Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 TO 

LIMITED PARTNERSHIP AGREEMENT 

This Amendment No. 2 to the Limited Partnership Agreement (this “Amendment”) of InPoint REIT Operating Partnership,
LP (the “Partnership”), dated as of September 22, 2021, is between InPoint Commercial Real Estate Income, Inc. (the “General Partner”) and InPoint REIT Holdings, LLC (the “Limited Partner”).
This Amendment amends the Limited Partnership Agreement of the Partnership dated October 7, 2016, between the General Partner and the Limited Partner, as amended by Amendment No. 1 thereto dated January 30, 2017 (the
“Partnership Agreement”). 
 W I T N E S S E T H 

WHEREAS, pursuant to Article 11 of the Partnership Agreement, the General Partner has the exclusive power, without the prior consent of the
Limited Partners, to amend the Partnership Agreement to issue additional Partnership Interests in one or more classes, or one or more series of any of such classes, on such terms and conditions as shall be established by the General Partner in its
sole and absolute discretion, without the approval of any Limited Partners, in accordance with Section 4.2 of the Partnership Agreement; and 

WHEREAS, the General Partner has determined that it is necessary and desirable to amend the Partnership Agreement to establish and set forth
the terms of a new series of Partnership Interests designated as “Series A Preferred Units,” and make certain related amendments. 

NOW, THEREFORE, the Partnership Agreement is hereby modified and amended as follows: 

1.    Amendments to the Partnership Agreement. Except as set forth herein, the Partnership Agreement shall
remain in full force and effect. 
 (a)    Capitalized terms used but not defined in this Amendment shall have the
meanings ascribed to them in the Partnership Agreement. In addition, the following defined terms are hereby added to Article 1 of the Partnership Agreement: 

“Junior Share” means a share of capital stock of the General Partner now or hereafter authorized or
reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares. 

“Junior Unit” means a fractional share of the Partnership Interests that the General Partner has authorized
pursuant to Section 4.1, 4.2 or 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having
the right to subscribe for or purchase REIT Shares, Preferred Shares or Junior Shares, except that “New Securities” shall not mean any Preferred Shares, Junior Shares or grants under the Equity Incentive Plans or (ii) any debt issued
by the General Partner that provides any of the rights described in clause (i). 
 “OP Unit” means a
fractional share of the Partnership Interests of all Partners, but does not include any Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit; provided, however, that the
General Partnership Interest and the Limited Partnership Interests shall have the differences in rights and privileges as specified in this Agreement. 

“Partnership Interest” means an ownership interest in the Partnership held by either a Limited Partner or the
General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. A Partnership Interest may be expressed as a number of OP Units, Preferred Units, Junior Units or other Partnership Units. 

 “Partnership Unit” means an OP Unit, a Preferred Unit, a
Junior Unit or any other fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, 4.2 or 4.3 hereof. 

“Partnership Unit Designation” has the meaning set forth in Section 4.2(a) hereof. 

“Preferred Share” means a share of capital stock of the General Partner now or hereafter authorized or
reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares. 

“Preferred Unit” means a fractional share of the Partnership Interests that the General Partner has authorized
pursuant to Section 4.1, 4.2 or 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the OP Units. 

“REIT Share” means a share of the General Partner’s common stock, par value $0.01 per share. Where
relevant in this Agreement, “REIT Share” includes shares of the General Partner’s common stock, par value $0.001 per share, issued upon conversion of Preferred Shares. 

“Transfer” when used with respect to a Partnership Unit, or all or any portion of a Partnership Interest,
means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of
law. 
 (b)    The definition of “Percentage Interest” in Article 1 of the Partnership Agreement is hereby
deleted and replaced in its entirety with the following: 
 “Percentage Interest” means, as to a Partner
holding a class or series of Partnership Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class then
outstanding as specified in Exhibit A attached hereto, as such Exhibit A may be amended from time to time. If the Partnership issues additional classes or series of Partnership Interests other than as contemplated herein, the interest
in the Partnership among the classes or series of Partnership Interests shall be determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership
Interest, if any, as contemplated by Section 4.2. 
 (c)    Article 4 of the Partnership Agreement is hereby
deleted and replaced in its entirety with the following: 
 4.1 Capital Contributions of the Partners. 

Each Partner has made a Capital Contribution to the Partnership and owns Partnership Units in the amount and designation set
forth for such Partner on Exhibit A, as the same may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges, conversions or other Transfers, redemptions, Capital Contributions, the
issuance of additional Partnership Units, or similar events having an effect on a Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.3 hereof, the Partners shall have no obligation or right to make any
additional Capital Contributions or loans to the Partnership. 

  
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 4.2 Issuances of Additional Partnership Interests. 

