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URBAN EDGE PROPERTIES
EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN

1.Adoption; Purpose. The Compensation Committee of the Board of Trustees of Urban Edge Properties (the “Company”) has adopted this Executive Severance and Change of Control Plan (this “Plan”) for the purpose of providing severance and change of control protections to certain key employees of the Company and its Subsidiaries. 

2.Participation. This Plan is only for the benefit of Participants, and no other employees, personnel, consultants or independent contractors shall be eligible to participate in this Plan or to receive any rights or benefits hereunder. Participants are those employees (including new hires) designated by the Compensation Committee as Participants from time to time, subject to, and upon, such employee executing and delivering to the Company a Letter Agreement. Nothing in this Plan shall be construed as creating an express or implied contract of employment and nothing herein shall confer upon any Participant any right with respect to continued employment with the Company or any Subsidiary or limit the right of the Company or any Subsidiary to terminate such Participant at any time.

3.Certain Definitions. As used in this Plan, the following terms shall have the respective meanings set forth below: 

“Accrued Bonus” shall mean an annual cash bonus awarded under the Company’s applicable incentive plan for a calendar year ended prior to the year which includes the Termination Date: (a) with respect to which the Compensation Committee determines, in its reasonable discretion, that the performance goals, conditions or metrics related thereto have been achieved by a Participant; and (b) which has not been paid to such Participant on or before such Participant’s Termination Date.

“Accrued Rights” shall mean, with respect to a Participant, the sum of the following: (a) any accrued but unpaid Base Salary of such Participant through the Termination Date; (b) reimbursement for any unreimbursed business expenses properly incurred by such Participant in accordance with Company policy through such Participant’s Termination Date; (c) independent rights under any award granted to such Participant pursuant to the Incentive Plan (including any vested Long-Term Incentive Awards) and other written compensation arrangements between such Participant and the Company; and (d) benefits due under any indemnification, insurance or other plan or arrangement to which such Participant may be entitled according to the documents governing such plans or arrangements.

“Base Salary” means the Participant’s highest annual rate of base salary during the twelve (12)-month period immediately prior to the Participant’s Date of Termination. 

“Benefits Continuation” shall mean that the Company shall reimburse a Participant for the difference between the monthly COBRA premium paid by such Participant for Participant and Participant’s dependents and the monthly premium amount for such group health plan coverage paid by similarly situated active employees of the Company.

“Board” means the Board of Trustees of the Company and, after a Change in Control, the “board of directors” or similar constituent body of the parent corporation or surviving corporation, as the case may be. 

“Cause” means: (i) the Participant’s willful and continued failure (other than as result of Participant’s incapacity due to physical or mental illness) to substantially perform the Participant’s duties with the Company after receipt of notice requesting such performance; (ii) willful and gross misconduct by the Participant in connection with the performance of services for the Company that is or may reasonably be expected to have a material adverse effect on the reputation or interests of the Company; or (iii) the Participant’s conviction of, or entry of a plea of guilty or nolo contendere with respect to, a felony crime (excluding any vehicular offense) or a crime involving fraud, forgery, embezzlement or similar conduct.  The actions in (i) above will not be considered Cause unless the Participant has failed to cure such actions (if curable) within thirty (30) days of receiving written notice specifying with particularity the events allegedly giving rise to Cause. Further, no act or failure to act by the Participant will be deemed “willful” if taken or omitted in the good faith belief that the act or omission was in, or not opposed to, the best interests of the Company.

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

(i)    any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding common shares of the Company (the “Outstanding Company Common Shares”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of trustees (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust)sponsored or maintained by the Company or any of its affiliates or (4) any acquisition by any entity pursuant to a transaction described below in clauses (iii)(1), (iii)(2) or (iii)(3) of this definition;

(ii)    any time at which individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a trustee subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the trustees then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of trustees or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

(iii)    consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity interests of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding common shares (or other common equity securities) and the combined voting power of the then-
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outstanding voting securities entitled to vote generally in the election of trustees or directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Shares and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding common shares (or other common equity securities) resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of trustees or board of directors (or equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or

(iv)    approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

“Change of Control  Termination  Payment”  shall mean  an  amount equal to:(a) a Participant’s Change of Control Termination Payment Multiple; multiplied by (b) the sum of: (i) a Participant’s Base Salary; plus (ii) a Participant’s Target Cash Bonus.

“Change of Control Termination Payment Multiple” shall mean a number determined by the Company and set forth in a Participant’s Letter Agreement used for purposes of calculating such Participant’s Change of Control Termination Payment.

“COBRA” shall mean the Consolidated Omnibus Reconciliation Act of 1985, as amended.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Committee” means the Compensation Committee of the Board.

“Disability” means, with respect to a Participant, a physical or mental incapacity whereby such Participant is unable for a period of six (6) consecutive months to perform the essential functions of such Participant’s duties.  

“Effective Date” means February 11, 2022.

“Incentive Plan” shall mean any long-term incentive plan of the Company in effect from time to time, as approved by the shareholders of the Company.

“Long-Term Incentive Award” shall mean all long-term incentive awards granted to a Participant by the Board or the Compensation Committee under the Incentive Plan.

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“Letter Agreement” means the letter agreement provided to an executive by the Company substantially in the form attached hereto as Exhibit A stating, among other things, that such executive will be a Participant under this Policy and comply with certain confidentiality, non-competition, non-solicitation, non-disparagement and other covenants set forth in such letter agreement.

“Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on a Participant with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to a Participant’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to a Participant in the relevant taxable year(s).

“Participants” shall mean those employees of the Company or any Subsidiary who both: (a) the Compensation Committee from time to time designates as Participants in the Plan, and (b) have entered into a Letter Agreement with the Company.

“Performance Period” shall mean the period of performance based on which a Long- Term Incentive Award may be granted or may vest, subject to the satisfaction of performance goals, conditions or metrics for such period determined by the Compensation Committee or the Board.

“Reduced Amount” shall mean the greatest amount of Plan Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code.

“Restrictive Covenants” shall mean, with respect to a Participant, those non-competition, non-solicitation, non-disclosure, non-disparagement and other similar restrictive covenants set forth in the Letter Agreement executed and delivered by such Participant pursuant to this Plan.

“Subsidiary” means any subsidiary, affiliate or joint venture of the Company.

“Target Cash Bonus” shall mean a Participant’s most recent target annual cash performance bonus determined by the Company and applicable to the year which includes the Termination Date.

“Termination Date” shall mean, with respect to a Participant: (a) in the case of such Participant’s death, his date of death; (b) in the case of such Participant’s voluntary termination, the last day of such Participant’s employment; and (c) in all other cases, the date specified in the applicable Termination Notice.

“Termination Event” shall mean the termination of the employee-employer relationship between a Participant and the Company or any Subsidiary by reason of: (a) the resignation of such Participant; (b) the Company’s termination of such Participant; or (c) the death or Disability of such Participant.

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“Termination Payment” shall mean an amount equal to: (a) a Participant’s Termination Payment Multiple; multiplied by (b) the sum of: (i) such Participant’s Base Salary; plus (ii) such Participant’s Target Cash Bonus.

“Termination Payment Multiple” shall mean a number determined by the Company and set forth in a Participant’s Letter Agreement used for purposes of calculating such Participant’s Termination Payment.

4.Interpretation. In this Plan, unless a clear contrary intention appears: (a) the words “herein,” “hereof” and “hereunder” refer to this Plan as a whole and not to any particular Section, clause or other subdivision; (b) reference to any Section or clause, means such Section or clause hereof; and (c) the words “including” (and with correlative meaning “include”) means including, without limiting the generality of any description preceding such term. The Section and clause headings herein are for convenience only and shall not affect the construction hereof.

5.Termination Without Cause. Except as otherwise set forth in Section 6 and Section 11 and subject to Section 9, in the event a Termination Event occurs with respect to a Participant by reason of a termination of employment by the Company or any Subsidiary without Cause (other than by reason of the death or Disability of such Participant), such Participant shall be entitled to receive from the Company the Accrued Rights, the Accrued Bonus and each of the following:

(a)    a severance payment in an amount equal to such Participant’s Termination Payment, which amount the Company shall pay to Participant in a lump sum (subject to Section 13) as soon as practicable (but not later than thirty (30) days) following the Release Effective Date;

(b)    if such Participant timely and properly elects continuation coverage under COBRA, then such Participant shall be entitled to receive Benefits Continuation until the earliest of: (i) the date which is the number of years following the Termination Date equal to such Participant’s Termination Payment Multiple; (ii) the date such Participant is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which such Participant becomes eligible to receive substantially similar coverage from another employer; and

(c)    any unvested Long-Term Incentive Award: (i) that is subject solely to a time-based vesting condition will become vested immediately; and (ii) that is subject to subsequent performance-based vesting conditions will vest, if at all, in accordance with the terms of the applicable grant or award agreement; provided, that a Participant shall have ninety (90) days or the period specified in the applicable grant or award agreement, whichever is greater, to exercise any rights contained in any such grant or award agreement that are subject to exercise by such Participant (the “Equity Award Acceleration”).

6.Termination Without Cause Following a Change of Control.   Subject to Section 9, in the event that a Termination Event with respect to a Participant occurs within three (3) months prior to or in connection with (and in each case subject to the consummation of), or within twelve (12) months following, the date of a Change of Control, by reason of a termination of employment by the Company or any Subsidiary without Cause (other than by reason of the death or Disability of such Participant), such Participant shall be entitled to receive from the Company the Accrued Rights, the Accrued Bonus and each of the following:
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(a)    a severance payment in an amount equal to such Participant’s Change of Control Termination Payment, which amount the Company shall pay to Participant in a lump sum (subject to Section 13) as soon as practicable (but no later than thirty (30) days) following the Release Effective Date; and

(b)    if such Participant timely and properly elects continuation coverage under COBRA, then such Participant shall be entitled to receive Benefits Continuation until the earliest of: (i) the date which is the number of years following the Termination Date equal to such Participant’s Change of Control Termination Payment Multiple; (ii) the date such Participant is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which such Participant becomes eligible to receive substantially similar coverage from another employer.

(c)    any unvested Long-Term Incentive Award: (i) that is subject solely to a time-based vesting condition will become vested immediately; and (ii) that is subject to subsequent performance-based vesting conditions will vest, if at all, in accordance with the terms of the applicable grant or award agreement; provided, that a Participant shall have ninety (90) days or the period specified in the applicable grant or award agreement, whichever is greater, to exercise any rights contained in any such grant or award agreement that are subject to exercise by such Participant.

To the extent a Participant is entitled to any payments of benefits set forth in this Section 6, such Participant shall not be entitled to any payments or benefits set forth in Section 5.

7.Termination by Reason of Death or Disability. In the event that a Termination Event occurs with respect to a Participant by reason of the death or Disability of such Participant (provided, that a termination by Disability shall mean a termination of such Participant’s employment by the Company pursuant to a Termination Notice specifying the basis of such termination as of such Participant’s Disability), such Participant shall be entitled to receive from the Company the Accrued Rights, the Accrued Bonus and the Equity Award Acceleration. In the event of a termination by Disability, such Participant shall be entitled to receive from the Company any compensation and/or benefits as may be due or payable to such Participant in accordance with the terms and provisions of any employee benefit plans or programs of the Company.  Amounts payable by the Company pursuant to this Section 7 shall be paid to such Participant in a lump sum no later than thirty (30) days following such Participant’s Termination Date.

8.Termination for Cause. In the event that a Termination Event occurs with respect to a Participant by reason of a termination of employment by the Company or any Subsidiary for Cause: (a) such Participant shall be entitled to receive the Accrued Rights; and (b) any unvested Long-Term Incentive Awards shall be forfeited upon such termination.

9.General Release. Notwithstanding anything herein to the contrary, a Participant shall not be entitled to receive any payments or benefits, other than the Accrued Rights, pursuant to Section 5 or Section 6 hereof (and such Participant shall forfeit all rights to such payments) unless such Participant has executed and delivered to the Company a general release in form and substance as attached hereto as Exhibit B (the “General Release”) within thirty (30) days after Participant’s Termination Date (the “Release Execution Period”),  and such General Release remains in full force and effect, has not been revoked and is no longer subject to revocation, and a Participant shall be 
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entitled to receive such payments and benefits only so long as such Participant has not materially breached any of the provisions of the General Release (as specified in, and subject to, the limitations set forth in Paragraph 3(c) of the General Release) or the Restrictive Covenants without cure of any such breach within ten (10) business days after a notice from the Company specifying the breach. If the General Release is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then any cash payments due to a Participant shall be paid (subject to Section 13) in accordance with the provisions of Section 5 or Section 6, as applicable. For purposes of this Plan, “Release Effective Date” means the date as of which the General Release, executed by a Participant and delivered to the Company, is no longer subject to revocation, which, if a Participant executes and delivers the General Release within the Release Execution Period, shall be no later than sixty (60) days following such Participant’s Termination Date. The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective Date under the terms of this Plan applied as though such payments commenced immediately upon the termination of such Participant’s employment, and any payments scheduled to be made after the Release Effective Date shall continue as provided herein. Notwithstanding the foregoing, if the Release Execution Period begins in one calendar year and ends in another calendar year and all or any portion of such payments constitute non-exempt deferred compensation for purposes of Section 409A of the Code, then none of such payments shall begin until such second calendar year.

10.Termination Notices from Company. For purposes of this Plan, any purported termination of employment of a Participant by the Company or any Subsidiary or by such Participant (other than due to such Participant’s death) shall be communicated by written notice to the other party, which notice shall specify the Termination Date (if applicable), the basis for such termination and the reasonably detailed facts and circumstances claimed to provide a basis for such termination (each, a “Termination Notice”).

