent permitted by Applicable Laws and, in the case of a Committee administering the Plan in
accordance with the requirements of Rule 16b-3, to the extent permitted or required by such provision. 
  

 

	1	 An aggregate of 5,000,000 shares was initially reserved and subject to the Plan at its adoption on May 10,
2017. The number of shares subject to the Plan was decreased by 1,060,364 shares on June 8, 2017 and increased by 1,688,364 shares on September 12, 2017, 7,752,239 shares on October 20, 2017, 6,492,490 shares on March 1, 2018,
8,016,051 shares on June 1, 2018, 9,127,119 shares on March 31, 2019 and 9,048,150 shares on November 5, 2019, for a current total of 46,064,049 shares. 

 

  
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 (c) Powers of the Administrator. Subject to the provisions of the Plan
and, in the case of a Committee, the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its sole discretion: 

(i) to determine the Fair Market Value in accordance with Section 2(t) above, provided that such determination shall be applied
consistently with respect to Participants under the Plan; 
 (ii) to select the Employees and Consultants to whom Awards may from time to
time be granted; 
 (iii) to determine the number of Shares to be covered by each Award; 

(iv) to approve the form(s) of agreement(s) and other related documents used under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when Awards may vest and/or be exercised (which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or
forfeiture restrictions will be waived, and any restriction or limitation regarding any Award or Shares issued or issuable pursuant to an Award; 

(vi) to amend any outstanding Award or agreement related to any Shares issued or issuable pursuant to an Award, including any amendment
adjusting vesting (e.g., in connection with a change in the terms or conditions under which such person is providing services to the Company), provided that no amendment shall be made that would materially and adversely affect the rights of any
Participant without his or her consent; 
 (vii) to determine whether and under what circumstances an Option or SAR may be settled in cash
under Section 7(c)(iii) below instead of Common Stock; 
 (viii) subject to Applicable Laws, to implement an Option Exchange Program
and establish the terms and conditions of such Option Exchange Program without consent of the holders of capital stock of the Company, provided that no amendment or adjustment to an Option or SAR that would materially and adversely affect the rights
of any Participant shall be made without his or her consent; 
 (ix) to approve addenda pursuant to Section 18 below or to grant Awards
to, or to modify the terms of, any outstanding Award Agreement or any agreement related to any Shares issued or issuable pursuant to an Award to Participants who are foreign nationals or employed outside of the United States with such terms and
conditions as the Administrator deems necessary or appropriate to accommodate differences in local law, tax policy or custom which deviate from the terms and conditions set forth in this Plan to the extent necessary or appropriate to accommodate
such differences; and 

  
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 (x) to construe and interpret the terms of the Plan, any Award Agreement, and any agreement
related to any Shares issued or issuable pursuant to an Award, which constructions, interpretations and decisions shall be final and binding on all Participants. 

(d) Indemnification. To the maximum extent permitted by Applicable Laws, each member of the Committee (including officers
of the Company, if applicable), or of the Board, as applicable, shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or pursuant to the terms and conditions
of any Award except for actions taken in bad faith or failures to act in good faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment
in any such claim, action, suit, or proceeding against him or her, provided that such member shall give the Company an opportunity, at its own expense, to handle and defend any such claim, action, suit or proceeding before he or she undertakes to
handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or
Bylaws, by contract, as a matter of law, or otherwise, or under any other power that the Company may have to indemnify or hold harmless each such person. 

5. Eligibility. 

(a) Recipients of Grants. Nonstatutory Stock Options, SARs and Stock Awards may be granted to Employees and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive Stock Options. 

