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EXHIBIT 10

EXHIBIT 10.4

THIRD AMENDMENT TO

SECOND AMENDED AND RESTATED AGREEMENT

OF LIMITED PARTNERSHIP OF

DUKE REALTY LIMITED PARTNERSHIP

 

The undersigned, as the

General Partner of Duke Realty Limited Partnership (the “Partnership”), hereby

amends the Partnership’s Second Amended and Restated Agreement of Limited

Partnership, as heretofore amended (the “Partnership Agreement”) pursuant to

Section 9.05(a) of the Partnership Agreement as follows:

 

1.     Amendment of

Section 4.12.  Subsection

(b) of Section 4.12 of the Partnership Agreement is amended to read as follows:

 

(b)   If the General Partner repurchases or redeems REIT Shares from the

holders thereof in accordance with its Articles of Incorporation as now or

hereafter amended and Indiana law, then (i) the General Partner shall cause the

Partnership to distribute to the General Partner an amount equal to the amount

paid by the General Partner to the holders to redeem or repurchase such REIT

Shares and (ii) the number of Units held by the General Partner shall be decreased

by the number of REIT Shares so repurchased or redeemed divided by the

Redemption Ratio.

 

2.     Other

Provisions.  In all other

respects, the Partnership Agreement shall continue in full force and effect as

amended hereby.  Any capitalized terms

used in this Amendment and not defined herein have the meanings given to them

in the Partnership Agreement.EXHIBIT 10

EXHIBIT 10.5

 

FOURTH AMENDMENT TO

SECOND AMENDED AND RESTATED AGREEMENT

OF LIMITED PARTNERSHIP OF

DUKE REALTY LIMITED PARTNERSHIP

 

The undersigned, as the

General Partner of Duke Realty Limited Partnership (the “Partnership”), hereby

amends the Partnership’s Second Amended and Restated Agreement of Limited

Partnership, as heretofore amended (the “Partnership Agreement”), pursuant to

Section 9.05(b) of the Partnership Agreement as follows:

 

1.             Amendment of Section 7.01(d).  Subsection 7.01(d) of the Partnership

Agreement is amended to read as follows:

(d)           Simultaneously with any transfer of

Units described in Section 7.01(c), the General Partner shall amend this

Agreement as necessary, in order to effect such transfer of Units and the

admission of the New Limited Partner or substituted New General Partner, as the

case may be. The General Partner shall execute and deliver such amended

Agreement and will be bound by and agree to perform and comply with all the

provisions imposing obligations or limitations on the General Partner (in its

capacity as a General Partner, Limited Partner, or REIT, as the case may be)

and will guarantee to the Limited Partners (and not to any Person that it is

not a party to the Agreement) the due and punctual performance by the New Limited

Partner or the New General Partner, as the case may be, of all of the New

Limited Partner’s or New General Partner’s obligations thereunder.

 

2.             Amendment of Exhibit A.  Exhibit A to the Partnership Agreement is amended with respect to

the General Partner’s ownership interest to reflect a change in the number of

units held by the General Partner to 1,484,380 units, and the admission of Duke

Acquisition, Inc. as a New Limited Partner holding 129,932,554 units.

 

3.             Amendment of Exhibit C.  Exhibit C to the Partnership Agreement is amended by deleting

Exhibit C in its entirety and substituting therefor the attached Exhibit C.

 

4.             Other Provisions.  In all other respects, the Partnership Agreement shall continue

in full force and effect as amended hereby.  Any capitalized terms used in this Amendment and not defined

herein have the meanings given to them in the Partnership Agreement.

 

EXHIBIT C

NOTICE OF REDEMPTION RIGHT EXERCISE

 

Date: 

_________________, 200_

 

As of the date written above, the undersigned

limited partner hereby irrevocably (i) elects to exercise the redemption right

with respect to an aggregate of _______ limited partnership units (“Units”) in

Duke Realty Limited Partnership (“DRLP”) in accordance with Section 7.07 of the

Second Amended and Restated Agreement of Limited Partnership of DRLP (the

“Partnership Agreement”), (ii) surrenders such Units and all right, title and

interest as further amended therein to Duke Realty Corporation (the

“Corporation”), and (iii) directs that the shares of Duke Realty Corporation

(“REIT Shares”) deliverable upon exercise of the Redemption Right be delivered

to the address specified below, and that such REIT Shares be registered in the

name(s) and at the address(es) specified below.  The undersigned limited partner acknowledges that the Corporation

will purchase the Units in accordance with Section 7.07(b) of the Partnership

Agreement, that the purchase is a taxable transaction, and that the undersigned

has considered the tax ramifications of the redemption after consultation with

a tax advisor.

 

The undersigned limited partner acknowledges

that DRLP is required to pay to certain States, on behalf of such limited

partner, income tax payments with respect to State taxable income allocable to

the limited partner. DRLP has estimated 

 

 

the amount of the required State tax payments

and withheld such amounts from distributions periodically paid to the limited

partner.  Within 30 days of filing the

applicable tax return with such State, DRLP agrees to pay to the limited

partner any amounts withheld from the distributions in excess of the required

tax payments. To the extent the required tax payments by DRLP to the States are

more than the amounts withheld from the distributions, the undersigned limited

partner agrees to reimburse DRLP for such excess tax payments. The undersigned

agrees to pay DRLP such reimbursement within 30 days of a written request by

DRLP. Any such request shall be accompanied by documentation of the actual

amount of the tax withholdings and the required State tax payments.