11.Accelerated Vesting upon a Change of Control. Upon the occurrence of a Change of Control, with respect to each Participant any unvested Long-Term Incentive Award of such Participant, if at all, in accordance with the applicable grant or award agreement.

12.Excess Parachute Payments.

(a)    Anything in this Plan to the contrary notwithstanding, in the event a nationally recognized independent accounting firm designated by the Company (the “Accounting Firm”) shall determine that receipt of all payments or distributions by the Company and any Subsidiary and each of their respective affiliates in the nature of compensation to or for a Participant’s benefit, whether paid or payable pursuant to this Plan or otherwise (a “Payment”), would subject such Participant to the excise tax under Code Section 4999, the Accounting Firm shall determine as required below in this Section 12(a) whether to reduce any of the Payments paid or payable pursuant to this Plan (the “Plan Payments”) to the Reduced Amount. The Plan Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that such Participant would have a greater Net After-Tax Receipt of aggregate Payments if Participant’s Plan Payments were so reduced. If the Accounting Firm determines that such Participant would not have a greater Net After-Tax Receipt of aggregate Payments if Participant’s Plan Payments were so reduced, then such Participant shall receive all Plan Payments to which such Participant is entitled.

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(b)    If the Accounting Firm determines that aggregate Plan Payments should be reduced to the Reduced Amount, then the Company shall promptly give Participant notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 12 shall be binding upon the Company and Participant (absent manifest error) and shall be made as soon as reasonably practicable and in no event later than fifteen (15) days following such Participant’s Termination Date. For purposes of reducing the Plan Payments to the Reduced Amount, only amounts payable under this Plan (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall first be made by first reducing or eliminating those payments or benefits which are payable in cash and then by reducing or eliminating payments which are not payable in cash, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from Participant’s Termination Date. For this purpose, where multiple payments or benefits are to be paid at the same time, they shall be reduced or eliminated on a pro-rata basis.

(c)    As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan which should not have been so paid or distributed (an “Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan which should have been so paid or distributed (an “Underpayment”), in each case consistent with the calculation of the Reduced Amount hereunder.   In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or a Participant which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, such Participant shall pay any such Overpayment to the Company, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by a Participant to the Company if and to the extent such payment would not either reduce the amount on which such Participant is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than sixty (60) days following the date on which the Underpayment is determined) by the Company to, or for the benefit of, such Participant, together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.

(d)    All fees and expenses of the Accounting Firm shall be paid solely by the Company.

13.Compliance with Code Section 409A.

(a)    This Plan is intended to comply with Section 409A of the Code (“Section 409A”) or an exemption thereunder.  This Plan shall be construed, interpreted and administered to the extent possible in a manner that does not result in the imposition on any Participant of any additional tax, penalty or interest under Section 409A.  Any payments under this Plan that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. If any payment or benefit cannot be provided or made at the time specified herein without the imposition on 
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a Participant of any additional tax, penalty or interest under Section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such additional tax, penalty or interest will not be imposed. For purposes of Section 409A: (i) any payments to be made under this Plan upon a termination of employment that constitute “nonqualified deferred compensation” within the meaning of Section 409A shall only be made if such termination of employment constitutes a “separation from service” under Section 409A; (ii) each payment made under this Plan shall be treated as a separate payment; and (iii) the right to a series of installment payments under this Plan is to be treated as a right to a series of separate payments. In no event shall any Participant, directly or indirectly, designate the calendar year of payment.

(b)    All reimbursements and in-kind benefits provided under this Plan shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirements that: (i) any reimbursement is for expenses incurred during a Participant’s lifetime (or during a shorter period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(c)    Notwithstanding any provision in this Plan to the contrary, if, at the time of a Participant’s separation from service with the Company, the Company has securities which are publicly traded on an established securities market, such Participant is a “specified employee” (as defined in Section 409A) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Plan as a result of such separation from service to prevent any accelerated or additional tax under Section 409A, then the Company will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Participant) that are not otherwise exempt from Section 409A until the first payroll date that occurs after the date that is six (6) months following Participant’s separation from service with the Company (as determined under Section 409A). If any payments are postponed pursuant to this Section 13(c), then such postponed amounts will be paid in a lump sum, without interest, to a Participant on the first payroll date that occurs after the date that is six (6) months following such Participant’s separation from service with the Company. If a Participant dies during the postponement period prior to the payment of any postponed amount, such amount shall be paid to the personal representative of such Participant’s estate within sixty (60) days after the date of Participant’s death.

(d)    Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Plan comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A.

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14.Miscellaneous Provisions

(a)Cumulative Benefits; Effect on Other Plans. Except as otherwise set forth herein or otherwise agreed to between the Company and a Participant, the rights and benefits provided to any Participant under this Plan are cumulative of, and are in addition to, all of the other rights and benefits provided to such Participant under any benefit plan of the Company or any agreement between such Participant and the Company or any Subsidiary. Notwithstanding anything to the contrary in this Plan, in the event that a Participant is entitled to severance benefits under any other employment agreement, severance agreement or similar agreement between a Participant and the Company: (a) the Plan Payments shall be reduced (but not below $0.00) by the aggregate amount of all similar severance payments and benefits due to such Participant under such other agreement; and (b) the Benefits Continuation under this Plan shall be provided only during the period beginning on the last day that such Participant is entitled to similar benefits under such other agreement and ending on the date specified in Section 5(b) or Section 6(b) hereof, as applicable.

(b)Plan Unfunded; Participant’s Rights Unsecured. The Company shall not be required to establish any special or separate fund or make any other segregation of funds or assets to assure the payment of any benefit hereunder. The right of any Participant to receive the benefits provided for herein shall be an unsecured claim against the general assets of the Company.

(c)Clawback. Notwithstanding any other provisions in this Plan to the contrary, any bonus, incentive-based, equity-based or other similar compensation paid to a Participant pursuant to this Plan which is required to be recovered under any law, government regulation or stock exchange listing requirement will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

(d)Waiver. No waiver of any provision of this Plan or any Letter Agreement shall be effective unless made in writing and signed by the waiving person or entity. The failure of any person or entity to require the performance of any term or obligation of this Plan or any Letter Agreement, or the waiver by any person or entity of any breach of this Plan or any Letter Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

(e)Amendment; Termination. The Company may amend or terminate this Plan at any time or from time to time for any reason, provided, that Sections 14(l) and 14(m) of this Plan and the Restrictive Covenants set forth in each Letter Agreement shall survive the termination of this Plan. The Company shall provide notice to Participants within fifteen (15) days of any amendment or termination of the Plan. For purposes hereof, an amendment or termination of this Plan shall not materially and adversely affect the rights of any Participant whose employment was terminated for any reason or no reason prior to the date of such amendment or termination. Notwithstanding the foregoing: (a) a Participant’s right to receive payments and benefits pursuant to the Plan upon a Termination Event shall not be adversely affected without such Participant’s consent by an amendment or termination of the Plan made within twelve (12) months prior to such Termination Event; and (b) a Participant’s right to receive payments and benefits pursuant to this Plan in connection with a Termination Event occurring in connection with, or within twelve (12) 
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months following, a Change of Control, shall not be adversely affected without such Participant’s consent by an amendment or termination of this Plan occurring within twelve (12) months before or after such Change of Control. Notwithstanding the foregoing, this Plan shall terminate without further action when all of the obligations to Participants hereunder have been satisfied in full.

(f)Administration.

(i)    The Compensation Committee shall have full and final authority to make determinations with respect to the administration of this Plan, to construe and interpret its provisions and to take all other actions deemed necessary or advisable for the proper administration of this Plan, but such authority shall be subject to the provisions of this Plan; provided, however, that, to the extent permitted by applicable law, the Compensation Committee may from time to time delegate such administrative authority to a committee of one or more members of the Board or one or more officers of the Company, except that in no event shall any such administrative authority be delegated to an officer with respect to such officer’s status as a Participant. No discretionary action by the Compensation Committee shall amend or supersede the express provisions of this Plan.

(ii)    The Company shall indemnify and hold harmless each member of the Compensation Committee against any and all expenses and liabilities arising out of his or her administrative functions or fiduciary responsibilities, including any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of such member in the performance of such functions or responsibilities to the fullest extent permitted by applicable law. Expenses against which such member shall be indemnified hereunder shall include, without limitation, the amounts of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof.

(g)Certain Corporate Transactions. In the event of a merger, consolidation or similar transaction, nothing herein shall relieve the Company from any of the obligations set forth in this Plan; provided, however, that nothing in this clause (g) shall prevent an acquirer of or successor to the Company from assuming the Company’s obligations hereunder (or any portion thereof) pursuant to the terms of this Plan.

(h)Successors and Assigns. This Plan shall be binding upon, and inure to the benefit of, the Company and its successors and assigns. This Plan and all rights of each Participant shall inure to the benefit of, and be enforceable by, each such Participant and such Participant’s personal or legal representatives, executors, administrators and heirs. If any Participant should die following a Termination Event but prior to all amounts due and payable to such Participant hereunder being paid, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to such Participant’s beneficiary designated in writing to the Company prior to such Participant’s death (or to such Participant’s estate, if a Participant fails to make such designation). No payments, benefits or rights arising under this Plan may be assigned or pledged by any Participant, except under the laws of descent and distribution.

(i)Notices. Any notice or other communication required or permitted under this Plan shall be in writing and shall be delivered personally, by nationally-recognized overnight courier service or sent by certified, registered or express mail, postage prepaid. Any such notice 
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shall be deemed given when so delivered personally, when delivered by nationally-recognized overnight courier service or, if mailed, five (5) days after the date of deposit in the United States mails, as follows:

(A)    if to the Company, to:

Urban Edge Properties
210 Route 4 East
Paramus, NJ 07652
Attention: ___________________

(B)    if to any Participant, to such Participant’s residence address on the records of the Company or to such other address as such Participant may have designated to the Company in writing for purposes hereof.

Each of the Company and a Participant, by notice given to the other in accordance with this Section 14(i), may designate another address or person for receipt of notices delivered pursuant to this Section 14(i).

(j)Withholding. The Company shall have the right to deduct from any payment or benefit provided pursuant to this Plan all federal, state and local taxes and any other amounts which are required by applicable law to be withheld therefrom.

(k)Severability. The provisions of this Plan and each Letter Agreement (including, for the avoidance of doubt, the Restrictive Covenants) shall be regarded as divisible and separate, and if any provision of this Plan or any Letter Agreement is, becomes or is deemed to be invalid, illegal or unenforceable in any respect, then the validity, legality and enforceability of the remaining provisions of this Plan and applicable Letter Agreement shall not be affected thereby.

(l)Dispute Resolution. Except as necessary for the Company and the Subsidiaries and their respective successors or assigns to specifically enforce or enjoin a breach of the Restrictive Covenants (to the extent such remedies are otherwise available), any controversy, claim, dispute or question arising out of, in connection with or in relation to this Plan or any Letter Agreement (including, for the avoidance of doubt, the Restrictive Covenants), at the election and upon written demand of the Company or any Participant, shall be submitted to binding arbitration in New York, New York according to New York law and the rules and procedures of the American Arbitration Association. The decision of the arbitrators shall be final and binding as to any matter submitted hereunder, and judgment on any award rendered by the arbitrators may be entered in any court having jurisdiction thereof. With respect to each such arbitration, each party thereto shall share equally the administrative expenses (filing and arbitrator costs) associated with the arbitration and the prevailing party shall be entitled to reimbursement of such party’s reasonably attorneys’ fees incurred in connection with any such dispute. For the avoidance of doubt, no counsel for any party to any such arbitration shall be disqualified from representing such counsel’s clients in connection therewith as a result of such counsel’s role in negotiating or drafting this Plan. Notwithstanding the foregoing, the dispute resolution procedures set forth in this Section 14(l) shall not apply to any matter which, by the express provisions of this Plan, is to be finally determined by the Compensation Committee.
12

(m)Governing Law. This Plan and each Letter Agreement (including, for the avoidance of doubt, the Restrictive Covenants) shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to conflict of laws provisions thereof, and applicable federal law.

[Severance Plan End]

13

EXHIBIT A

Form of Letter Agreement

LETTER AGREEMENT
[Date]

Dear [Participant Name]:

We are pleased to inform you that the Board of Directors of Urban Edge Properties, a Maryland real estate investment trust (the “Company”), has determined that, effective as of [Date] (the “Participation Date”), you are eligible to participate in the Company’s Executive Severance and Change of Control Plan (the “Plan”) as a Participant thereunder, subject to your execution and delivery of this Letter Agreement to the Company and subject to the terms and conditions of the Plan and this Letter Agreement. Capitalized terms used herein and not defined herein shall have the meanings given to such terms in the Plan.

The terms of the Plan are detailed in the copy of the Plan that is attached as Exhibit A to this Letter Agreement, and those terms of the Plan are incorporated in and made a part of this Letter Agreement. As described in more detail in the Plan, the Plan entitles you to certain severance benefits in the event that your employment with the Company or any Subsidiary terminates under certain circumstances. By signing this Letter Agreement, and as a condition of your eligibility for the payments and benefits set forth in the Plan, you agree to comply with the provisions of the Plan and you agree to comply with the provisions of this Letter Agreement (including, without limitation, the Restrictive Covenants set forth herein) during your employment and, to the extent required by the Restrictive Covenants, after the termination of your employment regardless of the reason for such termination. Your Termination Payment Multiple shall be [1]x and your Change in Control Termination Payment Multiple shall be [1.5]x.
This Letter Agreement and the Plan constitute the entire agreement between you and the Company with respect to the subject matter hereof and, as of the Participation Date, shall supersede in all respects any and all prior agreements between you and the Company concerning such subject matter.

