Document:

EX4_12

		

			Exhibit 4.12

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SUPPLEMENTAL INDENTURE NO. 17
		

		
			 
		

		
			by and between
		

		
			 
		

		
			HOSPITALITY PROPERTIES TRUST
		

		
			 
		

		
			and
		

		
			 
		

		
			U.S. BANK NATIONAL ASSOCIATION,
		

		
			as Trustee
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			as of September 12, 2014
		

		
			 
		

		
			 
		

		
			 
		

		
			SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 25, 1998
		

		
			 
		

		
			 
		

		
			 
		

		
			________________________
		

		
			 
		

		
			 
		

		
			HOSPITALITY PROPERTIES TRUST
		

		
			 
		

		
			4.50% Senior Notes due 2025
		

		
			 
		

		
			________________________
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			 

		

 

		

			 

		

		This SUPPLEMENTAL INDENTURE NO. 17 (this “Supplemental Indenture”) made and entered into as of September 12, 2014 between HOSPITALITY PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”).
		

		
			WITNESSETH THAT:
		

		
			 
		

		
			WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of February 25, 1998 (the “Indenture”), relating to the Company’s issuance, from time to time, of various series of debt securities;
		

		
			WHEREAS, the Company has determined to issue debt securities known as its 4.50% Senior Notes due 2025; and
		

		
			WHEREAS, the Indenture provides that certain terms and conditions for each series of debt securities issued by the Company thereunder may be set forth in an indenture supplemental to the Indenture;
		

		
			NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 
		

		
			

DEFINED TERMS
		

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

		
			“Adjusted Total Assets” has the meaning provided in clause (i) of Section 3.1(a) hereof.
		

		
			“Annual Debt Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries, excluding amortization of debt discount and deferred financing costs.
		

		
			“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or in the city in which the Corporate Trust Office of the Trustee is located are required or authorized to close.
		

		
			“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such 
		

		 

		

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		Person and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof.
		

		
			“Cash Equivalents” means demand deposits, certificates of deposit or repurchase agreements with banks or other financial institutions, marketable obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P‐2” (or its equivalent) or better by Moody’s or “A‐2” (or its equivalent) or better by Standard & Poor’s.
		

		
			“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Company and its Subsidiaries, (ii) cash reserves made by lessees as required by the Company’s leases for periodic replacement and refurbishment of the Company’s assets, (iii) provision for taxes of the Company and its Subsidiaries based on income, (iv) amortization of debt discount and deferred financing costs, (v) provisions for gains and losses on properties and property depreciation and amortization, (vi) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vii) amortization of deferred charges.
		

		
			“Corporate Trust Office” means One Federal Street, 3rd Floor, Boston, Massachusetts 02110, or such other address as may be designated from time to time by the Trustee by providing written notice to the Company.
		

		
			“Debt” of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent of the lesser of (x) the amount of indebtedness so secured and (y) the fair market value of the property subject to such Encumbrance, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock, or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with GAAP, to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a liability on the Company’s consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary 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 another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).  Debt 
		

		 

		

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		excludes any indebtedness that is fully defeased in accordance with the terms thereof or is secured by cash or Cash Equivalents irrevocably deposited with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness and the remaining scheduled payments of interest thereon. 
		

		
			“Depositary” has the meaning provided in Section 2.1(d) hereof.
		

		
			“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or Subordinated Debt), (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock, or (iii) is redeemable at the option of the Holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or Subordinated Debt), in each case on or prior to the stated maturity of the Notes.
		

		
			“Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary items, gains and losses from early extinguishment of debt and property valuation losses, as reflected in the financial statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.
		

		
			“Encumbrance” means any mortgage, lien, charge, pledge or security interest of any kind.
		

		
			“Interest Payment Date” has the meaning provided in Section 2.1(e) hereof.
		

		
			“Joint Venture Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries, on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other, excluding any entity or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or an Affiliate of its manager at such time provides management services.  In no event shall Joint Venture Interests include equity securities that have readily determinable fair values or any investments in debt securities, mortgages or other Debt.
		

		
			“Make-Whole Amount”  means, in connection with any optional redemption or accelerated payment of any Notes prior to September 15, 2024, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had been made on September 15, 2024, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable 
		

		 

		

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		if such redemption or accelerated payment had been made on September 15, 2024, over (ii) the aggregate principal amount of the Notes being redeemed or paid.  In the case of any redemption or accelerated payment of notes on or after September 15, 2024, the Make-Whole Amount means zero.  For purposes of this Supplemental Indenture and the Notes, references in the Indenture to the payment of the principal (and premium, if any) and interest on the Notes shall be deemed to include the payment of the Make-Whole Amount, if any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.
		

		
			“Moody’s” means Moody’s Investors Service, Inc., together with any successor that is a nationally recognized statistical rating organization.
		

		
			“Notes” means the Company’s 4.50% Senior Notes due 2025, issued under this Supplemental Indenture and the Indenture, as amended or supplemented from time to time.
		

		
			“Regular Record Date” has the meaning provided in Section 2.1(e) hereof.
		

		
			“Reinvestment Rate” means a rate per annum equal to the sum of 0.35% (thirty-five one hundredths of one percent) plus the yield on treasury securities at constant maturity under the heading “Week Ending” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the notes at their maturity, shall be deemed to be September 15, 2024), as of the payment date of the principal being redeemed or paid.  If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month.  For 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.
		

		
			“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, together with any successor that is a nationally recognized statistical rating organization.
		

		
			“Secured Debt” means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.
		

