Document:

Purchase Agreement

 Exhibit 10.4 
  
 EXECUTION COPY 
  
 Regency Centers, L.P. 
  
 5.25% Notes due August 1, 2015 
  
 Guaranteed by Regency Centers Corporation 
  
 Purchase Agreement 
  
 July 13, 2005 
  
 Wachovia Capital Markets, LLC 
 One Wachovia Center 
 301 South College Street 
 Charlotte, North Carolina 28288 
  
 J.P. Morgan Securities Inc. 
 270 Park Avenue

 New York, New York 10017 
  
 As Representatives of the Several Purchasers 
 named in Schedule I hereto

  
 Ladies and Gentlemen: 
  
 Regency Centers, L.P., a Delaware limited partnership (the
“Partnership”), proposes subject to the terms and conditions stated herein, to issue and sell to the Purchasers named in Schedule I hereto (the “Purchasers”) an aggregate of $350,000,000 principal amount of the Notes specified
above (the “Securities”). The Securities are unconditionally guaranteed by the guarantees (the “Guarantees”) of Regency Centers Corporation, a Florida corporation (the “Guarantor”). 
  
 1. The Partnership and the Guarantor jointly and severally represent and
warrant to, and agree with, each of the Purchasers that: 
  
 (a) An offering circular, dated July 13, 2005 (the “Offering Circular”), has been prepared in connection with the offering of the Securities and the Guarantees. Any reference to the Offering Circular shall
be deemed to refer to and include the Guarantor’s most recent Annual Report on Form 10-K and all subsequent documents filed with the United States Securities and Exchange Commission (the “Commission”) pursuant to Section 13(a), 13(c)
or 15(d) of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or prior to the date of the Offering Circular and any reference to the Offering Circular, as amended or supplemented, as of any 

 specified date, shall be deemed to include (i) any documents filed with the Commission pursuant to
Section 13(a), 13(c) or 15(d) of the Exchange Act after the date of the Offering Circular, and prior to such specified date and (ii) any Additional Issuer Information (as defined in Section 5(f)) furnished by the Guarantor or the Partnership prior
to the completion of the distribution of the Securities; and all documents filed under the Exchange Act and so deemed to be included in the Offering Circular, or any amendment or supplement thereto, are hereinafter called the “Exchange Act
Reports”. The Exchange Act Reports, when they were or are filed with the Commission, conformed or will conform in all material respects to the applicable requirements of the Exchange Act and the applicable rules and regulations of the
Commission thereunder. The Offering Circular and any amendments or supplements thereto and the Exchange Act Reports did not and will not, as of their respective dates, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with information furnished in writing to the Guarantor and the Partnership by a Purchaser through you expressly for use therein; 
  
 (b) The financial statements and the related notes thereto included in the Offering Circular and the
Exchange Act Reports comply in all material respects with the applicable requirements of the Act and the Exchange Act, as applicable, and fairly present the financial position of the Guarantor and its subsidiaries as of the dates indicated and the
results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods
covered thereby, and the supporting schedules included in the Offering Circular and the Exchange Act Reports fairly present the information required to be stated therein; and the other financial information included in the Offering Circular and the
Exchange Act Reports, including any selected financial data and summary financial information, has been derived from the accounting records of the Guarantor and its subsidiaries and fairly presents the information shown thereby on a basis consistent
with that of the audited financial statements included in the Offering Circular and the Exchange Act Reports; 
  
 (c) None of (i) the Guarantor, (ii) any subsidiary of the Guarantor (including the Partnership), the revenues or assets of which, when
multiplied by the Guarantor’s ownership interest expressed as a percentage, exceed 3% of the consolidated revenues or assets, respectively, of the Guarantor, or (iii) any entity listed under “Investments in Real Estate Partnerships”
in Note 4 to the Guarantor’s consolidated financial statements included in its most recent Annual Report on Form 10-K (or a corresponding note to Exchange Act Reports filed thereafter) (each subsidiary or entity covered under (ii) or (iii), a
“Material Subsidiary”) has sustained since the date of the latest audited financial statements included or incorporated by reference in the Offering Circular any material loss or interference with its business from fire, explosion, flood
or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Offering Circular; and, since the respective dates as of which
information is given in Offering Circular, there has not been any change in the capital stock or partnership interests of 
  

 -2- 

 the Guarantor or any of its Material Subsidiaries (including the Partnership) (other than issuances of
capital stock or partnership interests in connection with employee benefit plans, dividend reinvestment plans, the exercise of options, the exchange of Partnership units and the payment of earn-outs pursuant to contractual commitments) or in the
partners’ capital of the Partnership or any of its Material Subsidiaries, any change in mortgage loans payable or long-term debt of the Guarantor or any of its Material Subsidiaries (including the Partnership) in excess of $20,000,000 or in the
mortgage loans payable or long-term debt of the Partnership or any of its Material Subsidiaries (except as set forth on Exhibit B hereto) or any material adverse change in excess of $20,000,000, or any development involving a prospective material
adverse change, in or affecting the general affairs, management, financial position, stockholders’ equity, partners’ capital or results of operations of the Guarantor and its Material Subsidiaries (including the Partnership), otherwise
than as set forth or contemplated in the Offering Circular; 
  
 (d) Since the respective dates as of which information is given in the Offering Circular, except as otherwise stated therein, there have been no transactions entered into by the Guarantor or any of its Material
Subsidiaries (including the Partnership), other than those in the ordinary course of business, which are material with respect to the Guarantor and its Material Subsidiaries considered as one enterprise; 
  
 (e) The Guarantor and its Material Subsidiaries (including
the Partnership) have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described
in the Offering Circular or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Guarantor and its Material Subsidiaries (including the Partnership); and
any real property and buildings held under lease by the Guarantor and its Material Subsidiaries (including the Partnership) are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere
with the use made and proposed to be made of such property and buildings by the Guarantor and its Material Subsidiaries (including the Partnership); 
  
 (f) The Partnership has been duly organized and is validly existing in good standing under the laws of the State of Delaware, with power
and authority to own its properties and conduct its business as described in the Offering Circular, and has been duly qualified as a foreign partnership for the transaction of business and is in good standing under the laws of each other
jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; the Guarantor
has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Florida, with power and authority (corporate and other) to own its properties and conduct its business as described in the Offering
Circular, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such
qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and each Material Subsidiary of the Guarantor has been duly incorporated or organized and is validly existing
as a corporation or other entity in good standing under the laws of its jurisdiction of incorporation or organization; 
  

 -3- 

 (g) The Partnership has an authorized capitalization as set forth in the Offering
Circular, and all of the issued partnership interests of the Partnership have been duly authorized and validly issued and are fully paid and non-assessable; all of the issued shares of capital stock of the Guarantor have been duly authorized and
validly issued and are fully paid and non-assessable; and, except as set forth on Exhibit A, all of the issued shares of capital stock or other equity interests of each Material Subsidiary of the Guarantor have been duly authorized and validly
issued, are fully paid and non-assessable and (except as set forth on Exhibit A and for directors’ qualifying shares) are owned directly or indirectly by the Guarantor, free and clear of all liens, encumbrances, equities or claims; 

 
 (h) This Agreement has been duly authorized, executed and
delivered by the Partnership and the Guarantor; the Securities have been duly authorized and, when issued and delivered pursuant to this Agreement and authenticated pursuant to the Indenture (as hereinafter defined), will have been duly executed,
authenticated, issued and delivered and will constitute valid and legally binding obligations of the Partnership enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, fraudulent transfer, equitable subordination, fair
dealing, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; entitled to the benefits provided by the indenture to be dated as of July 18, 2005 (the
“Indenture”), among the Partnership, the Guarantor and Wachovia Bank, National Association, as Trustee (the “Trustee”), under which they are to be issued, which is substantially in the form previously delivered to you; the
Indenture has been duly authorized and, when executed and delivered by the Partnership, the Guarantor and the Trustee, the Indenture will constitute a valid and legally binding instrument, enforceable in accordance with its terms, subject, as to
enforcement, to bankruptcy, fraudulent transfer, equitable subordination, fair dealing, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; the
Guarantees have been duly authorized and, when the Securities are issued and delivered pursuant to this Agreement, the Guarantees will have been duly executed, issued and delivered and will constitute valid and legally binding obligations of the
Guarantor, enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, fraudulent transfer, equitable subordination, fair dealing, insolvency, reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles; and the Securities, the Guarantees and the Indenture will conform to the descriptions thereof in the Offering Circular and will be in substantially the form previously delivered to you;

  
 (i) None of the transactions contemplated by
this Agreement (including, without limitation, the use of the proceeds from the sale of the Securities) will violate or result in a violation of Section 7 of the Exchange Act, or any regulation promulgated thereunder, including, without limitation,
Regulations G, T, U, and X of the Board of Governors of the Federal Reserve System; 
  
 (j) Prior to the date hereof, neither the Guarantor nor any of its affiliates (including the Partnership) has taken any action which is
designed to or which has 
  

 -4- 

 constituted or which might have been expected to cause or result in stabilization or manipulation of the
price of any security of the Partnership or the Guarantor in connection with the offering of the Securities and the Guarantees; 
  