Restrictive Covenants

By signing below, you hereby acknowledge and agree that:

(a)During the term of your employment with the Company or any Subsidiary and thereafter, you will not use, disclose or disseminate any Trade Secrets (as defined below) or other Confidential Information (as defined below) of, or relating to, the Company or any Subsidiary, except: (i) as may be required to perform your Duties during the term of your employment or as required by applicable law or legal process; or (ii) with the prior written consent of the Company. 

The obligations in this clause (a) shall: (A) with respect to Trade Secrets, remain in effect as long as the information constitutes a Trade Secret under applicable law; and (B) with respect to Confidential Information, remain in effect so long as such information constitutes Confidential Information. “Confidential Information” means data and information: (i) relating to the Company’s business, regardless of whether the data or information constitutes a Trade Secret; (ii) disclosed to you or of which you became aware of as a consequence of your relationship with the Company or any Subsidiary; (iii) having value to the Company or any Subsidiary; (iv) not generally known to competitors of the Company; and (v) which includes, without limitation, Trade Secrets, methods of operation, information regarding acquisitions and dispositions, tenant (including prospective tenant) and lease information, shareholder information, financial information and projections, personnel data, information of any third party provided to the Company or any Subsidiary which the Company or Subsidiary is obligated to treat as confidential, and similar information; provided, however, that such term shall not mean data or information: (A) which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made without authorization from the Company; (B) which has been independently developed and disclosed by others; or (C) which has otherwise entered the public domain through lawful means. “Trade Secrets” means the then current definition of trade secrets under New York law.

(b)For the [twelve (12)]-month period following your termination or resignation of employment with the Company or any Subsidiary, unless you have obtained the prior written approval of the Board, you will not, unless such solicitation is made on behalf of the Company or any Subsidiary or such solicitation is made with the Company’s prior written consent, directly or indirectly, solicit, recruit, induce or otherwise encourage any employee of the Company or any Subsidiary to: (i) terminate or resign his or her employment relationship with the Company or such Subsidiary (except during your employment in connection with the termination of an employee in a manner consistent with the performance of your Duties and in compliance with the Company’s and its Subsidiaries’ policies); or (ii) be employed by, or otherwise provide consulting or other similar services to, any other person or entity engaged in the Company’s business.

(c)For the [twelve (12)]-month period following your termination or resignation of employment with the Company or any Subsidiary, you will not, whether for your own account or for the account of any other person or entity: (i) intentionally interfere with the Company’s or any Subsidiary’s relationship with; or (ii) endeavor to entice away from the Company or any Subsidiary, any tenant, co-developer or joint venturer of the Company or any Subsidiary.

(d)For the [twelve (12)]-month period following your termination or resignation of employment with the Company or any Subsidiary, unless you have obtained the prior written approval of the Board, or unless such termination or resignation occurs during the twelve (12)-month period following the date of a Change of Control, you will not: (i) in the geographic territory of the United States of America, either: (A) directly or indirectly, as an employee, consultant or otherwise, perform, for or on behalf of a Competing Business (as defined below), services that are the same as, or substantially similar to, the services that you performed for the Company or any Subsidiary; or (B) become employed as the Chief Executive Officer, Chief Financial Officer, President, Vice President, or in any other real estate executive position of a Competing Business; or (ii) have a financial interest in a Competing Business, including, without limitation, as a shareholder, officer, director or 

principal; provided, however, you may own, directly or indirectly, solely as a passive investment, one percent (1%) or less of any class of securities of any entity traded on any national securities exchange. “Competing Business” means any business the primary business of which is being engaged in by the Company as a principal business as of the Termination Date (including, without limitation, the development, owning and operating of commercial real estate in the principal geographical markets in which the Company operates on the date of termination and the acquisition and disposition of commercial real estate in those markets for the purpose of development, owning and operating such real estate).

(e)During your employment with the Company or any Subsidiary and for the twenty- four (24)-month period following your termination or resignation of employment with the Company or any Subsidiary, you will not to take any action or say anything to any person that disparages the Company or any Subsidiary.

(f)During your employment with the Company or any Subsidiary, you will be subject to, and abide by, all written policies and procedures of the Company provided to you (as the same may be amended from time to time by the Company), including, without limitation, policies regarding the protection of confidential or proprietary information and intellectual property and potential conflicts of interest, except to the extent that such policies and procedures conflict with the other provisions of this Letter Agreement, in which case this Letter Agreement shall control.

(g)As between you and the Company, the Company shall be the sole owner of all the products and proceeds of your services and performance of your Duties including, without limitation, all materials, ideas, concepts, formats, suggestions, developments and other intellectual properties that you may acquire, obtain, develop or create during your employment with the Company or any Subsidiary in connection with your services and performance of your Duties, free and clear of any claims by you (or on your behalf) of any kind or character whatsoever (other than your rights and benefits under this Letter Agreement). You will, at the request of the Company, execute such assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend the Company’s right, title and interest in and to any such products and proceeds of your services and performance of your Duties (provided, that any such assignment, certificate or instrument shall not require you to assign or transfer any rights in such intellectual property owned by any third party, if any).

(h)You and the Company declare and intend that: (i) the immediately preceding clauses (a) through (g) shall be construed as a series of separate covenants; (ii) if any portion of the restrictions set forth in this section titled “Restrictive Covenants” should, for any reason whatsoever, be declared invalid by an arbitrator or a court of competent jurisdiction, then the validity or enforceability of the remainder of such restrictions shall not thereby be adversely affected; and (iii) the territorial and time limitations set forth in this section titled “Restrictive Covenants” are reasonable and properly required for the adequate protection of the business of the Company and its Subsidiaries. In the event that any such territorial or time limitation is deemed to be unenforceable by an arbitrator or a court of competent jurisdiction under applicable law, you 

agree to the reduction of the subject territorial or time limitation to the area or period which such arbitrator or court shall have deemed enforceable. All of the provisions of this section titled “Restrictive Covenants” are in addition to any other written agreements on the subjects covered herein that you may have with the Company or any of its Subsidiaries and are not meant to, and do not, excuse any additional obligations that you may have under such agreements. You acknowledges that: (i) the Company has separately bargained and paid additional consideration for the restrictive covenants set forth in this section titled “Restrictive Covenants;” and (ii) the Company will provide certain benefits to you hereunder and under the Plan in reliance on such covenants in view of the unique and essential nature of the services and Duties you will perform on behalf of the Company and the irreparable injury that would befall the Company should you breach such restrictive covenants.

(i)The confidentiality, non-solicitation, non-competition, non-disparagement, intellectual property rights and other rights of the Company referred to in this section titled “Restrictive Covenants” of this Letter Agreement are each of substantial value to the Company or its Subsidiaries and that any breach of this section titled “Restrictive Covenants” by you could cause irreparable harm to the Company or its Subsidiaries, for which the Company or its Subsidiaries would have no adequate remedy at law. Therefore, in addition to any other remedies that may be available to the Company or any of its Subsidiaries under this Letter Agreement, the Plan or otherwise, the Company or its Subsidiaries shall be entitled to obtain temporary restraining orders, preliminary and permanent injunctions and other equitable relief to specifically enforce your duties and obligations under this Letter Agreement, or to enjoin any breach of this Letter Agreement, without the need to post a bond or other security and without the need to demonstrate special damages.

During your employment and for a period of three (3) years thereafter, at the request of the Company, you agree to cooperate with the Company and its Subsidiaries and each of their respective attorneys or other legal representatives in connection with any claim, litigation, or judicial or arbitral proceeding against the Company or any of its Subsidiaries or affiliates by any third party. Your duty of cooperation shall include, but shall not be limited to: (a) meeting with the Company’s or its Subsidiaries’ attorneys or other legal representatives by telephone or in person at mutually convenient times and places in order to state truthfully your knowledge of the matters at issue and recollection of events; (b) appearing at the Company’s or its Subsidiaries’ or their respective attorneys’ request (and, to the extent possible, at a time convenient to you that does not conflict with the needs or requirements of your then-current employer or personal commitments) as a witness at depositions, trials or other proceedings, without the necessity of a subpoena, in order to state truthfully your knowledge of the matters at issue; and (c) signing at the Company’s request declarations or affidavits that truthfully state the matters of which you have knowledge. Such cooperation will be without additional compensation if you are then employed by the Company or any Subsidiary and for reasonable compensation and subject to his reasonable availability if you are not so employed. The Company shall promptly reimburse you for your actual and reasonable travel or other out-of-pocket expenses (including reasonable attorneys’ fees) that you may incur in cooperating with the Company and its Subsidiaries.

[Remainder of page intentionally left blank]

By signing below, you agree to the terms and conditions set forth herein, including without limitation, the Restrictive Covenants, and acknowledge: (a) your participation in the Plan as of the Participation Date; (b) that you have received and read a copy of the Plan; (c) that you agree that any termination benefits provided for in the Plan are subject to all of the terms and conditions of the Plan and you agree to such terms, conditions; (d) that the Company may amend or terminate the Plan at any time subject to the limitations set forth in the Plan; and (e) that the Restrictive Covenants shall survive and continue to apply in accordance with their terms notwithstanding any amendment or termination of the Plan (or the benefits to be provided thereunder) in the future.

This Letter Agreement and the Plan constitute the entire agreement between you and the Company with respect to the subject matter hereof and supersede in all respects any and all prior agreements between you and the Company concerning such subject matter.

Congratulations on your eligibility to participate in the Policy.  

Urban Edge Properties 

By:  ______________________________
Name:
Title:

AGREED TO AND ACCEPTED

___________________________________
[Participant Name]

EXHIBIT B

FORM OF
GENERAL RELEASE 

This General Release (this “Release”) is entered into on _________, 20__ by ______________ (the “Participant”) and Urban Edge Properties (the “Company”) in consideration of the payments made pursuant to that certain Executive Severance and Change in Control Plan of Urban Edge Properties (“Plan”).  

WHEREAS, the Participant’s employment with the Company terminated as of___________, 20___; and

WHEREAS, pursuant to the Plan, the Participant is eligible to receive certain post-termination severance payments and related termination benefits, the receipt of which is expressly conditioned upon the Participant’s execution of this Release Agreement.

NOW THEREFORE, in consideration of the payments set forth in the Plan, the Participant hereby agrees as follows:

1.    REPRESENTATIONS. The Participant represents and agrees that he has had a full and adequate opportunity to discuss and consider the Participant’s claims. Further, the Participant represents and agrees that:

a.    This Release is written in a manner that the Participant understands;

b.    This Release and the promises made herein by the Participant are granted in exchange for consideration which is in addition to anything of value to which the Participant is already entitled;

c.    The Participant has been advised to, by virtue of the receipt of this Release, and has had an opportunity to, consult with an attorney prior to deciding whether to enter into this Release;

d.    The Participant has been given at least twenty-one (21) days within which to consider this Release. In the event the Participant executes this Release prior to the end of the twenty-one (21)-day period, the Participant certifies by that execution that the Participant knowingly and voluntarily waived the right to the full twenty-one (21)-day consideration period, for reasons personal to the Participant, with no pressure by the Company or its representatives to do so; and

e.    The Participant is being provided with seven (7) days following the Participant’s execution of this Release to revoke the Participant’s release of any claim under the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq. (“ADEA”).
 
Should the Participant elect to revoke the Participant’s release of claims under the ADEA, the Participant shall provide notice to the Company as set forth in Section 5.09 of the Plan. Should the Participant revoke his release of claims under the ADEA, the Participant shall not be entitled to any post-termination severance payments pursuant to Section 3.01 or Section 3.02 of the Plan, as applicable.

2.    NO ADMISSION OF LIABILITY. The Participant agrees and acknowledges that this Release shall never at any time or for any purpose be construed as an admission by the Company of any liability. The Company specifically disclaims any liability to the Participant or to any other person or entity.