 

	

  Issue

  REIT Shares as a physical

  Certificate to:

  	

  Deliver

  REIT Shares via

  the DWAC System to:

  
	

   

  	

   

  
	

  ___________________________

  	

  ___________________________

  
	

  Name

  	

  Brokerage

  
	

   

  	

   

  
	

  ___________________________

  	

  ___________________________

  
	

  Street

  Address

  	

   

  	

  DTC

  Contact Name

  	

   

  
				

 

2EXHIBIT 10

EXHIBIT 10.7

 

FIRST AMENDMENT TO

SECOND AMENDED

AND RESTATED AGREEMENT

OF LIMITED

PARTNERSHIP

OF

DUKE REALTY

SERVICES LIMITED PARTNERSHIP

 

This

First Amendment (the “Amendment”) to the Second Amended and Restated

Agreement of Limited Partnership of Duke Realty Services Limited Partnership is

made as of this 23rd day of July, 1998, by and among Duke Services, Inc., an

Indiana corporation (the “General Partner”), Duke Realty Limited

Partnership, an Indiana limited partnership (“Duke Realty”), DMI

Partnership, an Indiana general partnership (“DMI”), and Duke Realty

Investments, Inc., an Indiana corporation (“DRE”), and amends the Second

Amended and Restated Agreement of Limited Partnership of Duke Realty Services

Limited Partnership, dated as of September 30, 1994 (the “Partnership

Agreement”), by and among the General Partner, Duke Realty, DMI and

DRE.  Capitalized terms used but not

defined herein shall have the respective meanings ascribed to such terms in the

Partnership Agreement.

 

R E C I

T A L S

 

A.            Pursuant to Section 7.03 of the

Partnership Agreement, DMI has an option (the “DMI Option”) to cause DRE

to acquire the entire Partnership Interest of DMI in exchange for shares of

stock of DRE or, in certain circumstances, cash; and

 

B.            The parties hereto wish to amend the

DMI Option to permit DMI to cause DRE, in the event of a dissolution or change

of control of Duke Realty, to acquire the entire Partnership Interest of DMI in

exchange for shares of stock of DRE or, in certain circumstances, cash; and

 

C.            In consideration for such amendment

of the DMI Option, DMI, Duke Realty and DRE are entering into that certain

Voting Rights Agreement, dated the date hereof, pursuant to which DMI and

certain persons affiliated with DMI will grant to DRE the right to exercise all

voting power with respect to their partnership interests in Duke Realty.

 

A G R E

E M E N T

 

NOW,

THEREFORE, pursuant to Section 9.05(b) of the Partnership Agreement and in

consideration of the premises and mutual covenants herein contained, the parties

hereto agree as follows:

 

1.             Amendments.

 

a.             Section 1.04           Section 1.04 of the Partnership

Agreement is hereby amended by adding the following definition thereto:

 

“Change

of Control” shall mean any sale of all or substantially all of the assets of

DRE or Duke Realty, any transaction involving the merger or consolidation of

DRE or Duke Realty with or into any other entity, or the issuance or sale, in

one transaction or in a series of related transactions, of shares of stock,

partnership interests or other equity interests representing more than 50% of

the voting power with respect to DRE or Duke Realty.”

 

b.             Section 7.03.  Section 7.03 of the Partnership Agreement is

hereby amended by deleting clause (d) thereof in its entirety and replacing it

with the following:

 

“(d)         Upon any (i) dissolution of Duke Realty

following which Duke Realty is liquidated rather than continued in business by

its partners, or (ii) Change of Control, DMI shall have an option (the “DMI

Option”) to

 

 

cause DRE to acquire, and upon exercise of the DMI

Option DRE shall acquire, the entire Partnership Interest of DMI at a price

equal to and payable in a number of shares of DRE common stock determined by

multiplying (i) 416,667 Duke Realty Units, adjusted as provided in subsection (b),

times (ii) the “Exchange Ratio” then in effect pursuant to Section 7.07 of the

Agreement of Limited Partnership of Duke Realty, as amended.  The DMI Option shall be exercised by

delivery by DMI of a notice of exercise to DRE specifying the number of shares

of DRE common stock comprising the Put Price and a date not less than ten (10)

days from the date of delivery of the notice to DRE upon which the closing of

the option exercise is to occur.  Upon

closing of the DMI Option, DMI shall be released from all obligations and

liabilities respecting the Partnership or any assets or obligations of the

Partnership and shall be indemnified by DRE for all such obligations and

liabilities to the same extent as described in Section 3.10.  Following exercise of the DMI Option,

payment of the Put Price to DMI, release of DMI from obligations and

liabilities as described in this subsection and execution by DRE of an

indemnification agreement as described in this subsection, DMI shall be deemed

to have withdrawn as a Partner.”

 

2.             No Other Amendments.  Except as expressly otherwise amended

herein, the Partnership Agreement is in all respects ratified and confirmed and

shall remain in full force and effect in accordance with its terms.

 

3.             Governing Law.  This Amendment will be governed by, and

construed under, the laws of the State of Indiana, without regard to principles

of conflicts of laws.

 

4.             Counterparts.  This Amendment may be executed in

counterparts, each of which will constitute an original and all of which, when taken

together, will constitute one agreement.

 

2

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