Document:

Exhibit 4.2

 

SUPPLEMENTAL INDENTURE, dated as of                           , 20    , between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (the “Company”), having its principal offices at 500 Chesterfield Parkway, Malvern, Pennsylvania 19355, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”), having its Corporate Trust Office at Two Liberty Place, 50 S. 16th Street, Suite 2000, Mail Station: Ex-PA-WBSP, Philadelphia, PA 19102.

 

RECITALS

 

WHEREAS, the Company executed and delivered its Base Indenture (the “Base Indenture”), dated as of September 22, 2010, to the Trustee to issue from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness.

 

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

 

WHEREAS, the Company intends by this Supplemental Indenture to (i) create a series of debt securities to be issued from time to time in an unlimited principal amount entitled “Liberty Property Limited Partnership         % Notes due           “ (the “Notes”); and (ii) establish the form and the terms and conditions of such Notes.

 

WHEREAS, the Board of Trustees of Liberty Property Trust (the “Trust”), the general partner of the Company, has approved the creation of the Notes and the form, terms and conditions thereof.

 

WHEREAS, the consent of Holders to the execution and delivery of this Supplemental Indenture is not required, and all other actions required to be taken under the Base Indenture with respect to this Supplemental Indenture have been taken.

 

NOW, THEREFORE IT IS AGREED:

 

ARTICLE ONE
 Definitions, Creation, Form and Terms and Conditions of the Debt Securities

 

SECTION 1.01                                      Definitions.  (a)   Capitalized terms used in this Supplemental Indenture and not otherwise defined shall have the meanings ascribed to them in the Base Indenture.  In addition, the following additional terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined:

 

“Closing Date” means               , 20    .

 

“Global Note” means a single fully-registered global note in book entry form, without coupons, substantially in the form of Exhibit A attached hereto.

 

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“Indenture” means the Base Indenture as supplemented by this Supplemental Indenture.

 

“Intercompany Debt” means Debt to which the only parties are the Trust, any of its subsidiaries, the Company and any Subsidiary, or Debt owed to the Trust arising from routine cash management practices, but only so long as such Debt is held solely by any of the Trust, any of its subsidiaries, the Company and any Subsidiary.

 

“Subsidiary” shall have the meaning provided in the Base Indenture and shall include Liberty Property Development Corp, Liberty Property Development Corp.-II and Liberty UK Development Corp.

 

(b)                                     The following term, which is defined in the Base Indenture, is amended and restated as follows:

 

“Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the remaining life (as of the date of redemption, and rounded to the nearest month) to Stated Maturity of the principal being redeemed (the “Treasury Yield”), plus         %.  For purposes hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release under the heading “Week Ending” for “U.S. Government Securities — Treasury Constant Maturities” with a maturity equal to such remaining life; provided, that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities.  For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.  If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company.

 

SECTION 1.02                                      Creation of the Debt Securities.  In accordance with Section 301 of the Base Indenture, the Company hereby creates the Notes as a separate series of its debt securities issued pursuant to the Indenture.  The Notes shall be issued in an aggregate principal amount initially limited to $                      .

 

The Company may issue, in addition to the Notes originally issued on the Closing Date, additional Notes.  The Notes originally issued on the Closing Date and any additional Notes originally issued subsequent to the Closing Date shall be a single series for all purposes under the Indenture.

 

SECTION 1.03                                      Form of the Debt Securities.  The Notes will be represented by one or more fully-registered global notes in book-entry form, without coupons, registered in the name of the nominee of DTC.  The Notes shall be in the form of Exhibit A attached hereto and the terms set forth in such form shall be incorporated herein.  So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Global Note for all purposes under the Indenture.  Ownership of beneficial interests in the Global Note

 

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will be shown on, and transfers thereof will be effected only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or persons that hold interests through participants (with respect to beneficial interests of beneficial owners).

 

SECTION 1.04                                      Terms and Conditions of the Debt Securities.  The Notes shall be governed by all the terms and conditions of the Base Indenture, as supplemented by this Supplemental Indenture, and in particular, the following provisions shall be the terms of the Notes:

 

(a)                                  Optional Redemption.  At any time prior to                   , 20    , the Issuer may redeem the Notes at its option, in whole or from time to time in part, at a redemption price equal to the Redemption Price.

 

At any time on or after                   , 20    , the Notes will be redeemable at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued interest thereon to the Redemption Date.

 

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

 

Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Security Register for the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption.  The notice of redemption will specify, among other items, the Redemption Price and the principal amount of the Notes held by such Holder to be redeemed.

 

If all or less than all of the Notes are to be redeemed at the option of the Issuer, the Issuer will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and their Redemption Date. The Issuer shall give the Trustee notice of the Make-Whole Amount promptly after the calculation thereof and if the Issuer has requested that the Trustee give to the Holders the notice of redemption required by Section 1104 of the Base Indenture, such notice from the Issuer shall be given to the Trustee at such time as shall permit the Trustee to include notice of the Make-Whole Amount in such notice of redemption. The Trustee shall have no responsibility for calculating the Make-Whole Amount.  The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part.

 

Neither the Issuer nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any selection of Notes to be redeemed and ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any Note, or

 

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portion thereof, called for redemption, except the unredeemed portion of any Note being redeemed in part.

 

(b)                 Maturity; Payment of Principal and Interest.  The principal amount of the Notes shall be payable on                   , 20    , subject to the provisions of the Indenture and the Notes.  Interest will accrue from                   , 20    .  The Notes will bear interest at 4.75% per annum, payable semi-annually in arrears on                and                of each year, beginning on                   , 20    .  Principal and interest payments on interests represented by a Global Note will be made to DTC or its nominee, as the case may be, as the registered owner of such Global Note.  All payments of principal and interest in respect of the Global Note will be made by the Issuer in immediately available funds.  The principal of the Notes payable on the Maturity Date or upon redemption will be paid against presentation and surrender of the Notes at the corporate trust office of the Trustee at 60 Livingston Avenue, 1st Floor, Bond Drop Window, St. Paul, MN, 55107, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private debt.