 (k) The issue and sale of the Securities, the issue of the Guarantees and the compliance by the Partnership and the Guarantor with all of
the provisions of the Securities, the Guarantees, the Indenture, this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Guarantor or any of its Material Subsidiaries (including the Partnership) is a party or by which the Guarantor or
any of its Material Subsidiaries (including the Partnership) is bound or to which any of the property or assets of the Guarantor or any of its Material Subsidiaries is subject, (ii) the provisions of the Articles of Incorporation or By-laws of the
Guarantor, the Certificate of Limited Partnership or partnership agreement of the Partnership or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Guarantor or any of its
Material Subsidiaries (including the Partnership) or any of their properties other than, in the case of clauses (i) and (iii), such breaches or violation which, if determined adversely to the Guarantor or any of its Material Subsidiaries, would not
reasonably be expected to have a material adverse effect on the current or future consolidated financial position, shareholders’ equity or results of operations of the Guarantor and its Material Subsidiaries taken as a whole or on the
consummation of the transactions contemplated herein; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Securities, the
issue of the Guarantees or the consummation by the Partnership and the Guarantor of the transactions contemplated by this Agreement or the Indenture, except for the filing of a registration statement by the Partnership or the Guarantor with the
Commission pursuant to the United States Securities Act of 1933, as amended (the “Act”), pursuant to Section 5(k) hereof, and such consents, approvals, authorizations, registrations or qualifications as may be required under state
securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Purchasers; 
  
 (l) Neither the Guarantor nor any of its Material Subsidiaries (including the Partnership) is in violation of its Articles of
Incorporation, By-laws, Certificate of Limited Partnership or partnership agreement or in default in the performance or observance of any material obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound; 
  
 (m) The statements set forth in the Offering Circular under the caption “Description of the Notes”, insofar as they purport to
constitute a summary of the terms of the Securities and the Guarantees, under the caption “Certain Federal Income Tax Considerations”, insofar as they purport to describe the provisions of the laws and documents referred to therein, and
under the caption “Plan of Distribution”, insofar as they purport to describe the documents referred to therein, are accurate and complete in all material respects; 
  

 -5- 

 (n) Other than as set forth in the Offering Circular, there are no legal or governmental
proceedings pending to which the Guarantor or any of its Material Subsidiaries (including the Partnership) is a party or of which any property of the Guarantor or any of its Material Subsidiaries (including the Partnership) is the subject which, if
determined adversely to the Guarantor or any of its Material Subsidiaries (including the Partnership), would individually or in the aggregate have a material adverse effect on the current or future financial position, stockholders’ equity,
partners’ capital or results of operations of the Guarantor and its Material Subsidiaries (including the Partnership) (a “Material Adverse Effect”); and, to the best of the Partnership’s knowledge and the Guarantor’s
knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others; 
  
 (o) The Guarantor and its Material Subsidiaries (including the Partnership) possess such permits, licenses, approvals, consents and other
authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them, except where the failure so to possess
could not, singly or in the aggregate, be reasonably expected to result in a Material Adverse Effect; the Guarantor and its Material Subsidiaries (including the Partnership) are in compliance with the terms and conditions of all such Governmental
Licenses, except where the failure so to comply could not, singly or in the aggregate, be reasonably expected to result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except when the invalidity
of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect could not, singly or in the aggregate, be reasonably expected to result in a Material Adverse Effect; and neither the Guarantor nor any of its
Material Subsidiaries (including the Partnership) has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, could be reasonably expected to result in a Material Adverse Effect; 
  
 (p) Each of the Guarantor and its Material Subsidiaries (including the Partnership) is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are adequate and customary in the businesses in which they are engaged, except where the failure to be so insured could not be reasonably expected to have a Material Adverse Effect;

  
 (q) The assets of the Partnership do not
constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended; 
  
 (r) The Guarantor has qualified to be taxed as a real estate investment trust pursuant to Sections 856 through 860 of the Internal Revenue
Code of 1986, as amended (the “Code”), for each of the fiscal years from its inception through the most recently completed fiscal year, and the Guarantor’s present and contemplated organization, ownership, method of operation, assets
and income, taking into account the consummation of the transactions contemplated herein, are such that the Guarantor is in a position under present law to so qualify for the current fiscal year and in the future; the Partnership and each subsidiary
that is a partnership or a limited liability company under state law (each a “Subsidiary Partnership”) are properly classified as partnerships or disregarded entities, and not as corporations or as associations taxable as 
  

 -6- 

 corporations, for Federal income tax purposes throughout the period from inception through the date
hereof, or, in the case of any Subsidiary Partnerships that have terminated, through the date of termination of such Subsidiary Partnerships; the Guarantor and each of its subsidiaries (including the Partnership) have filed or caused to be filed all
federal, state, local and foreign tax returns, reports, information returns and statements which have been required to be filed by them (except for the failure to file such returns, reports, information returns and statements that could not be
reasonably expected to have a Material Adverse Effect) and have paid all taxes required to be paid and any other assessment, fine or penalty levied against them, to the extent that any of the foregoing is due and payable, except, in all cases, for
any such tax, assessment, fine or penalty that is being contested in good faith and in respect of which adequate reserves are being maintained and except to the extent any such failure to pay could not be reasonably expected to have a Material
Adverse Effect; 
  
 (s) Neither the Guarantor nor
the Partnership has knowledge of (a) the presence of any hazardous substances, hazardous materials, toxic substances or waste materials (collectively, “Hazardous Materials”) on any of the properties owned by it in violation of law or in
excess of regulatory action levels or (b) any unlawful spills, releases, discharges or disposal of Hazardous Materials that have occurred or are presently occurring on or off such properties as a result of any construction on or operation and use of
such properties, which presence or occurrence would materially adversely affect the condition, financial or otherwise, or the earnings, business affairs or business prospects of the Guarantor or the Partnership; and in connection with the
construction on or operation and use of the properties owned by the Guarantor and the Partnership, neither has any knowledge of any material failure to comply with all applicable local, state and federal environmental laws, regulations, agency
requirements, ordinances and administrative and judicial orders; 
  
 (t) When the Securities are issued and delivered pursuant to this Agreement, the Securities will not be of the same class (within the meaning of Rule 144A under the Act) as securities which are listed on a national
securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system; 
  
 (u) The Partnership and the Guarantor are subject to Section 13 or 15(d) of the Exchange Act; 
  
 (v) Neither the Partnership nor the Guarantor is, and after
giving effect to the offering and sale of the Securities and the issuance of the Guarantees will be, an “investment company”, or an entity “controlled” by an “investment company”, as such terms are defined in the United
States Investment Company Act of 1940, as amended (the “Investment Company Act”); 
  
 (w) None of the Partnership, the Guarantor nor any person acting on their behalf has offered or sold the Securities or the Guarantees by
means of any general solicitation or general advertising within the meaning of Rule 502(c) under the Act or, with respect to Securities sold and Guarantees issued outside the United States to non-U.S. persons (as defined in Rule 902 under the Act),
by means of any directed selling efforts within the meaning of Rule 902 under the Act, and the Guarantor, any affiliate of 
  

 -7- 

 the Guarantor (including the Partnership) and any person acting on its or their behalf has complied with
and will implement the “offering restriction” within the meaning of such Rule 902; 
  
 (x) Within the preceding six months, none of the Partnership, the Guarantor nor any other person acting on their behalf has offered or
sold to any person any Securities, or any securities of the same or a similar class as the Securities or the Guarantees, other than Securities and the Guarantees offered or sold to the Purchasers hereunder. The Partnership and the Guarantor will
take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Act) of any Securities, any Guarantees or any substantially similar security
issued by the Partnership or the Guarantor, within six months subsequent to the date on which the distribution of the Securities has been completed (as notified to the Partnership and the Guarantor by you), is made under restrictions and other
circumstances reasonably designed not to affect the status of the offer and sale of the Securities and the issuance of the Guarantees in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the
registration provisions of the Act; 
  
 (y) KPMG
LLP, who have certified certain financial statements of the Partnership and its subsidiaries and the Guarantor and its subsidiaries and have audited the Partnership’s and the Guarantor’s internal control over financial reporting and
management’s assessment thereof, are independent public accountants as required by the Act and the rules and regulations of the Commission thereunder; 
  
 (z) The Partnership and the Guarantor each maintain a system of internal control over financial reporting (as such term is defined in Rule
13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by, or under the supervision of, the principal executive officer and the principal financial officer of the Partnership and the Guarantor,
or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The
Partnership’s and the Guarantor’s internal control over financial reporting are effective and neither the Partnership nor the Guarantor is aware of any material weaknesses in its internal control over financial reporting; 
  
 (aa) Since the date of the latest audited financial
statements included or incorporated by reference in the Offering Circular, there has been no change in the Partnership’s and the Guarantor’s internal control over financial reporting that has materially affected, or is reasonably likely to
materially affect, the Partnership’s and the Guarantor’s internal control over financial reporting; and 
  
 (bb) The Partnership and the Guarantor maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the
Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Partnership, the Guarantor and their subsidiaries is made known to
the Partnership’s and the Guarantor’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective. 
  

 -8- 

 2. Subject to the terms and conditions herein set forth, the Partnership agrees to issue and sell to each
of the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase from the Partnership, at a purchase price of 99.208% of the principal amount thereof, plus accrued interest, if any, from July 18, 2005 to the Time of
Delivery hereunder, the principal amount of Securities set forth opposite the name of such Purchaser in Schedule I hereto. The Securities shall be issued with the Guarantees. 
  
