Document:

Exhibit 10.1

Exhibit 10.1

EXECUTIVE EMPLOYMENT

AND NONCOMPETITION AGREEMENT

This Executive Employment and Noncompetition Agreement (“Agreement”) is entered into between
RSC Holdings Inc. and RSC Equipment Rental, Inc. (the “Company” or “RSC”) and Patricia D. Chiodo
(“Executive”), effective as of October 1, 2010 (the “Effective Date”).

RECITALS

WHEREAS, the Company operates its equipment rental business which has store locations
throughout North America (such business as operated by the Company is referred to herein as the
“Business”).

WHEREAS, the Company’s life-blood is its Confidential Information, including but not limited
to customer databases, marketing and sales objectives and strategies, customer lists, information
regarding existing customer preferences, habits, and needs, information regarding prospective
customers, details of past, pending and contemplated transactions, price lists, pricing policies,
sales data, training materials, and customer proposals, information developed about the Company’s
competitors, systems, strategies, designs, processes, procedures, market data, know-how,
compilations of technical and non-technical data, advertising and promotional plans, and financial
and other projections, which information has been collected over a significant amount of time and
at great effort and expense.

WHEREAS, the Company would be placed at an unfair competitive disadvantage if Executive were
able to use the Company’s Confidential Information and goodwill for her own benefit, or for the
benefit of anyone other than the Company.

WHEREAS, with the assurances contained in the agreement, the Company desires to employ
Executive as a Senior Vice President, Chief Financial Officer, in which position she will not only
have access to the Company’s Confidential Information but also will have the duty to expand and
improve such information.

WHEREAS, Executive desires to be employed by the Company in this position and is willing to do
so upon the terms contained herein.

AGREEMENT

NOW, THEREFORE, as a condition of employment, and for other good and valuable consideration,
including without limitation continued employment and/or promotion or advancement, which Executive
agrees is sufficient consideration for this Agreement, and in consideration of the mutual promises
and covenants set forth below, the Company and Executive agree as follows:

 

 

 

ARTICLE I

EMPLOYMENT

Section 1.1. Employment & Position. The Company shall employ Executive as
Senior Vice President, Chief Financial Officer at the Company’s location in Scottsdale, AZ.
Executive shall report to the President and Chief Executive Officer, and the Board of Directors of
the Company. During Executive’s employment hereunder, Executive shall devote all necessary
energies, experience, skills, abilities, knowledge and productive time to the performance of duties
under this Agreement and shall not render to others services that interfere with the performance of
her duties with the Company under this Agreement. The rendering of services to others shall be
subject to the approval of the Board.

Section 1.2. Duties. Executive will be responsible for the full range of
responsibility customarily performed by an Executive in the position of Senior Vice President,
Chief Financial Officer of the Company and render such services as are from time to time necessary
or requested in connection with the affairs of the Company. Executive’s duties also includes the
obligation to maintain the highest level of integrity and report and (when appropriate) address
violations of the Company’s policies and procedures, and hereby acknowledges, represents and
warrants that there are no such violations as of the date hereof.

Section 1.3. Term of Employment. Executive shall be employed as herein set
forth, commencing on the date set forth above and continuing until terminated by either party in
accordance with section 2.5 below (the “Employment Term”).

ARTICLE II

COMPENSATION

Section 2.1. Base Salary. Executive’s salary (the “Base Salary”) shall be
three hundred sixty five thousand dollars ($365,000) per annum for the term of this Agreement
and/or as increased, after review by the Board at the time and in accordance with Company policies
as in effect from time to time. Base Salary shall be payable in accordance with the standard
payroll practices of the Company.

Section 2.2. Variable Compensation. In addition to her Base Salary, Executive
will be eligible to receive Variable Compensation, in accordance with the Company’s Variable
Compensation Plan as in effect from time to time, and which will provide her with additional
incentive opportunity with a target of seventy-five percent (75%) of her Base Salary and a maximum
of one-hundred fifty percent (150%) of her Base Salary.

Section 2.3. Equity Incentive. Executive will be eligible to participate in
the Company’s discretionary long term incentive plan during the course of employment with the
Company, subject to the discretion of the Compensation Committee and/or the Board of Directors and
the terms and conditions of the applicable plan. Awards will be determined utilizing the valuation
methodology used for other similarly situated executive officers of the Company.