 

(c)                                  Applicability of Defeasance or Covenant Defeasance.  The provisions of Article 14 of the Base Indenture shall apply to the Notes.

 

ARTICLE TWO
 Additional Covenants

 

The Notes shall be governed by all the covenants contained in the Base Indenture, as supplemented by this Supplemental Indenture. In addition, this Supplemental Indenture amends and restates Section 1004 of the Base Indenture to read as follows:

 

“SECTION 1004.  Limitations on Incurrence of Debt.

 

(a)                                  The Company will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, that is subordinate in right of payment to the Notes, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than       % of the sum of: (i) the Company’s Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such additional Debt; and (ii) the increase in Adjusted Total Assets since the end of such quarter (including any increase resulting from the incurrence of additional Debt).

 

(b)                                 The Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge on the date on which such additional Debt is to be incurred, on a pro forma basis, after giving effect to the incurrence of such Debt and to the application of the proceeds thereof would have been less than        to       .

 

(c)                                  The Company will not, and will not permit any Subsidiary to, incur any Debt secured by any mortgage, lien, charge, pledge, encumbrance or security interest of any kind upon any of the properties of the Company or any Subsidiary (“Secured Debt”), whether owned at the date hereof or hereafter acquired, if, immediately after giving effect to the incurrence of

 

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such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis is greater than     % of the sum of: (i) the Company’s Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such additional Debt; and (ii) the increase in Adjusted Total Assets since the end of such quarter (including any increase resulting from the incurrence of additional Debt).

 

(d)                                 The Company will at all time maintain an Unencumbered Total Asset Value in an amount not less than       % of the aggregate principal amount of all outstanding unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

 

For purposes of the foregoing provisions regarding the limitation on the incurrence of Debt, Debt shall be deemed to be “incurred” by the Company or a Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

 

ARTICLE THREE
 Trustee

 

SECTION 3.01                                      Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution thereof by the Company.  The recitals of fact contained herein shall be taken as the statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof.

 

ARTICLE FOUR
 Miscellaneous Provisions

 

SECTION 4.01                                      Ratification of Original Indenture.  This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

SECTION 4.02                                      Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

SECTION 4.03                                      Successors and Assigns.  All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 4.04                                      Separability Clause.  In case any one or more of the provisions contained in this Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 4.05                                      Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.  This

 

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Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

 

SECTION 4.06                                      Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written.

 

 

	
 
    	
LIBERTY PROPERTY LIMITED PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
By:
    	
Liberty Property Trust,
    
	
 
    	
 
    	
as its sole General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
				

 

Supplemental Indenture

 

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
				

 

Supplemental Indenture

 

 

Exhibit A

 

[FACE OF NOTE]

 

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

 

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

 

	
REGISTERED
    	
REGISTERED
    
	
 
    	
 
    
	
NO.
    	
PRINCIPAL AMOUNT
    
	
 
    	
 
    
	
CUSIP NO.
    	
$                            
    

 

LIBERTY PROPERTY LIMITED PARTNERSHIP

 

        % Senior Note due        

 

[Date of Authentication]

 

Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Issuer,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of                           Dollars on                   , 20     (the “Maturity Date”), and to pay interest thereon from                   , 20     (or from the most recent interest payment date to which interest has been paid or duly provided for), semi-annually in arrears on              and               of each year (each, an “Interest Payment Date”), commencing on                   , 20    , and on the Maturity Date, at the rate of     % per annum, until payment of said principal sum has been made or duly provided for.

 

The interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date will be paid to the Person in whose name this Note (or

 

 

one or more Predecessor Securities) is registered at the close of business on the “Record Date” for such payment, which will be the        day (regardless of whether such day is a Business Day (as defined below)) of the month preceding such Interest Payment Date or the Maturity Date, as the case may be.  Any interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such record date, and shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not more than 15 days and not less than 10 days prior to the date of the payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of the Securities of this series not less than 10 days preceding such subsequent record date. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months.

 

The principal of this Note payable on the Maturity Date or upon redemption will be paid against presentation and surrender of this Note at the corporate trust office of the Trustee at 60 Livingston Avenue, 1st Floor, Bond Drop Window, St. Paul, MN, 55107, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private debt.

 

Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will be the amount of interest accrued from and including the immediately preceding Interest Payment Date (or from and including                   , 20    , in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity Date, as the case may be.  If any Interest Payment Date, Redemption Date or the Maturity Date falls on a day that is not a Business Day (as defined below), the required payment of interest or principal or both, as the case may be, will be made on the next Business Day with the same force and effect as if it were made on the date such payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or the Maturity Date, as the case may be.  “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in Chicago or the City of New York are authorized or required by law, regulation or executive order to close.

 

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

 

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

 

This Note shall not be entitled to the benefits of the Indenture referred to on the reverse hereof or be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under such Indenture.

 

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers as of the date first set forth above.

 

	
 
    	
LIBERTY PROPERTY LIMITED PARTNERSHIP,
    
	
 
    	
as Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
LIBERTY PROPERTY TRUST,
    
	
 
    	
 
    	
as its sole General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Signature Page to Note

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

A-7

 

[REVERSE OF NOTE]

 

LIBERTY PROPERTY LIMITED PARTNERSHIP

 

    % Senior Note due 20

 

This Security is one of a duly authorized issue of debentures, notes, bonds, or other evidences of indebtedness of the Issuer (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture dated as of September 22, 2010 (herein called the “Indenture”), duly executed and delivered by the Issuer to U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part), to which Indenture and all indentures supplemental thereto relating to this security reference is hereby made for a description of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuer, and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.  The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as provided in the Indenture or any indenture supplemental thereto.  This Security is one of a series designated as the    % Notes due 20     of the Issuer.