(a) General. The General Partner may cause the Partnership to issue additional Partnership Interests, in the form
of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons, and to admit such Persons as Additional Limited Partners, for such consideration and on such
terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Without limiting the foregoing, the General Partner is expressly authorized to cause the
Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any debt, Partnership Units or other securities issued by the Partnership, (ii) for less than fair market value, so long as the General Partner
concludes in good faith that such issuance is in the best interest of the General Partner’s stockholders and the Partnership and (iii) in connection with any merger of any other Person into the Partnership or any Subsidiary of the
Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Subject to Delaware law, any
additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties as shall be
determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner, and set forth in a written document thereafter attached to and made an exhibit to this Agreement (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of
Partnership Interests; (b) the right of each such class or series of Partnership Interests to share in Partnership distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the
Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests. Upon the issuance of
any additional Partnership Interest, the General Partner shall amend Exhibit A as appropriate to reflect such issuance. 

(b) Issuances to the General Partner. No additional Partnership Units shall be issued to the General Partner unless
(i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership Units are (x) OP
Units issued in connection with an issuance of REIT Shares or (y) Partnership Units (other than OP Units) issued in connection with an issuance of Preferred Shares, Junior Shares, New Securities or other interests in the General Partner (other
than REIT Shares), which Preferred Shares, Junior Shares, New Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights,
terms and provisions of the additional Partnership Units issued to the General Partner and (b) the General Partner directly or indirectly contributes or otherwise causes to be transferred to the Partnership the cash proceeds or other
consideration, if any, received in connection with the issuance of such REIT Shares, Preferred Shares, Junior Shares, New Securities or other interests in the General Partner or (iii) the additional Partnership Units are issued upon the
conversion, redemption or exchange of debt, Partnership Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this Section 4.2(b), the General Partner shall make
such revisions to this Agreement as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

(c) No Preemptive Rights. No Person, including, without limitation, any Partner or assignee, shall have any
preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

4.3. Additional Funds and Capital Contributions. 

(a) General. The General Partner may, at any time and from time to time, determine that the Partnership requires
additional funds (“Additional Funds”) for the acquisition, origination or 

  
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development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine in its sole and absolute discretion. Additional Funds
may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.03 without the approval of any Limited Partners. 

(b) Additional Capital Contributions. The General Partner, on behalf of the Partnership, may obtain any Additional
Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue
additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership
Units. 
 (c) Issuance of Securities by the General Partner. The General Partner shall not issue any additional
REIT Shares, Preferred Shares, Junior Shares or New Securities unless the General Partner contributes directly or indirectly the cash proceeds or other consideration, if any, received from the issuance of such additional REIT Shares, Preferred
Shares, Junior Shares or New Securities, as the case may be, and from the exercise of the rights contained in any such additional New Securities, to the Partnership in exchange for (x) in the case of an issuance of REIT Shares, Partnership
Units or (y) in the case of an issuance of Preferred Shares, Junior Shares or New Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations,
preferences and other rights, terms and provisions of such Preferred Shares, Junior Shares or New Securities; provided, however, that notwithstanding the foregoing, the General Partner may issue REIT Shares, Preferred Shares, Junior Shares or New
Securities (a) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares, Preferred Shares, Junior Shares or New Securities to all of the holders of REIT Shares, Preferred Shares, Junior Shares or New
Securities, as the case may be, (b) upon a conversion, redemption or exchange of Preferred Shares, (c) upon a conversion of Junior Shares into REIT Shares, (d) upon a conversion, redemption, exchange or exercise of New Securities, or
(e) pursuant to share grants or awards made pursuant to any Equity Incentive Plan of the General Partner. In the event of any issuance of additional REIT Shares, Preferred Shares, Junior Shares or New Securities by the General Partner, and the
direct or indirect contribution to the Partnership, by the General Partner, of the cash proceeds or other consideration received from such issuance, if any, the Partnership shall pay the General Partner’s expenses associated with such issuance,
including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses
paid or incurred by the General Partner in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall
be deemed simultaneously to have reimbursed the General Partner pursuant to Section 6.5(b) for the amount of such underwriter’s discount or other expenses). Nothing in this Agreement shall prohibit the General Partner from issuing
Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interest of the Partnership and the General Partner’s stockholders. 

4.6. No Interest; No Return. 

No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s capital account. Except as
provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

  
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 4.8. Not Publicly Traded. 

The General Partner, on behalf of the Partnership, shall use its best efforts not to take any action which would result in the
Partnership being a “publicly traded partnership” under and as such term is defined in Code Section 7704(b), and by reason thereof, taxable as a corporation. 