		
			“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination under this Supplemental Indenture, then any publicly available source of similar market data which shall be designated by the Company.
		

		
			“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company.  For the 
		

		 

		

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		purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 
		

		
			“Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and premium, if any, on the notes.
		

		
			“Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with GAAP (but excluding accounts receivable and intangibles).
		

		
			“Total Unencumbered Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets not securing any portion of Secured Debt and (ii) the amount of all other assets of the Company and its Subsidiaries not securing any portion of Secured Debt, determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles); provided that, in determining Total Unencumbered Assets as a percentage of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis for purposes of the covenant set forth in Section 3.1(b) of this Supplemental Indenture, Joint Venture Interests shall be excluded from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included therein. 
		

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

		
			“Unsecured Debt” means any Debt of the Company or its Subsidiaries which is not Secured Debt.
		

		
			TERMS OF THE NOTES
		

		
			So long as a Depositary or its nominee is the registered owner of a Global Note, such Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by such Global Note for all purposes under the Indenture and this Supplemental Indenture.  Except as provided below, owners of beneficial interests in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any of such Notes in definitive form and will not be considered the registered owners or Holders thereof under the Indenture or this Supplemental Indenture for any purpose, including with respect to giving of any direction, instructions or approvals to the Trustee thereunder or hereunder.
		

		
			The following provisions shall be applicable the Notes in lieu of the fifth paragraph of Section 305 of the Indenture.  Notwithstanding the provisions of the first four paragraphs of Section 305 of the Indenture, a Global Note shall be exchangeable only as provided in this paragraph.  If at any time a Depositary notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or if at any time such Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, if so required by applicable law or regulation, the Company shall appoint a successor depositary with respect to such Global Note.  If (x) a successor depositary for such Global Note is not appointed by the Company within 90 days after the Company receives such notice, (y) an Event of Default has occurred and is continuing and the beneficial owners representing a majority in principal amount of the Notes advise a Depositary to cease acting as depositary for the Global Notes or (z) the Company, in its sole discretion, determines at any time not to have any of the Notes to which a Global Note relates represented by such Global Note, then the Company shall execute, and the Trustee shall authenticate and deliver, Notes in definitive form in an aggregate principal amount equal to the principal amount of such Global Note.  If a Note is issued in exchange for any portion of a Global Note after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business 
		

		 

		

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		at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion or such permanent global Security is payable in accordance with the provisions of the Indenture.
		

		
			UNLESS THIS NOTE 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 NOTE 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 NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE 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.
		

		
			 
		

		
			ADDITIONAL COVENANTS
		

		
			OTHER PROVISIONS
		

		
			EFFECTIVENESS
		

		
			This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been executed and delivered by the Company and the Trustee in accordance with Article Nine of the Indenture.  As supplemented hereby, the Indenture is hereby confirmed as being in full force and effect.
		

		
			MISCELLANEOUS
		

		
			[Signature Page Follows]
		

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be executed as an instrument under seal in their respective corporate names as of the date first above written. 
		

		
			HOSPITALITY PROPERTIES TRUST 
		

		
			By: /s/ Mark L. Kleifges 
Name:  Mark L. Kleifges
Title:    Treasurer and Chief Financial Officer
		

		
			 
		

		
			 
		

		
			U.S. BANK NATIONAL ASSOCIATION, as
Trustee 
		

		
			By: /s/ John G. Correia 
Name: John G. Correia
Title:   Vice President
		

		
			 
		

		
			 
		

		

		

		 

		

			[Signature Page to Supplemental Indenture No. 17]

		

		

			 

		

 

		

			 

		

		EXHIBIT A
		

		
			 
		

		
			[Face of Note]
		

		
			 
		

		
			 
		

		
			 [Insert applicable legends]
		

		
			 
		

		
			 
		

		
			HOSPITALITY PROPERTIES TRUST
		

		
			 
		

		
			4.50% Senior Note due 2025
		

		
			 
		

		
			 
		

		
			No.$_______________
		

		
			 
		

		
			 
		

		
			Hospitality Properties Trust, a real estate investment trust duly organized and existing under the laws of Maryland, promises to pay to _______________________________________ or registered assigns, the principal sum of ______________________ ($_______) on March 15, 2025, subject to the terms set forth on the reverse of this Note and the terms of the Indenture referred to therein.
		

		
			 
		

		
			Interest Payment Dates:  Each March 15 and September 15 (or if such day is not a Business Day, the next succeeding Business Day), commencing March 15, 2015.
		

		
			 
		

		
			Regular Record Dates:  The day falling 14 calendar days prior to any Interest Payment Date.
		

		
			 
		

		
			CUSIP No:  44106M AT9
		

		
			ISIN No:   US44106MAT99
		

		
			 
		

		
			HOSPITALITY PROPERTIES TRUST 
		

		
			By:______________________________
Name:  
Title:
		

		
			 
		

		
			 
		

		
			CERTIFICATE OF AUTHENTICATION
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			This is one of the Notes referred to in the within-mentioned Indenture:
		

		
			 
		

		
			U.S. BANK NATIONAL ASSOCIATION, as Trustee
		

		
			By:______________________________
Authorized Officer
		

		
			 
		

		

		

		 

		

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		[THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]
		

		
			 
		

		
			 
		

		
			HOSPITALITY PROPERTIES TRUST
		

		
			 
		

		
			4.50% Senior Note due 2025
		

		
			 
		

		
			Capitalized terms used herein have the meanings assigned to them in the Indenture (as defined below) unless otherwise indicated.
		