(b) Type of Option. Each Option shall be designated in the Award Agreement as either an Incentive Stock Option or a
Nonstatutory Stock Option. 
 (c) ISO $100,000 Limitation. Notwithstanding any designation under Section 5(b)
above, to the extent that the aggregate Fair Market Value of Shares with respect to which options designated as Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company or
any Parent or Subsidiary) exceeds $100,000, such excess options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into account in the order in which they were granted, and
the Fair Market Value of the Shares subject to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 

(d) No Employment Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with
respect to continuation of an employment or consulting relationship with the Company (any Parent, Subsidiary or Affiliate), nor shall it interfere in any way with such Employee’s or Consultant’s right or the Company’s (Parent’s,
Subsidiary’s or Affiliate’s) right to terminate his or her employment or consulting relationship at any time, with or without cause. 

  
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 6. Term of Plan. The Plan shall become effective upon its adoption by
the Board and shall continue in effect for a term of 10 years unless sooner terminated under Section 14 below. 
 7. Options and
SARs. 
 (a) Term of Option or SAR. The term of each Option and SAR shall be the term stated in the Award
Agreement; provided that the term shall be no more than 10 years from the date of grant thereof or such shorter term as may be provided in the Award Agreement and provided further that, in the case of an Incentive Stock Option granted to a person
who at the time of such grant is a Ten Percent Holder, the term of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided in the Award Agreement. 

(b) Option Exercise Price and Consideration. 

(i) Exercise Price. The per-Share exercise price for each Option and the per-Share base price for each SAR shall be such price as is determined by the Administrator and set forth in the Award Agreement, but shall be subject to the following: 

(1) In the case of an Incentive Stock Option 

a. granted to an Employee who at the time of grant is a Ten Percent Holder, the per-Share exercise
price shall be no less than 110% of the Fair Market Value on the date of grant; 
 b. granted to any other Employee, the per-Share exercise price shall be no less than 100% of the Fair Market Value on the date of grant; 
 (2)
Except as provided in subsection (3) below, in the case of a Nonstatutory Stock Option or SAR, the per-Share exercise price or base price, as applicable, shall be such price as is determined by the
Administrator, provided that, if the per-Share exercise or base price is less than 100% of the Fair Market Value on the date of grant, it shall otherwise comply with all Applicable Laws, including
Section 409A of the Code; and 
 (3) Notwithstanding the foregoing, Options and SARs may be granted with a per-Share exercise or base price other than as required above pursuant to a merger or other corporate transaction. 

(ii) Permissible Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option,
including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option and to the extent required by Applicable Laws, shall be determined at the time of grant) and may consist entirely of
(1) cash; (2) check; (3) to the extent permitted under, and in accordance with, Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption provisions as the Administrator determines to be
appropriate (subject to the provisions of Section 152 of the Delaware General Corporation Law); (4) cancellation of indebtedness; (5) other previously owned Shares that have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which the Option is exercised; (6) a Cashless 
  

  
 - 9 - 

 Exercise; (7) such other consideration and method of payment permitted under Applicable Laws; or
(8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the
Company and the Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time of any Option exercise. 

(c) Exercise of Option or SAR. 

(i) General. 

(1) Exercisability. Any Option or SAR granted hereunder shall be exercisable at such times and under such conditions as
determined by the Administrator, consistent with the terms of the Plan and reflected in the Award Agreement, including vesting requirements and/or performance criteria with respect to the Company, and Parent, Subsidiary or Affiliate, and/or the
Participant. 
 (2) Leave of Absence. The Administrator shall have the discretion to determine at any time whether and
to what extent the vesting of Options and SARs shall be tolled during any leave of absence; provided, however, that in the absence of such determination, vesting of Options and SARs shall continue during any paid leave and shall be tolled during any
unpaid leave (unless otherwise required by Applicable Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military
leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options and SARs to the same extent as
would have applied had the Participant continued to provide services to the Company (or any Parent, Subsidiary or Affiliate, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such leave.