 

2

 

Section 2.4. Other Benefits. During the Employment Term, Executive shall be
entitled to all benefits and conditions of employment generally provided to other RSC Company
executives, subject to the same eligibility and other reasonable conditions of Company benefit
programs and to country related differences, including, but not limited to, medical, dental, life
insurance, non-qualified deferred compensation programs, sick leave, disability, automobile
allowance ($1,200 per month) and participation in any retirement plan. In addition, benefits shall
include, but not be limited to five (5) weeks vacation per year and an annual tax and financial
planning services allowance of up to two thousand five hundred dollars ($2,500).

Section 2.5. Employment Separation.

(a) Severance Benefits: The Company may, at its sole discretion, terminate
Executive’s employment at any time, provided however, that if the Company severs Executive’s
employment for any reason other than For Cause or if Executive terminates her employment for Good
Reason the Company shall provide the following severance payments and benefits (collectively
“Severance Benefits”), less all applicable federal and state income and withholding taxes, in
exchange for a full and complete release of all claims against the Company, in the form customarily
used by the Company, executed by Executive, and Executive allows such release to become effective:

	 	1.	 	Eighteen (18) months of Base Salary (the “Severance Period”),
plus a pro-rata portion of variable compensation for the calendar year, or if
variable compensation is to be paid quarterly then for the calendar quarter, in
which the severance occurs up to the separation date, such pro rata bonus to be
equal to the variable compensation Executive would have earned had Executive
remained employed through the end of the applicable period (pro rated based on
the number of days employed in such period). Executive’s entitlement to and
the amount of any variable compensation under this Section 2.5(a) (1) shall be
determined at the sole discretion of the Company. The Base Salary shall be
payable in accordance with the Company’s regular payroll practices, and the pro
rata variable compensation payments shall be payable at the time that other
variable compensation payments are made under the applicable Variable
Compensation Plan. Notwithstanding the payment schedule described in this
paragraph, if Executive is a Specified Employee (as defined in Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”)) and becomes
entitled to the payment described in this Section 2.5 as a result of a
separation of service as defined by Section 409A(a)(2)(i) of the Code, then the
portion of such payment treated as “separation pay” for purposes of Section
409A shall not be paid prior to the date which is six (6) months after the date
of the Executive’s separation of service with the Company if such payment would
result in the imposition of an excise tax under Section 409A of the Code. Any
amount described in the preceding sentence over the applicable threshold, that is otherwise payable during the
first six months following Executive’s separation from service shall be
accumulated and paid to Executive in a lump sum amount on the first date of
the seventh month following the date of separation from service.

 

3

 

Executive’s entitlement to the foregoing severance payments is contingent on
her continued compliance with the confidentiality, non-competition and
non-solicitation provisions outlined in Sections 3.1, 3.2, 4.2 and 4.3
herein. Executive understands that if the Company determines that she has
violated the confidentiality provisions, covenant not to compete or
non-solicitation provisions, the Company will not make any further severance
payments, and will be entitled to reimbursement from Executive of any
severance amounts already paid to her, all in addition to any other remedy
to which the Company may have.

	 	2.	 	Upon her separation from service, if Executive is eligible and
enrolled in the Company’s medical and dental benefit programs, the Company will
provide the necessary forms, including COBRA notifications, to transfer the
responsibility and right to continue those benefits to Executive, which under
COBRA are typically at her expense, for the time period allowed by law or under
the applicable programs. However, assuming Executive is eligible and elects to
continue those benefits, the Company will continue to pay the same proportion
of Executive’s medical and dental insurance premiums under COBRA as during
active employment (for Executive and eligible dependents) until the earlier of:
(1) the expiration of the Severance Period; or (2) the date Executive is
eligible for medical and dental insurance benefits by another employer.

	 
	 	3.	 	Upon termination of employment, Executive is not eligible to
continue participation in the Company group life insurance program. The
Company will therefore pay, at the Company’s option, the premiums during the
Severance Period that are either (i) applicable to a conversion of the coverage
(equal to the amount normally provided to an employee without payment by the
employee) from group to individual coverage; or (ii) that will support the same
level of coverage in a term life policy. The company’s obligation under this
sub-section is to provide the required insurance and Executive is not entitled
to a cash payment in substitution thereof.