 3. Upon the authorization by you of the release of the Securities, the several Purchasers propose to offer the Securities
for sale upon the terms and conditions set forth in this Agreement and the Offering Circular, and each Purchaser hereby represents and warrants to, and agrees with the Partnership and the Guarantor that: 
  
 (a) It will offer and sell the Securities only to: (i)
persons whom it reasonably believes are “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A under the Act in transactions meeting the requirements of Rule 144A, (ii) institutions which it reasonably believes
are “accredited investors” (“Institutional Accredited Investors”) within the meaning of Rule 501 under the Act or (iii) upon the terms and conditions set forth in Annex I to this Agreement; 
  
 (b) It is an Institutional Accredited Investor; and

  
 (c) It will not offer or sell the Securities
by any form of general solicitation or general advertising, including but not limited to the methods described in Rule 502(c) under the Act. 
  
 4. (a) The Securities to be purchased by each Purchaser hereunder will be represented by one or more definitive global Securities in book-entry form which
will be deposited by or on behalf of the Partnership with The Depository Trust Company (“DTC”) or its designated custodian. The Partnership will deliver the Securities to you, for the account of each Purchaser, against payment by or on
behalf of such Purchaser of the purchase price therefor by wire transfer of Federal (same-day) funds, by causing DTC to credit the Securities to the account of Wachovia Capital Markets, LLC at DTC. The Partnership will cause the certificates
representing the Securities to be made available to you for checking at least twenty-four hours prior to the Time of Delivery (as defined below) at the office of DTC or its designated custodian (the “Designated Office”). The time and date
of such delivery and payment shall be 9:30 a.m., New York City time, on July 18, 2005 or such other time and date as you and the Partnership may agree upon in writing. Such time and date are herein called the “Time of Delivery”.

  
 (a) The documents to be delivered at the Time
of Delivery by or on behalf of the parties hereto pursuant to Section 7 hereof, including the cross-receipt for the Securities and any additional documents requested by the Purchasers pursuant to Section 7(g) hereof, will be delivered at such time
and date at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, New York 10004 (the “Closing Location”), and the Securities will be delivered at the Designated Office, all at the Time of Delivery. A meeting will be held
at the Closing Location at 3:00 p.m., New York City time, on the New York Business Day next preceding the Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for
review by the parties hereto. For the purposes of this Section 4, “New York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York are generally authorized
or obligated by law or executive order to close. 
  

 -9- 

 5. The Partnership and the Guarantor jointly and severally agree with each of the Purchasers: 

 
 (a) To prepare the Offering Circular in a form approved
by you; to make no amendment or any supplement to the Offering Circular which shall be disapproved by you after reasonable notice thereof; and to furnish you with copies thereof; 
  
 (b) Promptly from time to time to take such action as you may reasonably request to qualify such Securities
and the Guarantees for offering and sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be
necessary to complete the distribution of such Securities and the Guarantees; provided, that in connection therewith neither the Partnership nor the Guarantor shall be required to qualify as a foreign corporation or to file a general consent
to service of process in any jurisdiction; 
  
 (c) Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time, to furnish the Purchasers with copies of the Offering Circular in such quantities as you may
reasonably request in New York City and each amendment or supplement thereto, and additional written and electronic copies thereof in such quantities as you may from time to time reasonably request, and if, at any time prior to the earlier of the
effective date of a Resale Registration (as defined in the Registration Rights Agreement dated as of the Time of Delivery) or the completion by the Purchasers of the initial distribution of the Securities, any event shall have occurred as a result
of which the Offering Circular as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made when such Offering Circular is delivered, not misleading, or, if for any other reason it shall be necessary or desirable during such same period to amend or supplement the Offering Circular, to notify you and upon your request to
prepare and furnish without charge to each Purchaser and to any dealer in securities as many written and electronic copies as you may from time to time reasonably request of an amended Offering Circular or a supplement to the Offering Circular which
will correct such statement or omission or effect such compliance; 
  
 (d) During the period beginning from the date hereof and continuing until the date six months after the Time of Delivery, not to offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, any
securities of the Partnership or the Guarantor that are substantially similar to the Securities; 
  
 (e) Not to be or become, at any time prior to the expiration of three years after the Time of Delivery, an open-end investment company,
unit investment trust, closed-end investment company or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act; 
  

 -10- 

 (f) At any time when the Partnership or the Guarantor is not subject to Section 13 or
15(d) of the Exchange Act, for the benefit of holders from time to time of Securities, to furnish at its expense, upon request, to holders of Securities and prospective purchasers of Securities, information (the “Additional Issuer
Information”) satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the Act; 
  
 (g) To make available to the holders of the Securities as soon as practicable after the end of each fiscal year an annual report
(including a balance sheet and statements of income, partners’ equity and cash flows of the Guarantor and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first
three quarters of each fiscal year (beginning with the fiscal quarter ending after the date of the Offering Circular), consolidated summary financial information of the Guarantor and its subsidiaries for such quarter in reasonable detail;

  
 (h) During a period of five years from the
date of the Offering Circular, to furnish to you copies of all reports or other communications (financial or other) furnished to partners of the Partnership or stockholders of the Guarantor, and to deliver to you (i) as soon as they are available,
copies of any reports and financial statements furnished to or filed with the Commission or any securities exchange on which the Securities or any class of securities of the Partnership or the Guarantor is listed; and (ii) such additional
information concerning the business and financial condition of the Partnership or the Guarantor as you may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Partnership
and its subsidiaries are consolidated in reports furnished to its partners generally or to the Commission or to the extent the accounts of the Guarantor and its subsidiaries are consolidated in reports furnished to its stockholders generally or to
the Commission); 
  
 (i) During the period of two
years after the Time of Delivery, not to, and not to permit any of its “affiliates” (as defined in Rule 144 under the Act), including, for the Guarantor, the Partnership to, resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them; 
  
 (j) To file and to use their reasonable best efforts to cause to be declared or become effective under the Act, on or prior to 180 days after the Time of Delivery, a registration statement on Form S-4 providing for
the registration of another series of debt securities of the Partnership, with terms identical to the Securities (the “Exchange Securities”), and the exchange of the Securities for the Exchange Securities, all in a manner which will permit
persons who acquire the Exchange Securities to resell the Exchange Securities pursuant to Section 4(1) of the Act; and 
  
 (k) To use the net proceeds received by it from the sale of the Securities pursuant to this Agreement in the manner specified in the
Offering Circular under the caption “Use of Proceeds”. 
  
 6. The Partnership and the Guarantor jointly and severally covenant and agree with the several Purchasers that the Partnership or the Guarantor will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the
Partnership’s and the Guarantor’s counsel and accountants in connection with the issuance of the Securities and the Guarantees 
  

 -11- 

 and all other expenses in connection with the preparation and printing of the Offering Circular and any amendments and
supplements thereto and the mailing and delivering of copies thereof to the Purchasers and dealers; (ii) the cost of printing or producing any Agreement among Purchasers, this Agreement, the Indenture, the Blue Sky and Legal Investment Memoranda,
closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Securities and the Guarantees; (iii) all expenses in connection with the qualification of the
Securities and the Guarantees for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable fees and disbursements of counsel for the Purchasers in connection with such qualification and in connection
with the Blue Sky and legal investment surveys; (iv) any fees charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities and the Guarantees; (vi) the fees and expenses of the Trustee and any agent of
any Trustee and the reasonable fees and disbursements of counsel for the Trustee in connection with the Indenture, the Securities and the Guarantees; and (vii) all other costs and expenses incident to the performance of their obligations hereunder
which are not otherwise specifically provided for in this Section. It is understood, however, that, except as provided in this Section, and Sections 8 and 11 hereof, the Purchasers will pay all of their own costs and expenses, including the fees of
their counsel, transfer taxes on resale of any of the Securities by them, and any advertising expenses connected with any offers they may make. 
  