4.9. No Third-Party Beneficiary. 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation
of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be
enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the
Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the
Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent
jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without
limiting the generality of the foregoing, a deficit capital account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

(d)    Article 5 of the Partnership Agreement is hereby deleted and replaced in its entirety with the following: 

5.1 Distributions 

(a) Except for distributions pursuant to Section 5.1(b) or 5.3 of this Agreement in connection with the dissolution
and liquidation of the Partnership, and subject to the terms of any Partnership Unit Designation, the General Partner may cause the Partnership to make distributions at such times and in such amounts as the General Partner shall determine in its
sole and absolute discretion to the Partners who are Partners on the Partnership Record Date with respect to such distribution period: (i) first, with respect to any Partnership Interests that are entitled to any preference in distribution, in
accordance with the rights of such class(es) of Partnership Interests (and, within such class(es), pro rata in proportion to the respective Percentage Interests on such Partnership Record Date) and (ii) second, with respect to any Partnership
Interests that are not entitled to any preference in distribution, in accordance with the rights of such class of Partnership Interests (and, within such class, pro rata in proportion to the respective Percentage Interests on such Partnership Record
Date). At the election of the General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire period in respect of which any distribution is made may be prorated based on the portion of the
period that such Partnership Units were outstanding. 
 (b) If the General Partner shall elect to purchase from its
stockholders common stock of the General Partner for any purpose, the Partnership shall distribute to the General Partner in reduction of its Capital Contributions the purchase price paid by the General Partner for such common stock and any other
expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership and shall be reimbursed to the General Partner. 

(c) In the event that the Partnership issues additional Partnership Interests to the General Partner or any additional
Limited Partner pursuant to Article 4 hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such additional Partnership Interests. 

  
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 5.2 REIT Distribution Requirements. 

The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to
enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal
income or excise tax liability imposed by the Code. 
 5.3 Distributions Upon Liquidation. 

Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership,
including any Partner loans, any remaining assets of the Partnership shall be distributed in accordance with Section 5.1(a). To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating
trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 

(e)    Exhibit A to the Partnership Agreement is hereby amended as set forth in Exhibit A hereto. 

(f)    A new Exhibit B is hereby added as set forth in Exhibit B hereto. 

2.    Construction. The provisions of this Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 3. 

3.    Entire Amendment. This Amendment may not be amended or modified except in writing signed
by all parties. 
 4.    Governing Law. The provisions of this Amendment shall be governed by and
construed in accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 4. 

5.    Counterparts. This Amendment may be executed in any number of counterparts, each of which
shall be deemed to be an original against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Amendment shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page has
been intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to the
Partnership Agreement as of the date and year first above written. 
  

			
	GENERAL PARTNER:
	
	InPoint Commercial Real Estate Income, Inc.
		
	By:	 	 /s/ Mitchell A. Sabshon

	Name:	 	Mitchell A. Sabshon
	Title:	 	Chief Executive Officer
	
	LIMITED PARTNER:
	
	InPoint REIT Holdings, LLC
	
	By: InPoint Commercial Real Estate Income, Inc., its manager
		
	By:	 	 /s/ Mitchell A. Sabshon

	Name:	 	Mitchell A. Sabshon
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Amendment No. 2 to Limited Partnership Agreement] 

 EXHIBIT A 

PARTNERS AND PARTNERSHIP UNITS 
  

													
	Partners	  	Address	 	  	 Partnership Units

(Type and Amount)
	 	  	Capital
Contributions	 
	 GENERAL PARTNER
	  				  				  			
	 InPoint Commercial Real Estate Income, Inc.
	  	 
 
	2901 Butterfield Rd.
 Oak Brook, IL 60523
	
  
	  	 
 
	10,218,324.762 OP Units
 3,500,000 Series A Preferred Units
	 
  
	  	$	900	 
	 LIMITED PARTNER
	  				  				  			
	 InPoint REIT Holdings, LLC
	  	 
 
	2901 Butterfield Rd.
 Oak Brook, IL 60523
	 
  
	  	 	1,135,369.418 OP Units	 	  	$	100	 
	 Totals
	  				  				  	$	1,000	 

  
 A-1 

 EXHIBIT B 

SERIES A PREFERRED UNITS 

Series A Preferred Units. Pursuant to the authority granted under Section 4.2 of the Limited Partnership Agreement of InPoint REIT
Operating Partnership, LP (the “Partnership Agreement”), the General Partner hereby establishes a series of Preferred Units designated as the “6.75% Series A Cumulative Preferred Units” (the “Series A Preferred
Units”) on the terms set forth in this Exhibit B. Capitalized terms used herein without definition have the meanings given to them in the Partnership Agreement. 

1.    Designation and Number. The number of authorized units of the Series A Preferred Units shall be
4,025,000 and shall at all times be equal to the number of 6.75% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) issued by the General Partner and then outstanding. Series A Preferred Units shall be
issued only to and held only by the General Partner. 
 2.    Rank. The Series A Preferred Units will,
with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership, rank: (a) senior to all classes or series of Partnership Units expressly designated as ranking junior to the Series A Preferred Units
as to distribution rights and rights upon liquidation, dissolution or winding up (collectively, “Junior Units”); (b) on parity with any other class or series of Partnership Units expressly designated as ranking on parity with the
Series A Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up (collectively, “Parity Units”); and (c) junior to any class or series of Partnership Units expressly designated as
ranking senior to the Series A Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up. For purposes of the terms of the Series A Preferred Units, the term “Partnership Units” does not include
convertible or exchangeable debt securities, including convertible or exchangeable debt securities that rank senior to the Series A Preferred Units prior to conversion or exchange. The Series A Preferred Units will also rank junior in right of
payment to the Partnership’s other existing and future indebtedness. 
 3.    Distributions. 