		
			The Company shall pay in cash interest on the principal amount of this Note at the rate per annum of 4.50%.  The Company will pay interest semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2015, or if any such day is not a Business Day (as defined in the Indenture), on the next succeeding Business Day (each an “Interest Payment Date”), to Holders of record on the day (each a “Regular Record Date”) falling 14 calendar days immediately preceding such Interest Payment Date (whether or not a Business Day).  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or its Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
		

		
			Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Interest shall accrue from the most recent date to which interest on the Notes has been paid or, if no interest has been paid, from September 12, 2014.
		

		
			As used herein the term “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment of any Notes prior to September 15, 2024, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had been made on September 15, 2024, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate 
		

		 

		

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		(determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had been made on September 15, 2024, over (ii) the aggregate principal amount of the Notes being redeemed or paid.  In the case of any redemption or accelerated payment of notes on or after September 15, 2024, the Make-Whole Amount means zero.    For purposes of the Indenture and the Notes, references in the Indenture to the payment of the principal (and premium, in any) and interest on the Notes shall be deemed to include the payment of the Make-Whole Amount, if any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.
		

		
			As used herein the term “Reinvestment Rate” means a rate per annum equal to the sum of 0.35% (thirty-five one hundredths of one percent) plus the yield on treasury securities at constant maturity under the heading “Week Ending” published in the Statistical Release (as defined herein) under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the Notes at their maturity, shall be deemed to be September 15, 2024), as of the payment date of the principal being redeemed or paid.  If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month.  For 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.
		

		
			As used herein the term “Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination under the Indenture, then any publicly available source of similar market data which shall be designated by the Company.
		

		
			The Company will furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to:
		

		
			Hospitality Properties Trust
		

		
			Two Newton Place
		

		
			255 Washington Street, Suite 300
		

		
			Newton, MA 02458-1634
		

		
			Telecopier No.:  (617) 964-8389
		

		
			Attention: President
		

		
			 
		

		
			or such other address as the Company may specify pursuant to the Indenture.
		

		
			 
		

		
			 
		

		

		

		 

		

			A-3

		

		

			 

		

 

		

			 

		

		[ASSIGNMENT FORM]
		

		
			ABBREVIATIONS
		

		
			The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TEN COM

					
					
						--

					
					
						as tenants in common

					
					
						UNIF GIFT MIN ACT --

					
					
						 

					
					
						 

					
					
						Custodian

					
					
						 

					
					
						 

				
	
					
						TEN ENT

					
					
						--

					
					
						as tenants by the entireties

					
					
						 

					
					
						(Cust)(Minor)

				
	
					
						JT TEN

					
					
						--

					
					
						as joint tenants with right of survivorship and not as tenants in common

					
					
						 

					
					
						Under Uniform Gifts to Minors

					
						Act ____________

					
						(State)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Additional abbreviations may also be used though not in the above list.

				

		
			 
		

		
			
		

		
			FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
		

		
			PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
		

			
					
						 

				
	
					
						 

				

		
			 
		

		
			 
		

			
					
						 

				
	
					
						PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

				
	
					
						 

				
	
					
						 

				
	
					
						the within security and all rights thereunder, hereby irrevocably constituting and appointing

				
	
					
						 

				
	
					
						 

					
					
						 

					
					
						Attorney

				
	
					
						to transfer said security on the books of the Company with full power of substitution in the premises.

				
	
					
						 

				

		
			 
		

		
			 
		

			
					
						Dated:

					
					
						 

					
					
						 

					
					
						 

					
					
						Signed:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Notice:  The signature to this assignment must correspond with the name as it appears upon the face of the within security in every particular, without alteration or enlargement or any change whatever.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Signature Guarantee*:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

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

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			A-4EX-10.1

 Exhibit 10.1 

THE LACLEDE GROUP, INC. 

DEFERRED INCOME PLAN 
 FOR
DIRECTORS AND SELECTED EXECUTIVES, 
 AS AMENDED AND RESTATED AS OF JANUARY 1,
20151 
 Section 1. Purpose of Plan 

The Plan is designed to enhance the value of current compensation paid to such individuals by permitting a portion of such compensation to be deferred with
such deferrals forming the basis for attractive benefits upon retirement or death or disability before retirement. It is intended that the Plan constitute an unfunded deferred compensation arrangement for the benefit of a select group of management
or highly compensated employees (and other service providers) of the Company and its designated subsidiaries and affiliates for purposes of the federal income tax laws and the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) and all documents, agreements or instruments made or given pursuant to the Plan shall be interpreted so as to effect such intent. 

Section 2. Definitions 
 To the extent not
expressly defined herein, Annex A sets forth definitions of capitalized terms used herein. 
 Section 3. Plan Year 

A “Plan Year” shall mean a calendar year and all Participants (regardless of whether they are Officers, other key executives, or non-employee
Directors) shall be eligible to make deferrals. 
 Section 4. Applicability 

The Plan will be made available to the Company’s Directors and Officers as well as key executives of the Company and Gas (and such other Affiliates that
adopt the Plan) at a grade level 12 or higher selected by the Plan Administrator for the respective periods described herein (“Participants”). 