 7. The obligations of the Purchasers hereunder shall be subject, in your discretion, to the condition that all representations and warranties and other
statements of the Partnership and the Guarantor herein are, at and as of the Time of Delivery, true and correct, the condition that each of the Partnership and the Guarantor shall have performed all of its obligations hereunder theretofore to be
performed, and the following additional conditions: 
  
 (a) Sullivan & Cromwell LLP, counsel for the Purchasers, shall have furnished to you such written opinion or opinions, dated the Time of Delivery, with respect to the matters covered in paragraphs (i) (with respect to Delaware
entities), (vi), (vii) (with respect to the Securities and the Guarantees), (viii) and (xiv) of subsection (b) below as well as such other related matters as you may reasonably request, and such counsel shall have received such papers and
information as they may reasonably request to enable them to pass upon such matters; 
  
 (b) Foley & Lardner LLP, counsel for the Partnership and the Guarantor, shall have furnished to you their written opinion, dated the
Time of Delivery, in form and substance satisfactory to you, to the effect that: 
  
 (i) The Partnership has been duly organized and is validly existing as a limited partnership in good standing under the laws of the State
of Delaware, with power and authority to own its properties and conduct its business as described in the Offering Circular; and the Guarantor has been duly incorporated and is validly existing as a corporation in good standing under the laws of the
State of Florida, with power and authority (corporate and other) to own its properties and conduct its business as described in the Offering Circular; 
  
 (ii) The Partnership has an authorized capitalization as set forth in the Offering Circular, and all of the issued partnership interests
of the Partnership have been duly authorized and validly issued and are fully paid and 
  

 -12- 

 non-assessable; and all of the issued shares of capital stock of the Guarantor have been duly authorized
and validly issued and are fully paid and non-assessable; 
  
 (iii) Each of the Partnership and the Guarantor has been duly qualified as a foreign corporation or other organization for the transaction of business and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction (such counsel being
entitled to rely in respect of the opinion in this clause upon opinions of local counsel and in respect of matters of fact upon certificates of officers of the Partnership or the Guarantor, provided that such counsel shall state that they believe
that both you and they are justified in relying upon such opinions and certificates); 
  
 (iv) Each other Material Subsidiary has been duly incorporated and is validly existing as a corporation or other organization in good
standing under the laws of its jurisdiction of incorporation or organization; and all of the issued shares of capital stock or partnership interests of each such Material Subsidiary have been duly authorized and validly issued, are fully paid and
non-assessable, and (except for directors’ qualifying shares or as set forth on Exhibit A hereto) are owned directly or indirectly by the Guarantor, free and clear of all perfected security interests and, to the knowledge of such counsel, after
due inquiry, free and clear of any other liens, encumbrances, equities or claims (such counsel being entitled to rely in respect of the opinion in this clause upon opinions of local counsel and in respect of matters of fact upon certificates of
officers of the Partnership or the Guarantor or its Material Subsidiaries, provided that such counsel shall state that they believe that both you and they are justified in relying upon such opinions and certificates); 
  
 (v) To the best of such counsel’s knowledge and other
than as set forth in the Offering Circular, there are no legal or governmental proceedings pending to which the Guarantor or any of its Material Subsidiaries (including the Partnership) is a party or of which any property of the Guarantor or any of
its Material Subsidiaries (including the Partnership) is the subject which, if determined adversely to the Guarantor or any of its Material Subsidiaries (including the Partnership), would individually or in the aggregate have a material adverse
effect on the current or future consolidated financial position, partners’ capital, stockholders’ equity or results of operations of the Guarantor and its Material Subsidiaries (including the Partnership); and, to the best of such
counsel’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others; 
  
 (vi) This Agreement has been duly authorized, executed and delivered by the Partnership and the Guarantor; 
  
 (vii) The Securities have been duly authorized, executed,
issued and delivered and constitute valid and legally binding obligations of the Partnership entitled to the benefits provided by the Indenture enforceable in accordance with 
  

 -13- 

 their terms, subject, as to enforcement, to bankruptcy, fraudulent transfer, equitable subordination,
fair dealing, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; the Guarantees have been duly authorized, executed, issued and delivered by the
Guarantor and, when the Securities have been issued and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Purchasers pursuant to this Agreement, the Guarantees will constitute valid and legally
binding obligations of the Guarantor enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, fraudulent transfer, equitable subordination, fair dealing, insolvency, reorganization and other laws of general
applicability relating to or affecting creditors’ rights and to general equity principles; and the Securities, the Guarantees and the Indenture conform to the descriptions thereof in the Offering Circular; 
  
 (viii) The Indenture has been duly authorized, executed and
delivered by the parties thereto and constitutes a valid and legally binding instrument, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, fraudulent transfer, equitable subordination, fair dealing, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
  
 (ix) The issue and sale of the Securities, the issue of the Guarantees and the compliance by the Partnership and the Guarantor with all of
the provisions of the Securities, the Guarantees, the Indenture, and this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument known to such counsel to which the Guarantor or any of its Material Subsidiaries (including the Partnership) is a party or by which
the Guarantor or any of its Material Subsidiaries (including the Partnership) is bound or to which any of the property or assets of the Guarantor or any of its Material Subsidiaries (including the Partnership) is subject, nor will such actions
result in any violation of the provisions of the Articles of Incorporation or By-laws of the Guarantor, the Certificate of Limited Partnership or partnership agreement of the Partnership or any statute or any order, rule or regulation of any court
or governmental agency or body known to such counsel having jurisdiction over the Guarantor or any of its Material Subsidiaries (including the Partnership) or any of their properties; 
  
 (x) No consent, approval, authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the issue and sale of the Securities, the issue of the Guarantees or the consummation by the Partnership and the Guarantor of the transactions contemplated by this Agreement or the Indenture, except for
the filing of a registration statement by the Partnership or the Guarantor with the Commission pursuant to the Act, pursuant to Section 5(k) hereof and such consents, approvals, authorizations, registrations or qualifications as may be required
under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Purchasers; 
  

 -14- 

 (xi) Neither the Guarantor nor any of its Material Subsidiaries (including the
Partnership) is in violation of its Articles of Incorporation or By-laws, its Certificate of Limited Partnership or partnership agreement or in default in the performance or observance of any material obligation, covenant or condition contained in
any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument known to such counsel to which it is a party or by which it or any of its properties may be bound; 
  
 (xii) The statements set forth in the Offering Circular
under the caption “Description of the Notes”, insofar as they purport to constitute a summary of the terms of the Securities and the Guarantees and under the captions “Certain Federal Income Tax Considerations” and “Plan of
Distribution”, insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate and complete in all material respects; 
  
 (xiii) The Exchange Act Reports (other than the financial statements and related schedules therein, as to
which such counsel need express no opinion), when they were filed with the Commission, complied as to form in all material respects with the requirements of the Exchange Act, and the rules and regulations of the Commission thereunder; and such
counsel has no reason to believe that any of such documents, when they were so filed, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made when such documents were so filed, not misleading; 
  
 (xiv) No registration of the Securities or the Guarantees under the Act, and no qualification of an indenture under the United States
Trust Indenture Act of 1939 with respect thereto, is required for the offer, sale and initial resale by the Purchasers of the Securities and the Guarantees by the Purchasers in the manner contemplated by this Agreement, it being understood that no
opinion is expressed as to any subsequent resale of any Securities; 
  
 (xv) Such counsel have no reason to believe that the Offering Circular and any further amendments or supplements thereto made by the Partnership and the Guarantor prior to the Time of Delivery (other than the
financial statements therein, as to which such counsel need express no opinion) contained as of its date or contains as of the Time of Delivery an untrue statement of a material fact or omitted or omits, as the case may be, to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (xvi) The Guarantor has qualified to be taxed as a real estate investment trust pursuant to Sections 856 through 860 of the Code for each
taxable year since its inception through the most recently completed fiscal year, and based on assumptions set forth in the Offering Circular and certain representations of the Guarantor, including but not limited to those set forth in an

  

 -15- 

 Officer’s Certificate, the Guarantor’s present and contemplated organization, ownership, method
of operation, assets and income, taking into account the consummation of the transactions contemplated herein, are such that the Guarantor is in a position under present law to so qualify for the current fiscal year and in the future; and

  
 (xvii) Neither the Partnership nor the
Guarantor is an “investment company” or an entity “controlled” by an “investment company”, as such terms are defined in the Investment Company Act; 
  
 (c) On the date of the Offering Circular prior to the execution of this Agreement and at the Time of
Delivery KPMG LLP shall have furnished to you a letter, dated the respective dates of delivery thereof, to the effect set forth in Statement of Auditing Standards No. 72, and with respect to such letter dated such Time of Delivery, as to such other
matters as you may reasonably request and in form and substance satisfactory to you; 
  
 (d) (i) Neither the Guarantor nor any of its Material Subsidiaries (including the Partnership) shall have sustained since the date of the
latest audited financial statements included or incorporated by reference in the Offering Circular any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Offering Circular, and (ii) since the respective dates as of which information is given in the Offering Circular there shall not have been
any change in the capital stock, mortgage loans payable or long-term debt of the Guarantor or any of its Material Subsidiaries (including the Partnership) or in the partners’ capital, mortgage loans payable or long-term debt of the Partnership
or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting the general affairs, management, financial position, partners’ capital, stockholders’ equity or results of operations of the
Guarantor and its Material Subsidiaries (including the Partnership) otherwise than as set forth or contemplated in the Offering Circular, the effect of which, in any such case described in Clause (i) or (ii), is in your judgment so material and
adverse as to make it impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the terms and in the manner contemplated in this Agreement and in the Offering Circular; 
  
 (e) On or after the date hereof (i) no downgrading shall
have occurred in the rating accorded the Partnership’s or the Guarantor’s debt securities or preferred stock by any “nationally recognized statistical rating organization”, as that term is defined by the Commission for purposes
of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Partnership’s or the Guarantor’s debt
securities or preferred stock; 
  
 (f) On or after
the date hereof there shall not have occurred any of the following: (i) trading generally on the New York Stock Exchange (the “NYSE”) or in the Nasdaq National Market (“Nasdaq”) has been suspended or materially limited, or
minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by the NYSE or Nasdaq or by order of the Commission, the 
  

 -16- 

 National Association of Securities Dealers, Inc. or any other governmental authority; (ii) trading in any
securities of the Guarantor or the Partnership has been suspended or materially limited by the Commission or the NYSE, (iii) a banking moratorium has been declared by either Federal or New York authorities; (iv) a material disruption has occurred in
commercial banking or securities settlement or clearance services in the United States; or (v) any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or
escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, if the effect of any such event specified in this clause (v) in your
judgment makes it impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities; and 
  
 (g) The Partnership and the Guarantor shall have furnished or caused to be furnished to you at the Time of Delivery certificates of
officers of the Partnership and the Guarantor satisfactory to you as to the accuracy of the representations and warranties of the Partnership and the Guarantor herein at and as of the Time of Delivery, as to the performance by the Partnership and
the Guarantor of all of their obligations hereunder to be performed at or prior to the Time of Delivery, as to the matters set forth in subsection (d) of this Section and as to such other matters as you may reasonably request. 
  