(a)    From and including September 22, 2021 to, but excluding, September 22, 2026, subject to the preferential
rights of holders of any class or series of Partnership Units expressly designated as ranking senior to the Series A Preferred Units as to distribution rights, the General Partner, as the holder of the Series A Preferred Units, shall be entitled to
receive, when, as and if authorized by the General Partner out of assets legally available for the payment of distributions, cumulative cash distributions at the rate of 6.75% per annum of the $25.00 liquidation preference per Series A Preferred
Unit (equivalent to a fixed annual amount of $1.6875 per Series A Preferred Unit) (the “Initial Rate”). 
 If a
“Change of Control” (as defined in the Articles Supplementary setting forth the terms of the Series A Preferred Stock (the “Articles Supplementary”)) occurs on or prior to September 22, 2022, the Partnership shall
thereafter accrue cumulative cash distributions on each then-outstanding Series A Preferred Unit at a rate equal to (a) the distribution rate in effect immediately prior to the Change of Control, plus (b) an additional 1.00% of the
liquidation preference per annum. 
 If either (i) the Applicable Ratings Agency (as defined in the Articles Supplementary) downgrades
the credit rating assigned to the Series A Preferred Stock to below Investment Grade (as defined in the Articles Supplementary), or (ii) in the case where there is only one Ratings Agency (as defined in the Articles Supplementary) rating the
Series A Preferred Stock, such Ratings Agency ceases to rate the Series A Preferred Stock or fails to make a rating of the Series A Preferred Stock publicly available (each of the events described in clauses (i) and (ii) being a
“Downgrade Event”), the Partnership shall thereafter accrue cumulative cash distributions on each then-outstanding Series A Preferred Unit at a rate equal to (a) the distribution rate in effect immediately prior to the
Downgrade Event, plus (b) 0.25% of the liquidation preference per annum, subject to a maximum annual distribution rate of 10.00% while the Series A Preferred Unit remains outstanding (the “Maximum Rate”). If, subsequent to the
occurrence of a Downgrade Event that results in an increase in the distribution rate in effect immediately prior to such Downgrade Event, the Applicable Rating Agency subsequently increases its rating of the Series A Preferred Stock to Investment
Grade or an Applicable Rating Agency subsequently issues an initial rating of the Series A Preferred Stock at 

  
 B-2 

 
Investment Grade (each such event, an “Upgrade Event”), the Partnership will thereafter accrue cumulative cash distributions on each then-outstanding Series A Preferred Unit at a
rate equal to (a) the distribution rate in effect immediately prior to the Upgrade Event, minus (b) 0.25% of the liquidation preference per annum; provided, however, that in no event shall the Partnership accrue cash distribution at a rate
lower than the Initial Rate. 
 If any Series A Preferred Units are outstanding after September 22, 2026, beginning on
September 30, 2026, the Partnership shall accrue cumulative cash distributions on each then-outstanding Series A Preferred Unit at a rate equal to (a) the distribution rate in effect on September 22, 2026, plus (b) an additional
1.00% of the liquidation preference per annum, which will increase by an additional 1.00% of the liquidation preference per annum on September 30 each year thereafter, subject to a maximum annual distribution rate equal to the Maximum Rate
while the Series A Preferred Unit remains outstanding. 
 Distributions on each Series A Preferred Unit shall accrue and be cumulative from
and including, the original date of issuance of such Series A Preferred Unit and shall be payable quarterly in equal amounts in arrears on or about March 30, June 30, September 30 and December 30 of each year, beginning on
December 30, 2021 (each such day being hereinafter called, a “Payment Date”); provided, however, if any Payment Date is not a Business Day (as defined below), then the distribution which would otherwise have been payable on
such Payment Date may be paid on the next succeeding Business Day with the same force and effect as if paid on such Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Payment Date
to such next succeeding Business Day; provided, further, that the General Partner, as the holder of the Series A Preferred Units, shall not be entitled to receive any distributions paid or payable on the Series A Preferred Units with a Payment Date
before the date such shares of Series A Preferred Units are issued. 
 The amount of any distribution payable on the Series A Preferred
Units for any partial distribution period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions shall be
payable to the General Partner, as the holder of the Series A Preferred Units. 
 (b)    No distributions on the Series
A Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its
indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if
such authorization, declaration, payment or setting apart shall be restricted or prohibited by law. 