 

In case an Event of Default with respect to this Security shall have occurred and be continuing, the principal hereof and Make Whole Amount, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture.

 

The Issuer may redeem this Security at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price equal to the sum of (i) the principal amount of this Security being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to this Security.  Notice of any optional redemption of any Securities of this series will be given to Holders thereof at their addresses, as shown in the Security Register for the Securities of this series, not more than 60 nor less than 30 days prior to the date fixed for redemption.  The notice of redemption will specify, among other items, the Redemption Price and the principal amount of the Securities of this series held by such Holder to be redeemed.

 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of all Outstanding Securities affected, evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each series; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Security so affected, (i) change the Stated Maturity of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of interest on, any such Security, (ii) reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of the Notes, or adversely affect any right of repayment of the Holder of any Securities; (iii) change the place of payment,

 

A-8

 

or the coin or currency, for payment of principal or premium, if any, or interest on the Securities; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to the Securities on or after the stated maturity of any such Security; (v) reduce the above-stated percentage in principal amount of outstanding Securities, the extent of whose Holders is necessary to modify or amend the Indenture, for any waiver with respect to the Securities or to waive compliance with certain provisions of the Indenture or certain defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the Indenture; or (vi) modify any of the foregoing provisions or any of the provisions relating to the waiver of certain past defaults or certain covenants, except to increase the required percentage to effect such action or to provide that certain other provisions of the Indenture may not be modified or waived without the consent of the Holder of each Security.  It is also provided in the Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any series, the Holders of a majority in principal amount outstanding of the Securities of such series may on behalf of the Holders of all the Securities of such series waive any such past default or Event of Default and its consequences, or, subject to certain conditions, may rescind a declaration of acceleration and its consequences with respect to such Securities. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities that may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this security or such other securities.

 

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

 

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

 

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

 

Prior to due presentment of this Security for registration of transfer, the Issuer, the Trustee or any agent of the Issuer or the Trustee may deem and treat the Person in whose name this Security is registered as the owner of this Security (whether or not this security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof and Make-Whole Amount, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and

 

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neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary.

 

The Indenture and each Security shall be governed by and construed in accordance with the laws of the State of New York.

 

Capitalized terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and all indentures supplemental thereto relating to this Security.

 

A-10

 

 

 

 

LIBERTY PROPERTY LIMITED PARTNERSHIP

 

ISSUER

 

TO

 

U.S. BANK NATIONAL ASSOCIATION,
 TRUSTEE

 

 

SUPPLEMENTAL INDENTURE
 DATED AS OF                  , 20

 

 

    % SENIOR NOTES DUE 20

 

 

SUPPLEMENT TO INDENTURE,
 DATED AS OF SEPTEMBER 22, 2010, BETWEEN
 LIBERTY PROPERTY LIMITED PARTNERSHIP AND
 U.S. BANK NATIONAL ASSOCIATIONQuickLinks
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  Exhibit 10.01    
    

 
    CITIGROUP INC.
  2011 KEY EMPLOYEE PROFIT SHARING PLAN    
    

 
  PURPOSE    
    

        The purpose of the Plan is to (i) incentivize senior and other key employees to contribute to the Company's
long-term profitability in a manner that appropriately balances incentives and risk, thereby aligning the employees' interests with those of the Company's shareholders and other
stakeholders, (ii) attract and retain senior and other key employees by providing a competitive compensation opportunity and (iii) reward senior and other key employees for their efforts
to restore the Company to sustained profitability. 

 
 

  ARTICLE I    
    

 
  DEFINITIONS    
    

        Except as otherwise defined in a Participant's Award Agreement, as used in the Plan and the Award Agreements, the following terms have
the following meanings: 

        "Acceleration Event" means, as applicable, (i) termination of a Participant's employment with the Company and the Affiliated
Employers due to such Participant's death, Disability or Qualifying Termination or (ii) the occurrence of a Qualifying Transaction with respect to the Affiliated Employer that employs a
Participant. 

        "Acceleration Entire Period" means January 1, 2011 through September 30 of the year following the year in which an
Acceleration Event occurs (or 2013, if earlier than such year). 

        "Acceleration Initial Period" means January 1, 2011 through the last day of the fiscal quarter in which an Acceleration Event
occurs (or December 31, 2012, if earlier); provided, however, in the case of a Participant who is
a U.S. taxpayer and whose employment with the Company and the Affiliated Employers terminates due to such Participant's Disability, the Acceleration Initial Period shall end on the last day of the
fiscal quarter in which such Participant has been determined to be totally disabled by the Social Security Administration, if such date is earlier than the last day of the fiscal quarter in which such
termination occurs. 

        "Affiliated Employer" means any company or other entity that is related to the Company as a member of a controlled group of corporations
in accordance with Section 1.409A-1(h)(3) of the Code and the regulations thereunder. 

        "Applicable Percentage" means the percentage of Cumulative Pre-Tax Income that is payable to a Participant in respect of such
Participant's Award in accordance with the terms of the Plan, as specified in such Participant's Award Agreement. 

 

        "Award" means a Participant's opportunity to receive a payment under the Plan in an amount determined based on the amount of Cumulative
Pre-Tax Income with respect to the applicable Performance Period, subject to the terms of the Plan and such Participant's Award Agreement. 

        "Award Agreement" means a written or electronic document setting forth individualized information relating to a Participant's Award under
the Plan. The Committee may require a Participant to sign an Award Agreement as a condition to participation in the Plan. 

        "Bona Fide Leave" means a "bona fide leave of absence" from the Company and the Affiliated Employers as defined in
Section 409A-1(h)(1)(i) of the Code and the regulations thereunder. 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Company" means Citigroup Inc., a Delaware corporation. 

