Document:

EX-4.2

 Exhibit 4.2 
  

 
  

REXFORD INDUSTRIAL REALTY, L.P., 

REXFORD INDUSTRIAL REALTY, INC., 

AS GUARANTOR, 
 AND

 U.S. BANK NATIONAL ASSOCIATION, 

AS TRUSTEE 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 DATED AS OF NOVEMBER 16, 2020 

TO INDENTURE DATED NOVEMBER 16, 2020 
  

 
 $400,000,000

 OF 
 2.125%
SENIOR NOTES DUE 2030 
  
  

 

 CONTENTS 
  

							
	 Article I. RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	  	 Relation to Base Indenture
	  	 	1	 
	 Section 1.2
	  	 Definitions
	  	 	2	 
		
	 Article II. TERMS OF THE SECURITIES
	  	 	9	 
			
	 Section 2.1
	  	 Title of the Securities
	  	 	9	 
	 Section 2.2
	  	 Price
	  	 	9	 
	 Section 2.3
	  	 Limitation on Initial Aggregate Principal Amount; Further Issuances
	  	 	9	 
	 Section 2.4
	  	 Interest and Interest Rates; Stated Maturity of Notes
	  	 	9	 
	 Section 2.5
	  	 Method of Payment
	  	 	10	 
	 Section 2.6
	  	 Currency
	  	 	11	 
	 Section 2.7
	  	 Additional Notes
	  	 	11	 
	 Section 2.8
	  	 Redemption
	  	 	11	 
	 Section 2.9
	  	 No Sinking Fund
	  	 	11	 
	 Section 2.10
	  	 Registrar and Paying Agent
	  	 	11	 
		
	 Article III. FORM OF THE SECURITIES
	  	 	11	 
			
	 Section 3.1
	  	 Global Form
	  	 	11	 
	 Section 3.2
	  	 Transfer and Exchange
	  	 	12	 
		
	 Article IV. REDEMPTION OF NOTES
	  	 	17	 
			
	 Section 4.1
	  	 Optional Redemption of Notes
	  	 	18	 
	 Section 4.2
	  	 Notice of Optional Redemption, Selection of Notes
	  	 	18	 
	 Section 4.3
	  	 Payment of Notes Called for Redemption by the Company
	  	 	19	 
		
	 Article V. GUARANTEE
	  	 	20	 
			
	 Section 5.1
	  	 Note Guarantee
	  	 	20	 
	 Section 5.2
	  	 Execution and Delivery of Note Guarantee
	  	 	21	 
	 Section 5.3
	  	 Limitation of Guarantor’s Liability
	  	 	21	 
	 Section 5.4
	  	 Application of Certain Terms and Provisions to the Guarantor
	  	 	22	 
		
	 Article VI. ADDITIONAL COVENANTS
	  	 	22	 
			
	 Section 6.1
	  	 Limitations on Incurrence of Debt
	  	 	22	 
	 Section 6.2
	  	 Existence
	  	 	24	 
	 Section 6.3
	  	 Merger, Consolidation or Sale
	  	 	24	 
	 Section 6.4
	  	 Payment of Taxes and Other Claims
	  	 	25	 
	 Section 6.5
	  	 Provision of Financial Information
	  	 	25	 
	 Section 6.6
	  	 Maintenance of Properties
	  	 	26	 
	 Section 6.7
	  	 Insurance
	  	 	26	 

  
 i 

							
	 Article VII. DEFAULTS AND REMEDIES
	  	 	26	 
			
	 Section 7.1
	  	 Events of Default
	  	 	26	 
	 Section 7.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	28	 
		
	 Article VIII. AMENDMENTS AND WAIVERS
	  	 	29	 
			
	 Section 8.1
	  	 Without Consent of Holders
	  	 	29	 
	 Section 8.2
	  	 With Consent of Holders
	  	 	30	 
	 Section 8.3
	  	 Assumption by Guarantor
	  	 	31	 
		
	 Article IX. MEETINGS OF HOLDERS OF NOTES
	  	 	32	 
			
	 Section 9.1
	  	 Purposes for Which Meetings May Be Called
	  	 	32	 
	 Section 9.2
	  	 Call, Notice and Place of Meetings
	  	 	32	 
	 Section 9.3
	  	 Persons Entitled to Vote at Meetings
	  	 	32	 
	 Section 9.4
	  	 Quorum; Action
	  	 	32	 
	 Section 9.5
	  	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	33	 
	 Section 9.6
	  	 Counting Votes and Recording Action of Meetings
	  	 	34	 
		
	 Article X. MISCELLANEOUS PROVISIONS
	  	 	34	 
			
	 Section 10.1
	  	 Evidence of Compliance with Conditions Precedent, Certificates to Trustee
	  	 	34	 
	 Section 10.2
	  	 No Recourse Against Others
	  	 	35	 
	 Section 10.3
	  	 Trust Indenture Act Controls
	  	 	35	 
	 Section 10.4
	  	 Governing Law
	  	 	35	 
	 Section 10.5
	  	 Counterparts
	  	 	35	 
	 Section 10.6
	  	 Successors
	  	 	36	 
	 Section 10.7
	  	 Severability
	  	 	36	 
	 Section 10.8
	  	 Table of Contents, Headings, Etc.
	  	 	36	 
	 Section 10.9
	  	 Ratifications
	  	 	37	 
	 Section 10.10
	  	 Effectiveness
	  	 	37	 
	 Section 10.11
	  	 The Trustee
	  	 	37	 

  

  
 ii 

 THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental
Indenture”) is entered into as of November 16, 2020 among Rexford Industrial Realty, L.P., a Maryland limited partnership (the “Company”), Rexford Industrial Realty, Inc., a Maryland corporation, as guarantor (the
“Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee”). 
 WITNESSETH:

 WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of November 16, 2020 (the “Base
Indenture”), providing for the issuance by the Company from time to time of Securities in one or more Series; 

WHEREAS, Section 2.2 of the Base Indenture provides for various matters with respect to any Series of Securities issued
under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 
 WHEREAS, each of the
Company and the Guarantor desires to execute this First Supplemental Indenture to establish the form and to provide for the issuance of a Series of the Company’s senior notes designated as 2.125% Senior Notes due 2030 (the
“Notes”), in an initial aggregate principal amount of $400,000,000; 
 WHEREAS, the board of directors of
the Guarantor, on behalf of the Guarantor and in its capacity as general partner of the Company, has duly adopted resolutions authorizing the Company and the Guarantor to execute and deliver this First Supplemental Indenture; and 

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

THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

ARTICLE I. 

RELATION TO BASE INDENTURE; DEFINITIONS 

Section 1.1    Relation to Base Indenture. 

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

Section 1.2    Definitions. 

For all purposes of this First Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

  

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

  

	(b)	 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding
Articles and Sections of this First Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“Acquired Debt” means Debt of a Person (i) existing at the time such Person is merged or consolidated with or into the
Company or any of its Subsidiaries or becomes a Subsidiary of the Company or (ii) assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from such Person. Acquired Debt shall be deemed to be incurred on
the date the acquired Person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company or the date of the related acquisition, as the case may be. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with
Sections 2.3, 2.7 and 6.1 hereof, as part of the same series as the Initial Notes. 
 “Adjusted Treasury Rate” means,
with respect to any Redemption Date: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Adjusted Treasury Rate shall be calculated by the Company on the third Business Day preceding the date the
notice of redemption is given. In the case of a satisfaction and discharge, such rates shall be determined as of the date of the deposit with the Trustee. 