(c)    Notwithstanding anything to the contrary contained herein, distributions on the Series A Preferred Units shall
accrue whether or not the restrictions referred to in Section 3(b) exist, whether or not the Partnership has earnings, whether or not there are assets legally available for the payment of such distributions and whether or not such distributions
are authorized or declared. 
 (d)    Except as provided in Section 3(e) below, no distributions shall be declared
and paid or set apart for payment, and no other distributions of cash or other property may be declared and made, directly or indirectly, on or with respect to, Parity Units or Junior Units (other than a distribution paid in Junior Units or options,
warrants or rights to subscribe for or purchase Junior Units) for any period, nor shall Parity Units or Junior Units be redeemed, purchased or otherwise acquired for any consideration (other than a redemption, purchase or acquisition of Common Units
made for purposes of and in compliance with requirements of any incentive, benefit or stock purchase plan of the General Partner or any subsidiary thereof, or a redemption, purchase or acquisition of Parity Units or Junior Units in connection with a
redemption, purchase or acquisition of REIT Shares as permitted under Article VI of the General Partner’s Articles of Amendment and Restatement (the “Charter”), as may be amended or supplemented from time to time), nor
shall any assets be paid or made available for a sinking fund for the redemption of any such shares by the Partnership, directly or indirectly (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or
subscribe for Junior Units, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to the General Partner, as holder of the Series A Preferred Units, and all holders of Parity Units), unless full
cumulative distributions on the Series A Preferred Units for all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment. 

  
 B-3 

 (e)    When cumulative distributions are not paid in full (or a sum
sufficient for such full payment is not so set apart) on the Series A Preferred Units and any Parity Units, all distributions declared on the Series A Preferred Units and any other Parity Units shall be declared pro rata so that the amount of
distributions declared per Series A Preferred Unit and per Parity Unit shall in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and per Parity Unit (which shall not include any accrual in respect of
unpaid distributions on any Parity Units for prior distributions periods if such Parity Units does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any
distribution payment or payments on the Series A Preferred Units which may be in arrears. 
 (f)    If, for any taxable
year, the General Partner elects to designate as “capital gain distributions” (as defined in Section 857 of the Internal Revenue Code of 1986, as amended) any portion of the distributions (as determined for federal income tax
purposes) paid or made available for the year to holders of all classes or series of Partnership Units, then the portion of the capital gains amount that shall be allocable to the General Partner, as holder of the Series A Preferred Units, shall be
the amount that the total distributions (as determined for federal income tax purposes) paid or made available to the General Partner, as holder of the Series A Preferred Units, for the year bears to the total distributions (as determined for
federal income tax purposes) paid or made available for the year to holders of all classes of Partnership Units. 

(g)    The General Partner, as holders of the Series A Preferred Units, shall not be entitled to any distribution, whether
payable in cash, property or Partnership Units, in excess of full cumulative distributions on the Series A Preferred Units as described above. Any distribution payment made on the Series A Preferred Units shall first be credited against the earliest
accrued but unpaid distributions due with respect to such shares which remain payable. Accrued but unpaid distributions on the Series A Preferred Units will accumulate as of the Payment Date on which they first become payable or on the date of
redemption, as the case may be. 
 (h)    “Business Day” shall mean any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close. 

(i)    “Set apart for payment” shall be deemed to include (without limitation): the recording by the
Partnership in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to an authorization by the General Partner and a declaration of distributions by the Partnership, the allocation of funds to be so paid on any
series or class of Partnership Units; provided, however, that if any funds for any class or series of Junior Units or Parity Units are placed in a separate account of the Partnership or delivered to a disbursing, paying or other similar agent, then
“set apart for payment” with respect to the Series A Preferred Units shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. 

4.    Liquidation Preference. 

(a)    In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any
distribution or payment shall be made to the holders of shares of any Junior Units, the General Partner, as holder of the Series A Preferred Units, shall be entitled to be paid, or have the Partnership declare and set apart for payment, out of the
assets of the Partnership legally available for distribution, after payment or provision for payment of all debts and other liabilities of the Partnership, a liquidation preference in cash or property at fair market value, as determined by the
General Partner, of $25.00 per unit, plus an amount equal to any accrued and unpaid distributions (whether or not declared) to, but not including, the date of payment or the date the amount for payment is set apart (the “Liquidating
Distributions”). 
 (b)    If, upon any such voluntary or involuntary liquidation, dissolution or winding up of
the Partnership, the available assets of the Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series A Preferred Units and the corresponding amounts payable on all outstanding Parity Units, then
the General Partner, as holder of the Series A Preferred Units, and the holders of such Parity Units shall share ratably in any such distribution of assets in proportion to the full Liquidating Distributions to which they would otherwise be
respectively entitled. 

  
 B-4 

 (c)    After payment of the full amount of the Liquidating Distributions
to which it is entitled, the General Partner, as holder of the Series A Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 

(d)    For the avoidance of doubt, the consolidation, merger or conversion of the Partnership with or into another entity,
the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or substantially all of the assets or business of the Partnership shall not be considered a
liquidation, dissolution or winding up of the Partnership. 
 5.    Redemption. 

(a)    Optional Redemption. 