        "Committee" means the Personnel and Compensation Committee of the Company's Board of Directors. 

        "Cumulative Pre-Tax Income" means, for any Performance Period, an amount equal to (i) the amount of income (loss) from
continuing operations before income taxes of the Company minus (ii) the amount of income (loss) from continuing operations before income taxes of
Citi Holdings, in each case as reported for such period in the applicable Quarterly Financial Data Supplements that are filed as exhibits to the Company's applicable Forms 8-K. 

        "Disability" means, with respect to a Participant who is (i) a U.S. taxpayer, that such Participant has been determined to be
totally disabled by the Social Security Administration, or (ii) not a U.S. taxpayer, that such Participant (x) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (y) by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, is
receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Affiliated Employer that employs such Participant. 

        "Entire Period" means January 1, 2011 through December 31, 2013. 

        "Gross Misconduct" means a Participant's engaging in any conduct that (i) is in competition with the business operations of the
Company or any Affiliated Employer, (ii) breaches any obligation that such Participant owes to the Company or any Affiliated Employer or such Participant's duty of loyalty to the Company or any
Affiliated Employer, (iii) is materially injurious to the Company or any Affiliated Employer, monetarily or otherwise, or (iv) is otherwise determined by the Committee, in its sole
discretion, to constitute Gross Misconduct. 

2

 

        "Holdback Period" means January 1, 2013 through December 31, 2013. 

        "Initial Period" means January 1, 2011 through December 31, 2012. 

        "Involuntary Retirement" means the termination of a Participant's employment with the Company and the Affiliated Employers by the Company
or any Affiliated Employer (other than due to such Participant's Gross Misconduct, death or Disability) on or following the date on which such Participant is at least age 65 and the sum of such
Participant's age and full completed years of service with the Company and the Affiliated Employers equals at least 75. 

        "Notional Interest Rate" means the 90-day, U.S. dollar-based London Interbank Offered Rate (LIBOR), compounded on a monthly
basis. 

        "Participant" means a senior or other key employee of the Company or any Affiliated Employer who receives an Award under the Plan. 

        "Performance Period" means, as applicable, the applicable Acceleration Entire Period, Acceleration Initial Period, Entire Period, Holdback
Period, Initial Period or Retirement Period. 

        "Personal Leave" means a Bona Fide Leave that is a personal leave of absence that is approved by management of a Participant's business
unit in accordance with the leave of absence policies applicable to such Participant. 

        "Plan" means this 2011 Citigroup Inc. Key Employee Profit Sharing Plan, as amended from time to time. 

        "Qualifying Termination" means the termination of a Participant's employment with the Company and the Affiliated Employers by the Company
or any Affiliated Employer (other than due to such Participant's Gross Misconduct, death, Disability or Involuntary Retirement) in connection with (i) a sale or other disposition of assets
comprising the business unit to which such Participant provides substantial services or (ii) the transfer to an external service provider of such Participant's job function in connection with
the Company's or such Affiliated Employer's entering into a services agreement with such external service provider; provided,  however, such termination
shall not constitute a Qualifying Termination if it occurs following such Participant's rejection of an employment opportunity
with the acquirer of such assets or such external service provider, as applicable, on terms that the Company determines are comparable to the terms of such Participant's employment with the Company
and the Affiliated Employers. For the avoidance of doubt, if a Participant's employment with the Company and the Affiliated Employers terminates under the circumstances described in clause (i)
or (ii) (other than due to such Participant's Gross Misconduct, death or Disability) on or following the date on which such Participant is at least age 65 and the sum of such Participant's age
and full completed years of service with the Company and the Affiliated Employers equals at least 75, such termination shall constitute an Involuntary Retirement and shall not constitute a Qualifying
Termination. 

        "Qualifying Transaction" with respect to a Participant who is employed by any Affiliated Employer means the Company's ceasing to control
or own a significant equity interest in such Affiliated Employer due to the sale or other disposition of the stock or other equity interest of 

3

 

such
Affiliated Employer; provided, however, if such Participant is a U.S. taxpayer, such sale or
disposition shall not constitute a Qualifying Transaction unless such sale or disposition also constitutes a "change in control event" as defined in Section 409A of the Code and the regulations
thereunder. 

        "Retirement" means an Involuntary Retirement or a Voluntary Retirement, as applicable. 

        "Retirement Period" means January 1, 2011 through the earlier of (i) the last day of the fiscal quarter that includes the
date of a Participant's Retirement and (ii) December 31, 2012. 

        "Significant Competitor" means any company or other entity that is designated by the Committee as a significant competitor of the Company
or any Affiliated Employer and that is included on a list of significant competitors for purposes of the Company's Capital Accumulation Program that will be made available to the Participants, as the
same may be updated by the Committee from time to time. If a Participant's employment with the Company and the Affiliated Employers has terminated, a "Significant Competitor" means a company or other
entity included on such list as in effect at the time of such termination. 

        "Statutory Leave" means a Bona Fide Leave that is approved by management of a Participant's business unit, is provided by applicable law
and is taken in accordance with such law and applicable Company policy. 

        "Threshold Performance Goal" means $12 billion. 

        "Voluntary Retirement" means the termination of a Participant's employment with the Company and the Affiliated Employers by such
Participant (other than due to such Participant's death or Disability) on or following the date on which such Participant is at least age 65 and the sum of such Participant's age and full completed
years of service with the Company and the Affiliated Employers equals at least 75; provided that during the period from the date of such termination
through (i) the date on which the Holdback Payments are paid to Participants who remain employed with the Company or any Affiliated Employer through January 20, 2013 or
(ii) March 15, 2014, if no Holdback Payments are paid to the Participants described in clause (i), such Participant (x) is not employed by a Significant Competitor and
(y) does not, directly or indirectly, (A) hire any employee of the Company or any Affiliated Employer or (B) solicit, induce or otherwise encourage any person to leave the
employment of the Company or any Affiliated Employer. 