3.    GENERAL RELEASE.
a.In exchange for the post-termination payments provided by the Company, as set forth the Plan (as applicable), the Participant, on behalf of the Participant and the Participant’s agents, attorneys, assigns, heirs, executors, administrators, beneficiaries, and personal and legal representatives, hereby releases and forever discharges the Company and any of its affiliates, subsidiaries, and related, parent or successor corporations, its benefit plans and programs, and all of its present and former agents, directors, officers, shareholders, employees, owners, representatives, insurers, administrators, trustees, and attorneys (hereinafter referred to as the “Released Parties”), or any of them, to the full extent permitted by law, from any and all losses, costs, expenses, liabilities, claims, causes of action (in law or in equity), suits, judgments, debts, damages, rights and entitlements of every kind and description (hereinafter collectively referred to as “Released Claims”), whether known or unknown, fixed or contingent, directly or indirectly, personally or in a representative capacity, that the Participant has now or may later claim to have had against the Company or any other Released Party by reason of any act, omission, matter, cause or thing whatsoever, from the beginning of time up to and including the date of execution of this Release, including, without limitation, Released Claims arising out of the Participant’s employment or the termination of the Participant’s employment with the Company or any of its affiliates or subsidiaries.
b.This general release includes, but is not limited to, all claims, manner of actions, causes of action (in law or in equity), suits or requests for attorneys’ fees and/or costs under the Employee Retirement Income Security Act of 1974; Title VII of the Civil Rights Act of 1964 as amended; the Age Discrimination in Employment Act of 1967 (“ADEA”); the Older Worker’s Benefits Protection Act (“OWBPA”); the Americans with Disabilities Act; the Rehabilitation Act of 1973; the Family and Medical Leave Act; the anti-retaliation provisions of the Fair Labor Standards Act; the Equal Pay Act; the Pregnancy Discrimination Act; the Consolidated Omnibus Budget Reconciliation Act (“COBRA”); the Occupational Safety and Health Act; the National Labor Relations Act; the Genetic Information Nondiscrimination Act of 2008; 42 U.S.C. §§ 1981 through 1988; any federal, state or local law regarding retaliation for protected activity or interference with protected rights; and any state or local law, including, but not limited to, common law claims of outrageous conduct, intentional or negligent infliction of emotional distress, negligent hiring, breach of contract, breach of the covenant of good faith and fair dealing, promissory estoppel, negligence, wrongful termination of employment, interference with employment relationship, civil rights, fraud and deceit and all other claims of any type or nature, including, without limitation, all claims for damages, wages, compensation, vacation, reinstatement, medical expenses, punitive damages, and claims for attorneys’ fees.   The Participant and the Company intend that this release shall discharge all Released Claims against the Company and all other Released Parties to the full and maximum extent permitted by law. The Participant and the Company further agree that to the extent that the waiving of certain claims is prohibited as a matter of law, this Release is not intended to waive any such claims.

c.Except as necessary to enforce the Participant’s rights to any payments due to the Participant pursuant to the terms of the Plan, the Participant covenants and agrees not to bring any claim against the Company or any other Released Party concerning any of the matters covered by this Release. In the event that the Participant breaches this promise, and brings any claim against the Company or any other Released Party concerning any of the matters covered by this Release, except as necessary to enforce the Participant’s rights to any payments due to the Participant pursuant to the terms of the Plan, the Participant shall: (i) forfeit and tender back to the Company all of the post-termination payments provided to the Participant pursuant to the Plan within ten (10) days except for $100.00, unless the Participant’s action is based on the ADEA and/or OWBPA; (ii) provide the Company at least ten (10) days prior to filing any action written notice of any action or proceeding and a copy of the complaint or other document by which such action is to be initiated; and (iii) hold the Company and any other Released Party harmless from any claim asserted in such action and indemnify the Company from all costs and expenses, including attorneys’ fees, arising from the defense of such claim, unless his action is based on the ADEA and/or OWBPA in which case costs and expenses, including attorneys’ fees, are governed by federal law.

d.The dispute resolution provisions set forth in Section 14(l) of the Plan are incorporated herein and apply with equal force to this Release.

IN WITNESS WHEREOF, the Employee has executed this Agreement on the date set forth below.
			
	

[PARTICIPANT]

____________________________________________________

	Date of Execution:______________________________________Exhibit 4.2

 

EXECUTION VERSION

 

	DATED AS OF FEBRUARY 16, 2022
	 
	
    ALEXANDRIA REAL ESTATE
    EQUITIES, INC.,

    as Issuer,

     

    Alexandria Real Estate
    Equities, L.P.

    as Guarantor,

     

    and

     

    TRUIST
    BANK,

    as Trustee

      

	SUPPLEMENTAL INDENTURE NO. 16

$800,000,000

2.950% SENIOR NOTES DUE 2034

 

     

     

    

 

	Contents
	 
	Clause	Page

 

	Article I	RELATION TO BASE INDENTURE	3
	 	 	 
	Section 1.1.	Relation to Base Indenture	3
	 	 	 
	Article II	DEFINITIONS	4
	 	 	 
	Section 2.1.	Definitions	4
	 	 	 
	Article III	THE SERIES OF NOTES	10
	 	 	 
	Section 3.1.	Title of the Securities	10
	 	 	 
	Section 3.2.	Price	10
	 	 	 
	Section 3.3.	Issuance	10
	 	 	 
	Section 3.4.	Limitation on Aggregate Principal Amount	10
	 	 	 
	Section 3.5.	Interest and Interest Rates; Maturity Date of Notes	10
	 	 	 
	Section 3.6.	Method of Payment	11
	 	 	 
	Section 3.7.	Currency	12
	 	 	 
	Section 3.8.	No Sinking Fund	12
	 	 	 
	Section 3.9.	No Conversion or Exchange Rights	12
	 	 	 
	Section 3.10.	No Personal Liability of Directors, Officers, Employees and Stockholders	12
	 	 	 
	Section 3.11.	Registered Securities; Global Form	12
	 	 	 
	Section 3.12.	Transfer and Exchange	13
	 	 	 
	Section 3.13.	General Provisions Relating to Transfers and Exchanges	16
	 	 	 
	Article IV	REDEMPTION	17
	 	 	 
	Section 4.1.	Optional Redemption	17
	 	 	 
	Section 4.2.	Notice of Optional Redemption; Selection of Notes	17
	 	 	 
	Section 4.3.	Payment of Notes Called for Redemption by the Company	18
	 	 	 
	Article V	GUARANTEE	19
	 	 	 
	Section 5.1.	Guarantee	19
	 	 	 
	Section 5.2.	Execution and Delivery of Guarantee	20
	 	 	 
	Section 5.3.	Limitation of Guarantor’s Liability; Certain Bankruptcy Events	21
	 	 	 
	Section 5.4.	Application of Certain Terms and Provisions to the Guarantor	21
	 	 	 
	Article VI	ADDITIONAL COVENANTS	22
	 	 	 
	Section 6.1.	Maintenance of Office or Agency	22
	 	 	 
	Section 6.2.	Appointments to Fill Vacancies in Trustee’s Office	22

 

     

     

    

 

	Section 6.3.	Limitations on Incurrence of Debt	22
	 	 	 
	Section 6.4.	Provision of Financial Reporting Information	24
	 	 	 
	Article VII	DEFAULTS AND REMEDIES	25
	 	 	 
	Section 7.1.	Events of Default	25
	 	 	 
	Section 7.2.	Acceleration of Maturity; Rescission and Annulment	26
	 	 	 
	Section 7.3.	Limitation on Suits	27
	 	 	 
	Section 7.4.	Notice of Defaults	27
	 	 	 
	Article VIII	AMENDMENTS AND WAIVERS	28
	 	 	 
	Section 8.1.	Without Consent of Holders	28
	 	 	 
	Article IX	MEETINGS OF HOLDERS OF NOTES	29
	 	 	 
	Section 9.1.	Purposes for Which Meetings May Be Called	29
	 	 	 
	Section 9.2.	Call, Notice and Place of Meetings	29
	 	 	 
	Section 9.3.	Persons Entitled to Vote at Meetings	29
	 	 	 
	Section 9.4.	Quorum; Action	30
	 	 	 
	Section 9.5.	Determination of Voting Rights; Conduct and Adjournment of Meetings	30
	 	 	 
	Section 9.6.	Counting Votes and Recording Action of Meetings	31
	 	 	 
	Article X	MISCELLANEOUS PROVISIONS	31
	 	 	 
	Section 10.1.	Ratification of Indenture	31
	 	 	 
	Section 10.2.	Governing Law	31
	 	 	 
	Section 10.3.	Counterparts	32
	 	 	 
	Section 10.4.	Notices to Holders	32
	 	 	 
	Section 10.5.	Successors and Assigns	32
	 	 	 
	Section 10.6.	Time of the Essence	32
	 	 	 
	Section 10.7.	Rights of Holders Limited	32
	 	 	 
	Section 10.8.	Rights and Duties of Trustee	32
	 	 	 
	Section 10.9.	Notices	33
	 	 	 
	Section 10.10.	Headings, etc.	34
	 	 	 
	Section 10.11.	Conflicts	34
	 	 	 
	Section 10.12.	Trust Indenture Act Controls	34

 

     

     

    

 

SUPPLEMENTAL INDENTURE NO.
16, dated as of February 16, 2022 (this “Sixteenth Supplemental Indenture”), among ALEXANDRIA REAL ESTATE EQUITIES,
INC., a Maryland corporation (the “Company”), Alexandria Real Estate Equities,
L.P., a Delaware limited partnership (the “Guarantor”) and TRUIST BANK
(formerly known as Branch Banking and Trust Company), a North Carolina banking corporation,
as trustee (the “Trustee”).

 

R E C I T A L S

 

WHEREAS, the Company, the
Guarantor and the Trustee have heretofore entered into an Indenture dated as of March 3, 2017 (the “Base Indenture”),
providing for the issuance from time to time of unsecured debentures, notes or other evidences of indebtedness (the “Securities”)
of the Company in one or more series;

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the first supplemental indenture, dated as of March 3, 2017, pursuant to which the Company issued $350,000,000
in aggregate principal amount of its 3.95% Senior Notes due 2028 on March 3, 2017 (the “2028 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the second supplemental indenture, dated as of November 20, 2017, pursuant to which the Company issued
$600,000,000 in aggregate principal amount of its 3.45% Senior Notes due 2025 on November 20, 2017 (the “2025 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the fourth supplemental indenture, dated as of June 21, 2018, pursuant to which the Company issued
$450,000,000 in aggregate principal amount of its 4.700% Senior Notes due 2030 on June 21, 2018 (the “4.700% 2030 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the fifth supplemental indenture, dated as of March 21, 2019, pursuant to which the Company issued
$350,000,000 in aggregate principal amount of its 3.800% Senior Notes due 2026 on March 21, 2019 (the “2026 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the sixth supplemental indenture, dated as of March 21, 2019, pursuant to which the Company issued
$300,000,000 in aggregate principal amount of its 4.850% Senior Notes due 2049 on March 21, 2019 (the “2049 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the eighth supplemental indenture, dated as of July 15, 2019, pursuant to which the Company issued
$750,000,000 in aggregate principal amount of its 3.375% Senior Notes due 2031 on July 15, 2019 (the “2031 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the ninth supplemental indenture, dated as of July 15, 2019, pursuant to which the Company issued $500,000,000
in aggregate principal amount of its 4.000% Senior Notes due 2050 on July 15, 2019 (the “Existing 2050 Notes”);

 

    - 1 -

     

    

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the tenth supplemental indenture, dated as of September 12, 2019, pursuant to which the Company issued
$400,000,000 in aggregate principal amount of its 2.750% Senior Notes due 2029 on September 12, 2019 (the “2029 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the eleventh supplemental indenture, dated as of September 12, 2019, pursuant to which the Company
issued $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on September 12, 2019 (the “New 2050 Notes”,
and collectively, with the Existing 2050 Notes, the “2050 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the twelfth supplemental indenture, dated as of March 26, 2020, pursuant to which the Company issued
$700,000,000 in aggregate principal amount of its 4.900% Senior Notes due 2030 (the “4.900% 2030 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the thirteenth supplemental indenture, dated as of August 5, 2020, pursuant to which the Company issued
$1,000,000,000 in aggregate principal amount of its 1.875% Senior Notes due 2033 (the “2033 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the fourteenth supplemental indenture dated as of February 18,
2021, pursuant to which the Company issued $900,000,000 in aggregate principal amount of
its 2.000% Senior Notes due 2032 (the “2032 Notes”);

 

WHEREAS, the Company, the
Guarantor and the Trustee executed the fifteenth supplemental indenture dated as of February 18,
2021, pursuant to which the Company issued $850,000,000 in aggregate principal amount of
its 3.000% Senior Notes due 2051 (the “2051 Notes”);

 

WHEREAS, concurrently herewith,
the Company, the Guarantor and the Trustee will execute the seventeenth supplemental indenture, dated as of February 16, 2022, pursuant
to which the Company will issue $1,000,000,000 in aggregate principal amount of its 3.550% Senior Notes due 2052 (the “2052 Notes”);

 

WHEREAS, Section 9.1(6) and
(7) of the Base Indenture provides, among other things, that, without the consent of the Holders of the Securities, one or more indentures
supplemental to the Base Indenture may be entered into (i) to establish the form or terms of Securities of any series or (ii) to add to,
change or eliminate any of the provisions of the Base Indenture in respect of one or more series of Securities; provided that any
such addition, change or elimination shall become effective only when there is no such Security Outstanding;

 

WHEREAS, each of the Company
and the Guarantor desires to execute this Sixteenth Supplemental Indenture to establish the form and to provide for the issuance of a
series of the Company’s senior notes designated as its 2.950% Senior Notes due 2034 (the “Notes”) in an initial
aggregate principal amount of $800,000,000;

 

    - 2 -

     

    

 

WHEREAS, the Guarantor will
guarantee the due and punctual payment of the principal, premium, if any, and interest on the Notes pursuant to Article V of this Sixteenth
Supplemental Indenture;

 

WHEREAS, the Board of Directors
of the Company (the “Board of Directors”) has duly adopted resolutions authorizing the Company to create and issue
the Notes and to execute and deliver this Sixteenth Supplemental Indenture;

 

WHEREAS, the Board of Directors
of ARE-QRS Corp., as sole general partner of the Guarantor, has duly adopted resolutions authorizing the Guarantor to execute and deliver
this Sixteenth Supplemental Indenture;

 

WHEREAS, concurrently with
the execution hereof, the Company has delivered to the Trustee an Officers’ Certificate and has caused its counsel to deliver to
the Trustee an Opinion of Counsel or a reliance letter upon an Opinion of Counsel satisfying the requirements of Sections 1.2, 3.3
and 9.3 of the Base Indenture; and

 

WHEREAS, all other conditions
and requirements necessary to make this Sixteenth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement
in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

For and in consideration of
the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Company,
the Guarantor and the Trustee agrees as follows:

 

Article
I

RELATION TO BASE INDENTURE

 

Section 1.1.         Relation
to Base Indenture. This Sixteenth Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any
other provision of this Sixteenth Supplemental Indenture, all provisions of this Sixteenth Supplemental Indenture are expressly and solely
for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under
the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect
to the Notes.

 

    - 3 -

     

    

 

Article
II

DEFINITIONS

 

Section 2.1.         
Definitions. For all purposes of this Sixteenth Supplemental Indenture, except as otherwise expressly provided for or unless
the context otherwise requires:

 

(a)              
 capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture;

 

(b)              
all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of
this Sixteenth Supplemental Indenture; and

 

(c)              
as used herein the following terms have the following meanings:

 

“2025 Notes”
has the meaning set forth in the recitals hereof.