The Series A Preferred Units are not redeemable prior to September 22, 2026, except to the extent that the Series A Preferred Stock are
permitted to be redeemed pursuant to Article VI of the Charter and as otherwise provided in this Section 5. Subject to Section 5(c), on and after September 22, 2026, upon no fewer than 30 days’ nor more than 60 days’ written
notice, the General Partner may, at its option, redeem the Series A Preferred Units, in whole or from time to time in part, by paying $25.00 per unit, plus any accrued and unpaid distributions (whether or not declared) to, but not including, the
date of redemption (other than any distribution with a Partnership Record Date before the applicable redemption date and a Payment Date after the applicable redemption date, which will be paid on the Payment Date notwithstanding prior redemption of
such units) (the “Regular Redemption Right”). 
 (i)    Unless full cumulative dividends
on all Series A Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, (i) no Series A Preferred Units shall be
redeemed unless all outstanding Series A Preferred Units are simultaneously redeemed, and (ii) the General Partner shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made
available for a sinking fund for the redemption of, any Series A Preferred Units (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or subscribe for Junior Units). 

(ii)    In connection with any redemption of Series A Preferred Units pursuant to the Regular Redemption
Right, if the redemption date falls after a Partnership Record Date and prior to the corresponding Payment Date, then the General Partner, as the holder of the Series A Preferred Units, at the close of business on such Partnership Record Date shall
be entitled to the dividend payable on such units on the corresponding Payment Date (including any accrued and unpaid dividends for prior dividend periods) notwithstanding the redemption of such units before such Payment Date. Except as provided
above and in Section 5(b)(iii), the General Partner will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given. 

(iii)    Any Series A Preferred Units that shall at any time have been redeemed pursuant to the Regular
Redemption Right or otherwise acquired shall, after such redemption or acquisition, have the status of authorized but unissued units of Preferred Units, without designation as to class or series until such units are once more classified and
designated as part of a particular class or series by the General Partner. 
 (b)    Special Optional Redemption.

 (i)    Subject to Section 5(c), upon the occurrence of a “Change of Control” as defined
in the Articles Supplementary, the General Partner or the acquiring or surviving entity, as applicable, at its option, may redeem the Series A Preferred Units, in whole or in part, within 120 days after the first date on which such Change of Control
occurred, for cash at a redemption price equal to $25.00 per unit, plus an amount equal to any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date (“Special Optional Redemption Right”).

  
 B-5 

 (ii)    Unless full cumulative dividends on all Series A
Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, (i) no Series A Preferred Units shall be redeemed pursuant
to the Special Optional Redemption Right unless all outstanding Series A Preferred Units are simultaneously redeemed, and (ii) the General Partner shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall
any monies be paid to or be made available for a sinking fund for the redemption of, any Series A Preferred Units (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or subscribe for Junior Units). 

(iii)    In connection with any redemption of Series A Preferred Units pursuant to the Special Optional
Redemption Right, if a redemption date falls after a Partnership Record Date and prior to the corresponding Payment Date, then the General Partner, as holder of the Series A Preferred Units, at the close of business on such Partnership Record Date
shall be entitled to the dividend payable on such units on the corresponding Payment Date (including any accrued and unpaid dividends for prior dividend periods) notwithstanding the redemption of such units before such Payment Date. Except as
provided above, the General Partner will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given. 

(iv)    Any Series A Preferred Units that shall at any time have been redeemed pursuant to the Special
Optional Redemption Right or otherwise acquired shall, after such redemption or acquisition, have the status of authorized but unissued Preferred Units, without designation as to class or series until such units are once more classified and
designated as part of a particular class or series by the General Partner. 
 (c)    Procedures of Redemption.
Notwithstanding any other provision hereof, the General Partner may only exercise its right to redeem all or any of the Series A Preferred Units to the extent that the General Partner exercises its right to redeem all or any of the Series A
Preferred Stock, and at any time that the General Partner exercises its right to redeem the Series A Preferred Stock, the General Partner shall exercise its right to cause the Partnership to redeem an equal number of Series A Preferred Units. 

6.    Conversion. At any time that a holder of the Series A Preferred Stock exercises its right to convert
all or any of the Series A Preferred Stock into REIT Shares, the General Partner shall exercise its right to cause the Partnership to convert an equal number of Series A Preferred Units into a number of OP Units equal to the corresponding number of
REIT Shares received by such exercising holder of the Series A Preferred Stock, such that following such conversion the aggregate number of outstanding Series A Preferred Units shall be equal to the aggregate number of outstanding shares of Series A
Preferred Stock and the aggregate number of OP Units held by the General Partner shall be equal to the aggregate number of outstanding REIT Shares. 

7.    Voting Rights. Except as required by law, the General Partner, in its capacity as the holder of the
Series A Preferred Units, shall not be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any action taken by the Partnership or the Partners, or to receive notice of any meeting of the Partners.

 8.    General. The rights of the General Partner, in its capacity as holder of the Series A Preferred
Units, are in addition to and not in limitation of any other rights or authority of the General Partner, in any other capacity, under the Partnership Agreement. In addition, nothing herein shall be deemed to limit or otherwise restrict any rights or
authority of the General Partner other than in its capacity as the holder of the Series A Preferred Units. 

  
 B-6Exhibit 4.1

        

       

        

      [FACE OF NOTE]

       

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTA-TIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”) (55 WATER STREET, NEW
        YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESEN-TATIVE OF THE
        DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE 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 THE
        DEPOSITARY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR.