4

 
 
 

  ARTICLE II    
    

 
  PARTICIPATION    
    

        Section 2.01    Eligible Employees.    The Committee shall select those senior and other key employees of the
Company and the Affiliated Employers who are eligible to receive Awards under the Plan; provided,  however, no employee shall be eligible to receive an
Award under the Plan if the Committee determines that such Award would cause the Company or any
Affiliated Employer to violate any legal, regulatory or governmental requirement to which the Company or any Affiliated Employer is subject or any agreement entered into between the Company or any
Affiliated Employee and any governmental agency. 

        Section 2.02    Participation Outside of the United States.    With respect to Participants who are foreign
nationals or who reside outside of the United States, the Committee may provide for such special terms and conditions, including, without limitation, substitutes for Awards, as the Committee may
consider necessary or appropriate to accommodate differences in local law, tax policy or custom. The Committee may approve any supplements to, or amendments, restatements or alternative versions of,
the Plan as it may consider necessary or appropriate for the purposes of this Section 2.02 without thereby affecting the terms of the Plan as in effect for any other purpose;  provided that no such
supplements, amendments, restatements or alternative versions shall include any provisions that are inconsistent with the intent
and purpose of the Plan, as then in effect. 

 
 

  ARTICLE III    
    

 
  PERFORMANCE AWARD    
    

        Section 3.01    Performance Award.    Subject to Articles IV and V, each Participant shall be entitled
to payment(s), if any, in respect of such Participant's Award in the amount(s) determined in accordance with this Article III. 

        (a)    Initial Payment.    If such Participant is employed by the Company or an Affiliated Employer on
January 20, 2013, such Participant shall be entitled to a payment (the "Initial Payment"), paid after January 20, 2013 but in no event
later than March 15, 2013, in an amount equal to two-thirds of the product of (i) Cumulative Pre-Tax Income for the applicable Initial Period and (ii) such
Participant's Applicable Percentage. 

        (b)    Holdback Payment.    If such Participant is employed by the Company or an Affiliated Employer on
January 20, 2014, such Participant shall be entitled to a payment (the "Holdback Payment"), if any, paid after January 20, 2014 but in no
event later than March 15, 2014, in an amount equal to the product of (i) the lesser of Cumulative Pre-Tax Income for such Initial Period and the applicable Entire Period and
(ii) such Participant's Applicable Percentage, minus (iii) the Initial Payment; provided,  however, that in no case shall the Holdback Payment be
less than zero. The amount, if any, determined in accordance with the preceding sentence
 

5

 

shall
be increased to reflect deemed earnings on such amount during the applicable Holdback Period based on the applicable Notional Interest Rate during such period. 

 
 

  ARTICLE IV    
    

 
  PAYMENT OF AWARDS    
    

        Section 4.01    Form of Payment.    All payments under the Plan will be made in cash. Notwithstanding the
foregoing, the Committee in its sole discretion may determine to provide any payment with respect to an Award in unrestricted shares of the Company's common stock;  provided that any such fractional
share will be paid in cash. Any such shares used for such payment shall be (i) issued under the Company's 2009
Stock Incentive Plan, as amended from time to time, or, if determined by the Committee in its sole discretion, any other shareholder-approved plan of the Company that provides for such payment and
(ii) valued at a fair market value at the time of such payment as determined by the Committee in its sole discretion. 

        Section 4.02    Taxes and Withholding.    As a condition to any payment under the Plan, the Company may require
a Participant to pay such sum to the Company as may be necessary to discharge the Company's obligations with respect to any taxes, assessments or other governmental charges, whether of the United
States or any other jurisdiction, imposed on property or income received by such Participant hereunder. Alternatively, the Company may deduct or withhold such sum from any payment to such Participant,
whether such payment is made pursuant to the Plan or otherwise. 

 
 

  ARTICLE V    
    

 
    TERMINATION OF EMPLOYMENT; QUALIFYING TRANSACTION
  FORFEITURE OR REDUCTION OF PAYMENTS    
    

        Section 5.01    Termination Generally.    Subject to this Article V, if a Participant's employment with
the Company and the Affiliated Employers terminates (i) at any time prior to January 20, 2013, such Participant shall not be entitled to any payments pursuant to the Plan, or
(ii) on or after January 20, 2013 and before January 20, 2014, such Participant shall not be entitled to a Holdback Payment. 

        Section 5.02    Death, Disability, Qualifying Termination or Qualifying Transaction.    If an Acceleration
Event with respect to a Participant occurs (i) prior to January 20, 2013 with respect to such Participant's Initial Payment or (ii) prior to January 20, 2014 with respect
such Participant's Holdback Payment, such Participant shall be entitled to payment(s), if any, in respect of such Participant's Award in the amount(s) determined in accordance with this
Section 5.02. 

        (a)    Initial Payment.    Such Participant shall be entitled to the Initial Payment, paid after January 20 of
the year following such Acceleration Event (or 2013, if earlier than such 

6

 

year)
but in no event later than March 15 of such year, in an amount equal to two-thirds of the product of (i) Cumulative Pre-Tax Income for the applicable
Acceleration Initial Period and (ii) such Participant's Applicable Percentage. 

        (b)    Holdback Payment.    Such Participant shall be entitled to the Holdback Payment, if any, paid in the fourth
calendar quarter of the year following such Acceleration Event; provided, that if an Acceleration Event occurs in 2013, such payment, if any, shall be
made on (i) the date on which Holdback Payments are paid to the Participants who remain employed with the Company or any Affiliated Employer through January 20, 2014 or (ii) on
March 15, 2014, if no Holdback Payments are paid to the Participants described in clause (i), the amount of the Holdback Payment, if any, shall equal the product of (A) the lesser
of Cumulative Pre-Tax Income for such Acceleration Initial Period and the applicable Acceleration Entire Period and (B) such Participant's Applicable Percentage, minus
(C) the Initial Payment; provided, however, that in no case shall the Holdback Payment be less
than zero. The amount, if any, determined in accordance with the preceding sentence shall be increased to reflect deemed earnings on such amount during the first three calendar quarters of the
calendar year following such Acceleration Event (or 2013, if earlier than such year) based on the applicable Notional Interest Rate during such quarters. 