 

“2026 Notes”
has the meaning set forth in the recitals hereof.

 

“2028 Notes”
has the meaning set forth in the recitals hereof.

 

“2029 Notes”
has the meaning set forth in the recitals hereof.

 

“2031 Notes”
has the meaning set forth in the recitals hereof.

 

“2032 Notes”
has the meaning set forth in the recitals hereof.

 

“2033 Notes”
has the meaning set forth in the recitals hereof.

 

“2049 Notes”
has the meaning set forth in the recitals hereof.

 

“2050 Notes”
has the meaning set forth in the recitals hereof.

 

“2051 Notes”
has the meaning set forth in the recitals hereof.

 

“2052 Notes”
has the meaning set forth in the recitals hereof.

 

“4.700% 2030 Notes”
has the meaning set forth in the recitals hereof.

 

“4.900% 2030 Notes”
has the meaning set forth in the recitals hereof.

 

“Acquired Debt”
means Debt of a person (1) existing at the time such person becomes a Subsidiary or (2) assumed in connection with the acquisition
of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation of, such person becoming a
Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any
person or the date the acquired person becomes a Subsidiary.

 

“Additional Notes”
means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with Section 3.4 hereof, as part of
the same series as the Initial Notes.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository,
Euroclear and Clearstream that apply to such transfer or exchange.

 

    - 4 -

     

    

 

“Bankruptcy Law”
means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

 

“Benefited Party”
has the meaning set forth in Section 5.1 hereof.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Confidential Datasite”
has the meaning set forth in Section 6.4 hereof.

 

“Consolidated EBITDA”
means, for any period of time, the net income (loss) of the Company and its Subsidiaries, determined on a consolidated basis in accordance
with GAAP for such period, before deductions for (without duplication):

 

		(1)	Interest Expense;

 

		(2)	taxes;

 

		(3)	depreciation and amortization (including depreciation and amortization with respect to interests in joint
ventures and partially owned entity investments), amortization of deferred charges, and all other non-cash items, as determined reasonably
and in good faith by the Company;

 

		(4)	impairments, prepayment penalties and all costs or fees incurred in connection with any debt financing
or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed);

 

		(5)	extraordinary items, the effect of any charge resulting from a change in accounting principles in determining
net income (loss), non-recurring items or other unusual items, as determined reasonably and in good faith by the Company;

 

		(6)	noncontrolling interests;

 

		(7)	amounts related to swap ineffectiveness or attributable to transactions involving derivative instruments
that do not qualify for hedge accounting in accordance with GAAP; and

 

		(8)	gains or losses on dispositions of real estate investments or property valuation losses.

 

For purposes of calculating
Consolidated EBITDA, GAAP is not applicable with respect to the determination of all non-cash and non-recurring items which shall be determined
reasonably and in good faith by the Company.

 

    - 5 -

     

    

 

“Debt”
means any of the Company’s or any of its Subsidiaries’ indebtedness, whether or not contingent, in respect of (without
duplication) (1) borrowed money evidenced by bonds, notes (including the Notes, the 2025 Notes, the 2026 Notes, the 2028 Notes,
the 2029 Notes, the 4.700% 2030 Notes, the 4.900% 2030 Notes, the 2031 Notes, the 2032 Notes, the 2033 Notes, the 2049 Notes, the
2050 Notes, the 2051 Notes, and the 2052 Notes), debentures or similar instruments, (2) obligations secured by any mortgage,
pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or any of its Subsidiaries, but
only to the extent of the lesser of (a) the amount of obligations so secured and (b) the fair market value (determined in
good faith by the board of directors of such person (as evidenced by an Officers’ Certificate to the Trustee) or, in the case
of the Company or a Subsidiary of the Company, by the Board of Directors (as evidenced by an Officers’ Certificate delivered
to the Trustee) of the property subject to such mortgage, pledge, lien, charge, encumbrance or security interest, (3) the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing
the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an
accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, or
(4) any lease of property by the Company or any of its Subsidiaries as lessee which is reflected on the Company’s
consolidated balance sheet as a capitalized lease (finance lease) in accordance with GAAP; but only to the extent, in the case of
items of indebtedness under (1) through (3) above, that any such items (other than letters of credit) would appear as a liability on
the Company’s consolidated balance sheet in accordance with GAAP. The term “Debt” also includes, to the extent not
otherwise included, any obligation of the Company or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or
otherwise (other than for purposes of collection in the ordinary course of business or for the purposes of guaranteeing the payment
of all amounts due and owing pursuant to leases to which the Company or any of its Subsidiaries are a party and have assigned its or
their interest, provided that such assignee of the Company or its Subsidiary is not in default of any amounts due and owing
under such leases), Debt of another person (other than the Company or any of its Subsidiaries) (it being understood that Debt shall
be deemed to be incurred by the Company or any of its Subsidiaries whenever the Company or such Subsidiary shall create, assume,
guarantee or otherwise become liable in respect thereof).

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted Interest”
has the meaning set forth in Section 3.6 hereof.

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.13 hereof, substantially
in the form of Exhibit A hereof except that such Note shall not bear the Global Note legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

 

“Depository”
means, with respect to the Notes, The Depository Trust Company and any successor thereto.

 

“Dollars”
and “$” means the currency of the United States of America.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Event of Default”
has the meaning set forth in Section 7.1 hereof.

 

“Existing 2050 Notes”
has the meaning set forth in the recitals hereof.

 

    - 6 -

     

    

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time; provided that if, as of
a particular date as of which compliance with the covenants contained in this Indenture is being determined, there have been changes in
accounting principles generally accepted in the United States of America from those that applied to the Company’s consolidated financial
statements included in the Annual Report on Form 10-K for the year ended December 31, 2021, the Company may, in its sole discretion, determine
compliance with the covenants contained in this Indenture using accounting principles generally accepted in the United States of America
as in effect as of the end of any calendar quarter selected by the Company, in the Company’s sole discretion, that is on or after
December 31, 2021 and prior to the date as of which compliance with the covenants in this Indenture is being determined (“Fixed
GAAP”), and, solely for purposes of calculating the covenants as of such date, “GAAP” shall mean Fixed GAAP.

 

“Global Note”
means, individually and collectively, each of the Notes in the form established pursuant to Section 3.11 issued to the Depository or its
nominee, substantially in the form of Exhibit A.

 

“Guarantee Obligations”
has the meaning set forth in Section 5.1 hereof.

 

“Indenture”
means the Base Indenture, as supplemented, amended or restated, from time to time.

 

“Indirect Participant”
means a person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the first $800,000,000 aggregate principal amount of Notes issued under this Sixteenth Supplemental Indenture on the date hereof.

 

“Initial Original
Principal Amount” has the meaning set forth in Section 3.4 hereof.

 

“Intercompany Debt”
means Debt to which the only parties are any of the Company, the Guarantor and any Subsidiary of the Company or the Guarantor; provided,
however, that with respect to any such Debt of which the Company or the Guarantor is the borrower, such Debt is subordinate
in right of payment to the Notes.

 

“Interest Expense”
means, for any period of time, the aggregate amount of interest expense determined on a consolidated basis in accordance with GAAP for
such period by the Company and its Subsidiaries, but excluding (i) interest reserves funded from the proceeds of any loan, (ii)
prepayment penalties, (iii) amortization of deferred financing costs, and (iv) swap ineffectiveness charges or charges attributable to
transactions involving derivative instruments that do not qualify for hedge accounting in accordance with GAAP.

 

“Interest Payment
Date” has the meaning set forth in Section 3.5 hereof.

 

    - 7 -

     

    

 

“Make-Whole Amount”
means, in connection with any optional redemption of the Notes, the excess, if any, as determined by the Company, of:

 

		(1)	the aggregate present value as of the date of such redemption of each dollar of principal being redeemed
or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable in respect of
such principal amount through December 15, 2033 as if such redemption or accelerated payment had not been made, determined by discounting,
on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined by the Company on the third Business Day preceding
the date a notice of redemption is given) from the respective dates on which such principal and interest would have been payable (or,
in the case of accrued interest as of December 15, 2033, from such date) as if such redemption or payment had not been made, over

 

		(2)	the aggregate principal amount of the Notes being redeemed or paid.

 

The Trustee shall have no duty to calculate
or verify the Company’s calculations of the Make-Whole Amount.

 

“Maturity Date”
has the meaning set forth in Section 3.5 hereof.

 

“New 2050 Notes”
has the meaning set forth in the recitals hereof.

 

“Notes”
has the meaning specified in the seventeenth whereas clause hereof. The Initial Notes and the Additional Notes shall be treated as a single
class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial
Notes and any Additional Notes.

 

“Officer”
means the Executive Chairman, the Chief Executive Officer (or any Co-Chief Executive Officer), the Chief Financial Officer, the President
(or any Co-President), any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

 

“Participant”
means, with respect to the Depository, Euroclear or Clearstream, a person who has an account with the Depository, Euroclear or Clearstream,
respectively.

 

“Prospectus”
means the base prospectus, dated January 5, 2021, included as part of a registration statement on Form S-3 under Securities Act, filed
by the Company with the Commission on January 5, 2021 (File No. 333-251902), as supplemented by a prospectus supplement, dated
February 2, 2022 filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act.

 

“Record Date”
has the meaning set forth in Section 3.5 hereof.

 

“Redemption Date”
means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 4.1 hereof, the date
fixed for such redemption in accordance with the provisions of Section 4.1 hereof.

 

“Redemption Price”
has the meaning specified in Section 4.1 hereof.

 

    - 8 -

     

    

 

“Reinvestment Rate”
means 0.200% plus the weekly yield for the most recent week set forth in the most recent Statistical Release for the constant
maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity (assuming, for the purposes
of this definition, that the Notes mature on December 15, 2033), as of the payment date of the principal being redeemed or paid. If no
maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall
be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such
yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall
be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the yield in
the above manner, then the yield will be determined in the manner that most closely approximates the above manner, as the Company reasonably
determines.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

“Significant Subsidiary”
means each Subsidiary that is a “significant subsidiary,” if any, of the Company, as such term is defined in Regulation S-X
under the Securities Act.

 

“Statistical Release”
means that statistical release designated “H.15” or any successor publication that is published weekly by the Federal Reserve
System and that establishes annual yields on actively traded U.S. government securities adjusted to constant maturities, or, if such statistical
release is not published at the time of any determination under the Indenture, then such other reasonably comparable index the Company
designates. 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 Company.

 

“Total Assets”
as of any date means the sum of (1) the Company’s and all of its Subsidiaries’ Undepreciated Real Estate Assets and (2) all
of the Company’s and all of its Subsidiaries’ other assets determined in accordance with GAAP (but excluding accounts receivable
and acquisition intangibles, including goodwill).

 

“Undepreciated Real
Estate Assets” as of any date means the cost (original cost plus capital improvements) of the Company’s and its Subsidiaries’
real estate assets on such date, before depreciation and amortization determined on a consolidated basis in accordance with GAAP.

 

“Unencumbered
Total Asset Value” as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any
mortgage, lien, charge, pledge or security interest and (2) all of the Company’s and its Subsidiaries’ other assets
on a consolidated basis determined in accordance with GAAP (but excluding accounts receivable and acquisition intangibles, including
goodwill), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that
in determining Unencumbered Total Asset Value for purposes of this Sixteenth Supplemental Indenture, all investments by the Company
and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability
companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in
accordance with GAAP shall be excluded from Unencumbered Total Asset Value.

 

    - 9 -

     

    

 

Article
III

THE SERIES OF NOTES

 

Section 3.1.          Title
of the Securities. There shall be a series of Securities designated the 2.950% Senior Notes due 2034.

 

Section 3.2.          Price.
The Initial Notes shall be issued at a public offering price of 99.696% of the principal amount thereof, other than any offering discounts
pursuant to the initial offering and resale of the Notes.

 

Section 3.3.        Issuance.
The Notes will be issued only in fully registered, book-entry form, in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. The registered Holder of a Note will be treated as its owner for all purposes.

 

Section 3.4.         Limitation
on Aggregate Principal Amount. The aggregate principal amount of the Notes shall initially be limited to $800,000,000 (the “Initial
Original Principal Amount”). Notwithstanding the foregoing, the Company, without notice to or the consent of the Holders of
the Notes, by Board Resolutions or indentures supplemental to the Base Indenture from time to time may increase the principal amount
of the Notes by issuing Additional Notes in the future on the same terms and conditions as the Initial Notes except for any difference
in the issue price and interest accrued prior to the issue date of the Additional Notes, and with the same CUSIP number as the Initial
Notes so long as such Additional Notes are fungible for U.S. income tax purposes with the Initial Notes (as determined by the Company).
Except as provided in this Section 3.4, any such Board Resolutions or indentures supplemental to the Base Indenture and Sections
2.1 and 3.1 of the Base Indenture, the Company shall not execute and the Trustee shall not authenticate or deliver Notes in excess of
the Initial Original Principal Amount.

 

Nothing contained in this
Section 3.4 or elsewhere in this Sixteenth Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the
Company or authentication or delivery by the Trustee of the Notes under the circumstances contemplated in Sections 3.3, 3.4, 3.6
and 11.7 of the Base Indenture.

 

Section 3.5.         
Interest and Interest Rates; Maturity Date of Notes. The Notes will bear interest at a rate of 2.950% per annum from February
16, 2022 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually
in arrears on March 15 and September 15 of each year, commencing September 15, 2022 (each, an “Interest Payment Date”),
to the person in whose name such Note is registered at the close of business on the March 1 or September 1 (whether or not a Business
Day), as the case may be, immediately preceding such Interest Payment Date (each, a “Record Date”). Interest will be
computed on the basis of a 360-day year composed of twelve 30-day months.