 8. (a) The Guarantor and the Partnership jointly and severally will indemnify
and hold harmless each Purchaser against any losses, claims, damages or liabilities, joint or several, to which such Purchaser may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Offering Circular, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Purchaser for any legal or other expenses reasonably incurred by such Purchaser in connection
with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Partnership and the Guarantor shall not be liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Offering Circular, or any such amendment or supplement in reliance upon and in conformity with written information
furnished to the Partnership and the Guarantor by any Purchaser through you expressly for use therein. 
  
 (b) Each Purchaser will indemnify and hold harmless the Partnership and the Guarantor against any losses, claims, damages or liabilities to which the
Partnership or the Guarantor may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in the Offering Circular, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Offering Circular, or any such amendment or supplement in
reliance upon and in conformity with written information furnished to the Partnership and the Guarantor by such 
  

 -17- 

 Purchaser through you expressly for use therein; and will reimburse the Partnership or the Guarantor for any legal or
other expenses reasonably incurred by the Partnership or the Guarantor in connection with investigating or defending any such action or claim as such expenses are incurred. 
  
 (c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection
with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by
or on behalf of any indemnified party. 
  
 (d) If the
indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative benefits received by the Partnership and the Guarantor on the one hand and the Purchasers on the other from the offering of the Securities. If, however, the allocation provided by the immediately preceding
sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Partnership or the Guarantor on the one hand and the Purchasers on the other in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Partnership or the Guarantor on the one hand and the Purchasers on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Partnership or the Guarantor bear to the total underwriting discounts and commissions received by the Purchasers, in
each case as set forth in the Offering Circular. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue 
  

 -18- 

 statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Partnership or the Guarantor on the one hand or the Purchasers on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Partnership, the
Guarantor and the Purchasers agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Purchasers were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions
in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to investors were offered to investors exceeds
the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The obligations of the Purchasers in this subsection (d) to contribute are
several in proportion to their respective underwriting obligations and not joint. 
  
 (e) The obligations of the Partnership and the Guarantor under this Section 8 shall be in addition to any liability which the Partnership or the Guarantor may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls any Purchaser within the meaning of the Act; and the obligations of the Purchasers under this Section 8 shall be in addition to any liability which the respective Purchasers may otherwise have and
shall extend, upon the same terms and conditions, to each officer and director of the Partnership or the Guarantor and to each person, if any, who controls the Partnership or the Guarantor within the meaning of the Act. 
  
 9. (a) If any Purchaser shall default in its obligation to purchase the
Securities which it has agreed to purchase hereunder you may in your discretion arrange for you or another party or other parties to purchase such Securities on the terms contained herein. If within thirty-six hours after such default by any
Purchaser you do not arrange for the purchase of such Securities, then the Partnership shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to purchase such Securities
on such terms. In the event that, within the respective prescribed period, you notify the Partnership that you have so arranged for the purchase of such Securities, or the Partnership notifies you that it has so arranged for the purchase of such
Securities, you or the Partnership shall have the right to postpone the Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Offering Circular, or in any other documents
or arrangements, and the Partnership agrees to prepare promptly any amendments to the Offering Circular which in your opinion may thereby be made necessary. The term “ Purchaser” as used in this Agreement shall include any person
substituted under this Section with like effect as if such person had originally been a party to this Agreement. 
  
 (b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Purchaser or Purchasers by you and the Partnership as
provided in subsection (a) above, the aggregate principal amount of such Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the 
  

 -19- 

 Partnership shall have the right to require each non-defaulting Purchaser to purchase the principal amount of Securities
which such Purchaser agreed to purchase hereunder and, in addition, to require each non-defaulting Purchaser to purchase its pro rata share (based on the principal amount of Securities which such Purchaser agreed to purchase hereunder) of the
Securities of such defaulting Purchaser or Purchasers for which such arrangements have not been made; but nothing herein shall relieve a defaulting Purchaser from liability for its default. 
  
 (c) If, after giving effect to any arrangements for the purchase of the
Securities of a defaulting Purchaser or Purchasers by you and the Partnership as provided in subsection (a) above, the aggregate principal amount of Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all
the Securities, or if the Partnership shall not exercise the right described in subsection (b) above to require non-defaulting Purchasers to purchase Securities of a defaulting Purchaser or Purchasers, then this Agreement shall thereupon terminate,
without liability on the part of any non-defaulting Purchaser or the Partnership, except for the expenses to be borne by the Partnership and the Purchasers as provided in Section 6 hereof and the indemnity and contribution agreements in Section 8
hereof; but nothing herein shall relieve a defaulting Purchaser from liability for its default. 
  
 10. The respective indemnities, agreements, representations, warranties and other statements of the Partnership, the Guarantor and the several Purchasers,
as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any
Purchaser or any controlling person of any Purchaser, or the Partnership or the Guarantor, or any officer or director or controlling person of the Partnership or the Guarantor, and shall survive delivery of and payment for the Securities.

  
 11. If this Agreement shall be terminated pursuant to Section
7(f) or 9 hereof, the Partnership and the Guarantor shall not then be under any liability to any Purchaser except as provided in Sections 6 and 8 hereof; but, if for any other reason the Securities are not delivered by or on behalf of the
Partnership as provided herein, the Partnership or the Guarantor will reimburse the Purchasers through you for all out-of-pocket expenses approved in writing by you, including fees and disbursements of counsel, reasonably incurred by the Purchasers
in making preparations for the purchase, sale and delivery of the Securities, but the Partnership and the Guarantor shall then be under no further liability to any Purchaser except as provided in Sections 6 and 8 hereof. 
  
 12. In all dealings hereunder, you shall act on behalf of each of the
Purchasers, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Purchaser made or given by you. 
  
 All statements, requests, notices and agreements hereunder shall be in writing, and if to the Purchasers shall be delivered
or sent by mail, telex or facsimile transmission to you at Wachovia Capital Markets, LLC, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, Attention: Investment Grade Syndicate (fax no.: (704) 383-9165) and J.P. Morgan
Securities Inc., 270 Park Avenue, New York, New York 10017, Attention: High Grade Syndicate Desk (fax no. (212) 834-6081); and if to the Partnership or the Guarantor shall be delivered or sent by mail, telex or facsimile transmission to the address
of the Partnership and the Guarantor set forth in the Offering Circular: Attention: Secretary; provided, however, that any notice to a Purchaser pursuant to Section 8(c) hereof shall be delivered or sent by mail, 
  

 -20- 

 telex or facsimile transmission to such Purchaser at its address set forth in its Purchasers’ Questionnaire, or
telex constituting such Questionnaire, which address will be supplied to the Partnership and the Guarantor by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof. 
  
 13. This Agreement shall be binding upon, and inure solely to the benefit of,
the Purchasers, the Partnership and the Guarantor and, to the extent provided in Sections 8 and 10 hereof, the officers and directors of the Partnership and the Guarantor and each person who controls the Partnership or the Guarantor or any
Purchaser, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Purchaser shall be
deemed a successor or assign by reason merely of such purchase. 
  
 14. Time shall be of the essence of this Agreement. 
  
 15. The Partnership and the Guarantor acknowledge and agree that (i) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Partnership and the Guarantor, on the one
hand, and the several Purchasers, on the other, (ii) in connection therewith and with the process leading to such transaction each Purchaser is acting solely as a principal and not the agent or fiduciary of the Partnership or the Guarantor, (iii) no
Purchaser has assumed an advisory or fiduciary responsibility in favor of the Partnership or the Guarantor with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Purchaser has advised or is
currently advising the Partnership or the Guarantor on other matters) or any other obligation to the Partnership or the Guarantor except the obligations expressly set forth in this Agreement and (iv) the Partnership and the Guarantor have consulted
their own legal and financial advisors to the extent they deemed appropriate. The Partnership and the Guarantor agree that they will not claim that the Purchasers, or any of them, has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to the Partnership or the Guarantor, in connection with such transaction or the process leading thereto. 
  
 16. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Partnership and the Guarantor, on the one
hand, and the Purchasers, or any of them, on the other, with respect to the subject matter hereof. 
  
 17. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 17. The Partnership, the Guarantor and each of the Purchasers hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
  
 18. This Agreement may be executed by any one or more of the parties hereto
in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 
  
  

 -21- 

 If the foregoing is in accordance with your understanding, please sign and return to us six counterparts
hereof. 
  

			
	Very truly yours,
	
	 Regency Centers, L.P.