	 
	 	4.	 	The Company on the date of separation will provide professional
outplacement counseling and services consistent with other Executives at
similar compensation levels. No cash lump sum payment in lieu of outplacement
services will be provided to Executive.

 

4

 

	 	5.	 	During the eighteen (18) month period during which Severance
Benefits under this Section 2.5 are paid, the Company will continue to pay for
Executive’s reasonable and necessary association fees related to Executive’s duties and responsibilities as contemplated in Section 1.2, and
only to the extent previously paid by the Company. However, the payment of
the fees within this paragraph shall cease upon the earlier of: (1) the
expiration of the Severance Period; or (2) the date Executive is employed
whether consulting, self employed or employed by another employer.

	 
	 	6.	 	The Company may give the Executive 30 days’ prior written
notice of termination of employment for the purposes of providing transition
services. In the event the Company gives such notice, the Executive shall be
under no obligation to render additional services and shall be allowed to seek
other employment, provided that the Severance Period shall be reduced
accordingly if Executive so ceases, for any reason, to provide services to the
Company.

“Good Reason” shall mean the occurrence, without Executive’s consent, of any of the following: (i)
a material diminution in, or assignment of duties material inconsistent with Executive’s position
(including status, offices, titles and reporting relationships), (ii) a reduction in Base Salary
that is not part of across-the-board reduction, (iii) a relocation of Executive’s principal place
of business to a location that is greater than fifty (50) miles from its current location or (iv)
the Company’s material breach of the Agreement.

(b) For Cause. The Company may, at its sole discretion, terminate Executive’s
employment at any time during the Employment Term “For Cause”. The term “For Cause” means: (1)
the failure of Executive to implement or adhere to material policies, practices, or directives of
the Company, including of the Board; (2) conduct of a fraudulent and/or criminal nature; (3) any
action of Executive outside the scope of her employment duties that results in material financial
harm to the Company, (4) conduct that is in violation of any provision of this Agreement or any
other agreement between the Company or any of its affiliates and Executive (including any
noncompetition, noninterference, nonsolicitation or confidentiality agreement); or (5) solely for
purposes of this Section 2.5, death or disability as defined hereinafter.

(c) Disability. Within the parameters allowed by federal and state law, the Company
reserves the right to terminate Executive’s employment or place her on unpaid leave if Executive is
incapacitated due to physical or mental illness and cannot perform the essential functions of her
job with or without a reasonable accommodation.

(d) Voluntary Resignation by Executive. Executive shall have the right to terminate
this Agreement at any time. Executive agrees to provide the Company with thirty (30) days prior
written notice of any such intended resignation. The Company’s obligation to pay Executive’s Base
Salary, variable compensation and other benefits shall cease as of Executive’s date of separation.
Executive shall not be entitled to any Severance Benefits if she resigns other than for Good
Reason.

 

5

 

Section 2.6 Limitation on Payments. In the event that the payments or other
benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute
payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits
under this Agreement shall be either (a) delivered in full, or (b) delivered to such lesser extent
which would result in no portion of such benefits being subject to the Excise Tax, whichever of the
foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of
benefits, notwithstanding that all or some portion of such benefits may be taxable under Section
4999 of the Code. If a reduction in payments or benefits constituting “parachute payments” is
necessary pursuant to the foregoing provision, reduction shall occur in the following order unless
the Executive elects in writing a different order (provided, however, that such election shall be
subject to Company approval if made on or after the date on which the event that triggers the
parachute payment occurs): reduction of cash payments; cancellation of accelerated vesting of stock
awards; reduction of employee benefits. If acceleration of vesting of stock award compensation is
to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of
grant of the Executive’s stock awards unless the Executive elects in writing a different order for
cancellation.

Unless the Company and Executive otherwise agree in writing, any determination required under
this Section 2.6 shall be made in writing by the Company’s independent public accountants (the
“Accountants”), whose determination shall be conclusive and binding upon Executive and the Company
for all purposes and may be relied upon by the Company. For purposes of making the calculations
required by this Section 2.6, the Accountants may make reasonable assumptions and approximations
concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Section 280G and 4999 of the Code. The Company and Executive shall further to the
Accountants such information and documents as the Accountants may reasonably request in order to
make a determination under this Section 2.6. The Company shall bear all costs the Accountants may
reasonably incur in connection with any calculations contemplated by this Section 2.6.