For purposes of the Plan, “Affiliate” shall mean (i) any person or entity that directly or indirectly controls, is controlled by
or is under common control with the Company and/or (ii) to the extent 
  

	1 	 To further the long-term growth and earnings of the Laclede Gas Company (“Gas”), Gas adopted the Deferred Income Plan and Deferred Income
Plan II, which benefits earned and vested thereunder as of December 31, 2004 are not subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Grandfathered Plans”). As a result of the
enactment of Code Section 409A, The Laclede Group, Inc. (the “Company”) adopted, as of January 1, 2005, The Laclede Group, Inc. Deferred Income Plan (the “Group Plan”), which governs amounts earned and vested on
January 1, 2005 and thereafter. Effective as of January 1, 2005, no additional amounts were deferrable to the Grandfathered Plans. Unless otherwise stated, all references herein to the “Plan” shall mean this “Group
Plan.” This Plan has again been amended and restated, effective as of January 1, 2015 (the “Effective Date”). 

  
 1 

 
provided by the Company’s Compensation Committee, any person or entity in which the Company has a significant interest. The term “control” (including, with correlative meaning, the
terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person
or entity, whether through the ownership of voting or other securities, by contract or otherwise; provided, however, with respect to any deferrals subject to Section 409A of the Code, the term “Affiliate” shall mean any
member of the Company’s control group within the meaning of U.S. Treasury Regulation Section 1.409A-1(h)(3), as such may be modified or amended from time to time, by applying the “at least 50 percent” provisions thereof. 

Section 5. Amounts of Deferral 
 Unless otherwise
determined by the Company’s Board of Directors prior to the commencement of a Plan Year, the following shall apply regarding deferrals under the Plan: 

(a) Non-Employee Director Deferrals: Non-employee Directors will be permitted to defer up to 100% of fees and retainers. 

(b) Employees’ and Officers’ Deferrals: The deferral by Participants other than Non-Employee Directors (i) of annual
base salary (“Base Salary”) shall not exceed the Maximum Base Salary Deferral Percentage for the applicable Plan Year of the Participant’s annual base salary level as of the November 1 of the immediately preceding Plan
Year and, (ii) with respect to the deferrals of annual incentive compensation with respect to any period following the Effective Date of the Plan shall not exceed 90% of Participant’s annual incentive compensation payable to Participant
under the Company’s (or its Affiliates’, as the case may be) annual incentive plan (or other annual cash bonus arrangement) in which the Participant participates (such compensation “Annual Incentive Compensation”).
Notwithstanding the foregoing, no election of Base Salary or Annual Incentive Compensation shall be permitted to the extent inconsistent with Code Section 409A. “Maximum Base Salary Deferral Percentage” means (x) 15% for
Plan Years commencing prior to January 1, 2015, and (y) 50% for Plan Years commencing on or after January 1, 2015; provided, that such Maximum Base Salary Deferral Percentage may be altered by the Company’s Board of
Directors (or its designee) at any time and from time to time. 
 (c) The minimum amount of deferral in any Plan Year will be $3,000 for
each Participant (prorated for any partial Plan Year). Participants shall designate the amount of scheduled deferrals for the upcoming Plan Year in which deferrals are allowed and such designated deferral amounts shall not be changed without the
approval of the Plan Administrator; provided, however, that (i) such change shall apply only to the extent that it complies with Code Section 409A and Final Treasury Regulation 1.409A-3(j)(4)(viii) with respect to
deferrals following an unforeseeable emergency or hardship distribution pursuant to Treasury Regulation 1.401(k)-1(d)(3) under the 401(k) plan in which such Participant is participating or Final Treasury Regulation 1.409A-3(j)(4)(xii) with respect
to such Participant’s Disability, (ii) such change is approved by the Plan Administrator, and (iii) such change shall apply only to deferrals of compensation earned after the date of the change, and amounts already deferred under the
Plan shall not be refunded or returned until payable as otherwise provided in this Plan. An election to defer must be made prior to the thirtieth (30th) day immediately preceding the
applicable Plan Year; provided, that a person who becomes a new 

  
 2 

 
Participant in this Plan may, within thirty (30) days following his or her selection as a Participant, elect to defer compensation to be earned after the date of such election (provided
further that such Participant was not eligible to participate in any plan that is required to be aggregated for this purpose with this Plan for purposes of Code Section 409A and published guidance thereunder, including the Grandfathered Plans);
provided, further, that, notwithstanding such deadline, if the Participant’s Annual Incentive Compensation constitutes “performance based compensation” within the meaning of Code Section 409A and Treasury
Regulation Section 1.409A-1(e), then such election may be made no later than the sixth (6th) month of the performance period to which such Annual Incentive Compensation relates, so long
as the Plan Administrator expressly permits such election (which it may, but is not obligated to, permit) and such compensation is not readily ascertainable at the time of such election. 

(d) The annual Base Salary deferral shall be administered ratably on a per pay period basis and shall be set forth on the Participants
“Annual Salary Deferral Election” and the Annual Incentive Compensation deferral, if permissible, shall be set forth on the Participant’s “Annual Incentive Compensation Deferral Election”, each in substantially
the form attached hereto as Annexes B and C, respectively as may be amended in the sole discretion, at any time and from time to time by the Plan Administrator. 