“Annual Debt Service Charge” means, for any period, the interest expense of the Company and its Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP. 

  
 2 

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

“Authentication Order” means a Company Order to the Trustee to authenticate and deliver the Notes, signed in the name of the
Company by an Officer of the Guarantor. 
 “Bankruptcy Law” shall have the meaning ascribed thereto in Section 7.1.

 “Business Day” means any day, other than a Saturday or Sunday, or any other day on which banking institutions in New
York, New York or the place of payment are not authorized or obligated by law or executive order to close. 
 “Clearstream”
means Clearstream Banking, Société Anonyme. 
 “Company Order” means a written order signed in the
name of the Company by an Officer of the Guarantor. 
 “Comparable Treasury Issue” means, with respect to any Redemption
Date, the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the Remaining Life of the Notes to be redeemed, calculated as if the maturity date for such notes were the Par Call
Date, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Quotations. 
 “Consolidated Income Available for Debt Service” for any period means Consolidated Net Income of the Company
and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for (without duplication): 
  

	(a)	 interest expense on Debt; 

 

	(b)	 provision for taxes based on income; 

 

	(c)	 amortization of debt discount, premium and deferred financing costs; 

 

	(d)	 impairments, losses and gains on sales or other dispositions of properties and other investments;

  

	(e)	 property depreciation and amortization; 

 

	(f)	 amortization of right-of-use
assets associated with finance leases of property; 

  
 3 

	(g)	 credit losses recognized on financial assets and certain other instruments not measured at fair value;

  

	(h)	 the effect of any non-recurring,
non-cash items; 

  

	(i)	 the effect of any non-cash charge resulting from a change in
accounting principles in determining Consolidated Net Income for such period; 

  

	(j)	 amortization of deferred charges; 

 

	(k)	 gains or losses on early extinguishment of Debt; 

 

	(l)	 gains or losses on derivative financial instruments; 

 

	(m)	 acquisition expenses; and 

 

	(n)	 with regard to unconsolidated real estate joint ventures, plus amounts which have been deducted and minus
amounts which have been added for the activity types referred to above (excluding interest expense) included in arriving at equity in income of unconsolidated entities, 

all determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, for any period, the amount of net income (or loss) of the Company and its Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP. 
 “Debt” means, without duplication, with respect
to any Person, any indebtedness of such Person in respect of: 
  

	(a)	 borrowed money or evidenced by bonds, notes, debentures or similar instruments; 

 

	(b)	 indebtedness secured by any Lien on any property or asset owned by such Person, but only to the extent of
the lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of such Person or, in the case of the Company and a subsidiary, by the Guarantor’s board of
directors or a duly authorized committee thereof) of the property subject to such Lien; 

  

	(c)	 reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued
or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable; or 

 

	(d)	 any lease of property by such Person as lessee that is required to be reflected on such Person’s
balance sheet as a finance lease in accordance with GAAP; provided, however, that in the case of this clause, Debt excludes operating lease liabilities on a Person’s balance sheet in accordance with GAAP. 

  
 4 

 Debt also includes, to the extent not otherwise included, any
non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred
to above of another Person (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create, assume, guarantee (on a non-contingent basis) or otherwise become
liable in respect thereof). Notwithstanding the foregoing, with respect to the Company, the Guarantor or any Subsidiary, the term “Debt” shall not include Permitted Non-Recourse Guarantees of the
Company, the Guarantor or any Subsidiary until such time as they become primary obligations of, and payments are due and required to be made thereunder by, the Company, the Guarantor or any Subsidiary. 

“Defaulted Interest” shall have the meaning ascribed thereto in Section 2.5. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 3.2, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes, The Depository Trust Company and any successor thereto.

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

“Event of Default” shall have the meaning ascribed thereto in Section 7.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “GAAP” means generally accepted accounting principles as used in the United States applied on a consistent basis as in
effect from time to time. 
 “Global Note Legend” means the legend set forth in Section 3.2(f), which is required to
be placed on all Global Notes issued under the Indenture. 
 “Global Notes” means, individually and collectively, each of
the Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with the Indenture. 

“Holders” shall have the meaning ascribed thereto in Section 2.4. 

“Indenture” means the Base Indenture, as supplemented by this First Supplemental Indenture, and as further supplemented,
amended or restated. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 

  
 5 

 “Initial Notes” means the $400,000,000 aggregate principal amount of Notes
issued under this First Supplemental Indenture on the date hereof. 
 “interest” means, when used with reference to the
Notes, any interest payable under the terms of the Notes. 
 “Interest Payment Date” shall have the meaning ascribed
thereto in Section 2.4. 
 “Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security
agreement, or other encumbrance of any kind. 
 “Non-Recourse Debt” means
Debt of a Subsidiary of the Company (or an entity in which the Company is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a
Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower and is non-recourse to the Company or any Subsidiary of the Company (other than
pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower);
provided, further, that, if any such Debt is partially recourse to the Company or any Subsidiary of the Company (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the
Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth
above shall constitute “Non-Recourse Debt.” 
 “Note Guarantee” means the
Guarantee by the Guarantor of the Company’s obligations under the Indenture and the Notes, executed pursuant to the provisions of this First Supplemental Indenture. 

“Notes” has the meaning assigned to it in the preamble to this First Supplemental Indenture. The Initial Notes and the
Additional Notes shall be treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Officer” means any Co-Chief Executive Officer, the President, the Chief Financial
Officer, the Chief Accounting Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Guarantor. 

“Officer’s Certificate” means a certificate signed by any Officer of the Guarantor on behalf of the Company or the
Guarantor, as applicable. 
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company or the Guarantor. 
 “Par Call Date” means
September 1, 2030. 

  
 6 

 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and with respect to the Depositary Trust Company, shall include Euroclear and Clearstream). 

“Permitted Non-Recourse Guarantees” means customary completion or budget
guarantees or indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of
business by the Company or any Subsidiary of the Company in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the Company (or
entity in which the Company is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse to the Company or any of the Company’s other Subsidiaries,
except for customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry practice (such
as environmental indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to nonrecourse liability). 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer. 

“Quotation Agent” means, with respect to any Redemption Date, the Reference Treasury Dealer appointed by the Company. 

“Record Date” shall have the meaning ascribed thereto in Section 2.4. 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of
Section 4.1, the date fixed for such redemption in accordance with the provisions of Section 4.1. 
 “Redemption
Price” shall have the meaning ascribed thereto in Section 4.1. 
 “Reference Treasury Dealer” means, with
respect to any Redemption Date, each of (1) J.P. Morgan Securities LLC, (2) BofA Securities, Inc., (3) U.S. Bancorp Investments, Inc. or (4) any one other Primary Treasury Dealer selected by the Company; provided, however, that if any
of the Reference Treasury Dealers referred to in clause (1), (2) or (3) above ceases to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding the notice of such Redemption Date. 