       

      	
              REGISTERED

            	 
	 	 
	
              NO. R-001

            	
               PRINCIPAL AMOUNT

            
	 	 
	
              CUSIP NO. 49446R AY5

            	
              $500,000,000

            

      

      

      KIMCO REALTY CORPORATION

       

      2.250% Note due 2031

       

      KIMCO REALTY CORPORATION, a Maryland corporation (herein referred to as the “Company,” which term includes any successor corporation under the
        Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York 10041, or registered assigns, the principal amount of FIVE HUNDRED
        MILLION Dollars ($500,000,000) on December 1, 2031 (the “Stated Maturity Date”), unless redeemed on a Redemption Date (as defined on the reverse hereof) (the Stated Maturity Date or any Redemption Date is also referred to herein as the “Maturity
        Date” with respect to the principal repayable on such date), and to pay interest on the outstanding principal amount hereof from September 22, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
        semi‐annually in arrears on June 1 and December 1 in each year, commencing June 1, 2022 (each, an “Interest Payment Date”), at the rate of 2.250% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and
        punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
        Record Date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day, as defined below), as the case may be, immediately preceding such Interest Payment Date (each, a “Regular Record Date”). Any such 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 Securities, if applicable) is registered at the
        close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such
        Special 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 of this series may be listed, and upon such notice as may be required by such exchange,
        all as more fully provided in the Indenture. Interest will be computed on the basis of a 360‐day year of twelve 30‐day months.

       

      
        
          

      

      The principal of and premium, if any, and interest, if any, on this Note payable on the Maturity Date will be paid against presentation of this Note at
        the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York. The Company hereby appoints The Bank of New York Mellon (successor by merger to IBJ Schroder Bank & Trust Company) as Paying
        Agent for the Notes where Notes of this series may be presented or surrendered for payment and where notices, designations or requests in respect of payments with respect to the Notes may be served.

       

      Interest payable on this Note on any Interest Payment Date and, if applicable, on the Maturity Date, as the case may be, will include interest accrued
        from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including September 22, 2021, if no interest has been paid or duly provided for on this Note) to but
        excluding such Interest Payment Date or the Maturity Date, as the case may be; provided, however, that the Company will pay any interest installment due on an Interest Payment Date that occurs on or before a Redemption Date to the Holder of this
        Note as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date.

       

      If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, principal, premium, if any, and/or interest payable on
        such Interest Payment Date or the Maturity Date, as the case may be, will be paid on the succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so
        payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be.  “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law
        or executive order to close.

       

      Payments of principal, premium, if any, and/or interest by the Company in respect of this Note will be made by wire transfer of immediately available
        funds to the Holder hereof 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 hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
        the same effect as if set forth at this place.

       

      Unless the Certificate of Authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature of one of its authorized
        signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

       

      
        
          

      

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal.

       

      Dated:  September 22, 2021

       

      	 	KIMCO REALTY CORPORATION
	 	   
	 	By:	 	 

      	 	

            	
              Name:

            	
              Glenn G. Cohen

            
	 	

            	
              Title:

            	
              Executive Vice President, Chief  Financial Officer and Treasurer

            
	
              Attest:

            	

            	 	 

      

      

      	 	 
	
              Assistant Secretary

            	 

       

      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

       

      This is one of the Notes of the series designated therein referred to in the within‐mentioned Indenture.

       

      	 	
              THE BANK OF NEW YORK MELLON (successor by merger to IBJ Schroder Bank & Trust Company), as Trustee

            
	 	 
	 	
              By:

            	 
	 	 	
              Authorized Signatory

            

      
         

          

        [Signature Page to Global Note]

         

        

      

      
        
          

      

      [REVERSE OF NOTE]

       

      KIMCO REALTY CORPORATION

       

      2.250% Note due 2031

       

      This Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
        series under an Indenture, dated as of September 1, 1993, as amended by the First Supplemental Indenture, dated as of August 4, 1994, the Second Supplemental Indenture, dated as of April 7, 1995, the Third Supplemental Indenture, dated as of June
        2, 2006, the Fourth Supplemental Indenture, dated as April 26, 2007, the Fifth Supplemental Indenture, dated as of September 24, 2009, the Sixth Supplemental Indenture, dated as May 23, 2013, and the Seventh Supplemental Indenture, dated as of
        April 24, 2014 (the “Seventh Supplemental Indenture”), and as further amended or supplemented from time to time (herein called the “Indenture”) between the Company and The Bank of New York Mellon (successor by merger to IBJ Schroder Bank &
        Trust Company), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), to which the Indenture and all indentures supplemental thereto
        reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
        authenticated and delivered. This Note is one of the duly authorized series of Securities designated as “2.250% Notes due 2031” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such series is initially
        limited to $500,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes).  However, the Company may, without the consent of the Holders of the Notes, create and issue additional Notes in
        the future having the same terms as the Notes other than the date of original issuance, the date on which interest begins to accrue, the first interest payment date and the offering price, so as to form a single series with the Notes.  All terms
        used but not defined in this Note shall have the meanings assigned to such terms in the Indenture.