Section 6. Income Benefits 
 The
amount of the Participant’s benefit will be equal to the amount of the Participant’s annual Base Salary deferrals (the “Annual Base Salary Deferrals”) and the Participant’s Annual Incentive Compensation deferrals (the
“Annual Incentive Compensation Deferrals, collectively with the Annual Base Salary Deferrals, the “Deferred Amounts”), as adjusted for the earnings credits (as set forth in Section 10(b) below) (the
“Earnings Credits”), plus any employer contributions made by the Company pursuant to Section 10(c) below (the “Employer Contributions”). The Deferred Amounts plus the Earnings Credits plus any Employer
Contributions accrued as of the Participant’s date of termination shall be referred to as “Termination Balance.” The portion of the Termination Balance relating to Employer Contributions (and any earnings thereon) shall be
referred to as the “Accumulated Employer Contributions.” 
 Section 7. Form of Payment of Benefits 

(a) Benefit On or After Applicable Retirement Age. Except as provided under Section 7(b) below, if a Participant terminates
employment with the Company and its Affiliates on or after the Participant’s Applicable Retirement Age (as defined below), the Participant shall be entitled to receive the Participant’s Termination Balance payable in fifteen
(15) annual installments (each not being treated separately for any purpose under Code Section 409A). The “Applicable Retirement Age” shall mean the attainment, for employees, of age 55; and for directors, of age
65. Notwithstanding that a Participant’s benefit has commenced in the form of installments under this Section 7(a), in the event that the Participant dies after the commencement of such benefits but before all 15 installments have been
paid, the remaining balance shall be paid in the form of a lump sum as soon as practicable upon the Participant’s death to such Participant’s beneficiary as indicated in the Participant’s most recent designation of beneficiary form on
file with the Company and its Affiliate, or, if none is on file, to the Participant’s estate. The amount of each installment shall be calculated by applying a fraction to 

  
 3 

 
the Participant’s Termination Balance as adjusted for Earnings Credits and Employer Contributions as of the valuation date determined by the Plan Administrator (i.e., 1/15th for the first installment, 1/14th for the second installment, etc.) with the last installment being the remainder of the Participant’s
Termination Balance as adjusted for Earnings Credits and Employer Contributions, as applicable, through the installment period. 
 (b)
Benefit Following Change in Control. If the Participant’s employment with the Company and its Affiliates terminates at any age within two years following a “Change in Control” (as defined below), then, notwithstanding
Section 7(a) hereof, Participant shall be entitled to a lump sum benefit equal to the sum of the Participant’s Termination Balance and the present value of the Employer Contributions and Earnings Credits that would have been made or earned
on such Termination Balance through age 65 (or age 71 for Directors) using the Minimum Fixed Rate, as defined below (such benefit the “Present Value Benefit”). For purposes of this Plan, “Change in Control” shall
mean a change in ownership of the Company, a change in effective control of the Company, or a change in ownership of a substantial portion of the Company’s assets as determined in accordance with the following: 

(i) a change in ownership of the Company shall occur on the date that any one person, or more than one person acting as a
group, acquires ownership of the Company stock that, together with any Company stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the outstanding Company stock. Notwithstanding the
foregoing, if any person or group is considered to own more than 50% of the total fair market value or the total voting power of all outstanding Company stock, the acquisition of additional Company stock by the same person or persons is not
considered to cause a change in the ownership of the Company; 
 (ii) Notwithstanding that the Company has not undergone a
change in ownership as described in (i) above, a change in effective control of the Company shall occur only on either of the following dates: 

(A) the date that any one person, or more than one person acting as a group, acquires (or has acquired within the preceding
12-month period ending on the date of the most recent acquisition) ownership of Company stock possessing 30% or more of the total voting power of all Company stock. Notwithstanding the foregoing, if any person or group is considered to own more than
30% of the total voting power of all outstanding Company stock, the acquisition of additional Company stock by the same person or group is not considered to cause a change in the effective control of the Company; 

(B) the date a majority of members of the Company’s Board of Directors is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election. 

(iii) a sale of all or substantially all of the Company’s assets by any one person, or more than one person acting as a
group in a single acquisition or a series of acquisitions within the preceding 12-month period ending on the date of the most recent acquisition; provided, however, that transfers of assets to a “related person” as
determined under Final Treasury Regulation 1.409A-3(i)(5)(vii) shall not be considered for purposes of this subclause (III). 

  
 4 

 In no event shall an event qualify as a Change in Control hereunder if it fails to constitute a change in
ownership of the Company, a change in effective control of the Company or a change in ownership of a substantial portion of the Company assets as determined under Code Section 409A and Final Treasury Regulations and applicable published
guidance thereunder. 
 (c) Benefit Upon Participant’s Death. If the Participant dies prior to the Participant’s Applicable
Retirement Age, the Participant’s designated beneficiary as indicated in the Participant’s most recent designation of beneficiary form on file with the Company and its Affiliates (in the form attached hereto as Annex D, as may be amended
from time to time by the Plan Administrator), or, if none is on file, the Participant’s estate shall be entitled to the Present Value Benefit; provided, however, that in the event of the Participant’s death after the
Participant’s Applicable Retirement Age but prior to retirement, such benefit shall equal the Termination Balance, if greater. Such calculations shall include actual deferrals to the date of death plus deferrals authorized for the remainder of
the Plan Year during which the Participant’s death occurs. 
 (d) Benefit in All Other Circumstances. Upon any other termination
of employment prior to the Applicable Retirement Age, including termination due to Disability, the Participant shall receive a lump sum benefit equal to the Termination Balance less the Accumulated Employer Contributions; provided,
however, that in the case of the termination of a Participant due to Disability prior to the Participant’s Applicable Retirement Age, the Participant’s lump shall be equal to the Present Value Benefit; provided,
however, that in the event of the termination of a Participant due to Disability either by the Company or the Participant on or after the Participant’s Applicable Retirement Age but prior to retirement, such benefit shall equal
the Termination Balance, if greater. Such calculations shall include actual deferrals to the date of termination due to Disability plus Earnings Credits and Employer Contributions payable for the remainder of the Plan Year during which the
Participant’s termination of employment due to Disability occurs pursuant to the terms of the Plan in effect on such termination. 

(e) Illustrations. The following examples have been included for illustrative purposes only and shall not be binding on any party. 