  
 7 

 “Remaining Life” means, with respect to any Notes to be redeemed, the
remaining term of such Notes, calculated as if the maturity date of such Notes were the Par Call Date. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, as in effect from time to time. 
 “Significant Subsidiary” of any specified Person
means any Subsidiary in which such Person has invested at least $50,000,000 in capital. 
 “Subsidiary” means, with respect
to the Company or the Guarantor, any Person (excluding an individual), a majority of the outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or
indirectly, by the Company or the Guarantor, as the case may be, or by one or more other Subsidiaries of the Company or the Guarantor, as the case may be. For the purposes of this definition, “voting stock” means stock having voting power
for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

“Total Assets” means, as of any date, the sum of (without duplication) (i) Undepreciated Real Estate Assets and
(ii) all other assets (excluding accounts receivable and non-real estate intangibles) of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Total Unencumbered Assets” means the sum of, without duplication, (1) those Undepreciated Real Estate Assets which are
not subject to a Lien securing Debt and (2) all other assets (excluding accounts receivable and non-real estate intangibles) of the Company and its Subsidiaries not subject to a Lien securing Debt, all
determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of the covenant set forth in
Section 6.1(d) hereof entitled “Maintenance of Total Unencumbered Assets,” all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded
from Total Unencumbered Assets. 
 “Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus
capital improvements) of real estate assets, right-of-use assets associated with leases of property required to be reflected as finance leases on the balance sheet of
the Company and its Subsidiaries in accordance with GAAP and related intangibles of the Company and its Subsidiaries on such date, before depreciation and amortization, all determined on a consolidated basis in accordance with GAAP; provided,
however, that “Undepreciated Real Estate Assets” shall not include right-of-use assets associated with leases of property required to be reflected as operating
leases on the balance sheet of the Company and its Subsidiaries in accordance with GAAP. 
 “Uniform Fraudulent Conveyance
Act” means any applicable federal, provincial or state fraudulent conveyance legislation and any successor legislation. 

  
 8 

 “Uniform Fraudulent Transfer Act” means any applicable federal, provincial
or state fraudulent transfer legislation and any successor legislation. 
 “Unsecured Debt” means Debt of the Company or
any of its Subsidiaries which is not secured by a Lien on any property or assets of the Company or any of its Subsidiaries. 
 
ARTICLE II. 
 TERMS OF THE SECURITIES 

Section 2.1    Title of the Securities. 

There shall be a Series of Securities designated the “2.125% Senior Notes due 2030.” 

Section 2.2    Price. 

The Initial Notes shall be issued at a public offering price of 99.211% of the principal amount thereof, other than any
offering discounts pursuant to the initial offering and resale of the Notes. 

Section 2.3    Limitation on Initial Aggregate Principal Amount;
Further Issuances. 
 The aggregate principal amount of the Notes initially shall be limited to $400,000,000. The
Company may, without notice to or consent of the Holders, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of the Indenture. 

Nothing contained in this Section 2.3 or elsewhere in this First Supplemental Indenture, or in the Notes, is intended to
or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4    Interest and Interest Rates; Stated Maturity of
Notes. 
 (a)    The Notes shall bear interest at the rate of 2.125% per year. Interest on the Notes
will accrue from November 16, 2020 and will be payable semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2021 (each such date being an “Interest
Payment Date”), to the persons in whose names the Notes are registered in the security register (the “Holders”) on the preceding May 15 or November 15, whether or not a Business Day, as the case may be (each such
date being a “Record Date”). Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

(b)    If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a
Business Day, the required payment shall be made on the next Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, Stated
Maturity or Redemption Date, as the case may be, until the next Business Day. 

  
 9 

 (c)    The Stated Maturity of the Notes shall be
December 1, 2030. 
 Section 2.5    Method of Payment.

 Principal, premium, if any, and interest shall be payable at the corporate trust office of the Trustee, initially
located at 633 West 5th Street, 24th Floor, Los Angeles, CA 90071. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the person entitled thereto; provided, however, that a
Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company (with a copy to the Trustee) that it pay interest by wire transfer of immediately available funds to the
account specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. Any interest on any Note which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the
Company, at its election in each case, as provided in Clause (a) or (b) below: 
 (a)    The
Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 calendar days after the receipt by the
Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this
Clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Interest which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment, and
not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee of such special record date and shall cause
notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent to each Holder at its address as it appears in the register, not less than 10 calendar days prior to such special record date. Notice of the
proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special
record date and shall no longer be payable pursuant to the following Clause (b) of this Section 2.5. 

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

  
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Section 2.6    Currency. 

Principal and interest on the Notes shall be payable in U.S. Dollars. 

Section 2.7    Additional Notes. 

The Company will be entitled, without the consent of any Holders of the Notes, upon delivery of an Officer’s Certificate,
Opinion of Counsel and Authentication Order, subject to its compliance with Section 6.1, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the date of the Indenture other than with
respect to the date of issuance and issue price; provided, however, that if such Additional Notes will not be fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number. Such
Additional Notes will rank equally and ratable in right of payment and will be treated as a single series for all purposes under the Indenture. 

With respect to any Additional Notes, the Company will set forth in a resolution of the board of directors of the Guarantor
acting on behalf of the Company and an Officer’s Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(a)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant
to the Indenture; and 
 (b)    the issue price, the issue date and the CUSIP number of such Additional
Notes. 
 Section 2.8    Redemption.

 The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV. 

Section 2.9    No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

Section 2.10    Registrar and Paying
Agent. 
 The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III. 

FORM OF THE SECURITIES 

Section 3.1    Global Form. 

The Notes shall initially be issued in the form of one or more fully registered Global Notes that will be deposited with, or
on behalf of the Depositary, and registered in the name of the Depositary or its nominee, as the case may be, subject to Sections 2.7 and 2.14 of the Base Indenture. So long as the Depositary, or its nominee, is the registered owner of the Global
Note, the Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

  
 11 

 The Notes shall not be issuable in definitive form except as provided in
Section 3.2(a) of this First Supplemental Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto. The Company shall execute and the
Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depositary. Each Global Note will represent such of the outstanding Notes as will be specified therein and each
shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar or the
custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent
applicable, the Company, the Guarantor and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Participants of the Depositary shall have no rights either under the Indenture or with respect to the Global Notes. The
Depositary or its nominee, as applicable, shall be treated by the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee as the absolute owner and Holder of such Global Notes for all purposes under the
Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee, as applicable,
or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes. 

Section 3.2    Transfer and Exchange. 

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

(1)    the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the
Depositary; or 
 (2)    the Company, at its option, determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 

  
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 (3)    upon request from the Depositary
if there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of
any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.8 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture,
shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a); however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 3.2(b) or (c). 
 (b)    Transfer and Exchange
of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures.
Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1)    Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers
described in this Section 3.2(b)(1). 
 (2)    All Other Transfers and Exchanges
of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.2(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either: 
 both: 

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

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

(C)    a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
 13 

 (D)    instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (b)(1) above. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this First
Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.2(g). 