        (c)    Code Section 162(m).    Notwithstanding the foregoing, no Participant shall be entitled to any payment
under the Plan following a Qualifying Termination if such Participant is a "covered employee," as defined in Section 162(m)(3) of the Code and the regulations thereunder, for any calendar year
beginning with the year in which such Participant commences participation in the Plan and ending with the year in which such Qualifying Termination occurs except to the extent that the Company would
not be denied a federal income tax deduction with respect to such payment as a result of the application of Section 162(m) of the Code. 

        Section 5.03    Retirement.    Upon a Retirement that occurs (i) prior to January 20, 2013 with
respect to a Participant's Initial Payment or (ii) prior to January 20, 2014 with respect to a Participant's Holdback Payment, such Participant shall be entitled to payment(s), if any,
in respect of such Participant's Award in the amount(s) determined in accordance with this Section 5.03. 

        (a)    Initial Payment.    Such Participant shall be entitled to the Initial Payment, paid after January 20,
2013 but in no event later than March 15, 2013, in an amount equal to two-thirds of the product of (i) the lesser of Cumulative Pre-Tax Income for the applicable
Retirement Period and the Initial Period and (ii) such Participant's Applicable Percentage. 

        (b)    Holdback Payment.    Such Participant shall be entitled to the Holdback Payment, if any, paid after
January 20, 2014 but in no event later than March 15, 2014, in an amount equal to the product of (i) the least of Cumulative Pre-Tax Income for such Retirement Period,
the Initial Period and the Entire Period and (ii) such Participant's Applicable Percentage, minus (iii) the Initial Payment; provided,  however,
that in no case shall the Holdback Payment be less than zero. The amount, if any, determined in accordance with the preceding sentence shall be
increased to reflect deemed earnings on such amount during the applicable Holdback Period based on the applicable Notional Interest Rate during such period. 

7

 

 

        (c)    Forfeiture following Voluntary Retirement.    Notwithstanding the foregoing, if such Retirement is a Voluntary
Retirement, then if at any time during the period from the date of such Retirement through (i) the date on which the Holdback Payments are paid to Participants who remain employed with the
Company or any Affiliated Employer through January 20, 2013 or (ii) March 15, 2014, if no Holdback Payments are paid to the Participants described in clause (i), such
Participant (x) is employed by a Significant Competitor or (y) directly or indirectly (A) hires any employee of the Company or any Affiliated Employer or (B) solicits,
induces or otherwise encourages any person to leave the employment of the Company or any Affiliated Employer, such Participant shall not be entitled to any unpaid amount under the Plan. 

        Section 5.04    Non-Attainment of Threshold Performance Goal.    Notwithstanding anything to the
contrary herein, no Participant: 

        (a)   who
remains employed with the Company or any Affiliated Employer through January 20, 2014 shall be entitled to any (i) Initial Payment if Cumulative
Pre-Tax Income for the Initial Period is less than the Threshold Performance Goal or (ii) Holdback Payment if Cumulative Pre-Tax Income for either the Initial Period or
the Entire Period is less than the Threshold Performance Goal; 

        (b)   with
respect to whom an Acceleration Event occurs prior to January 20, 2014 shall be entitled to any (i) Initial Payment if Cumulative Pre-Tax
Income for the applicable Acceleration Initial Period is less than the Threshold Performance Goal or (ii) Holdback Payment if Cumulative Pre-Tax Income for either such Acceleration
Initial Period or the applicable Acceleration Entire Period is less than the Threshold Performance Goal; or 

        (c)   whose
employment with the Company and the Affiliated Employers terminates due to Retirement prior to January 20, 2014 shall be entitled to any (i) Initial
Payment if Cumulative Pre-Tax Income for either the applicable Retirement Period or the Initial Period is less than the Threshold Performance Goal or (ii) Holdback Payment if
Cumulative Pre-Tax Income for any of such Retirement Period, the Initial Period, or the Entire Period is less than the Threshold Performance Goal. 

        Section 5.05    Approved Leave of Absence.    If prior to January 20, 2014 a Participant commences a
Bona Fide Leave that is a: 

        (a)   Personal
Leave, such Participant's Award will be treated as if such Participant's employment with the Company and the Affiliated Employers had not been interrupted by
such leave; provided, however, if such Participant does not return to active work within six months
after the commencement of such leave, such Participant shall not be entitled to any payment under the Plan; or 

        (b)   Statutory
Leave, such Participant's Award will be treated as if such Participant's employment with the Company and the Affiliated Employers had not been interrupted by
such leave; provided, however, if such leave is followed without interruption by a Personal Leave and
such Participant does not return to active work within six months after the commencement of 

8

 

such
Statutory Leave, such Participant shall not be entitled to any payment under the Plan. Notwithstanding the foregoing, if, prior to January 20, 2014 and at a time that a Participant is on a
Bona Fide Leave, an Acceleration Event occurs with respect to such Participant or such Participant's employment terminates due to Retirement, such Participant shall be entitled to payments, if any,
under the Plan in accordance with Section 5.02 or 5.03, as applicable. 

        Section 5.06    Forfeiture or Reduction of Payments.    Notwithstanding anything to the contrary herein,
without limiting the proviso in Section 2.01, amounts payable under the Plan are subject to forfeiture or reduction under the circumstances specified in this Section 5.06. 