 (3) Minimum Exercise Requirements. An Option or SAR may not be exercised for a fraction of a Share. The
Administrator may require that an Option or SAR be exercised as to a minimum number of Shares, provided that such requirement shall not prevent a Participant from exercising the full number of Shares as to which the Option or SAR is then
exercisable. 
 (4) Procedures for and Results of Exercise. An Option or SAR shall be deemed exercised when written
notice of such exercise has been received by the Company in accordance with the terms of the Award Agreement by the person entitled to exercise the Option or SAR and, in the case of Options. the Company has received full payment for the Shares with
respect to which the Option is exercised and has paid, or made arrangements to satisfy, any applicable taxes, withholding, required deductions or other required payments in accordance with Section 9 below. The exercise of an Option or SAR shall
result in a decrease in the number of Shares that thereafter may be subject to the Award, both for purposes of the Plan and for exercise under the Option or SAR, by the number of Shares as to which the Option or SAR is exercised. 

 

  
 - 10 - 

 (5) Rights as Holder of Capital Stock. Until the issuance of the
Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a holder of capital stock shall exist with respect to the
Shares subject to any Option or SAR, notwithstanding the exercise of the Option or SAR. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock is issued, except as provided in
Section 10 below. 
 (ii) Termination of Continuous Service Status. The Administrator shall establish and set
forth in the applicable Award Agreement the terms and conditions upon which an Option or SAR shall remain exercisable, if at all, following termination of a Participant’s Continuous Service Status, which provisions may be waived or modified by
the Administrator at any time. To the extent that an Award Agreement does not specify the terms and conditions upon which an Option or SAR shall terminate upon termination of a Participant’s Continuous Service Status, the following provisions
shall apply: 
 (1) General Provisions. Upon a termination of a Participant’s Continuous Service Status, the
Participant’s Options or SARs, (x) to the extent such Options or SARs are not vested at the time of such termination, shall not vest (unless otherwise expressly provided by the Administrator) following the date of such termination, shall
remain outstanding for a period of thirty (30) days following the date of such termination, and shall terminate at the end of such 30-day period, and (y) to the extent such Options or SARs are vested
at the time of such termination, shall be exercisable for the applicable period provided in this Section 7(c)(ii) and, if the Participant (or other person entitled to exercise the Option or SAR) does not exercise the Option or SAR to the extent
so entitled within the time specified below, the Option or SAR shall terminate and the Shares underlying the unexercised portion of the Option or SAR shall revert to the Plan at the end of the applicable exercise period. For clarity, in no event may
any Option or SAR be exercised after the expiration of the Option or SAR term as set forth in the Award Agreement (and subject to this Section 7). 

(2) Termination other than Upon Disability or Death or for Cause. In the event of termination of a Participant’s
Continuous Service Status other than under the circumstances set forth in the subsections (3) through (5) below, such Participant may exercise any outstanding Option or SAR at any time within 3 months following such termination to the extent
the Option or SAR is then vested and exercisable. 
 (3) Disability of Participant. In the event of termination of a
Participant’s Continuous Service Status as a result of his or her Disability, such Participant may exercise any outstanding Option or SAR at any time within 12 months following such termination to the extent the Option or SAR is then vested and
exercisable. 
 (4) Death of Participant. In the event of the death of a Participant during the period of Continuous
Service Status since the date of grant of any outstanding Option or SAR, or within 3 months following termination of the Participant’s Continuous Service Status, the Option or SAR may be exercised by any beneficiaries designated in accordance
with Section 16 below, or if there are no such beneficiaries, by the Participant’s estate, or by a person who acquired the right to exercise the Option or SAR by bequest or inheritance, at any time within 12 months following the date the
Participant’s Continuous Service Status terminated, but only to the extent the Option or SAR is then vested and exercisable. 