(c)    Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any
holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 3.2(b)(2) and written notice to the Trustee, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g)
hereof, and the Company will execute and, upon the receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 3.2(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions
to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A
Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of
a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from a Definitive
Note to a beneficial interest is effected pursuant to the previous sentence at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2, the Trustee
will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 3.2(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder must provide any additional 

  
 14 

 
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 3.2(e). A Holder of Definitive Notes may transfer such Notes to a
Person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

(f)    Legend. Each Global Note issued under the Indenture, unless specifically stated otherwise in
the applicable provisions of the Indenture, will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE FIRST SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE FIRST
SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF REXFORD INDUSTRIAL REALTY, L.P. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(g)    Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in
a particular Global Note have been exchanged for Definitive Notes or a 

  
 15 

 
particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with
Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly
and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h)    General Provisions Relating to Transfers and Exchanges. 

(1)    To permit registrations of transfers and exchanges, the Company will execute and the
Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order or at the Registrar’s request. 

(2)    No service charge will be made to a Holder of a beneficial interest in a Global Note
or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 of this First Supplemental Indenture). 

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

(4)    All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of
transfer or exchange. 
 (5)    Neither the Registrar nor the Company will be required:

 (A)    to issue, to register the transfer of or to exchange any Note during a period
beginning at the opening of business fifteen days before the delivery of a notice of redemption of the notes selected for redemption under Article IV and ending at the close of business on the day of such delivery; 

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

  
 16 

 (C)    to register the transfer of or
to exchange a Note between a record date and the next succeeding Interest Payment Date. 

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

(7)    The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 3.1 hereof. 
 (8)    All certifications, certificates and
Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 3.2 to effect a registration of transfer or exchange may be submitted by facsimile. 

(i)    In connection with any proposed transfer outside the book entry system, there shall be provided to
the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely
on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

(j)    None of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial
owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 (k)    None of the
Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee
or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice
of optional redemption) or the payment of any amount, under or with respect to such Notes. 
 ARTICLE IV.

 REDEMPTION OF NOTES 

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

  
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Section 4.1    Optional Redemption of
Notes. 
 The Company shall have the right to redeem the Notes at its option and in its sole discretion at any time or
from time to time prior to the Par Call Date, in whole or in part, at a redemption price (the “Redemption Price”) calculated by the Company and equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or
(ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Adjusted Treasury Rate plus 20 basis points (0.20%), plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date; provided, however, that if the
Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of record at the close of
business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the
principal amount of the Notes being redeemed plus unpaid interest, if any, accrued thereon to, but not including, the Redemption Date. The Company shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal amount of
the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. 
 
Section 4.2    Notice of Optional Redemption, Selection of Notes. 

(a)    In case the Company shall desire to exercise the right to redeem all or, as the case may be, any
part of the Notes pursuant to Section 4.1, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee)
to the date the notice of redemption is to be sent, the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission, a notice of such redemption not fewer than fifteen calendar days
but not more than sixty calendar days prior to the Redemption Date to each Holder of Notes to be redeemed at its last address as the same appears on the Register; provided that if the Company makes such request of the Trustee, it shall,
together with such request, also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company. Such mailing shall be by first class mail or by electronic
transmission. The notice, if sent in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronic submission or any
defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(b)    Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to
be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and
that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, 

  
 18 

 
but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If
fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed portion thereof will be issued. 

(c)    On or prior to the Redemption Date specified in the notice of redemption given as provided in this
Section 4.2, the Company will deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount of money in immediately
available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by
the Paying Agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in excess of amounts required
hereunder to pay the Redemption Price (it being acknowledged that the Trustee has no obligation to invest any such deposit). 

(d)    If less than all of the outstanding Notes are to be redeemed, the Trustee will select, on a pro
rata basis, by lot or such other method it deems fair and appropriate or as required by the Depositary for Global Notes, subject to Applicable Procedures (in the case of Global Notes), the Notes or portions thereof of the Global Notes or the
Notes in certificated form to be redeemed (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof). The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all
purposes hereof. 
 Section 4.3    Payment
of Notes Called for Redemption by the Company. 
 (a)    If notice of redemption has been given as
provided in Section 4.2, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable and if the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes on the Redemption Date
and at the place or places stated in such notice at the Redemption Price, and unless the Company defaults in the payment of the Redemption Price, then on and after such date (i) interest will cease to accrue on any Notes called for redemption
at the Redemption Date, (ii) on and after the Redemption Date (unless the Company defaults in the payment of the Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture and (iii) the Holders
thereof shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions
thereof shall be paid and redeemed by the Company at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date. Such will be the case whether or not book-entry transfer of the Notes in book-entry form is
made and whether or not the Notes in certificated form, together with necessary endorsements, are delivered to the Paying Agent; provided, however, if the Redemption Date falls after a Record Date and on or prior to the corresponding
Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

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

GUARANTEE 

Sections 5.1, 5.2 and 5.3 hereof shall replace Sections 12.1, 12.2 and 12.3 of the Base Indenture with respect to
the Notes and the Note Guarantee. 

Section 5.1    Note Guarantee. 

(a)    Subject to this Article 5, the Guarantor hereby fully and unconditionally guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: 

(1)    the principal of, premium, if any, and interest, if any, on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, irrespective of the validity and enforceability of the Indenture, the Notes or the
obligations of the Company under the Indenture or the Notes, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes (including fees and expenses) will
be promptly paid in full or performed, all in accordance with the terms under the Indenture or the Notes; and 

(2)    in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will
be obligated to pay the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b)    The Guarantor hereby agrees that its obligations under the Indenture and the Notes are full and
unconditional, irrespective of the validity, regularity or enforceability of the Indenture or the Notes, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions of the Indenture
or the Notes, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby agrees that in
the event of a default in payment of the principal of or interest on the Notes entitled to the Guarantee, whether at the Stated Maturity or by 

  
 20 

 
declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7 of the Base Indenture,
by the Holders, on the terms and conditions set forth in the Indenture, directly against the Guarantor to enforce the Guarantee without first proceeding against the Company. The Guarantor hereby (i) waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever, (ii) acknowledges that any agreement,
instrument or document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and
(iii) covenants that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Indenture and the Notes. 

(c)    If any Holder or the Trustee is required by any court or otherwise to return to the Company, the
Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged,
will be reinstated in full force and effect. 
 (d)    The Guarantor agrees that it will not be entitled
to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VII for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VII, such obligations (whether or not due and
payable) will forthwith become due and payable by the Guarantor for the purpose of this Note Guarantee. 
 
Section 5.2    Execution and Delivery of Note Guarantee. 
 To
evidence its Note Guarantee set forth in Section 5.1, the Guarantor hereby agrees that this First Supplemental Indenture will be executed on its behalf by one of its Officers. If an Officer whose signature is on this First Supplemental
Indenture no longer holds that office at the time the Trustee authenticates the Note on which the Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Note Guarantee set forth in this First Supplemental Indenture on behalf of the Guarantor. 