        (a)    Gross Misconduct.    Without limiting Section 5.01, on termination of a Participant's employment with
the Company and the Affiliated Employers due to such Participant's Gross Misconduct, such Participant shall not be entitled to any unpaid amount under the Plan. 

        (b)    Inaccurate Statements, Criteria or Information; Violation of Risk Limits.    If the Committee determines that a
Participant (i) received a payment under the Plan based on materially inaccurate financial statements (including, but not limited to, statements of earnings, revenues or gains) or any other
materially inaccurate performance metric criteria, (ii) knowingly engaged in providing inaccurate information (including such Participant's knowingly failing to timely correct inaccurate
information) relating to financial statements or performance metrics or (iii) materially violated any risk limits established by senior management, a business head and/or risk management, or
any balance sheet or working capital guidance provided by a business head, such Participant shall not be entitled to any unpaid amount under the Plan. 

        (c)    Misconduct or Error; Downturn in Performance or Failure of Risk Management.    If the Committee determines
that, with respect to a Participant who is subject to any applicable non-U.S. legal, regulatory or governmental requirement, direction, supervisory comment, guidance or promulgation,
(i) there is reasonable evidence that such Participant engaged in misconduct or committed material error, in either case in connection with his or her employment, or (ii) the Company or
such Participant's business unit has suffered a material downturn in its financial performance or a material failure of risk management, the Committee in its sole discretion may determine that such
Participant shall not be entitled to any unvested amount under the Plan or that any such amount shall be reduced. 

        (d)    Company's Risk Profile.    Prior to the date on which any amount is scheduled to be paid to a Participant under
the Plan, the Committee, in consultation with the Company's Chief Risk Officer, shall determine whether a material adverse change in the Company's risk profile or in the risk profile of Citibank, N.A.
has occurred during any applicable Performance Period. If the Committee determines that any such change has occurred during any applicable Performance Period, such Participant shall not be entitled to
such amount. 

        (e)    Compliance with Regulatory Requirements.    Payment or accrual of any portion of any Participant's Award will
be subject to any limitations, adjustments or clawback provisions applicable to such Participant to the extent required under (i) the Emergency Economic Stabilization Act of 2008, as amended,
and any applicable rules or regulations thereunder, (ii) 

9

 

any
agreement entered into between the Company and the United States Treasury Department in connection with the Company's participation in the Troubled Asset Relief Program or the Exchange Agreement
dated June 9, 2009 between the Company and the United States Treasury Department or (iii) any policy implemented at any time by the Company in its discretion to (x) comply with
any other legal, regulatory or governmental requirements, directions, supervisory comments, guidance or promulgations specifically including but not limited to guidance on remuneration practices or
sound incentive compensation practices promulgated by the Federal Reserve Board, the Federal Deposit Insurance Corporation or any other applicable U.S. or non-U.S. bank supervisory or
governmental agency or authority, (y) comply with the listing requirements of any stock exchange on which the Company's common stock is traded or (z) comply with or enable the Company to
qualify for any government loan, subsidy, investment or other program. 

 
 

  ARTICLE VI    
    

 
  NON-TRANSFERABILITY    
    

        Section 6.01    Non-Transferability.    

        (a)   No
benefit under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge or encumbrance, other than by will or the laws of descent and
distribution. Any attempt to violate the foregoing prohibition shall be void. 

        (b)   In
the event of a Participant's death, any payments due under the Plan shall be made to such Participant's estate. Payment to the executors or administrators of the
estate of a Participant may be conditioned on the delivery to the Company of such tax waivers, letters testamentary and other documents as the Committee may reasonably request. 

 
 

  ARTICLE VII    
    

 
  ADMINISTRATION    
    

        Section 7.01    Plan Administrator.    

        (a)   To
the extent permitted by applicable law and the rules of the New York Stock Exchange, the Committee hereby delegates to the Senior Human Resources Officer of the
Company or his or her delegate its authority over the administration of the Plan, which delegation the Committee may revoke in whole or in part at any time. The Committee shall have discretionary
authority to interpret the Plan, to make all legal and factual determinations and to determine all questions arising in the administration of the Plan, including without limitation the reconciliation
of any inconsistent provisions, the resolution of ambiguities, the correction of any defects, and the supplying of omissions. Each interpretation, determination or other action made or taken pursuant
to the Plan or any Award Agreement by the Committee shall be final and binding on all persons. 

10

 

        (b)   The
Company shall enter into an Award Agreement with each Participant in a form approved by the Committee, which shall contain terms consistent with the Plan and such
other terms, including without limitation representations and warranties by such Participant, as the Committee considers advisable or appropriate. Notwithstanding anything to the contrary herein, the
Committee may include in an Award Agreement with a Participant one or more terms that are different from the corresponding term(s) of the Plan and, if so, such term(s) of such Award Agreement shall
control with respect to such Participant's Award. 

        Section 7.02    Indemnification.    The members of the Committee and its delegates, including any employee with
responsibilities relating to the administration of the Plan, shall be entitled to indemnification and reimbursement from the Company, to the extent permitted by applicable law and the
by-laws and policies of the Company. 

 
 

  ARTICLE VIII    
    

 
  ADJUSTMENTS    
    

        Section 8.01    Adjustments.    In the event of any material unusual or non-recurring events
affecting Cumulative Pre-Tax Income, any change in applicable tax laws or accounting principles, or any other factor as the Committee may determine, the Committee shall make appropriate
equitable adjustments to Cumulative Pre-Tax Income, the Applicable Percentages, the Threshold Performance Goal and any other provision of the Plan or any Award, which adjustments shall not
require the consent of the affected Participants. With respect to Awards subject to Section 409A or 457A of the Code, any such adjustments shall conform to the requirements of
Section 409A or 457A of the Code, as applicable. 