  
 - 11 - 

 (5) Termination for Cause. In the event of termination of a
Participant’s Continuous Service Status for Cause, any outstanding Option or SAR (including any vested portion thereof) held by such Participant shall immediately terminate in its entirety upon first notification to the Participant of
termination of the Participant’s Continuous Service Status for Cause. If a Participant’s Continuous Service Status is suspended pending an investigation of whether the Participant’s Continuous Service Status will be terminated for
Cause, all the Participant’s rights under any Option or SAR, including the right to exercise the Option or SAR, shall be suspended during the investigation period. Nothing in this Section 7(c)(ii)(5) shall in any way limit the Company’s
right to purchase unvested Shares issued upon exercise of an Option or SAR as set forth in the applicable Award Agreement. 
 (iii)
Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option or SAR previously granted under the Plan based on such terms and conditions as the Administrator shall establish and
communicate to the Participant at the time that such offer is made. 
 (d) Other Provisions. The Award Agreement for
each Option and SAR shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Award Agreements need not be the same with
respect to each Participant. 
 8. Stock Awards. 

(a) Restricted Stock. When a right to purchase or receive Restricted Stock is granted under the Plan, the Company shall advise
the recipient in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, if any (which shall be as determined by the Administrator,
subject to Applicable Laws, including any applicable securities laws), and the time within which such person must accept such offer. The permissible consideration for Restricted Stock shall be determined by the Administrator and shall be the same as
is set forth in Section 7(b)(ii) above with respect to exercise of Options. The offer to purchase Shares shall be accepted by execution of an Award Agreement in the form determined by the Administrator. 

(b) Company Repurchase Option for Restricted Stock. 

(i) General. Unless the Administrator determines otherwise, the Award Agreement shall grant the Company a repurchase
option exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death or Disability) at a purchase price for Shares equal to the original purchase price paid by the
purchaser to the Company for such Shares and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine. 

 

  
 - 12 - 

 (ii) Leave of Absence. The Administrator shall have the discretion to
determine at any time whether and to what extent the lapsing of Company repurchase rights shall be tolled during any leave of absence; provided, however, that in the absence of such determination, such lapsing shall continue during any paid leave
and shall be tolled during any unpaid leave (unless otherwise required by Applicable Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during any unpaid portion of such leave,
provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given
vesting credit with respect to Shares purchased pursuant to the Award Agreement to the same extent as would have applied had the Participant continued to provide services to the Company (or any Parent, Subsidiary or Affiliate, if applicable)
throughout the leave on the same terms as he or she was providing services immediately prior to such leave. 
 (c) Rights as a Holder
of Capital Stock. Once the Restricted Stock is purchased, the Participant shall have the rights equivalent to those of a holder of capital stock, and shall be a record holder when his or her purchase and the issuance of the Shares is
entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Restricted Stock is purchased, except as provided in
Section 10 below. 
 (d) Other Stock Awards. The Administrator may grant Stock Awards other than Restricted Stock
under the Plan to one or more Participants with such conditions on vesting as the Administrator may determine. Payment of Stock Awards may be in the form of cash, shares of Common Stock, other Awards or combinations thereof as the Administrator
shall determine, and with such restrictions as it may impose. The Administrator may also require or permit Participants to elect to defer the issuance of shares or the settlement of Awards in cash under such rules and procedures as it may establish
under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts are
denominated in shares. 
 (e) Other Provisions. The Award Agreement for each Stock Award shall contain such other terms,
provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Award Agreements need not be the same with respect to each Participant. 

9. Taxes. 

(a) As a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death or a
permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require for the satisfaction of any applicable U.S. federal, state, local or foreign tax, withholding, and any other required
deductions or payments that may arise in connection with such Award. The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied. 

 

  
 - 13 - 

 (b) The Administrator may, to the extent permitted under Applicable Laws, permit a
Participant (or in the case of the Participant’s death or a permitted transferee, the person holding or exercising the Award) to satisfy all or part of his or her tax, withholding, or any other required deductions or payments by Cashless
Exercise or by surrendering Shares (either directly or by stock attestation) that he or she previously acquired or by having the Company reduce the number of Shares otherwise deliverable under the Award (or otherwise reacquire such Shares); provided
that, unless specifically permitted by the Company, any such Cashless Exercise must be an approved broker-assisted Cashless Exercise or the Shares withheld in the Cashless Exercise must be limited to avoid financial accounting charges under
applicable accounting guidance and any such surrendered Shares must have been previously held for any minimum duration required to avoid financial accounting charges under applicable accounting guidance. Any payment of taxes by surrendering Shares
to the Company may be subject to restrictions, including, but not limited to, any restrictions required by rules of the Securities and Exchange Commission. 