Section 5.3    Limitation of
Guarantor’s Liability. 
 The Guarantor, and by its acceptance of Notes, each Holder, hereby confirms
that it is the intention of all such parties that the Note Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to the Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders 

  
 21 

 
and the Guarantor hereby irrevocably agree that the obligations of the Guarantor will be limited to the maximum amount that will not, after giving effect to all other contingent and fixed
liabilities of the Guarantor that are relevant under such laws, result in the obligations of the Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 

Section 5.4    Application of Certain Terms
and Provisions to the Guarantor. 
 (a)    For purposes of any provision of the Indenture which
provides for the delivery by the Guarantor of an Officer’s Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.2 shall apply to the Guarantor as if references therein to the Company or the Guarantor, as
applicable, were references to the Guarantor. 
 (b)    Any notice or demand which by any provision of
the Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes to or on the Guarantor may be given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were
references to the Guarantor. 
 (c)    Upon any demand, request or application by the Guarantor to the
Trustee to take any action under the Indenture, the Guarantor shall furnish to the Trustee such Officer’s Certificate and Opinion of Counsel as are required in Section 10.1 as if all references therein to the Company were references to the
Guarantor. 
 ARTICLE VI. 

ADDITIONAL COVENANTS 

The covenants set forth in Sections 4.3 and 4.4 of the Base Indenture and the following additional covenants shall apply with
respect to the Notes so long as any of the Notes remain outstanding: 

Section 6.1    Limitations on Incurrence of
Debt. 
 (a)    Limitation on Total Outstanding Debt. The Company will not, and will not
permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the
aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of the sum of the following (without duplication): (1) the
Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Guarantor’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the
SEC, as the case may be, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to
acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 

  
 22 

 (b)    Secured Debt Test. The Company will not,
and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of the Company’s or any of its Subsidiaries’ property or assets, whether owned on the date of this
First Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a
consolidated basis in accordance with GAAP) of all of the Company’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any of the Company’s and its Subsidiaries’ property or assets is greater than 40% of the sum
of (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Guarantor’s annual or quarterly report most recently furnished to Holders
of the Notes or filed with the SEC, as the case may be; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such
proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such
additional Debt. 
 (c)    Debt Service Test. The Company will not, and will not permit any of
its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters ending
with the latest quarter covered in the Guarantor’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be, most recently ended prior to the date on which such additional Debt is to
be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance with GAAP), and calculated on
the following assumptions: 
 (1)    such Debt and any other Debt (including, without
limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had
occurred, on the first day of such period; 
 (2)    the repayment or retirement of any
other Debt of the Company or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line
of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and 

(3)    in the case of any acquisition or disposition by the Company or any of its
Subsidiaries of any asset or group of assets with a fair market value in excess of $1.0 million since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition
or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

  
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 If the Debt giving rise to the need to make the calculation described in this
Section 6.1 or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt will be computed
on a pro forma basis by applying the average daily rate which would have been in effect during the entire four quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt
outstanding during such period. 
 (d)    Maintenance of Total Unencumbered Assets. The Company
will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with GAAP.

 For purposes of this Section 6.1, Debt shall be deemed to be “incurred” by the Company or any of its Subsidiaries whenever
the Company or such Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof. 

Section 6.2    Existence. 

Except as permitted by Section 6.3, the Company will do or cause to be done all things necessary to preserve and keep in
full force and effect the existence, rights, both charter and statutory, and franchises of the Company and the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect the existence, rights, both
charter and statutory, and franchises of the Guarantor; provided, however, that neither the Company nor the Guarantor will be required to preserve any right or franchise if the Guarantor’s board of directors (or any duly
authorized committee of that board of directors) determines that the preservation of the right or franchise is no longer desirable in the conduct of the Company or the Guarantor’s business. 

Section 6.3    Merger, Consolidation or
Sale. 
 The Company and the Guarantor may consolidate with, or sell, lease or convey all or substantially all of the
Company’s or the Guarantor’s respective assets to, or merge with or into, any other entity, provided that the following conditions are met: 

(a)    the Company or the Guarantor, as the case may be, shall be the continuing entity, or the successor
entity (if other than Company or the Guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof or the
District of Columbia and in the case of the Company shall expressly assume by supplemental indenture payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and
conditions in the Indenture or in the case of the Guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under the Note Guarantee and the due and punctual performance and observance of all of the covenants and
conditions of the Guarantor in the Indenture and the Note Guarantee, as the case may be; 

  
 24 

 (b)    immediately after giving effect to the
transaction, no Event of Default under the Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c)    an Officer’s Certificate and Opinion of Counsel covering these conditions shall be delivered
to the Trustee. 
 In the event of any transaction described in and complying with the conditions listed in this
Section 6.3 in which the Company and/or the Guarantor are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the Company and/or the Guarantor, and
the Company and/or the Guarantor shall be discharged from its or their obligations under the Notes and the Indenture. 
 
Section 6.4    Payment of Taxes and Other Claims. 
 Each of the
Company and the Guarantor will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any such
Subsidiary’s income, profits or property and all lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries; provided, however, that
neither the Company nor the Guarantor will be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith. 

Section 6.5    Provision of Financial
Information. 
 The Guarantor will: 

(a)    file with the Trustee, within fifteen (15) days after the Guarantor files them with the SEC,
copies of the annual reports and information, documents and other reports which the Guarantor may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Guarantor is not required to file
information, documents or reports pursuant to those sections, then the Guarantor will file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such of the supplementary and periodic
information, documents and reports which Section 13 of the Exchange Act may require with respect to a security listed and registered on a national securities exchange on or prior to the respective dates by which the Guarantor would have been
required to so file such documents if it were so subject; and 
 (b)    file with the Trustee and the
SEC, in accordance with the rules and regulations prescribed from time to time by the SEC, such additional information, documents and reports with respect to compliance by the Guarantor with the conditions and covenants of the Indenture as may be
required from time to time by such rules and regulations. 
 Reports, information and documents filed with the SEC via the
EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this covenant; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed via EDGAR. 

  
 25 

 
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including compliance with any of the covenants relating to the Notes (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

Section 6.6    Maintenance of Properties.

 The Company will cause all of its properties used or useful in the conduct of the business of the Company or the business
of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and the Company will cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all
as in the Company’s judgment may be necessary in order for Company to at all times properly and advantageously conduct its business carried on in connection with such properties. 

Section 6.7    Insurance. 

The Company will, and will cause each of its Subsidiaries to, keep in force upon all of its and each of its Subsidiaries’
properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the Company and its Subsidiaries do business in accordance with prevailing market
conditions and availability. 
 ARTICLE VII. 

DEFAULTS AND REMEDIES 

Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only.

 Section 7.1    Events of Default.