 

	 	a.	If Participant terminated at age 75. If Participant terminated at age 75, then Participant’s benefit would be paid in 15 installments. During the installment period, as noted below, the Fixed Rate would be
applied to the Participant’s balance. 

  

	 	b.	If Participant terminated at age 45, after a Change in Control. If Participant terminated at age 45, after a Change in Control, Participant would be entitled to a lump sum benefit equal to the sum of the
Participant’s Termination Balance and the present value of the Employer Contributions and Earnings Credits that would have been made or earned on such Termination Balance through age 65 (or age 71 for Directors) using the Minimum Fixed Rate.
The Minimum Fixed Rate would be adjusted based on the Participant’s ages during the assumed period and the Moody’s rate to be applied would be that as of the date of the Change in Control. 

 

	 	c.	If Participant terminated at age 45, absent a Change in Control. If Participant terminated at age 45, absent a Change in Control and absent a Disability, Participant would be entitled to the Termination Balance
(less any Accumulated Employer Contributions) in a lump sum. 

  
 5 

 Section 8. 280G Limits 

To the extent a payment or distribution made under this Plan (together with the Grandfathered Plan or any other plan, policy, or arrangement) is determined to
be a parachute payment under Code Section 280G notwithstanding the above, to the extent, if any, that any such payment or distribution of any portion of the benefit described above would trigger any adverse tax consequences under Code Sections
280G or 4999, such as loss of deductions to the Company or its affiliate, or the payment of an additional excise tax by the Participant, or both, then the benefit hereunder (and to the extent necessary, under any other plan, policy, or arrangement
providing for “parachute payments” as defined under Code Section 280G) shall be reduced (on a pro rata basis for all such plans, policies, or arrangements) to $1 less than that extent, and to no greater extent. Parachute payments
and/or any cutback amount, and any other determination with respect to Code Section 280G shall be determined by the Company in good faith. 

Section 9. Timing of Payment of Benefits 
 Benefits
under this Plan shall become payable within 31 days of the applicable termination of employment or service. Notwithstanding anything in this Plan to the contrary, if it is determined that the Participant is a “specified employee” as
defined in Section 409A(a)(2)(B)(i) of the Code and the regulations and other guidance issued thereunder, then payments (or portion thereof) under this Plan shall commence on the first payroll day following the sixth month following the month
in which Participant’s termination of employment occurs (with the first such payment being a lump sum equal to the aggregate benefit the Participant would have received during such period if no such payment delay had been imposed, together with
interest on such delayed amount during the period of such restriction at a rate, per annum, equal to the applicable Fixed Rate in effect as of such termination of employment). For purposes of this Plan, a Participant will not be deemed to have
incurred a “termination of employment,” or to the extent applicable, retirement, if the Participant has not incurred a “separation from service” as defined in Final Treasury Regulation Section 1.409A-1(h), including the
default presumptions thereof. 
 Section 10. Earnings on Deferrals; Employer Contributions 

(a) The amount of each Annual Base Salary Deferral shall be deemed to have been made at the beginning of the Plan Year, except in the case of
person who becomes a new Participant in this Plan during the Plan Year, in which case the total amount of deferrals for the Plan Year shall be deemed to have been made as of the date of the Participant’s first deferral under the Plan for such
Plan Year. For Annual Incentive Compensation Deferrals, in accordance with the rules set forth in Section 5(b) above, the deferrals will be deemed to have been made as of the scheduled date of payment in the Plan Year as if the Annual Incentive
Compensation were not deferred. 
 (b) Earnings Credits: The Annual Base Salary Deferrals and the Annual Incentive Compensation
Deferrals for the applicable Plan Year, along with any such deferrals for any prior Plan Year, will be credited Earnings Credits throughout the Plan Year based on the Moody’s Rate for the Plan Year. The Moody’s Rate will be applied
prospectively. 

  
 6 

 The “Moody’s Rate” for a Plan Year shall be the Composite Average Yield on Corporate Bonds
as published by Moody’s Investor Service for the month of the October falling in the immediately prior Plan Year. 
 (c) Employer
Contributions: In addition to the Earnings Credits in Section 10(b) above, for so long as the Company has not elected to cease such employer contributions (which it may at any time, for any or no reason and without notice), the Annual Base
Salary Deferrals and the Annual Incentive Compensation Deferrals for the applicable Plan Year, along with any such deferrals for any prior Plan Year, will be credited with Employer Contributions (at the same time as the crediting of Earnings Credits
is credited under Section 10(b) above), based on the following table: 
  

			
	 Age of Beginning of Plan Year
	  	 Employer Contribution Rate

	Under 55	  	1%, provided that if the Moody’s Rate for such Plan Year when combined with such Employer Contribution Rate is less than 6%, then such Employer Contribution Rate shall be increased such that such combined rate equals
6%
	Ages 55-57	  	2%, provided that if the Moody’s Rate for such Plan Year when combined with such Employer Contribution Rate is less than 7%, then such Employer Contribution Rate shall be increased such that such combined rate equals
7%
	Ages 58-60	  	2%, provided that if the Moody’s Rate for such Plan Year when combined with such Employer Contribution Rate is less than 8%, then such Employer Contribution Rate shall be increased such that such combined rate equals
8%
	Age 61 and older	  	3%, provided that if the Moody’s Rate for such Plan Year when combined with such Employer Contribution Rate is less than 9%, then such Employer Contribution Rate shall be increased such that such combined rate equals
9%

 (d) Notwithstanding the foregoing, for the installment period following termination of employment the Earnings
Credit rate and the Employer Contribution Rate will be the “Fixed Rate.” The Fixed Rate means (i) in the case of Earnings Credits, the Moody’s Rate in effect for the Plan Year in which the Participant’s termination occurs,
and (ii) in the case of Employer Contributions, the Employer Contribution Rate in effect for the Plan Year in which the Participant’s termination occurs, in each case subject to the Minimum Fixed Rate. The Minimum Fixed Rate is (i) in
the case of Earnings Credits, the Moody’s Rate in effect for the Plan Year in which the Participant’s termination occurs, and (ii) in the case of Employer Contributions, the Employer Contribution Rate in effect for the Plan Year in
which the Participant’s termination occurs, but in no event less than seven (7%) in the aggregate. 