		
	 By:
	 	Regency Centers Corporation,
	 	 	general partner
		
	 By:
	 	 /s/ Bruce M. Johnson

	 Name:
	 	Bruce M. Johnson
	 Title:
	 	 Managing Director and
 Chief Financial
Officer

	
	 Regency Centers Corporation

		
	 By:
	 	 /s/ Bruce M. Johnson

	 Name:
	 	Bruce M. Johnson
	 Title:
	 	 Managing Director and
 Chief Financial
Officer

  

			
	Accepted as of the date hereof:
	
	 Wachovia Capital Markets, LLC

		
	By:	 	 /s/ Teresa Hee

	Name:	 	Teresa Hee
	Title:	 	Director
	
	J. P. Morgan Securities Inc.
		
	By:	 	 /s/ Stephen L. Scheiner

	Name:	 	Stephen L. Scheiner
	Title:	 	Vice President

  
 On behalf of each of the Purchasers

 SCHEDULE I 
  

				
	 Purchaser

	  	Principal Amount of
Securities to Be
Purchased

	 J.P. Morgan Securities Inc.
	  	$	122,500,000
	 Wachovia Capital Markets, LLC
	  	 	122,500,000
	 Wells Fargo Securities, LLC
	  	 	35,000,000
	 PNC Capital Markets, Inc.
	  	 	17,500,000
	 SunTrust Capital Markets, Inc.
	  	 	17,500,000
	 Commerzbank Capital Markets Corp.
	  	 	13,125,000
	 ING Financial Markets LLC
	  	 	13,125,000
	 Piper Jaffray & Co.
	  	 	8,750,000
	 	  	
	

	 Total
	  	$	350,000,000
	 	  	
	

 Annex I 
  
 1. The Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons except in accordance with Regulation S under the Act or pursuant to an exemption from the registration requirements of the Act. Each Purchaser represents that it has offered and sold the Securities, and will offer and
sell the Securities, (i) as part of their distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the Time of Delivery, only in accordance with Rule 903 of Regulation S or Rule 144A under the
Act. Accordingly, each Purchaser agrees that neither it, its affiliates nor any persons acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and it and they have complied and will
comply with the offering restrictions requirement of Regulation S. Each Purchaser agrees that, at or prior to confirmation of sale of Securities (other than a sale pursuant to Rule 144A), it will have sent to each distributor, dealer or person
receiving a selling concession, fee or other remuneration that purchases Securities from it during the restricted period a confirmation or notice to substantially the following effect: 
  
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the
“Act”) and may not be offered and sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the
offering and the closing date, except in either case in accordance with Regulation S (or Rule 144A if available) under the Act. Terms used above have the meanings given to them by Regulation S.” 
  
 Terms used in this paragraph have the meanings given to them by Regulation S. 
  
 Each Purchaser further agrees that it has not entered and will not enter into
any contractual arrangement with respect to the distribution or delivery of the Securities, except with its affiliates or with the prior written consent of the Guarantor. 
  
 2. Notwithstanding the foregoing, Securities in registered form may be offered, sold and delivered by the Purchasers in the
United States and to U.S. persons pursuant to Section 3 of this Agreement without delivery of the written statement required by paragraph (1) above. 
  
 3. Each Purchaser further represents and agrees that (a) it has not offered or sold and, prior to the expiry of a period of six months from the time of
delivery, will not offer or sell any Securities to persons in the United Kingdom except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their
businesses or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995, (b) it has only communicated or caused to be
communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) received by it in
connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to the Partnership, and (c) it has complied, and will comply, with the applicable provisions of the FSMA with respect to anything done
by it in relation to the Securities in, from or otherwise involving the United Kingdom 
  
 4. Each Purchaser agrees that it will not offer, sell or deliver any of the Securities in any jurisdiction outside the United States except under circumstances that will result in 

 compliance with the applicable laws thereof, and that it will take at its own expense whatever action is required to
permit its purchase and resale of the Securities in such jurisdictions. Each Purchaser understands that no action has been taken to permit a public offering in any jurisdiction where action would be required for such purpose. Each Purchaser agrees
not to cause any advertisement of the Securities to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Securities, except in any such case with the Representatives’ express
written consent and then only at its own risk and expense. 
  

 -2- 

 Exhibit A 
  

REGENCY CENTERS CORPORATION 
  
 Material Subsidiaries and Equity Ownership Thereof 
  

										
	 Entity

	  	 Jurisdiction

	  	 Owner(s)

	  	 Nature of
 Interest

	  	% of
Ownership

	 
					
	 Regency Centers, L.P.
	  	Delaware	  	 Regency Centers Corporation
 Regency Centers Texas,
LLC(1)
 Outside
Investors
	  	 General Partner
 Limited Partner

Limited Partners
	  	1.0
96.3
2.7	%
%
%
					
	 Columbia Cameron Village SPE, LLC
	  	Delaware	  	 Regency Centers, L.P.
 Columbia Perfco Partners,
L.P.
	  	 Member
 Member
	  	30
70	%
%
					
	 Columbia Regency Retail Partners, LLC
	  	Delaware	  	 Regency Centers, L.P.
 Columbia Perfco Partners,
L.P.
	  	 Member
 Member
	  	20
80	%
%
					
	 Columbia Regency Partners II, LLC
	  	Delaware	  	 Regency Centers, L.P.
 Columbia Perfco Partners,
L.P.
	  	 Member
 Member
	  	20
80	%
%
					
	 Macquarie CountryWide-Regency, LLC
	  	Delaware	  	Regency Centers, L.P. Macquarie CountryWide (US) Corporation	  	 Member
 Member
	  	25
75	%
%
					
	 Macquarie CountryWide Regency II, LLC(2)
	  	Delaware	  	Macquarie CountryWide (US) No. 2 Corporation Regency Centers, L.P.	  	 Member
 Member
	  	65
35	%
%
					
	 MCW/MDP-Regency, LLC
	  	Delaware	  	 Regency Centers, L.P.
 MCW/MDP, LLC
	  	 Member
 Member
	  	25
75	%
%
					
	 RegCal, LLC
	  	Delaware	  	 California State Teachers Retirement System
 Regency
Centers, L.P.
	  	 Member
 Member
	  	75
25	%
%
					
	 Regency Realty Group, Inc.
	  	Florida	  	Regency Centers, L.P. RRG Holdings, LLC(3)	  	 Preferred Stock
 Common Stock
 Common Stock
	  	100
7
93	%
%
%

	(1)	100%-owned by Regency Centers Corporation. 

	(2)	This entity has pledged interests in certain of its subsidiaries to secure its obligations under a bridge loan facility from Wachovia Bank, National Association and
JPMorgan Chase Bank, N.A. 

	(3)	100%-owned by Regency Centers, L.P. 

  

 2 

 Exhibit B 
  

Changes Since March 31, 2005 
  
 1. Since March 31, 2005, the Partnership has increased its outstanding borrowings under its line of credit by $90 million (and will increase the
borrowings by an additional $100 million to repay its 7-1/8% notes due July 15, 2005). 
  
 2. Macquarie CountryWide-Regency II, LLC has been borrowing under mortgage loans to refinance debt incurred under the Credit Agreement dated as of June 1, 2005, among Macquarie CountryWide-Regency II, LLC, Wachovia
Bank, National Association and JPMorgan Chase Bank, N.A.Amended Employee Stock Purchase Plan

 EXHIBIT 10.5 
  
 NUVELO, INC. 
 EMPLOYEE STOCK PURCHASE
PLAN 
  

	1.	PURPOSE 

  
 The purpose of the Nuvelo, Inc. Employee Stock Purchase Plan is to provide eligible Employees of Nuvelo, Inc. and its Affiliates with an opportunity to acquire a proprietary interest in the Company through the
purchase of Common Stock of the Company on a payroll deduction basis. It is believed that participation in the ownership of the Company will be to the mutual benefit of the eligible Employees and the Company. It is intended that this Plan shall
constitute an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan shall, accordingly, be construed so as to extend and limit participation in a
manner consistent with the requirements of Code Section 423. 
  

	2.	DEFINITIONS 

  
 Unless otherwise specified or unless the context otherwise requires, the following terms, as used in this Plan, have the following meanings. Wherever appropriate, words used in the singular shall be deemed to include
the plural and vice versa, and the masculine gender shall be deemed to include the feminine gender. 
  
 (a) Account means the funds accumulated with respect to an Employee as a result of deductions from his paycheck for the purpose of purchasing
Common Stock under the Plan. The funds allocated to an Employee’s Account shall remain the property of the Employee at all times prior to the purchase of the Common Stock, but may be commingled with the assets of the Company and used for
general corporate purposes. No interest shall be paid or accrued on any funds accumulated in the Accounts of Employees. 
  
 (b) Affiliate means a corporation, as defined in Section 424(f) of the Code, that is a parent or subsidiary of the Company, direct or indirect.

  
 (c) Board means the Board of Directors of the Company.

  
 (d) Code means the Internal Revenue Code of 1986, as
amended. 
  
 (e) Committee means the committee to which
the Board delegates the power to act under or pursuant to the provisions of the Plan, or the Board if no committee is selected. 
  
 (f) Common Stock means the shares of common stock of the Company, $.001 par value. 
  
 (g) Company means Nuvelo, Inc., a Delaware corporation, and any corporate successor to all or substantially all of
the assets or voting stock of the Company. 

 (h) Compensation means the compensation paid to an Employee by the Company during a payroll period
for federal income tax purposes, as reported on an Employee’s Form W-2 (or comparable reporting form) for income tax withholding purposes. 
  