 “Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
  

	(a)	 default for 30 days in the payment of any installment of interest under the Notes; 

 

	(b)	 default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the
same becomes due and payable; provided, however, that a valid extension of the Stated Maturity of the Notes in accordance with the terms of the Indenture shall not constitute a default in the payment of principal;

  

	(c)	 failure by the Company or the Guarantor to comply with any of the Company’s or the Guarantor’s
respective other agreements in the Notes or the Indenture with respect to the Notes upon receipt by the Company of notice of such default by the Trustee or by 

  
 26 

	 	 
Holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the Company’s failure to cure (or obtain a waiver of) such default within 60 days after it
receives such notice; 

  

	(d)	 failure to pay any Debt (other than Non-Recourse Debt) for monies
borrowed by the Company, the Guarantor or any of their respective Significant Subsidiaries in an outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which
Debt (other than Non-Recourse Debt) is, or has become, the primary obligation of the Company or the Guarantor and is not discharged, or such default in payment or acceleration is not cured or rescinded, within
60 days after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least twenty five percent (25%) in principal amount of the outstanding Notes); or 

 

	(e)	 the Company, the Guarantor or any of their respective Significant Subsidiaries pursuant to or under or
within meaning of any Bankruptcy Law: 

  

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

  

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

  

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

  

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

 

	(f)	 an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any of
their respective Significant Subsidiaries seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company, the
Guarantor or any such Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

 

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

  

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

  
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	 	(ii)	 appoints a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor
or any such Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or any such Significant Subsidiary; or 

  

	 	(iii)	 orders the liquidation of the Company, the Guarantor or any such Significant Subsidiary,

 in each case in this Clause (g), the order or decree remains unstayed and in effect for thirty (30) calendar
days. 
 The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

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

 At any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due
and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders
of all of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.13 of the
Base Indenture, if: (a) the Company or the Guarantor has deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the Notes, plus the reasonable compensation and reimbursement for the
Trustee’s expenses, disbursements and advances pursuant to Section 7.7 of the Base Indenture; and (b) all Events of Default, other than the non-payment of accelerated principal of (or specified
portion thereof), or premium, if any, and interest on, the Notes that have become due solely because of such acceleration, have been cured or waived. No such rescission and annulment shall extend to or shall affect any subsequent default or Event of
Default, or shall impair any right consequent thereon. The Company shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.3 of the Base Indenture and
the steps to be taken to cure such Event of Default. 

  
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 ARTICLE VIII. 

AMENDMENTS AND WAIVERS 

Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.2 of the Base Indenture with respect to the Notes only.

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

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

(b)    to evidence a successor to the Company as obligor or to the Guarantor as guarantor under the
Indenture with respect to the Notes; 
 (c)    to make any change that does not adversely affect the
interests of the Holders of any Notes then outstanding; 
 (d)    to provide for the issuance of
Additional Notes in accordance with the limitations set forth in the Indenture; 
 (e)    to provide for
the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under the Indenture by more than one Trustee; 

(f)    to comply with the requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the TIA; 
 (g)    to reflect the release of the Guarantor as guarantor, in accordance
with the Indenture; 
 (h)    to secure the Notes; 

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

(j)    to conform the text of the Indenture, any Guarantee or the Notes to any provision of the
description thereof set forth in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Note Guarantee or the Notes (as certified in an Officer’s
Certificate). 
 Upon the written request of the Company, accompanied by a copy of the resolutions of the board of directors
of the Guarantor certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any supplemental indenture, the Trustee is hereby 

  
 29 

 
authorized to join with the Company and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein
contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights,
duties or immunities under the Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this
Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 8.2. 

Section 8.2    With Consent of Holders.

 With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding, the Company, the Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each Note so affected: 

(a)    reduce the amount of the Notes whose Holders must consent to an amendment, supplement or waiver;

 (b)    reduce the rate of or extend the time for payment of interest (including default interest) on
the Notes; 
 (c)    reduce the principal of, or premium, if any, on, or change the Stated Maturity of,
the Notes; 
 (d)    waive a Default or Event of Default in the payment of the principal of, or premium,
if any, or interest on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
 (e)    make the principal of, or premium, if any, or interest on, the Notes payable in
any currency other than that stated in the Notes; 
 (f)    make any change in Section 6.8 of the
Base Indenture, 6.13 of the Base Indenture or Section 8.2(f) of this First Supplemental Indenture (this sentence); 

(g)    waive a redemption payment with respect to the Notes; or 

(h)    release the Guarantor as a guarantor of the Notes other than as provided in the Indenture or modify
the Note Guarantee in any manner adverse to the Holders. 
 Upon the written request of the Company, accompanied by a copy
of the resolutions of the board of directors of the Guarantor certified by the corresponding Secretary or Assistant 

  
 30 

 
Secretary, authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the
Company and the Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental indenture. In executing or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel or an Officer’s Certificate or both stating that the execution of such supplemental indenture is authorized
or permitted by the Indenture, that all conditions precedent to the execution of such supplemental indenture have been complied with, and that the supplemental indenture is a legal, valid and binding obligation of the Company and the Guarantor as
applicable, enforceable against it in accordance with its terms. 
 It shall not be necessary for the consent of the Holders
under this Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 8.3    Assumption by Guarantor.

 Without the consent of any Holders of the Notes, the Guarantor, or a Subsidiary thereof, may directly assume, by an
indenture supplemental to the Indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, any premium and interest on all the Notes and the performance of every covenant of
the Indenture on the part of the Company to be performed or observed. Upon any such assumption, the Guarantor or such Subsidiary shall succeed to, and be substituted for and may exercise every right and power of, the Company under the Indenture with
the same effect as if the Guarantor or such Subsidiary had been named as the Company in the Indenture and the Company shall be released from all obligations and covenants with respect to the Notes. No such assumption shall be permitted unless the
Guarantor has delivered to the Trustee (i) an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption and supplemental indenture comply with this Section 8.3 and Article V of the Base Indenture, and that all
conditions precedent in the Indenture provided for relating to such transaction have been complied with and that, in the event of assumption by a Subsidiary, the Note Guarantee and all other covenants of the Guarantor in the Indenture remain in full
force and effect and (ii) an opinion of independent counsel that the Holders of Notes shall have no materially adverse United States federal income tax consequences as a result of such assumption, and that, if any Notes are then listed on the
New York Stock Exchange, that such Notes shall not be delisted as a result of such assumption. 

  
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 ARTICLE IX. 

MEETINGS OF HOLDERS OF NOTES 

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

Section 9.2    Call, Notice and Place of
Meetings. 
 (a)    The Trustee may at any time call a meeting of Holders for any purpose specified
in Section 9.1, to be held at such time and at such place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b)    In case at any time the Company, the Guarantor or the Holders of at least 10% in principal amount
of the outstanding Notes shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company,
the Guarantor, if applicable, or the Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice
thereof as provided in Clause (a) of this Section 9.2. 

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

Section 9.4    Quorum; Action. 

The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting
of Holders; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes,
the persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the 

  
 32 

 
chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.2, except that such notice need be
given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the
outstanding Notes which shall constitute a quorum. 
 Except as limited by the proviso to Section 8.2, any resolution
presented at a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided,
however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes. Any such resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on
all the Holders, whether or not such Holders were present or represented at the meeting. 

Section 9.5    Determination of Voting Rights;
Conduct and Adjournment of Meetings. 
 (a)    Notwithstanding any other provisions of the
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of
votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 

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

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

  
 33 

 (d)    Any meeting of Holders duly called pursuant to
Section 9.2 at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without
further notice. 
 Section 9.6    Counting
Votes and Recording Action of Meetings. 
 The vote upon any resolution submitted to any meeting of Holders shall be by
written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the
meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 and, if applicable, Section 9.4.
Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and the Guarantor, and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

ARTICLE X. 