 

    - 10 -

     

    

 

If any Interest Payment Date,
Maturity Date or Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next Business Day
as if it were made 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, Maturity Date or Redemption Date, as the case may be.

 

The Notes will mature on March
15, 2034 (the “Maturity Date”).

 

Section 3.6.         
Method of Payment. The Company covenants and agrees that it will duly and punctually pay or cause to be paid when due the
principal of (including the Redemption Price upon redemption pursuant to Article IV, if applicable), and interest on each of the Securities
at the places, at the respective times and in the manner provided herein and in the Securities; provided that the Company may withhold
from payments of interest and upon redemption pursuant to Article IV hereof, if applicable, maturity or otherwise, any amounts the Company
is required to withhold by law. Interest shall be payable at the office of the Company maintained by the Company for such purposes, which
shall initially be an office or agency of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check
mailed to the address of the person entitled thereto as it appears in the register; provided, however, that a Holder
of any Notes in certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the
Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or
(ii) on any Global Note by wire transfer of immediately available funds to the account of the Depository or its nominee. Any interest
on any Note which is payable, but is not punctually paid or duly provided for, on any March 15 or September 15 (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record Date, and such Defaulted
Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:

 

(a)               The
Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at
5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the
Trustee of such notice), and at the same time the Company shall deposit with the Trustee an amount of monies equal to the aggregate
amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on
or prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such
Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior
to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee of the notice of
the proposed payment. The Company shall promptly notify the Trustee of such special record date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be
delivered to each Holder at its address as it appears in the register, not less than ten (10) calendar days prior to such
special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so
mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York
City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this
Section 3.6.

 

    - 11 -

     

    

 

(b)              
The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as
may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Section 3.7.         
Currency. Principal and interest on the Notes shall be payable in Dollars.

 

Section 3.8.         
No Sinking Fund. The provisions of Article XII of the Base Indenture shall not be applicable to the Notes.

 

Section 3.9.         
No Conversion or Exchange Rights. The Notes will not be convertible into or exchangeable for any capital stock of the Company.

 

Section 3.10.     
No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee or stockholder
(past or present) of the Company or the Guarantor, as such, will have any liability for any of the Company’s or the Guarantor’s
obligations under the Notes, the Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes.

 

Section 3.11.     
Registered Securities; Global Form. The Notes will be issued in the form of one or more fully-registered Global Notes in
book-entry form, which will be deposited with, or on behalf of, the Depository. The Notes shall not be issuable in Definitive Notes except
as provided in Section 3.12 of this Sixteenth Supplemental Indenture. The Notes and the Trustee’s certificate of authentication
shall be substantially in the form attached as Exhibit A hereto. The Company shall execute each Global Note and each Definitive Note,
if any. The Trustee shall, in accordance with Section 3.3 of the Base Indenture, authenticate and hold each Global Note as custodian
for the Depository, and authenticate each Definitive Note, if any. Each Global Note will represent such of the outstanding Notes as will
be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or a custodian at the direction
of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby
expressly made, a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of
this Sixteenth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

    - 12 -

     

    

 

Section 3.12.     
Transfer and Exchange.

 

(a)        Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depository to a nominee of the Depository,
by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to
a successor Depository or a nominee of such successor Depository. All Global Notes will be exchanged by the Company for Definitive Notes
if:

 

(i)                
the Company delivers to the Trustee notice from the Depository that it is unwilling or unable to continue to act as Depository
or that it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and, in either case, a successor Depository is not appointed by the Company within ninety (90) days after the date of such notice from
the Depository; or

 

(ii)             
the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee.

 

Upon the occurrence of either
of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depository shall instruct the Trustee.
Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4 and 3.6 of the Base Indenture. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.12
or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note.
A Global Note may not be exchanged for another Note other than as provided in this Section 3.12(a), however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Section 3.12(c) or (d) hereof.

 

(b)              
Legend. Any Global Note issued under this Sixteenth Supplemental Indenture shall bear a legend in substantially the following
form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY
(AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 3.12 OF THE SIXTEENTH SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 3.12 OF THE SIXTEENTH SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY
WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

    - 13 -

     

    

 

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

 

(c)              
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable Procedures.
Transfers of beneficial interests in the Global Notes will require compliance with either subparagraph (i) or (ii) below, as applicable:

 

(i)                
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to
persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required
to be delivered to the Security Registrar to effect the transfers described in this Section 3.12(c)(i).

 

(ii)             
All Other Transfers of Beneficial Interests in Global Notes. In connection with all transfers of beneficial interests that
are not subject to Section 3.12(c)(i) above, the transferor of such beneficial interest must deliver to the Security Registrar both:

 

(A)            
a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable Procedures
directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged; and

 

(B)             
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
credited with such increase.

 

    - 14 -

     

    

 

Upon satisfaction of all of
the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.12(g)
hereof.

 

(d)              
Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial interest
in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person
who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 3.12(c)(ii)
hereof and receipt of a Company Order, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 3.12(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the
person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for
a beneficial interest pursuant to this Section 3.12(d) will be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest requests through instructions to the Security Registrar from or through the
Depository and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names such
Notes are so registered.

 

(e)              
Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange
such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form
of a beneficial interest in a Global Note at any time. Upon receipt of a written request for such an exchange or transfer, the Trustee
will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes.

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global Note has not yet
been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 3.12 hereof, the Trustee will
authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.

 

(f)               
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 3.12(f), the Security Registrar will register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender to the Security Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly
executed by such Holder or by his attorney, duly authorized in writing. A Holder of Definitive Notes may transfer such Notes to a person
who takes delivery thereof in the form of a Definitive Note. Upon receipt of a written request to register such a transfer, the Security
Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof.

 

(g)               Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global
Note will be returned to or retained and canceled by the Trustee in accordance with Section 3.9 of the Base Indenture. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will
take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of
Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged
for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depository at the direction of the Trustee to reflect such increase.

 

    - 15 -

     

    

 

Section 3.13.     
General Provisions Relating to Transfers and Exchanges.

 

(a)              
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of a Company Order in accordance with Section 3.12 hereof.

 

(b)              
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 3.4 and 9.6 of the Base Indenture).

 

(c)              
The Security Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.

 

(d)              
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(e)              
Neither the Security Registrar nor the Company will be required:

 

(i)                
to issue or register the transfer or exchange of any Note during a period beginning at the opening of business fifteen (15) days
before any selection of Notes for redemption under Article IV hereof and ending at the close of business on the earliest date on which
the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

 

(ii)             
to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(iii)           
to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.

 

    - 16 -

     

    

 

(f)               
 Prior to due presentment for the registration of a transfer of any Note, the Trustee and the Company may deem and treat the person
in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest
on such Notes and for all other purposes, and none of the Trustee or the Company shall be affected by notice to the contrary.

 

(g)              
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.3 of the Base
Indenture.

 

(h)              
All certifications, certificates and Opinions of Counsel required to be submitted to the Security Registrar pursuant to this Article
III to effect a registration of transfer or exchange may be submitted by facsimile.

 

Article
IV

REDEMPTION

 

The provisions of Article XI
of the Base Indenture, as amended by the provisions of this Sixteenth Supplemental Indenture, shall apply to the Notes.

 

Section 4.1.         
Optional Redemption.

 

(a)              
At any time before March 15, 2034, the Company shall have the right to redeem the Notes at its option and in its sole discretion,
in whole or from time to time in part. The redemption price (“Redemption Price”) shall be equal to the sum of (1) the
principal amount of the Notes being redeemed, (2) accrued and unpaid interest thereon to, but excluding, the Redemption Date, and
(3) the Make-Whole Amount, if any (subject to the right of holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date). Notwithstanding the foregoing, the Redemption Price for any redemption of the Notes on or after
December 15, 2033 shall be equal to the sum of (1) the principal amount of the Notes being redeemed and (2) accrued and unpaid
interest thereon to, but excluding, the Redemption Date.

 

(b)              
The Company shall not redeem the Notes pursuant to Section 4.1(a) hereof on any date if the principal amount of the Notes
has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration
resulting from a default by the Company in the payment of the Redemption Price with respect to the Notes to be redeemed).

 

Section 4.2.          Notice
of Optional Redemption; Selection of Notes. In case the Company shall desire to exercise the right to redeem all or, as the case
may be, any part of the Notes pursuant to Section 4.1 hereof, it shall fix a date for redemption and it or, at its written
request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to
the Trustee) to the date the notice of redemption is to be delivered, the Trustee in the name of and at the expense of the Company,
shall deliver or cause to be delivered a notice of such redemption not fewer than ten (10) calendar days nor more than sixty
(60) calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last
address as the same appears on the register; provided that if the Company makes such request of the Trustee, it shall,
together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of
the notice shall be prepared by the Company. The notice, if delivered in the manner herein provided, shall be conclusively presumed
to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in
the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Note. Any such notice of redemption may, in the Company’s sole discretion, be
conditioned on the occurrence of one or more events, facts and circumstances.

 

    - 17 -

     

    

 

Each such notice of redemption
shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers, if any, of the
Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are
to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and
(vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that,
unless the Company defaults in the payment of the Redemption Price, on and after said date interest thereon or on the portion thereof
to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes
to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state
the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such
Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued.

 

Whenever any Notes are to
be redeemed, the Company will give the Trustee written notice of the Redemption Date as to the aggregate principal amount of Notes to
be redeemed not fewer than ten (10) calendar days prior to the Redemption Date.

 

On or prior to the Redemption
Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with the Paying Agent
an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so
called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must
be received by the Paying Agent, by 11:00 a.m., New York City time, on such date.

 

If less than all of the outstanding
Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Notes in certificated form
to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro rata basis or such other
method the Trustee deems fair and appropriate or is required by the Depository. The Notes (or portions thereof) so selected for redemption
shall be deemed duly selected for redemption for all purposes hereof.

 

Section 4.3.          Payment
of Notes Called for Redemption by the Company. If notice of redemption has been given as provided in Section 4.2 hereof,
the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date
and at the place or places stated in such notice at the Redemption Price, and unless the Company shall default in the payment of
such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to
be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on and after the Redemption Date,
(b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date,
(c) on and after the Redemption Date (unless the Company shall default in the payment of the Redemption Price), such Notes will
cease to be entitled to any benefit or security under this Indenture, and (d) the Holders of the Notes shall have no right in
respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a
place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the
Company at the Redemption Price.

 

    - 18 -

     

    

 

Upon presentation of any Note
redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof,
at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of
the Notes so presented.

 

Article
V

GUARANTEE

 

This Article V shall replace
Article XIV of the Base Indenture with respect to the Notes only.

 

Section 5.1.         
Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that the Notes shall be entitled to the benefits
of a Guarantee. Accordingly, subject to the provisions of this Article V, the Guarantor hereby unconditionally guarantees to each Holder
of a Note authenticated and delivered by the Trustee or its successor or assign, and to the Trustee and its successors and assigns that:
(i) the principal of (including the Redemption Price upon redemption pursuant to Article IV hereof), premium, if any, and interest,
if any, on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon acceleration, upon redemption
or otherwise, and interest on overdue principal, premium, if any, and (to the extent permitted by law) interest on any interest, if any,
on the Notes and all other obligations of the Company to the Holders or the Trustee hereunder or under the Notes (including fees, expenses
or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise,
subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in this Article V (collectively, the “Guarantee
Obligations”).

 

Subject to the
provisions of this Article V, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the
validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The
Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a
 “Benefited Party”) to proceed against the Company or any other person or to proceed against or exhaust any
security held by a Benefited Party at any time or to pursue any other remedy in any secured party’s power before proceeding
against the Guarantor; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of
any other person or persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration,
bankruptcy or any other proceeding) of any other person or persons; (c) demand, protest and notice of any kind (except as
expressly required by the Indenture), including but not limited to notice of the existence, creation or incurring of any new or
additional indebtedness or obligation or of any action or non-action on the part of the Guarantor, any Benefited Party, any
creditor of the Guarantor or the Company or on the part of any other person whomsoever in connection with any obligations the
performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including
but not limited to an election to proceed against the Guarantor for reimbursement; (e) any defense based upon any statute or
rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome
than that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding instituted
under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Law; and (g) any defense based on any
borrowing or grant of a security interest under Section 364 of the Bankruptcy Law. The Guarantor hereby covenants that, except
as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations,
including, but not limited to, the principal, premium, if any, and interest on the Notes and all other costs provided for under the
Indenture.

 

    - 19 -

     

    

 

If any Holder or the Trustee
is required by any court or otherwise to return to either the Company or the Guarantor, or any trustee or similar official acting in relation
to either the Company or the Guarantor, any amount paid by the Company or the Guarantor to the Trustee or such Holder, the Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such
obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article V of the Base
Indenture for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of
the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article V of the Base
Indenture, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the
purpose of the Guarantee.

 

Section 5.2.         
Execution and Delivery of Guarantee.

 

(a)              
To evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee substantially
in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this
Sixteenth Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the sole general partner of the Guarantor.

 

    - 20 -

     

    

 

(b)              
 The Guarantor agrees that the Guarantee set forth in this Article V shall remain in full force and effect and apply to all the
Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee.

 

(c)              
If an Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless.

 

(d)              
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Sixteenth Supplemental Indenture on behalf of the Guarantor.

 

Section 5.3.         
Limitation of Guarantor’s Liability; Certain Bankruptcy Events.

 

(a)              
The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the
Guarantee Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate
the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under
this Article V shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the
Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.