 (i) Effective Date means the date the Plan is adopted by, and made effective by, the Board, subject to the limitations of Section 16. 

 
 (j) Employee means any person who is employed by the Company or an
Affiliate on a regular full-time basis. A person shall be considered employed on a regular full-time basis if he is customarily employed for more than twenty (20) hours per week. 
  
 (k) Offering Date means the date on which the Committee grants Employees the option to purchase shares of Common
Stock. 
  
 (l) Offering Period means the period between
the Offering Date and the Purchase Date. 
  
 (m) Purchase
Date means the date on which the Committee purchases the shares of Common Stock, which date shall be the last day of an Offering Period. 
  
 (n) Participant means an Employee who elects to participate in the Plan. 
  
 (o) Plan means the Nuvelo, Inc. Employee Stock Purchase Plan. 
  

	3.	ELIGIBILITY 

  
 All Employees of the Company and, if designated by the Board, any Affiliate, who are employed by the Company and/or such designated Affiliate shall be eligible to participate in the Plan on the first Offering Date
coincident with, or following the Employee’s first day of employment. 
  

	4.	ADMINISTRATION 

  
 The Plan shall be administered by the Committee, which shall consist of not less than two (2) members of the Board. Subject to the provisions of the Plan, the Committee shall be vested with full authority to make,
administer, and interpret such rules and regulations as it deems necessary to administer the Plan, and any determination, decision, or action of the Committee in connection with the construction, interpretation, administration, and application of
the Plan shall be final, conclusive, and binding upon all Participants and any and all persons claiming under or through any Participant. Notwithstanding anything to the contrary in the Plan, the Committee shall have the discretion to modify the
terms of the Plan with respect to Participants who reside outside of the United States or who are employed by a subsidiary of the Company that has been formed under the laws of any foreign country, if such modification is necessary in order to
conform such terms to the requirements of local laws. 
  

	5.	STOCK 

  
 (a) The Common Stock to be sold to Participants under the Plan may, at the election of the Company, be either treasury shares, shares acquired on the open
market, and/or 

  

 2 

 
shares originally issued for such purpose. The aggregate number of shares of Common Stock that shall be made available for purchase under the Plan shall not
exceed five hundred thousand (500,000) shares, subject to adjustment upon changes in capitalization of the Company as provided in subparagraph (b) below. In the event any purchase right granted under the Plan expires or terminates for any reason
without having been exercised in full or ceases for any reason to be exercisable in whole or in part, the unpurchased shares subject thereto will again be available for purchase by Employees upon the exercise of purchase rights. If the total number
of shares that otherwise would have been acquired under the Plan on any Purchase Date exceeds the number of shares of Common Stock then available under the Plan, the Company shall make a pro rata allocation of the shares remaining available in as
nearly a uniform manner as shall be practicable and as it shall determine to be equitable. In such event, the payroll deductions to be made pursuant to the Participants’ authorizations shall be reduced accordingly, or refunded to the
Participants, as the case may be, and the Company shall give written notice of such reduction or refund to each affected Participant. 
  
 (b) Appropriate adjustments in the aggregate number of shares of Common Stock that shall be made available for purchase under the Plan shall be made to
give effect to any mergers, consolidations, acquisitions, reorganizations, stock splits, stock dividends, or other relevant changes in the capitalization of the Company occurring after the Effective Date. The establishment of the Plan shall not
affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell, or otherwise transfer all or any part
of its business or assets. Adjustments under this Section 5 shall be made in the sole discretion of the Committee, and its decision shall be binding and conclusive. 
  
 (c) A Participant shall not have any interest in shares covered by his authorized payroll deduction until shares of Common
Stock are acquired for his Account. 
  

	6.	PARTICIPATION 

  
 (a) Each Employee may become a Participant in the Plan by authorizing a payroll deduction on a form provided by the Committee. Such authorization shall
become effective on the Offering Date coincident with, or the next Offering Date following the delivery of the authorization form to the Committee, provided that the Employee is eligible under Section 3 to participate in the Plan on such Offering
Date. 
  
 (b) At the time an Employee files his authorization for
a payroll deduction, he shall elect to have deductions made from each paycheck that he receives, such deductions to continue until the Participant withdraws from the Plan or otherwise becomes ineligible to participate in the Plan. Authorized payroll
deductions shall be for a minimum of one percent (1%) and a maximum of ten percent (10%) of the Participant’s Compensation. The deduction rate so authorized shall continue in effect through the Offering Period and each succeeding Offering
Period. A Participant may increase the rate of his payroll deduction effective as of any subsequent Offering Date by filing a new authorization form with the Company fifteen (15) or more days prior to the next Offering Date. A 

  

 3 

 
Participant may, at any time during any Offering Period, reduce his rate of payroll deduction by filing a new authorization form with the Company, which
shall become effective as soon as practicable after it is filed. 
  
 (c) All Compensation deductions made for a Participant shall be credited to his Account. Except as may otherwise be provided by the Committee under Section 4, a Participant may not make any separate cash payment into his Account.

  

	7.	PURCHASE OF SHARES 

  
 (a) On the Offering Date when a Participant’s authorization form for a deduction becomes effective, and on each succeeding Offering Date thereafter,
he shall be deemed to have been granted an option to purchase as many full shares of Common Stock as he will be able to purchase with the Compensation deductions credited to his Account during the payroll periods within the applicable Offering
Period for which the Compensation deductions are made. In addition to the foregoing, any cash dividends paid on shares of Common Stock held in his Account shall be added to the Account, and used to purchase Common Stock as otherwise provided herein.

  
 (b) The purchase price for the shares of Common Stock to be
purchased with payroll deductions from the Participant shall be equal to the lesser of ninety-five percent (95%) (or such other amount as the Committee shall authorize, but in no event less than eighty-five percent (85%)) of (i) the “fair
market value” of a share of Common Stock on the Offering Date or (ii) the “fair market value” of a share on the Purchase Date. Fair market value shall be defined as the closing bid price of the Common Stock on the largest national
securities exchange on which such Common Stock is listed at the time the Common Stock is to be valued. If the Common Stock is not then listed on any such exchange, the fair market value shall be the closing sales price if such is reported or
otherwise the mean between the closing “Bid” and the closing “Ask” prices, if any, as reported in the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) for the date of valuation, or
if none, on the most recent trade date thirty (30) days or less prior to the date of valuation for which such quotations are reported. If the Common Stock is not then listed on any such exchange or quoted in NASDAQ, the fair market value shall be
the mean between the average of the “Bid” and the average of the “Ask” prices, if any, as reported in the National Daily Quotation Service for the date of valuation, or, if none, for the most recent trade date thirty (30) days or
less prior to the date of valuation for which such quotations are reported. If the fair market value cannot be determined under the preceding three sentences, it shall be determined in good faith by the Committee. 
  

	8.	TIME OF PURCHASE 

  
 From time to time, the Committee shall grant to each Participant an option to purchase shares of Common Stock in an amount equal to the number of shares of Common Stock that the accumulated payroll deductions to be
credited to his Account during the Offering Period may purchase at the applicable purchase price. Each Offering Period shall be for a specified period of time to be fixed by the Committee and shall be for no less than one month and no more than

  

 4 

 
twenty-seven (27) months’ duration. Each Participant who elects to purchase shares of Common Stock hereunder shall be deemed to have exercised his
option automatically on such date of purchase. Administrative and commission costs on purchases shall be paid by the Company. The Committee shall cause to be delivered periodically to each Participant a statement showing the aggregate number of
shares of Common Stock in his Account, the number of shares of Common Stock purchased for him in the preceding Offering Period, his aggregate Compensation deductions for the preceding Offering Period, the price per share paid for the shares of
Common Stock purchased for him during the preceding Offering Period, and the amount of cash, if any, remaining in his Account at the end of the preceding Offering Period. 
  
 A Participant may request delivery to him of the cash in his Account or of the shares of Common Stock held in his Account at any time
(subject to any limitations imposed by Section 16(b) of the Securities Exchange Act of 1934), and the delivery thereof shall be made at such regular time as the Company or its transfer agent shall determine. If such delivery is required at a time
other than the normal transfer date set by the Company or its transfer agent, the Participant requesting such transfer shall pay the costs thereof. All of the cash deposits in his Account shall be paid to him promptly after receipt of notice of
withdrawal, without interest. Shares of Common Stock to be delivered to a Participant under the Plan shall be registered in the name of the Participant or, if the Participant so directs in writing to the Committee, in the name of the Participant and
such person(s) as may be designated by the Participant, to the extent permitted by applicable law, and delivered to the Participant as soon as practicable after the request for a withdrawal. If a Participant wishes to sell the shares of Common Stock
in his Account, he may notify the Committee to sell the same, in lieu of a distribution of such shares, in which event all commission costs incurred in connection with the sale of the shares of Common Stock shall be borne by the Participant. The
Company shall pay administrative costs associated therewith other than costs arising from a sale occurring at a time different from the prearranged dates set by the Company or its transfer agent for making such sales. 
  