       

      Optional Redemption

       

      Prior to September 1, 2031 (the date that is three months prior to the Stated Maturity Date), this Note will be redeemable in whole at any time or in
        part from time to time, at the Company’s option, on a date fixed for redemption therefor (a “Redemption Date”) at a redemption price equal to the sum of (1) an amount equal to 100% of the principal amount of this Note to be redeemed plus accrued
        and unpaid interest thereon to, but not including, the Redemption Date and (2) a make-whole premium. At any time on or after September 1, 2031 (the date that is three months prior to the Stated Maturity Date), this Note will be redeemable in whole
        at any time or in part from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of this Note to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.

       

      
        
          

      

      The make-whole premium with respect to any Note redeemed prior to September 1, 2031 (the date that is three months prior to the Stated Maturity Date)
        will be calculated as the excess, if any, of:

       

      	

            	(a)	
              the aggregate present value as of the Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued thereon to, but not including, the Redemption Date) that would have been payable
                in respect of such dollar if such redemption had been made on September 1, 2031 (the date that is three months prior to the Stated Maturity Date), determined by discounting, on a semi-annual basis, such principal and interest at the
                Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on
                September 1, 2031 (the date that is three months prior to the Stated Maturity Date); over

            

       

      	

            	(b)	
              the principal amount of this Note.

            

       

      “Reinvestment Rate” means 0.150 percent (0.150%), plus the arithmetic mean of the yields for the immediately preceding week published in the most recent Federal Reserve Statistical Release H.15 that has become publicly
          available prior to the date of determining the make-whole premium (or if such statistical release is no longer published, any such other reasonably comparable index which shall be designated by the Company) with a remaining maturity ending three
          months prior to the Stated Maturity Date. If no maturity exactly corresponds to the remaining maturity ending three months prior to the Stated Maturity Date, the applicable Reinvestment Rate will be obtained by linear interpolation (calculated to
          the nearest one-twelfth of a year) from the yields for the two published maturities most closely corresponding to such remaining maturity of this Note.

       

      Written notice of any redemption will be mailed or transmitted in accordance with the applicable procedures of the Depositary at least 15 days but not
        more than 60 days before the Redemption Date to the Holder of this Note.  Unless the Company defaults in payment of the Redemption Price, on and after the applicable Redemption Date, interest will cease to accrue on this Note or the portion hereof
        called for redemption.

       

      If less than all of the Notes are to be redeemed at the option of the Company, the Depositary will select Notes for redemption in accordance with the
        applicable procedures of the Depositary.

       

      Other Terms

       

      If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Notes may be declared due and payable in the
        manner and with the effect provided in the Indenture.

       

      This Note is not entitled to the benefit of any sinking fund.

       

      
        
          

      

      The Notes shall not be entitled to the benefit of the covenant set forth in Section 1005 of the Indenture. For purposes of determining compliance with
        Section 1014 of the Indenture, the definition of “Unencumbered Total Asset Value” has been modified by the Seventh Supplemental Indenture.

       

      The Indenture contains provisions for defeasance of (i) the entire indebtedness of the Notes or (ii) certain covenants and Events of Default with
        respect to the Notes, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.

       

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
        Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the
        Indenture at the time outstanding and affected thereby. The Indenture also contains provi-sions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such
        Securities, to waive compli-ance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities of any
        series, in certain instances, to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and
        binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this 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 Company, which is
        absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

       

      As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the Security
        Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and premium, if any, and interest on this Note are payable, duly endorsed by, or accompanied
        by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
        and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

       

      As provided in the Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal
        amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.

       

      The Notes are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

       

      
        
          

      

      No service charge shall be made for any such regis-tration of transfer or exchange, but the Company may require payment of a sum sufficient to cover
        any tax or other govern-mental charge payable in connection therewith.

       

      Prior to due presentment of this Note for registra-tion of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
        Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

       

      The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and
        to be performed entirely in such State.

       

      
        
          

      

      ABBREVIATIONS

       

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

       

      
        	
                TEN COM -

              	
                as tenants in common

              
	
                TEN ENT -

              	
                as tenants by the entireties

              
	
                JT TEN -

              	
                as joint tenants with right of survivorship an not as tenants in common

              

      

      

      

      
        	
                UNIF GIFT MIN ACT

              	 	
                Custodian

              	 
	
                

                

              	
                (Cust)

              	 	(Minor)

         

        

      

    

    
      	
              under Uniform Gifts to Minors Act

            

      

      

      	 	 	 
	
              (State)

            

      

      

      	 	 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)

      	 

      	the within Note and all rights thereunder, and hereby irrevocably constitute and appoints

            	 
	 

      	

            	
              to transfer said Note on the books of the Company, with full power of substitution in the premises.

            

      

      

      	Dated:

              	 	 
	 
	Signature Guaranteed

      

      

      	 	 	 	 	 
	 	
              NOTICE:  Signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

            	 	
              NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

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