MISCELLANEOUS PROVISIONS 

Section 10.1    Evidence of Compliance with
Conditions Precedent, Certificates to Trustee. 
 This Section 10.1 shall replace Sections 10.4 and 10.5 of
the Base Indenture with respect to the Notes only. 
 Upon any application or demand by the Company to the Trustee to take
any action under any of the provisions of the Indenture, the Company shall furnish to the Trustee an Officer’s Certificate in a form reasonably acceptable to the Trustee stating that all covenants and conditions precedent, if any, provided for
in the Indenture relating to the proposed action have been complied with, and an Opinion of Counsel in a form reasonably acceptable to the Trustee stating that, in the opinion of such counsel, all such covenants and conditions precedent have been
complied with. The Officer’s Certificate or Opinion of Counsel provided for in the Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include: (1) a statement
that the person making such Officer’s Certificate or Opinion of Counsel has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained
in such Officer’s Certificate or Opinion of Counsel is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary 

  
 34 

 
to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 10.2    No Recourse Against
Others. 
 This Section 10.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only.

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

Section 10.3    Trust Indenture Act
Controls. 
 If any provision of this First Supplemental Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this First Supplemental Indenture by the TIA, such required or deemed provision shall control. 

Section 10.4    Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE BASE
INDENTURE, FIRST SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 
Section 10.5    Counterparts. 
 This First Supplemental Indenture
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The
exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu
of the original First Supplemental Indenture for all purposes. The words “execution,” “signed,” “signature,” and words of like 

  
 35 

 
import in this First Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
“pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or
other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in this First Supplemental Indenture to the contrary notwithstanding, (a) any Officer’s
Certificate, Company Order, Opinion of Counsel, Note, Note Guarantee, opinion of counsel, instrument, agreement or other document delivered pursuant to this First Supplemental Indenture may be executed, attested and transmitted by any of the
foregoing electronic means and formats, (b) all references in Section 2.3 of the Base Indenture, Section 5.2 of this First Supplemental Indenture or elsewhere in the Indenture to the execution, attestation or authentication of any
Note, any Guarantee endorsed on any Note, or any certificate of authentication appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the
foregoing electronic means or formats, and (c) any requirement in this Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Notes or any Note Guarantees. The Company agrees to assume
all risks arising out of the use of using digital signatures, including without limitation the risk of the Trustee acting on unauthorized instructions. 

Section 10.6    Successors. 

All agreements of the Company and the Guarantor in this First Supplemental Indenture and the Notes shall bind their respective
successors. 
 All agreements of the Trustee in this First Supplemental Indenture shall bind its successor. 

Section 10.7    Severability. 

In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.8    Table of Contents, Headings, Etc. 

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

  
 36 

Section 10.9    Ratifications. 

The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and
confirmed. The Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture
unless not permitted by law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

Section 10.10    Effectiveness. 

The provisions of this First Supplemental Indenture shall become effective as of the date hereof. 

Section 10.11    The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the
Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken
as the statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor
relationship listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting
interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and the Indenture. 

  
 37 

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

			
	 REXFORD INDUSTRIAL REALTY, L.P.,

as the Company

		
	 By:    
	 	 Rexford Industrial Realty, Inc.

		 	 Its general partner

		
	 By:
	 	 /s/ Laura Clark

		 	 Name:     Laura Clark

		 	 Title:       Chief Financial Officer

	
	 REXFORD INDUSTRIAL, INC.,

as the Guarantor

		
	 By:
	 	 /s/ Laura Clark

		 	 Name:     Laura Clark

		 	 Title:       Chief Financial Officer

	
	 U.S. BANK NATIONAL ASSOCIATION, as the

Trustee

		
	 By:
	 	 /s/ Bradley Scarbrough

		 	 Name:     Bradley Scarbrough

		 	 Title:       Vice President

 EXHIBIT A 

REXFORD INDUSTRIAL REALTY, L.P. 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE FIRST SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF REXFORD INDUSTRIAL REALTY, L.P. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 REXFORD INDUSTRIAL REALTY, L.P. 

2.125% SENIOR NOTES DUE 2030 

Certificate No. [             ] 

CUSIP No.: [             ] 

ISIN: [             ] 

$[             ] 

Rexford Industrial Realty, L.P., a Maryland limited partnership (herein called the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the 

 
principal sum of [             ] MILLION DOLLARS ($[             ])[, or
such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on December 1, 2030 at the office or agency of the Company maintained for that purpose in accordance with the
terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually
in arrears on December 1 and June 1 of each year, commencing on June 1, 2021, to the Holder in whose name the Note is registered in the security register on the preceding May 15 or November 15, whether or not a Business Day,
as the case may be, in accordance with the terms of the Indenture. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day
months. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled thereto; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than
$2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or on any Global Notes by wire transfer of immediately available
funds to the account of the Depositary or its nominee. This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized
authenticating agent under the Indenture. 
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: [                     ], 20[
    ] 
  

			
	 REXFORD INDUSTRIAL REALTY, L.P.

	
	 By: Rexford Industrial Realty, Inc.,

Its general partner

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [                     ],
20[     ] 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, as

Trustee

		
	 By:      
	 	  

		 	 Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

REXFORD INDUSTRIAL REALTY, L.P. 

2.125% SENIOR NOTES DUE 2030 

This Note is one of a duly authorized issue of Securities of the Company, designated as its 2.125% Senior Notes due 2030 (herein called the
“Notes”), issued under and pursuant to an Indenture dated as of November 16, 2020 (herein called the “Base Indenture”), among the Company, the Guarantor and U.S. Bank National Association, as
trustee (herein called the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 16, 2020 (herein called the “First Supplemental Indenture,” and together with the Base Indenture,
the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company,
the Guarantor and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 

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

The Indenture contains provisions permitting the Company, the Guarantor and the Trustee, with the consent of the Holders of not less than a
majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture
or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the First Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in
aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of
the Notes, the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and
in the Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year
consisting of twelve 30-day months. 

 The Notes are issuable in fully registered form, without coupons, in minimum denominations
of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with
payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other
authorized denominations. 
 The Company shall have the right to redeem the Notes under certain circumstances as set forth in
Section 4.1, Section 4.2 and Section 4.3 of the First Supplemental Indenture. 
 The Notes are not subject to redemption
through the operation of any sinking fund. 
 The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to
the Note Guarantee and the Indenture are expressly set forth in Article V of the First Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of the Note Guarantee. 

Except as expressly provided in Article V of the First Supplemental Indenture, no recourse for the payment of the principal of (including
the Redemption Price (as defined in Section 4.1 of the First Supplemental Indenture) upon redemption pursuant to Article IV of the First Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based
hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through the Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

 ASSIGNMENT FORM 
  

			
	To assign this Note, fill in the form below:	 	

  

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

		 	(Insert assignee’s legal name)

			
	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	
	 
	
	 
	
	 
	(Print or type assignee’s name, address and zip code)

  

			
	 and irrevocably appoint
	 	  

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

 

					
	Date:	 	
                     
                                         
                       
	 	

  

					
	                                      
                                         
                         	 	Your Signature:	 	  

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

 

					
	Signature Guarantee*:	 	  
	 	                                      
                                      

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

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

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

																	
	 Date of Exchange
	  	Amount of
decrease in
principal amount
at maturity of
this Global Note	 	  	Amount of
increase in
principal amount
at maturity of
this Global Note	 	  	Principal amount
at maturity of
this Global Note
following such
decrease
(or increase)	 	  	Signature of
authorized
officer of
Trustee or
Custodian	 
		  				  				  				  			

  

	*	 This Schedule should be included only if the Note is issued in global form.Exhibit 10.4

 

SETTLEMENT
AGREEMENT AND RELEASE

 

This
Settlement Agreement and Release ("Agreement") is entered into by and between Guizhou Wan Feng Hu Zhi Shui Chan Company,
Ltd., ("DOMESTIC COMPANY"), Nocera, Inc., a Nevada Corporation ("Company"), and Zhang Bi, ("BI"),
and each party acknowledges receipt of full, fair, and adequate consideration for the covenants, releases and premises herein.