  
 7 

 Section 11. Change in Time/Form of Payment. Gas and/or the Company (or any participating Affiliate)
may permit a Participant to elect to change the time and/or form of payment, subject to the following conditions: (a) the election may not take effect until at least twelve (12) months after the date on which the election is made;
(b) except with respect to payments made on account of a Participant’s death, payments of the benefit which a Participant is eligible to receive must not commence earlier than five (5) years from the date of the Participant’s
originally scheduled payment date; and (c) the election must be made at least twelve (12) months prior to the originally scheduled payment date. Notwithstanding the foregoing, such election shall only be permitted to the extent it complies
with Code Section 409A, the Final Treasury Regulations and other published guidance thereunder. During the five (5) years during which the payment of the Participant’s benefit is delayed, the Participant’s benefit shall accrue
interest at a rate, per annum, equal to the applicable Moody’s Rate plus the Employer Contribution Rate in effect for the Plan Year in which the termination of employment occurs. 

Section 12. Miscellaneous 
 (a) The
Company’s Board of Directors may amend or terminate this Plan at any time, and from time to time. Notwithstanding the above, the Plan may not be terminated and payments accelerated thereunder contrary to the provisions of Section 409A of
the Internal Revenue Code including, without limitation, Final Treasury Regulation Section 1.409A-3(j)(4)(ix) with reference to Final Treasury Regulation Section 1.409A-1(g). 

(b) Participation in the Plan shall in no way be deemed to constitute a right to continue in the employment of the Company or any affiliate
thereof. 
 (c) The Plan Administrator shall be the Company’s Vice President of Human Resources, or if none, the head of the
Company’s human resources function (the “Plan Administrator”). 
 (d) Any claim for benefits under this Plan shall be
submitted to the Plan Administrator. If the Plan Administrator denies the claim for benefits, in whole or in part, the Plan Administrator shall notify the claimant of the adverse benefit determination no later than ninety (90) days after
receipt of the claim by the Plan, unless the Plan Administrator determines that special circumstances require an extension of time, which may not exceed a further ninety (90) days, for processing the claim and so notifies the claimant in
writing prior to the termination of the initial 90 day period. In the event that a claim for benefits under this Plan has been denied by the Plan Administrator, the decision shall be subject to review by the Company upon written request of the
claimant made to the Plan Administrator within sixty (60) days of receipt by the claimant of notice of such denial. Upon request and free of charge, the Company shall provide the claimant with reasonably access to all pertinent information,
documents and records with respect to the claim. The decision of the Company upon review shall be in writing and shall state the reasons for the decision and the provisions of this Plan on which the decision is based. Such decision shall be made
within sixty (60) days after the Company’s receipt of written request for such review unless a hearing is necessitated to determine the facts and circumstances, in which event a decision shall be rendered as soon as possible, but not later
than one hundred and twenty (120) days after receipt of the claimant’s written request for review. The decision of the Company upon review shall be final and binding on all persons. 

  
 8 

 (e) The illegality of any provision of this Plan shall not affect the enforceability of any other
provision of this Plan. The Plan shall be construed in accordance with and governed by the substantive laws of the State of Missouri without regard to conflict of law rules. 

(f) All payments made under the Plan to a Participant or his or her beneficiary shall be subject to withholding of such amounts as the Company
reasonably may determine are required to be withheld pursuant to any applicable Federal, state, local, or foreign law or regulation. 
 (g)
The rights of Participants and their beneficiaries to benefits under the Plan shall be solely those of unsecured general creditors of the Company. The Plan constitutes merely a promise by the Company to make benefit payments in the future. The Plan
is intended to be unfunded for purposes of the Code and Title I of ERISA. Notwithstanding the foregoing, the Company may contribute to a trust fund under a “rabbi trust” agreement between the Company and a banking organization, if such a
trust fund is hereafter established, and payments under the Plan may be made from any such trust fund. Any asset acquired or held by the Company in connection with the Company’s liabilities under the Plan shall not be deemed to be security for
the performance of the Company’s obligations under this Plan. 
 (h) The rights and interests of Participants and their beneficiaries
to benefit payments under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participants or their beneficiaries, and any such
rights and interests under the Plan shall not be liable for or subject to any obligation or liability of the Participant or beneficiary. 

(i) Notwithstanding any other provision of the Group Plan, this Group Plan is intended to comply with Section 409A of the Code and shall
at all times be interpreted in accordance with such intent that amounts that may become payable to Participant shall not be taxable to such Participants until such amounts are paid in accordance with the terms of the Group Plan. To the extent that
any provision of the Group Plan violates Section 409A of the Code and the Final Treasury Regulations promulgated thereunder such that amounts would be taxable to a Participant prior to payment or otherwise subject to penalties under
Section 409A of the Code, such provision shall be automatically reformed or stricken to preserve the intent hereof. Notwithstanding the foregoing, in no event will the Company or any of its Affiliates have any liability for any failure of the
Group Plan to satisfy Section 409A of the Code and such parties do not guarantee that the Group Plan complies with Section 409A of the Code. 