10. Adjustments Upon Changes in Capitalization, Change of Control. 

(a) Changes in Capitalization. Subject to any action required under Applicable Laws by the holders of capital stock of the
Company, (i) the numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award, (ii) the exercise or base price per Share of each such
outstanding Option or SAR, and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award, shall be automatically proportionately adjusted in the event of a stock split, reverse stock split, stock dividend,
combination, consolidation, reclassification of the Shares or subdivision of the Shares. In the event of any increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, a declaration of an
extraordinary dividend with respect to the Shares payable in a form other than Shares in an amount that has a material effect on the Fair Market Value, a recapitalization (including a recapitalization through a large nonrecurring cash dividend), a
rights offering, a reorganization, merger, a spin-off, split-up, change in corporate structure or a similar occurrence, the Administrator shall make appropriate
adjustments, in its discretion, in one or more of (i) the numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award, (ii) the
exercise or base price per Share of each outstanding Option or SAR and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award, and any such adjustment by the Administrator shall be made in the
Administrator’s sole and absolute discretion and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction described in this Section 10(a) or an adjustment pursuant to this
Section 10(a), a Participant’s Award Agreement or agreement related to any Shares issued or issuable pursuant to an Award covers additional or different shares of stock or securities, then such additional or different shares, and the Award
Agreement or agreement related to the Shares issued or issuable pursuant to an Award in respect thereof, shall be subject to all of the terms, conditions and restrictions which were applicable to the Award and such Shares prior to such adjustment.

  
 - 14 - 

 (b) Dissolution or Liquidation. In the event of the dissolution or liquidation
of the Company, each Award will terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator. 

(c) Change of Control. In the event a Change of Control occurs, each outstanding Award (vested or unvested) will be treated as
the Administrator determines, which determination may be made without the consent of any Participant and need not treat all outstanding Awards (or portion thereof) in an identical manner and shall include one or more of the following: (A) the
continuation of such outstanding Awards by the Company (if the Company is the surviving corporation); (B) the assumption of such outstanding Awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation or
its parent of new options or equity awards for such Awards; (D) the cancellation of such Awards in exchange for a payment to the Participants equal to the excess of (1) the Fair Market Value of the Shares subject to such Awards as of the
closing date of such Change of Control over (2) the exercise price or purchase price paid or to be paid for the Shares subject to the Awards; or (E) the cancellation of any outstanding Awards for no consideration, provided that a
Participant who holds any Options or SARs shall have been given reasonable advance notice of the impending cancellation and a reasonable opportunity to exercise his or her outstanding and vested Options and SARs in accordance with their terms before
such cancellation (except that in no case shall more than ten days’ notice of the impending cancellation be required). Notwithstanding anything under this Plan, any Award agreement or otherwise, any escrow, holdback, earn-out or similar provisions agreed to pursuant to, or in connection with, a Change of Control shall, unless otherwise determined by the Board, apply to any payment or other right a Participant may be entitled to
under this Plan, if any, to the same extent and in the same manner as such provisions apply generally to the holders of the Company’s Common Stock with respect to the Change of Control, but only to the extent permitted by Applicable Law,
including (without limitation), Section 409A of the Code. 
 11. Non-Transferability of
Awards. 
 (a) General. Except as set forth in this Section 11, Awards (or any rights of such
Awards) may not be sold, pledged, encumbered, assigned, hypothecated, or disposed of or otherwise transferred in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by a Participant will not
constitute a transfer. An Option or SAR may be exercised, during the lifetime of the holder of the Option or SAR, only by such holder or a transferee permitted by this Section 11. 