 

RECITALS

 

A.              This
Agreement compromises, settles, and otherwise resolves all claims, as to the DOMESTIC COMPANY'S debt (claim to shares in
Nocera, Inc. or Guizhou Grand Smooth Technology, Inc. Ltd. ("WOFE")) as to any and all claims or causes of action
whatsoever against the Company for any matter, action, or representation as to the Company, and any debt to ownership of
Nocera, Inc. or WOFE up to the date hereof.

 

AGREEMENT

 

1.       Denial of Wrongdoing or Liability. This Agreement is entered into solely for purpose of effectuating a full compromise,
settlement, and release as to Company from DOMESTIC COMPANY claims. Accordingly, except as set forth herein, each party acknowledges
that the other has admitted no fault, wrongdoing, liability, or obligation, except such obligations as reflected in this Agreement,
and related documents in execution hereof In fact, each party expressly denies such fault, wrongdoing, liability, or obligation.

 

2.       Intent to Settle All Claims. This Settlement Agreement shall settle all matters between the Company and DOMESTIC
COMPANY, and hereby desires to fully and finally compromise, settle, and otherwise terminate any and all claims arising from
or relating to any claim, indemnity, action, default, breach, damages, payment or benefit whatsoever relating to or against
the Company, by DOMESTIC COMPANY, or any claim for equity of any type or sort, against the Company or WOFE held by BI, whatsoever.

 

3.       Release. Subject to and upon receipt of a conveyance of the assets, DOMESTIC COMPANY hereby releases, discharges,
and holds harmless the Company (as well as its respective officers, directors, shareholders, managers, members, partners, owners,
principals, affiliates) from all actions, claims, indemnities, damages, or obligations, and any other claims arising from or relating
to any DOMESTIC COMPANY claims of equity of the Company, or WOFE, and all ownership stock in Nocera, Inc. is released and waived
by DOMESTIC COMPANY and BI.

 

4.       Limitation of Release. However, the releases given herein shall not extend to or be for the benefit of nonaffiliated
second parties, none of whom shall have any rights hereunder, including but not limited to rights as a third-party beneficiary.

 

5.       No Release for Breach of This Agreement. Nothing contained herein shall release any party hereto from any claims
arising from or relating to a breach of this Agreement.

 

6.       Releases
Valid Even if Additional or Different Facts. The Parties acknowledge they may discover facts which are additional to or
different from those which they now know or believe to be true regarding the subject matter of this Agreement.
Nonetheless, except as otherwise provided herein, it is the Parties’ intent to fully and finally compromise and settle all
claims which exist between them arising from or relating to the Employment Agreement referenced herein, and the matters
listed herein. To effectuate that intention, the releases given here in shall remain full and complete releases,
notwithstanding discovery of any additional or different facts by any party, at any time here after.

 

 

 

    	 	1	 

     

    

 

7.       Further Assurances. The Parties agree to execute and deliver such documents and to perform such other acts, promptly
upon request, as any other party hereto requests and which  are, in the requesting party's reasonable judgment, necessary
or appropriate to effectuate the purposes of this Agreement.

 

8.       Adequate Consideration. This Agreement is fully supported by mutual full, fair, adequate and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and which considerations are contained in the provisions
hereof in the individual paragraphs.

 

9.       Agreed Consideration.  In consideration hereof, the parties mutually waive any and all claims against each other
and WOFE and DOMESTIC COMPANY and BI waives any claims to Nocera, Inc. company stock.

 

10.     Headings. The headings contained in this Agreement are for convenience and reference purposes only, and shall
not in any way be construed as effecting the meaning or interpretation of the text of this Agreement.

 

11.     Opportunity to Consult With Legal Counsel. The Parties acknowledge they have had a
full and fair opportunity to consult with legal counsel of their own choosing throughout all negotiations which preceded the
execution of this Agreement, and in connection with their execution of this Agreement.

 

12.     Modified Only in Writing. This Agreement may only be modified by express written agreement
of the Parties.

 

13.     Severability.
Every provision of this Agreement is intended to be severable. Accordingly, should any provision be declared
illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, such illegality, invalidity, or
unenforceability shall not effect the remaining provisions, which shall remain fully valid, binding, and enforceable.

 

14.     No Drafting Party. No party shall be deemed the "drafting party" of this Agreement.
Consequently, this Agreement shall be construed as a whole, according to its fair meaning and intent, and not strictly for or
against any party hereto.

 

15.     Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.

 

16.     Binding Agreement/Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties,
as well as their respective successors, representatives, and assigns.

 

17.     Authority/Capacity/Entities. Each person signing this Agreement represents and warrants that he or she has complete
authority and legal capacity to enter into this Agreement on behalf of the entity for which he or she is signing and agrees to
defend, indemnify and hold harmless all other parties if that authority or capacity is challenged.

 

18.     Knowing
and Voluntary Agreement. The Parties represent they have read
this Agreement, understand it, voluntarily agree to its terms, and sign it freely.

 

19.     Counterparts/Fax
Signatures. This Agreement may be executed in counterparts, each
of which shall be deemed an original, and all of
which taken together shall constitute one and the same instrument. Facsimile or electronically transmitted signatures shall
be deemed effective as originals.

 

 

 

    	 	2	 

     

    

 

20.     Parties
to Bear Their Own Fees and Cost. Except as otherwise set forth in the Promissory Note document entered into concurrently herewith.
the Parties shall each be responsible for and pay all of their own fees and costs, including but not limited to all attorneys’
fees.

 

21.     Confidentiality.
Each Party agrees: This Agreement shall remain confidential. except in the event this document is covered by a
subpoena in any civil action or other legal action or proceeding.

 

IN
WITNESS WHEREOF, the undersigned execute this Settlement
Agreement and Release, thereby agreeing to abide by the terms hereof.

 

NOCERA,
Inc., a Nevada Corporation

 

	By: Cheng, Yin-Chieh	Dated
this 8th day of October, 2020
	Its: President CEO	 
	 	 
	 	 
	DOMESTIC COMPANY:	 
	 	 
	Guizhou Wan Feng Hu Zhi Hui Shui Chan Company, Ltd.	 
	 	 
	By: Zhang
Bi	Dated this 8th day
    of October, 2020
	Its: Director	 
	 	 
	 	 
	Zhang Bi	 
	 	 
	/s/ Zhang Bi	Dated
this 8th day of October, 2020
	 	 

 

 

 

 

 

 

 

 

    	 	3

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