(j) Notwithstanding the payment schedule set forth above, amounts may be paid under the Group Plan prior to the scheduled payment date set
forth above, if and to the extent such amounts become subject to FICA taxes under Code Sections 3101, 3121(a) or 3121(v), and/or withholding taxes under Code Section 3401 or the corresponding provisions of any state, local or foreign law as a
result of the payment of such FICA taxes; provided, that, such payment shall not exceed the FICA amount and such other amount required to be withheld on account of the payment of such FICA amount. Further, a payment will be made under
the Group Plan at any time the Group Plan fails to meet the requirements of Section 409A of the Code; provided, that, such payment shall not exceed the amount required to be included in income as a result of the failure to comply
with Section 409A of the Code. 

  
 9 

 (k) Except as contemplated in Section 12(g) hereof, all credits and contributions, once
credited, shall not be subject to forfeiture. 

  
 10 

 ANNEX A 

DEFINITIONS 
 (in alphabetical order) 

“Affiliate” has the meaning set forth in Section 4 of the Plan. 

“Annual Base Salary Deferrals” has the meaning set forth in Section 6 of the Plan. 

“Annual Incentive Compensation” has the meaning set forth in Section 5(b) of the Plan. 

“Annual Incentive Compensation Deferrals” has the meaning set forth in Section 6 of the Plan. 

“Annual Incentive Compensation Deferral Election” has the meaning set forth in Section 5(b) of the Plan. 

“Annual Salary Deferral Election” has the meaning set forth in Section 5(b) of the Plan. 

“Applicable Retirement Age” has the meaning set forth in Section 7(a) of the Plan. 

“Base Salary” has the meaning set forth in Section 5(b) of the Plan. 

“Change in Control” has the meaning set forth in Section 7(b) of the Plan. 

“Code” has the meaning set forth in Footnote 1 of the Plan. 

“Company” has the meaning set forth in Footnote 1 of the Plan. 

“Deferred Amounts” has the meaning set forth in Section 6 of the Plan. 

“Directors” means the any member of the board of directors of the Company or any Affiliate that has adopted the Plan who is not an employee
of the Company or any Affiliate. 
 “Disability” has the meaning set forth in U.S. Treasury Regulation 1.409A-3(i)(4)(i). Determinations of
“Disability” will be made by the Plan Administrator (or its designee). 
 “Earnings Credits” has the meaning set forth in
Section 6 of the Plan. 
 “Effective Date” has the meaning set forth in Footnote 1 of the Plan. 

“Employer Contribution Rate” means the rate determined under Section 10(c) of the Plan. 

“Employer Contributions” has the meaning set forth in Section 6 of the Plan. 

“ERISA” has the meaning set forth in Section 1 of the Plan. 

“Fixed Rate” has the meaning set forth in Section 10(d) of the Plan. 

  
 11 

 “Gas” has the meaning set forth in Footnote 1 of the Plan. 

“Grandfathered Plans” has the meaning set forth in Footnote 1 of the Plan. 

“Group Plan” has the meaning set forth in Footnote 1 of the Plan. 

“Maximum Base Salary Deferral Percentage” has the meaning set forth in Section 5(b). 

“Minimum Fixed Rate” has the meaning set forth in Section 10(d) of the Plan. 

“Moody’s Rate” has the meaning set forth in Section 10(b) of the Plan. 

“Officers” means any employee designated as an “officer” of the Company or any Affiliate that has adopted the Plan. 

“Participants” has the meaning set forth in Section 4 of the Plan. 

“Plan” means The Laclede Group, Inc. Deferred Income Plan for Directors and Selected Executives, as Amended and Restated as of
January 1, 2015, as amended and/or restated from time to time. 
 “Plan Administrator” has the meaning set forth in Section 12(c)
of the Plan. 
 “Plan Year” has the meaning set forth in Section 3 of the Plan. 

“Present Value Benefit” has the meaning set forth in Section 7(b) of the Plan. 

“Termination Balance” has the meaning set forth in Section 6 of the Plan. 

*** 

  
 12 

 ANNEX B 

ELECTION-SALARY DEFERRAL 

  
 13 

 ANNEX C 

ELECTION: INCENTIVE COMPENSATION DEFERRAL 

  
 14 

 ANNEX D 

FORM OF BENEFICIARY DESIGNATION 
 THE LACLEDE GROUP, INC.

 DEFERRED INCOME PLAN FOR DIRECTORS AND SELECTED EXECUTIVES 

DESIGNATION OF BENEFICIARY FOR [PARTICIPANT’S NAME/SOCIAL SECURITY NUMBER] 

The primary beneficiary for benefits payable under the Plan in the event of my death should be: 

Primary Beneficiary 
 Name: 

Address: 
 Relationship: 

Social Security Number: 
 In the event my primary beneficiary
referenced immediately above is not alive, or is a trust that has been terminated, at the time of my death, then the benefits payable under the Plan in the event of my death should be paid to: 

Contingent Beneficiary: 
 Name: 

Address: 
 Relationship: 

Social Security Number: 
 This designation is intended to replace
all prior designations made by me under the above Plan and the Grandfathered Plans. I reserve the right to change any beneficiary named herein without the consent of such beneficiary by properly completing and delivering a new written Designation of
Beneficiary to the Plan Administrator. 
  

	
	  

	Signature
	
	  

	Date

  
 15

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