	9.	CESSATION OF PARTICIPATION 

  
 A Participant may cease participation in the Plan at any time by notifying the Committee in writing of his intent to cease his participation. If such notice is received
by the Committee the Company shall distribute to the Participant all of his accumulated payroll deductions, without interest. If any Participant ceases participation in the Plan, no further Compensation deductions shall be made on his behalf after
the effective date of his cessation, except in accordance with a new authorization form filed with the Committee as provided in Section 6. Upon ceasing participation in the Plan, a Participant shall not be permitted to reenter the Plan until six (6)
months have elapsed from the date his cessation becomes effective. 
  

	10.	INELIGIBILITY 

  
 An Employee must be employed by the Company or an Affiliate on the Purchase Date in order to participate in the purchase for that Offering Period. If an option expires without first having been exercised, all funds
credited to the Participant’s Account shall be refunded without interest. If a Participant becomes ineligible to participate in the Plan at any time, all Compensation deductions made on behalf of the Participant that have not been used to
purchase shares of Common Stock 

  

 5 

 
shall be paid to the Participant within sixty (60) days after the Committee determines that the Participant is not eligible to participate in the Plan.

  

	11.	DESIGNATION OF BENEFICIARY 

  
 A Participant may file a written designation of a beneficiary who shall receive any shares of Common Stock (or remaining Compensation deductions) credited to the
Participant’s Account under the Plan in the event of such Participant’s death prior to delivery to him of the certificates for such shares (or remaining Compensation deductions). The designation of a beneficiary may be changed by the
Participant at any time by written notice given in accordance with rules and procedures established by the Committee. Upon the death of a Participant, and upon receipt by the Company of proof of the identity and existence, at the Participant’s
death, of a beneficiary validly designated by him under the Plan, the Company shall deliver such shares of Common Stock (or remaining Compensation deductions) to such beneficiary. In the event of the death of the Participant, and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such shares (or remaining Compensation deductions) to the executor or administrator of the estate of the Participant,
or if no such executor or administrator has been appointed, the Company, in its sole discretion, may deliver such shares (or remaining Compensation deductions) to the Participant’s spouse or to any one or more dependents or relatives of the
Participant, or to such other person or persons as the Company may designate on behalf of the estate of such deceased Participant. 
  

	12.	TRANSFERABILITY 

  
 Neither Compensation deductions nor Plan contributions credited to a Participant’s Account nor any rights with regard to Plan participation or the right to purchase shares of Common Stock under the Plan may be
assigned, transferred, pledged, or otherwise disposed of in any way by a Participant other than by will or the laws of descent and distribution; provided, however, that shares of Common Stock purchased on behalf of a Participant and left in his
Account shall be subject to his absolute control. Any attempted assignment, transfer, pledge, or other disposition shall be void and without effect. 
  

	13.	AMENDMENT OR TERMINATION 

  
 The Board may, without further action on the part of the stockholders of the Company, at any time amend the Plan in any respect, or terminate the Plan, except that it may
not: 
  
 (a) Permit the sale of more shares of Common Stock than
are authorized under Section 5; 
  
 (b) Change the class of
Affiliates whose Employees are eligible to participate in the Plan; or 
  
 (c) Effect a change inconsistent with Section 423 of the Code or the regulations issued thereunder. 
  

 6 

	14.	NOTICES 

  
 All notices or other communications by a Participant under or in connection with the Plan shall be deemed to have been duly given when received in writing by the Chief Financial Officer of the Company or when received
in the form specified by the Committee at the location and by the person designated by the Committee for the receipt thereof. 
  

	15.	LIMITATIONS 

  
 Notwithstanding any other provisions of the Plan: 
  
 (a) The Company intends that this Plan shall constitute an employee stock purchase plan within the meaning of Section 423 of the Code. Any provisions required to be included in the Plan under said Section, and under
regulations issued thereunder, are hereby included as though set forth in the Plan at length. 
  
 (b) No Employee shall be entitled to participate in the Plan if, immediately after the grant of an option hereunder, the Employee would own stock possessing five percent (5%) or more of the total combined voting power
or value of all classes of stock of the Company or an Affiliate. For purposes of this Section 15, stock ownership shall be determined under the rules of Section 424(d) of the Code and stock that the Employee may purchase under outstanding options
shall be treated as stock owned by the Employee. 
  
 (c) No
Employee shall be permitted to purchase Common Stock hereunder if his right and option to purchase Common Stock under this Plan and under all other employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any
Affiliates would result in an entitlement to purchase Common Stock in any one (1) calendar year in excess of a fair market value of $25,000 (determined at the time of grant). 
  
 (d) All Employees shall have the same rights and privileges under the Plan, except that the amount of Common Stock that may
be purchased pursuant to the Plan shall bear a uniform relationship to an Employee’s Compensation. All rules and determinations of the Committee shall be uniformly and consistently applied to all persons in similar circumstances. 
  
 (e) Nothing in the Plan shall confer upon any Employee the right to continue
in the employment of the Company or any Affiliate or affect the right that the Company or any Affiliate may have to terminate the employment of such Employee. 
  

(f) No Participant shall have any right as a stockholder unless and until certificates for shares of Common Stock are issued to him or allocated to his
Account. 
  
 (g) If under any provision of the Plan that requires
a computation of the number of shares of Common Stock to be purchased, the number so computed is not a whole number of shares of Common Stock, such number of shares of Common Stock shall be rounded down to the next whole number. 
  

 7 

 (h) The Plan is intended to provide shares of Common Stock for investment and not for resale. The Company
does not, however, intend to restrict or influence any Participant in the conduct of his own affairs. A Participant, therefore, may sell shares of Common Stock purchased under the Plan at any time he chooses, subject to compliance with any
applicable federal or state securities laws or any applicable Company restriction or blackout periods; provided, however, that because of certain federal tax requirements, each Participant shall agree, by entering the Plan: 
  
 (i) promptly to give the Company notice of any shares of Common Stock
disposed of within two (2) years after the date of grant of the applicable option, or within one (1) year of the Purchase Date, and the number of such shares disposed of (a “disqualifying disposition”); 
  
 (ii) that the Company may withhold, pursuant to Code §§ 3102,
3301, and 3402, from his wages and other cash compensation paid to him in all payroll periods following in the same calendar year, any additional taxes the Company may become liable for in respect of amounts includable in his income as additional
compensation as a result of a disqualifying disposition of Common Stock acquired under the Plan, or as a result of the acquisition of Common Stock under the Plan; and 
  
 (iii) that he shall repay the Company any amount of additional taxes the Company may become liable for in respect of amounts
includable in his income as additional compensation as a result of a disqualifying disposition of Common Stock acquired under the Plan, or as a result of the acquisition of Common Stock under the Plan, that cannot be satisfied by withholding from
the wages and other cash compensation paid to him by the Company. 
  
 (i) This Plan is intended to comply in all respects with applicable law and regulations, including with respect to Participants who are officers or directors for purposes of Section 16 of the Securities Exchange Act of 1934, as amended from
time to time, Rule 16b-3 of the Securities and Exchange Commission. In case any one or more provisions of this Plan shall be held invalid, illegal, or unenforceable in any respect under applicable law and regulation (including Rule 16b-3), the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal, or unenforceable provision shall be deemed null and void; however, to the extent permitted by law, any
provision that could be deemed null and void shall first be construed, interpreted, or revised retroactively to permit this Plan to be construed in compliance with all applicable law (including Rule 16b-3), so as to further the intent of this Plan.
Notwithstanding anything herein to the contrary, with respect to Participants who are officers and directors for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended from time to time, and if required to comply with the rules
promulgated thereunder, such Participants shall not be permitted to direct the sale of any Common Stock purchased hereunder until at least six (6) months have elapsed from the date of a purchase, unless the Committee determines that the sale of the
Common Stock otherwise satisfies the then current Rule 16b-3 requirements. 
  

 8 

	16.	EFFECTIVE DATE AND APPROVALS 

  
 The Plan shall become effective at a time when: 
  
 (a) the Plan has been adopted by the Board; and 
  
 (b) a registration statement on Form S-8 under the Securities Act of 1933, as amended, has become effective with respect to the Plan; and 
  
 (c) the Committee has notified the eligible Employees that they may commence
participation in the Plan; and 
  
 (d) the Plan is approved by
the holders of a majority of the outstanding shares of Common Stock of the Company, which approval must occur within the period ending twelve (12) months after the date the Plan is adopted by the Board. In the event such stockholder approval is not
obtained, the Plan shall terminate and have no further force or effect, and all amounts collected from the Participants during any initial Offering Period(s) hereunder shall be refunded. 
  
 Unless sooner terminated by the Board, or as set forth above, the Plan shall terminate upon the earlier of (i) the tenth (10th) anniversary
of the adoption of the Plan by the Board, or (ii) the date on which all shares available for issuance under the Plan shall have been sold under the Plan. 
  

	17.	APPLICABLE LAW 

  
 All questions pertaining to the validity, construction, and administration of the Plan shall be determined in conformity with the laws of Delaware, to the extent not inconsistent with Section 423 of the Code and the
regulations thereunder. 
  
 Adopted March 16, 1998, approved by the
stockholders on May 18, 1998, amended effective May 23, 2000, approved by the stockholders on May 23, 2000, amended November 3, 2002, approved by the stockholders on January 28, 2003, amended and restated on December 14, 2004, amended and restated
on March 23, 2005, approved by the stockholders on May 24, 2005. 
  

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]