 

(b)              
The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, the Guarantor shall not file (or join in any filing
of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution
on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or
105 of the Bankruptcy Law or otherwise.

 

Section 5.4.         
Application of Certain Terms and Provisions to the Guarantor.

 

(a)              
For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate
and/or an Opinion of Counsel, the definitions of such terms in Section 2.1 hereof shall apply to the Guarantor as if references therein
to the Company or the Guarantor, as applicable, were references to the Guarantor; provided that, in the case of any Officers’ Certificate
delivered by the Guarantor, the definition of the term “Officer” shall be deemed to include the general partner of the Guarantor.

 

(b)              
Upon any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the Guarantor shall
furnish to the Trustee such certificates and opinions as are required in Section 1.2 of the Base Indenture, as if all references
therein to the Company were references to the Guarantor.

 

    - 21 -

     

    

 

Article
VI

ADDITIONAL COVENANTS

 

The following additional covenants
shall apply with respect to the Notes so long as any of the Notes remain outstanding.

 

Section 6.1.         
Maintenance of Office or Agency. The Company will maintain an office or agency in the United States where the Notes may
be surrendered for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to
or upon the Company in respect of the Notes and the Indenture may be served. As of the date of the Indenture, such office shall be the
Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Company.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not
designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office; provided that the Corporate Trust Office shall not be an office for service of legal process on the Company or
any Guarantor.

 

The Company may also from
time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency.

 

The Company hereby initially
designates the Trustee as Paying Agent and Security Registrar and the Corporate Trust Office shall be considered as one such office or
agency of the Company for each of the aforesaid purposes.

 

Section 6.2.         
Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 6.11 of the Base Indenture,
a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 6.3.         
Limitations on Incurrence of Debt.

 

(a)               The
Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of
Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Company’s
and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP is greater than 60% of the
sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission
(or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt and
(2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce
Debt), by the Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in
connection with the incurrence of such additional Debt.

 

    - 22 -

     

    

 

(b)              
The Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, secured by any mortgage, lien, charge, pledge,
encumbrance or security interest of any kind upon any of the Company’s or any of its Subsidiaries’ property if, immediately
after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all
of the Company’s and its Subsidiaries’ outstanding Debt on a consolidated basis which is secured by any mortgage, lien, charge,
pledge, encumbrance or security interest on the Company’s or its Subsidiaries’ property is greater than 40% of the sum of
(without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K
or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted
under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt and (2) the purchase price of any real
estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds
were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any of its Subsidiaries
since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt; provided
that for purposes of this limitation, the amount of obligations under capital leases shown as a liability on the Company’s consolidated
balance sheet shall be deducted from Debt and from Total Assets.

 

(c)               The
Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of
Debt by the Company or its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated EBITDA to Interest Expense
for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall
have been less than 1.5 to 1.0, on an unaudited pro forma basis after giving effect to the incurrence of such additional Debt and to
the application of the proceeds therefrom, and calculated on the assumption that: (1) such Debt and any other Debt incurred by
the Company and its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such period (except that, in making such computation, the amount
of Debt under any revolving credit facility and commercial paper program shall be computed based on the average daily balance of
such Debt during such period); (2) the repayment or retirement of any other Debt by the Company and its Subsidiaries since the
first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility and commercial paper program shall be computed based upon the
average daily balance of such Debt during such period); (3) in the case of Acquired Debt or Debt incurred in connection with
any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such
period, with the appropriate adjustments with respect to such acquisition being included in such unaudited pro forma calculation;
and (4) in the case of any acquisition or disposition by the Company or its Subsidiaries of any asset or group of assets or
other placement of any assets in service or removal of any assets from service by the Company or any of its Subsidiaries since the
first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition,
disposition, placement in service or removal from service, or any related repayment of Debt had occurred as of the first day of such
period, with the appropriate adjustments with respect to such acquisition, disposition, placement in service or removal from
service, being included in such unaudited pro forma calculation and determined reasonably and in good faith by the Company. If the
Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant
four-quarter period bears interest at a floating rate then, for purposes of calculating the Interest Expense, the interest rate on
such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire
such four-quarter period had been the applicable rate for the entire such period.

 

    - 23 -

     

    

 

(d)              
The Company, together with its Subsidiaries, will at all times maintain an Unencumbered Total Asset Value in an amount not less
than 150% of the aggregate outstanding principal amount of all the Company’s and its Subsidiaries’ unsecured Debt, taken as
a whole.

 

(e)              
The Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance
companies against such risks and in such amounts as is customarily maintained by persons engaged in similar businesses or as may be required
by applicable law.

 

Section 6.4.         
Provision of Financial Reporting Information. For so long as the Notes are outstanding, if at any time the Company is not
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company shall, at its option, (i) post on a publicly
available website, (ii) post on IntraLinks or any comparable password protected online data system requiring user identification and a
confidentiality acknowledgement (any such data system, a “Confidential Datasite”), or (iii) deliver to the Trustee
and the Holders of the Notes, in each case within 15 days of the filing date that would be applicable to a non-accelerated filer at that
time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial statements and accompanying “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” that would have been required to be contained in annual
reports on Form 10-K and quarterly reports on Form 10-Q, respectively, had the Company been subject to such Exchange Act reporting requirements.
The Trustee shall have no obligation to determine whether or not such reports, information, statements or documents have been filed, posted
or delivered. Delivery of such reports, information, statements and documents to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants under the Indenture. If the Company elects to furnish
such reports via a Confidential Datasite, access to the Confidential Datasite will be provided upon request to the Holders and the beneficial
owners of and bona fide potential investors in the Notes.

 

    - 24 -

     

    

 

Article
VII

DEFAULTS AND REMEDIES

 

Sections 7.1, 7.2, 7.3
and 7.4 hereof shall replace Sections 5.1, 5.2, 5.7, and 6.2 respectively, of the Base Indenture with respect to the Notes only.

 

Section 7.1.         
Events of Default.

 

“Event of Default,”
wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events:

 

(a)              
default in the payment of any interest on the Notes when it becomes due and payable, and continuance of that default for a period
of thirty (30) days (unless the entire amount of the payment is deposited by the Company with the Trustee or with a Paying Agent prior
to the expiration of such 30-day period);

 

(b)              
default in the payment of principal of, premium on or Redemption Price due with respect to, the Notes when the same become due
and payable;

 

(c)              
failure to pay any Debt of the Company, the Guarantor or any Significant Subsidiary in an outstanding principal amount in excess
of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is not discharged,
or such default in payment or acceleration is not cured or rescinded, within sixty (60) calendar days after written notice to the Company
from the Trustee (or to the Company and the Trustee from Holders of at least 25% in aggregate principal amount of the Notes then outstanding);

 

(d)              
except as permitted by the Indenture and the Notes, the Guarantee by the Guarantor shall cease to be in full force and effect or
the Guarantor shall deny or disaffirm its obligations with respect thereto;

 

(e)              
default in the performance or breach of any other covenant or warranty by the Company or the Guarantor in the Indenture (other
than a covenant or warranty that has been included in the Indenture solely for the benefit of a series of debt securities other than the
Notes), which default continues uncured for a period of ninety (90) calendar days after the Company receives written notice from the Trustee
or the Company and the Trustee receive written notice from the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding; and

 

(f)               
the Company, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

 

(i)                
commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor
or a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official
of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or a Significant
Subsidiary; or

 

    - 25 -

     

    

 

(ii)             
 consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against the Company, the Guarantor or a Significant Subsidiary; or

 

(iii)           
consents to the appointment of a Custodian of it or for all or substantially of its property; or

 

(iv)            
makes a general assignment for the benefit of creditors; or

 

(v)              
generally is unable to pay its debts as the same become due, or

 

(g)              
an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the Company, the Guarantor or a Significant Subsidiary or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property
of the Company, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of sixty (60) calendar days; or

 

(h)              
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that

 

(i)                
is for relief against the Company, the Guarantor or any of Significant Subsidiary in an involuntary case or proceeding;

 

(ii)             
appoints a Custodian of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company,
the Guarantor or a Significant Subsidiary; or

 

(iii)           
orders the liquidation of the Company, the Guarantor or a Significant Subsidiary; and, in each case in this clause (h), the
order or decree remains unstayed and in effect for sixty (60) calendar days.

 

The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 7.2.          Acceleration
of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes at the time outstanding occurs and is
continuing (other than an Event of Default referred to in Section 7.1 (f), (g) or (h) hereof), then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may, by a notice in writing to the Company
(and to the Trustee if given by the Holders), declare to be due and payable immediately the principal of, and accrued and unpaid
interest, if any, on all of the Notes, and upon any such declaration such principal amount (or specified amount) and accrued and
unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 7.1 (f), (g) or
(h) hereof shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding
Notes will automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee
or any Holder of outstanding Notes.

 

    - 26 -

     

    

 

At any time after a declaration
of acceleration with respect to Notes has been made, but before a judgment or decree for payment of the money due has been obtained by
the Trustee, the Holders of a majority in principal amount of the outstanding Notes, by written notice to the Company and the Trustee,
may rescind and annul such declaration and the acceleration if all Events of Default, other than the non-payment of accelerated principal
and interest, if any, with respect to the Notes, have been cured or waived as provided in Section 5.13 of the Base Indenture. No
such rescission and annulment shall extend to or shall affect any subsequent default or Event of Default, or shall impair any right consequent
thereon.

 

Section 7.3.         
Limitation on Suits. No Holder of the Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture or for the appointment of a receiver or trustee, or for any remedy under the Indenture, unless:

 

(a)              
such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes;

 

(b)              
the Holders of at least 25% in principal amount of the outstanding Notes shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder,

 

(c)              
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(d)              
the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(e)              
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of at least 25% in principal amount of the outstanding Notes.

 

Section 7.4.         
Notice of Defaults. If an Event of Default occurs and is continuing with respect to the Notes and if it is actually known
to a Responsible Officer of the Trustee, the Trustee will send to Holders of Notes a notice of the Default or Event of Default within
90 days after it occurs, unless such default shall have been cured or waived. Except in the case of a Default or Event of Default in payment
of principal of, premium, if any, or interest on the Notes, the Trustee may withhold the notice if and so long as a Responsible Officer
determines that withholding the notice is in the interests of the Holders of the Notes.

 

    - 27 -

     

    

 

Article
VIII

AMENDMENTS AND WAIVERS

 

Section 8.1 hereof shall
replace Section 9.1 of the Base Indenture with respect to the Notes only.

 

Section 8.1.         
Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors, the Guarantor and
the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent of the Holders
of the Notes hereto for one or more of the following purposes:

 

(a)              to
cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect the interests
of the Holders of the Notes in any material respect, as determined by the Board of Directors of the Company;

 

(b)            
to evidence a successor to the Company as obligor or to the Guarantor as guarantor in accordance with Section 8.4 of the Base Indenture;

 

(c)              
to make any change that does not adversely affect the interests of the Holders of any Notes then outstanding;

 

(d)              
to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture;

 

(e)             to
provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under the Indenture by
more than one Trustee;

 

(f)              to
comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture
Act;

 

(g)              
to reflect the release of the Guarantor as guarantor, in accordance with the Indenture;

 

(h)              
to secure the Notes;

 

(i)                to
add guarantors with respect to the Notes; and

 

(j)            to
conform the text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus
to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Guarantee
or the Notes (as certified in an Officers’ Certificate).

 

    - 28 -

     

    

 

Upon the written request
of the Company, accompanied by a copy of the resolutions of each of the Board of Directors of the Company and the Board of Directors
of the sole general partner of the Guarantor authorizing the execution of any supplemental indenture and the delivery of the
documents required by Section 9.3 of the Base Indenture, the Trustee is hereby authorized to join with the Company and the Guarantor
in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein
contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated
to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or
immunities under the Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the consent
of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.2 of the Base Indenture.

 

Article
IX

MEETINGS OF HOLDERS OF NOTES

 

Section 9.1.         
Purposes for Which Meetings May Be Called. A meeting of Holders may be called at any time and from time to time pursuant
to this Article IX to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided
by the Indenture to be made, given or taken by Holders.

 

Section 9.2.         
Call, Notice and Place of Meetings.

 

(a)              
The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1 hereof, to be held at such
time and at such place as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.6
of the Base Indenture, not less than twenty-one (21) nor more than one hundred eighty (180) days prior to the date fixed for the
meeting.

 

(b)              
In case at any time the Company, the Guarantor or the Holders of at least 25% in principal amount of the outstanding Notes shall
have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1 hereof, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the
first publication of the notice of such meeting within twenty-one (21) days after receipt of such request or shall not thereafter proceed
to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable, or the Holders in the amount above
specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in clause (a) of this Section.

 

Section 9.3.          Persons
Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders, a person shall be (1) a Holder of one or
more outstanding Notes, or (2) a person appointed by an instrument in writing as proxy for a Holder or Holders of one or more
outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the Notes or
any Affiliate of the Company shall be entitled to vote at any meeting of Holders or be counted for purposes of determining a quorum
at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present or to speak
at any meeting of Holders shall be the persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of the Company and its
counsel.

 

    - 29 -

     

    

 

Section 9.4.         
Quorum; Action. The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a
quorum for a meeting of Holders; provided, however, that if any action is to be taken at the meeting with respect
to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding
Notes, the persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum.
In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting shall, if convened
at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than ten (10) days as
determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.2
hereof, except that such notice need be given only once not less than five (5) days prior to the date on which the meeting is scheduled
to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal
amount of the outstanding Notes which shall constitute a quorum.