        Section 8.02    Notice of Adjustment.    The Company shall give each Participant notice of an adjustment
hereunder and, upon such notice, such adjustment shall be conclusive and binding for all purposes. Notwithstanding the foregoing, the Committee may, in its discretion, decline to adjust any Award made
to a Participant if it determines that such adjustment would violate applicable law or result in adverse tax consequences to such Participant or the Company, and neither the Committee nor the Company
shall be bound to compensate such Participant for any such adjustment not made, nor shall either be liable to such Participant for any additional personal tax or other consequences of any adjustment
that is made to an Award. 

 
 

  ARTICLE IX    
    

 
  AMENDMENT AND TERMINATION    
    

        Section 9.01    Right to Amend or Terminate the Plan and Awards.    The Committee may, in its sole discretion,
modify, amend, terminate or suspend the Plan or any Award at any time, which modification, amendment, termination or suspension shall not require the consent of the affected Participants and which may
be made irrespective of whether it could result in adverse tax consequences to any Participant; provided that with respect to a Participant who is a
U.S. 

11

 

taxpayer
the Committee shall not modify or amend such Participant's Award in a manner that would give rise to adverse tax consequences under Section 409A of the Code unless such modification or
amendment is undertaken in accordance with Section 5.06(e). No termination of the Plan or any Award Agreement will give rise to a claim of constructive termination of employment by any
Participant. 

 
 

  ARTICLE X    
    

 
  GENERAL PROVISIONS    
    

        Section 10.01    Unfunded Status of the Plan.    Unless otherwise determined by the Committee, the Plan shall
be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company or any Affiliated Employer
and any Participant or other person. To the extent that any Participant holds any rights by virtue of an Award, such rights shall constitute general unsecured liabilities of the Company. 

        Section 10.02    No Right to Continued Employment.    Neither the Plan, nor any Award Agreement, nor any action
taken or omitted to be taken pursuant to or in connection with the Plan or any Award Agreement shall be deemed to (a) create or confer on a Participant any right to be retained in the employ of
the Company or any Affiliated Employer, (b) interfere with or to limit in any way the right of the Company or any Affiliated Employer to terminate the employment of a Participant at any time or
(c) confer on a Participant any right or entitlement to compensation in any specific amount for any future year. In addition, selection of an individual as a Participant shall not be deemed to
create or confer on such Participant any right to participate in the Plan, or in any similar plan or program that may be established by the Company, in respect of any future year. Any Award granted to
a Participant under the Plan shall not be deemed a part of such Participant's regular, recurring compensation for purposes of calculating payments or benefits from any benefit plan or severance
program of the Company or any Affiliated Employer unless specifically provided for under such plan or program. 

        Section 10.03    Offset Rights.    Notwithstanding anything to the contrary herein, the Company may, if the
Committee in its sole discretion shall determine, offset any amounts that a Participant may owe to the Company or any Affiliated Employer against any payment that would have otherwise been made to
such Participant under the Plan, but only to the extent that such offset will not cause any tax or interest to become due pursuant to Section 409A or 457A of the Code. 

        Section 10.04    Code Sections 409A and 457A.    

        (a)   Notwithstanding
anything to the contrary herein or in any applicable Award Agreement, all payments due hereunder and thereunder are intended to comply with
Sections 409A and 457A of the Code and the guidance issued thereunder, and the Plan and any applicable Award Agreement shall be construed accordingly. 

12

 

        (b)   Notwithstanding
the foregoing, if a Participant is a "specified employee" (as defined in Section 409A) at the time of his or her "separation from service" (as
defined in Section 1.409A-1(h) of the Code and the regulations thereunder), any payment(s) with respect to any Award subject to Section 409A of the Code to which such
Participant would otherwise be entitled by reason of such separation from service shall be made on the date that is six months after such separation from service (or, if earlier, the date of such
Participant's death). All payments to a Participant under the Plan that have been delayed pursuant to this Section 10.04(b) shall be paid to such Participant in a lump sum (subject to
Sections 3.01(b), 5.02(b) and 5.03(b), without interest, dividends, dividend equivalents or any compensation for any loss in market value or otherwise which occurs during the period of such
delay). 

        (c)   Each
Participant or his or her estate, as the case may be, is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for
the account of such Participant in connection with the Plan (including without limitation any taxes and interest under Section 409A or 457A of the Code), and the Company shall have no
obligation to indemnify or otherwise hold such Participant or his or her estate harmless from any or all of such taxes or penalties. 

        Section 10.05    Successors and Assigns.    The Plan and a Participant's Award Agreement shall be binding on
all successors and assigns of such Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of such Participant's creditors. 

        Section 10.06    Governing Law; Arbitration.    The Plan and each Award Agreement entered into with a
Participant shall be subject to and construed in accordance with the laws of the State of New York, without regard to any conflicts or choice of law rule or principle that might otherwise refer the
interpretation of the Award to the substantive law of another jurisdiction. All disputes under the Plan shall be subject to final and binding arbitration in accordance with the Company's arbitration
policy. 

        Section 10.07    Construction.    The headings in the Plan have been inserted for convenience of reference only
and are to be ignored in any construction of any provision hereof. Use of one gender includes the other, and the singular and plural include each other. 

13

QuickLinks

Exhibit 10.01

CITIGROUP INC. 2011 KEY EMPLOYEE PROFIT SHARING PLAN

PURPOSE

ARTICLE I

DEFINITIONS

ARTICLE II

PARTICIPATION

ARTICLE III

PERFORMANCE AWARD

ARTICLE IV

PAYMENT OF AWARDS

ARTICLE V

TERMINATION OF EMPLOYMENT; QUALIFYING TRANSACTION FORFEITURE OR REDUCTION OF PAYMENTS

ARTICLE VI

NON-TRANSFERABILITY

ARTICLE VII

ADMINISTRATION

ARTICLE VIII

ADJUSTMENTS

ARTICLE IX

AMENDMENT AND TERMINATION

ARTICLE X

GENERAL PROVISIONS

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