(b) Limited Transferability Rights. Notwithstanding anything else in this Section 11, the Administrator may in its
sole discretion provide that any Awards (other than Incentive Stock Options) may be transferred by instrument to an inter vivos or testamentary trust in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by
gift to Family Members. Further, beginning with (i) the period when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) promulgated under the Exchange Act, as determined by the Board
in its sole discretion, and (ii) ending on the earlier of (A) the date when the Company ceases to rely on such exemption, as determined by the Board in its sole discretion, or (B) the date when the Company becomes subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, an Award (or the Shares subject to the Award prior to the time 
  

  
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 they are issued pursuant to the terms thereof), may not be pledged, hypothecated or otherwise transferred or
disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are Family Members through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the
death or disability of the Participant. Notwithstanding the foregoing sentence, the Board, in its sole discretion, may permit transfers of Awards (other than Incentive Stock Options) to the Company or in connection with a Change of Control or other
acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 
 12.
Non-Transferability of Stock Underlying Awards. 
 (a)
General. Notwithstanding anything to the contrary, no Participant or other stockholder shall Transfer (as such term is defined below) any Shares (or any rights of or interests in such Shares) acquired pursuant to any Award
(including, without limitation, Shares acquired upon exercise of an Option) to any person or entity unless such Transfer is approved by the Company prior to such Transfer, which approval may be granted or withheld in the Company’s sole and
absolute discretion. “Transfer” shall mean, with respect to any security, the direct or indirect assignment, sale, transfer, tender, pledge, hypothecation, or the grant, creation or suffrage of a lien or encumbrance in or upon, or the
gift, placement in trust, or the Constructive Sale (as such term is defined below) or other disposition of such security (including transfer by testamentary or intestate succession, merger or otherwise by operation of law) or any right, title or
interest therein (including, but not limited to, any right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership thereof, the offer to make
such a sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding, whether or not in writing, to effect any of the foregoing. “Constructive Sale” shall mean, with respect to any security, a
short sale with respect to such security, entering into or acquiring an offsetting derivative contract with respect to such security, entering into or acquiring a futures or forward contract to deliver such security, or entering into any other
hedging or other derivative transaction that has the effect of materially changing the economic benefits and risks of ownership. Any purported Transfer effected in violation of this Section 12 shall be null and void and shall have no force or
effect and the Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of the Plan or (ii) to treat as owner of such Shares or to accord the
right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
 (b) Approval
Process. Any Participant or stockholder seeking the approval of the Company to Transfer some or all of its Shares shall give written notice thereof to the Secretary of the Company that shall include: (1) the name of the
stockholder; (2) the proposed transferee; (3) the number of shares of the Transfer of which approval is thereby requested; and (4) the purchase price, if any, of the shares proposed for Transfer. The Company may require the Participant to
supplement its notice with such additional information as the Company may request or as may otherwise be required by the applicable Award Agreement or other applicable written agreement. In addition such request for Transfer shall be subject to such
right of first refusal, transfer provisions and any other terms and conditions as may be set forth in the applicable Award Agreement or other applicable written agreement. 

  
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 13. Time of Granting Awards. The date of grant of an Award shall, for
all purposes, be the date on which the Administrator makes the determination granting such Award, or such other date as is determined by the Administrator. 

14. Amendment and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or
termination shall be made that would materially and adversely affect the rights of any Participant under any outstanding Award, without his or her consent. In addition, to the extent necessary and desirable to comply with Applicable Laws, the
Company shall obtain the approval of holders of capital stock with respect to any Plan amendment in such a manner and to such a degree as required. 

15. Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by
the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with Applicable Laws, with such compliance
determined by the Company in consultation with its legal counsel. As a condition to any purchase or acquisition of Shares pursuant to an Award, the Company may require the person purchasing or acquiring such Shares to represent and warrant at the
time of any such purchase or acquisition that the Shares are being purchased or acquired only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is
advisable or required by Applicable Laws. Shares issued under the Plan prior to the date, if ever, on which the Common Stock becomes a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which the
Participant will be required to offer Shares to the Company before selling or transferring them to any third party on such terms and subject to such conditions as is reflected in the applicable Award Agreement. 

16. Beneficiaries. If permitted by the Company, a Participant may designate one or more beneficiaries with respect to an
Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Participant’s death. Except as otherwise provided in an Award agreement,
if no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s estate or to any person who has the
right to acquire the Award by bequest or inheritance. 
 17. Approval of Holders of Capital Stock. If required by
Applicable Laws, continuance of the Plan shall be subject to approval by the holders of capital stock of the Company within 12 months before or after the date the Plan is adopted or, to the extent required by Applicable Laws, any date the Plan is
amended. Such approval shall be obtained in the manner and to the degree required under Applicable Laws. 

  
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 18. Addenda. The Administrator may approve such addenda to the Plan as
it may consider necessary or appropriate for the purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems necessary or appropriate to accommodate differences in local law,
tax policy or custom, which may deviate from the terms and conditions set forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate such differences but shall not otherwise affect
the terms of the Plan as in effect for any other purpose. 
 19. Information to Holders of Awards. In the event the
Company is relying on the exemption provided by Rule 12h-1(f) under the Exchange Act, the Company shall provide the information described in Rule 701(e)(3), (4) and (5) of the Securities Act of 1933, as
amended, to all holders of outstanding Awards in accordance with the requirements thereunder until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act. The Company may request that
holders of Awards agree to keep the information to be provided pursuant to this Section confidential. If the holder does not agree to keep the information to be provided pursuant to this Section confidential, then the Company will not be required to
provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) of the Exchange Act. 
  

  
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 ADDENDUM A 

2017 Stock Plan 

(California Participants) 

Prior to the date, if ever, on which the Common Stock becomes a Listed Security and/or the Company is subject to the reporting requirements of
the Exchange Act, the terms set forth herein shall apply to Awards issued to California Participants. All capitalized terms used herein but not otherwise defined shall have the respective meanings set forth in the Plan. 

1. The following rules shall apply to any Option or SAR in the event of termination of the Participant’s Continuous Service Status: 

(a) If such termination was for reasons other than death, “Permanent Disability” (as defined below), or Cause, the Participant shall
have at least 30 days after the date of such termination to exercise his or her Option or SAR to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event shall the Option or SAR be exercisable
after the expiration of the term as set forth in the Award Agreement. 
 (b) If such termination was due to death or Permanent Disability,
the Participant shall have at least 6 months after the date of such termination to exercise his or her Option or SAR to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event shall the Option or
SAR be exercisable after the expiration of the term as set forth in the Award Agreement. 
 “Permanent Disability” for purposes of this
Addendum shall mean the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major duties of the Participant’s position with the Company or any Parent or Subsidiary because of the
sickness or injury of the Participant. 
 2. Notwithstanding anything to the contrary in Section 10(a) of the Plan, the Administrator
shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporations Code. 
 3.
Notwithstanding anything stated herein to the contrary, no Option or SAR shall be exercisable on or after the 10th anniversary of the date of grant and any Award agreement shall terminate on or before the 10th anniversary of the date of grant. 

4. The Company shall furnish summary financial information (audited or unaudited) of the Company’s financial condition and results of
operations, consistent with the requirements of Applicable Laws, at least annually to each California Participant during the period such Participant has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant to
the Plan, during the period such Participant owns such Shares; provided, however, the Company shall not be required to provide such information if (i) the issuance is limited to key persons whose duties in connection with the Company assure
their access to equivalent information or (ii) the Plan or any agreement complies with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes of determining such compliance, any registered domestic
partner shall be considered a “family member” as that term is defined in Rule 701.

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