 

Except as limited by Section 9.2
of the Base Indenture, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid
may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided,
however, that, except as limited by Section 9.2 of the Base Indenture, any resolution with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or
taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted
at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders
of such specified percentage in principal amount of the outstanding Notes.

 

Any resolution passed or decision
taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders, whether or not
such Holders were present or represented at the meeting.

 

Section 9.5.         
Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)              
Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

    - 30 -

     

    

 

(b)              
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been
called by the Company or by Holders as provided in Section 9.2(b) hereof, in which case the Company, the Guarantor or the Holders
calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding Notes of such
series represented at the meeting.

 

(c)              
At any meeting, each Holder or proxy shall be entitled to one (1) vote for each $1,000 principal amount of Notes held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged
as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to
vote, except as a Holder or proxy.

 

(d)              
Any meeting of Holders duly called pursuant to Section 9.2 hereof at which a quorum is present may be adjourned from time
to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting
may be held as so adjourned without further notice.

 

Section 9.6.         
Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders shall
be by written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the principal
amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two
(2) inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate,
of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge
of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2
hereof and, if applicable, Section 9.4 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman
and secretary of the meeting and one (1) such copy shall be delivered to the Company and the Guarantor, and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified
shall be conclusive evidence of the matters therein stated.

 

Article
X

MISCELLANEOUS PROVISIONS

 

Section 10.1.     
Ratification of Indenture. Except as expressly modified or amended hereby, the Indenture continues in full force and effect
and is in all respects confirmed and preserved.

 

Section 10.2.      Governing
Law. This Sixteenth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New
York. This Sixteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act and shall, to the extent
applicable, be governed by such provisions.

 

    - 31 -

     

    

 

Section 10.3.     
Counterparts. This Sixteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of
copies of this Sixteenth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Sixteenth Supplemental Indenture as to the parties hereto and may be used in lieu of an original of this Sixteenth
Supplemental Indenture and signature pages for all purposes.

 

Section 10.4.     
Notices to Holders. Except as otherwise provided in the Indenture, notices to Holders of the Notes will be given by mail
to the addresses of Holders of the Notes as they appear in the Note register; provided that notices given to Holders holding Notes
in book-entry form may be given electronically through the facilities of the Depository or any successor depository.

 

Section 10.5.     
Successors and Assigns. This Sixteenth Supplemental Indenture shall be binding upon the Company and each Guarantor, and
their respective successors and assigns and inure to the benefit of the respective successors and assigns of the Trustee and the Holders.

 

Section 10.6.     
Time of the Essence. Time is of the essence with regard to the Company’s and the Guarantors’ performance of
their respective obligations hereunder.

 

Section 10.7.     
Rights of Holders Limited. Notwithstanding anything herein to the contrary, the rights of Holders with respect to this Sixteenth
Supplemental Indenture and the Guarantee shall be limited in the manner and to the extent the rights of Holders are limited under the
Indenture with respect to the Indenture and the Securities.

 

Section 10.8.     
Rights and Duties of Trustee. The rights and duties of the Trustee shall be determined by the express provisions of the
Base Indenture and, except as expressly set forth in this Sixteenth Supplemental Indenture, nothing in this Sixteenth Supplemental Indenture
shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder. The Trustee makes no representation or warranty,
express or implied, as to the validity of this Sixteenth Supplemental Indenture and, except insofar as relates to the validity hereof
with respect to the Trustee specifically, the Trustee shall not be liable in connection therewith. The Trustee makes no representation
or warranty, express or implied, as to the accuracy or completeness of any information contained in any offering or disclosure document
related to the sale of the Notes, except for such information that specifically pertains to the Trustee itself, or any information incorporated
therein by reference as it relates specifically to the Trustee. If and when the Trustee shall be or become a creditor of the Company (or
any other obligor upon the Notes), excluding any creditor relationship listed in Trust Indenture Act Section 311(b), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other
obligor). If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and the Indenture.

 

    - 32 -

     

    

 

Section 10.9.     
Notices. Any notice or communication by the Company, the Guarantor or the Trustee made pursuant to the provisions of the
Indenture or the Notes shall be in writing, including facsimile, and delivered in person, delivered by commercial courier service or
mailed by first-class mail, postage prepaid, addressed as follows:

 

if to the Company or the Guarantor:

 

Alexandria Real Estate Equities, Inc.

26 North Euclid Avenue

Pasadena, California 91101

Attention: General Counsel

Telephone: (626) 578-0777

Facsimile: (626) 578-0770

 

if to the Trustee:

 

Truist Bank, as Trustee

Corporate Trust and Escrow Services

2713 Forest Hills Road, Building 2 –
Floor 2

Wilson, NC 27893

Attention: Susan Baker

Telephone: (615) 679-3949

Facsimile: (252) 246-4303

Any notice or communication
by the Company, the Guarantor or the Trustee to the Company or the Guarantor, or by a Holder of the Notes to the Company or the Guarantor,
shall be deemed given or made as of the date delivered if delivered in the manner provided above. Notwithstanding any other provision
herein, any notice or communication to the Trustee shall only be deemed delivered upon receipt.

 

The Company, the Guarantor
or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Holder of the Notes shall be delivered to his address shown on the register kept by the Security Registrar. Failure to mail a notice
or communication to a Holder of the Notes or any defect in it shall not affect its sufficiency with respect to other Holders of the Notes
or any other series of Securities.

 

If a notice or communication
is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it. If a notice
or communication is delivered in person, by courier or by facsimile transmission (with confirmation of receipt) within the time prescribed,
it is duly given.

 

If the Company or the Guarantor
mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time.

 

    - 33 -

     

    

 

Section 10.10.  Headings,
etc. The headings of the Articles and Sections of this Sixteenth Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section 10.11. 
Conflicts. In the event of any conflict between the terms of this Sixteenth Supplemental Indenture and the terms of the
Indenture, the terms of this Sixteenth Supplemental Indenture shall control.

 

Section 10.12. 
Trust Indenture Act Controls. If any provision of this Sixteenth Supplemental Indenture limits, qualifies, or conflicts
with another provision that is required or deemed to be included in this Sixteenth Supplemental Indenture by the Trust Indenture Act,
such required or deemed provision shall control.

 

    - 34 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Sixteenth Supplemental Indenture to be duly executed by their respective officers hereunto duly authorized, all
as of the day and year first written above.

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, INC., 

as Issuer

 

	 	By:	/s/ Dean A. Shigenaga
	 	 	Name: Dean A. Shigenaga
 Title: President and Chief Financial Officer

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P., 

as Guarantor

 

	 	By:	ARE-QRS Corp.,
	 	 	its General Partner

  

	 	By:	/s/ Dean A. Shigenaga
	 	 	Name: Dean A. Shigenaga
 Title: President and Chief Financial Officer

 

	 	TRUIST BANK,

as Trustee

 

	 	By:	/s/ Susan K. Baker
	 	 	Name: Susan K. Baker
 Title: Vice President

 

[Signature Page to Sixteenth Supplemental Indenture] 

 

     

     

    

 

EXHIBIT A

 

THIS GLOBAL NOTE IS HELD BY
THE DEPOSITORY (AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE SIXTEENTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
OR IN PART PURSUANT TO SECTION 3.12 OF THE SIXTEENTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY
WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

 

    A-1

     

    

 

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

2.950% SENIOR NOTES DUE 2034

 

No. [●]

 

CUSIP No.: 015271 AY5

 

ISIN: US015271AY59

 

$[●]

 

Alexandria Real Estate Equities,
Inc., a Maryland corporation (herein called the “Company,” which term includes any successor entity under the Indenture
referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal
sum of [●] DOLLARS ($[●]), or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note
on the other side of this Note, on March 15, 2034 at the office or agency of the Company maintained for that purpose in accordance with
the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts, and to pay interest, semi-annually on March 15 and September 15 of each year, commencing
September 15, 2022, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 2.950%, from the
March 15 or September 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for,
unless no interest has been paid or duly provided for on the Notes, in which case from February 16, 2022 until payment of said principal
sum has been made or duly provided for. The Company shall pay interest to Holders of record of the Notes on the March 1 or September 1
preceding the applicable March 15 or September 15 interest payment date, respectively, in accordance with the terms of the Indenture.
The Company shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled thereto as it appears
in the register; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount
of more than $2.0 million may specify by written notice to the Company that it pay interest by wire transfer of immediately available
funds to the account specified by the Holder in such notice, or on any Global Note by wire transfer of immediately available funds to
the account of the Depository or its nominee.

 

The Company promises to pay
interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law)
interest at the rate of 1.0% per annum above the rate borne by the Notes.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or
a duly authorized authenticating agent under the Indenture.

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed.

 

	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.

 

	 	By:	 
	 	 	Name: Dean A. Shigenaga
 Title: President and Chief Financial Officer

 

    A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes described in the within-named
Indenture.

 

Dated: February 16, 2022

 

	 	Truist Bank, as Trustee

 

	 	By:	 
	 	 	Authorized Signatory

 

    A-4

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

2.950% SENIOR NOTES DUE 2034

 

This Note is one of a duly
authorized issue of Securities of the Company, designated as its 2.950% Senior Notes due 2034 (herein called the “Notes”),
issued under and pursuant to an Indenture dated as of March 3, 2017 (herein called the “Base Indenture”), among the
Company, the Guarantor and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee (herein called the “Trustee”),
as supplemented by the Supplemental Indenture No. 16, dated as of February 16, 2022 (herein called the “Sixteenth Supplemental
Indenture,” and, together with the Base Indenture, the “Indenture”), to which Indenture and any indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Capitalized terms used but not otherwise defined in
this Note shall have the respective meanings ascribed thereto in the Indenture. In the event of any conflict between the terms of this
Note and the terms of the Indenture, the terms of the Indenture control.

 

If an Event of Default (other
than an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Sixteenth Supplemental Indenture) occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee
or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall
be immediately due and payable. If an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Sixteenth Supplemental
Indenture occurs, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically
due and payable without necessity of further action.

 

The Indenture contains provisions
permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the
Notes at the time outstanding, 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 Notes,
subject to exceptions set forth in Section 9.2 of the Base Indenture. Subject to the provisions of the Indenture, the Holders of
not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the
Notes, waive any past Default or Event of Default, subject to exceptions set forth in the Indenture.

 

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

 

Interest on the Notes shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

    A-5

     

    

 

The Notes are issuable in
fully registered book-entry form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the
Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental
charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal
amount of Notes of any other authorized denominations.

 

The Company shall have the
right to redeem the Notes under certain circumstances as set forth in Article IV of the Sixteenth Supplemental Indenture.

 

The Notes are not subject
to redemption through the operation of any sinking fund.

 

Except as expressly provided
in Article V of the Sixteenth Supplemental Indenture, no recourse for the payment of the principal of or any premium or interest on this
Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or subsidiary,
as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto,
either directly or through the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, whether
by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution
of the Indenture and the issue of this Note.

 

    A-6

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) 
 assign and 
 transfer this 
 Note to:	

(Insert assignee’s legal
name)

  

	 	 
	 	(Insert assignee’s soc. sec. or tax I.D. no.)

  

	 	 
	 	(Print or type assignee’s name, address and zip code)

 

and
 irrevocably

	appoint	 

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date:

 

	 	Your

Signature:	
		(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:	 	 

 

	 	 	 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable
to the Trustee).

 

    A-7

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE

 

The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note
or Definitive Note for an interest in this Global Note, have been made:

 

	
    Date
of Exchange 
	 	
    Amount
of decrease in principal amount at

 maturity of this Global

 Note 
	 	
    Amount
of increase in principal amount at 

maturity of this Global 

Note 
	 	
    Principal
amount at

 maturity of this Global

 Note following such

 decrease (or increase) 
	 	
    Signature
of authorized signatory of Trustee or Custodian 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

    A-8

     

    

 

EXHIBIT B

 

NOTATION OF GUARANTEE

 

The Guarantor listed below
(hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated
as of March 3, 2017, among the Guarantor, the Company and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee
(the “Base Indenture”), as supplemented by the Supplemental Indenture No. 16, dated as of the date hereof (the “Sixteenth
Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), has fully, unconditionally
and absolutely guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1 of the Sixteenth Supplemental Indenture),
which include (i) the due and punctual payment of the principal of, premium, if any, and interest, if any, on the 2.950% Senior Notes
due 2034 (the “Notes”) to which this notation is affixed, whether at maturity, by acceleration, call for redemption
or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law)
interest on any interest on the Notes, and the due and punctual performance of all other obligations of the Company, to the Holders of
the Notes or the Trustee all in accordance with the terms set forth in Article V of the Sixteenth Supplemental Indenture, and (ii) in
case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption
or otherwise.

 

The obligations of such Guarantor
to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article V of the Sixteenth Supplemental Indenture and reference is hereby made to the Indenture for the precise terms of
the Guarantee.

 

No past, present or future
director, officer, limited partner, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor
entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.

 

The Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right
to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect to the Notes and all demands
whatsoever.

 

This is a continuing Guarantee
and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final
payment of all of the Company’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture
and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer
or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically
extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment
and performance and not of collectability.

 

    B-1

     

    

 

 

This Guarantee shall not be
valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have
been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.

 

The obligations of the Guarantor
under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable
law. This Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

 

THE TERMS OF ARTICLE V OF
THE SIXTEENTH SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used herein
have the same meanings given in the Indenture unless otherwise indicated.

 

	 	
    ALEXANDRIA REAL ESTATE
    EQUITIES, L.P.

     

    By: ARE-QRS Corp.,
    its general partner

    

 

	Dated: February 16, 2022 	By:	
	 	 	Name:  Dean A. Shigenaga
 Title:  President and Chief Financial Officer

 

    B-2

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