ARTICLE III

CONFIDENTIAL INFORMATION

Section 3.1. Confidential Information. Executive’s position with the Company
will, and have, necessarily give her access to, contact with and knowledge of certain trade
secrets, and confidential and proprietary business information of the Company. This information
includes but is not limited to employee information, union information, employment and union
litigation and claim information, marketing and sales objectives and strategies, customer lists,
information regarding existing customer preferences, habits and needs, information regarding
prospective customers, details of past, pending and contemplated transactions, price lists, pricing
policies, sales data, training materials, customer proposals, information developed about Company’s
competitors, systems, strategies, designs, processes, procedures, growth plans, market data,
know-how, compilations of technical and non-technical data, advertising and promotional plans and
strategies, and financial and other projections relating to the business of the Company, which are
not generally known to or readily ascertainable through legitimate means by the public or by
competitors of the Company (hereinafter collectively referred to as “Confidential Information”).
Executive shall not at any time disclose the Confidential Information to anyone, except on a
need-to-know basis in connection with Executive’s duties in carrying out the business of the Company. Executive shall not use any Confidential Information for her own benefit, or for the
benefit of anyone other than the Company or its affiliates.

 

6

 

Section 3.2. Ownership of Records, Etc. All records, reports, notes,
compilations or other recorded matter, and copies or reproductions thereof, in whatever media form,
relating to the Confidential Information of the Company, operations, activities or business, made
or received by Executive during any past employment or future period of employment with the Company
are and shall be the exclusive property of the Company. Executive shall keep the same at all times
in her custody, subject to control by the Company and Executive shall surrender the same at the end
of her employment, if not before. Failure to return such property upon the request of the Company
during Executive’s Employment Term or thereafter shall be a material breach of this Agreement.

Section 3.3. Injunctive Relief. Executive acknowledges that (a) the
provisions of Section 3.1 and Section 3.2 are reasonable and necessary to protect the legitimate
interests of the Company, and (b) any violation of Section 3.1 or Section 3.2 will result in
irreparable injury to the Company, the exact amount of which will be difficult to ascertain, and
that the remedies at law for any such violation would not be reasonable or adequate compensation to
the Company for such a violation. Accordingly Executive agrees that if she violates, or under the
then existing circumstances it seems reasonable likely that there may occur a violation of, the
provisions of Section 3.1 or Section 3.2, in addition to any other remedy which may be available at
law or in equity, the Company shall be entitled to specific performance and injunctive relief,
without posting bond or other security, and without the necessity of proving actual damages.

ARTICLE IV

COVENANT NOT TO COMPETE

Section 4.1. Recitals. Executive acknowledges and agrees that she has or will
have technical and other extensive expertise associated with the business of the Company. In
addition, Executive has or will develop valuable business contacts with employees, potential
employees, clients, and potential clients of the Company and with professionals in the equipment
rental industry. Furthermore, Executive’s reputation and goodwill are or will be an integral part
of the Company’s success throughout the areas where the business of the Company is and will be
conducted. If Executive deprives the Company of any of her goodwill or in any manner uses her
reputation and goodwill in competition with the Company, the Company will be deprived of the
benefits it has bargained for pursuant to this Agreement. Since Executive has the ability to
compete with the Company in the operation of the business of the Company, the Company therefore
desires that Executive enter into this Covenant Not To Compete.

Section 4.2. Covenant Not to Compete. Executive agrees that during her
employment with RSC and for a period of twenty-four (24) months commencing immediately after the end
of her employment (the “Time Period”), she shall not, unless acting with the Company’s prior
written consent (which may be withheld at the Company’s sole discretion), directly or indirectly
own, manage, join, operate or control, participate in the ownership, operation or control of, or be
connected as a director, officer, partner, or consultant, or permit her name to be used in
connection with any competing business, including but not limited to any of the

 

7

 

following businesses or organizations that rent or lease construction or construction-related
equipment within the United States, Canada, Mexico or other country the Company plans to expand
into that Executive has been involved with (collectively “the Territory”): Caterpillar, United
Rentals, Sunbelt Rentals and its parent Ashtead Group plc, Neff Rental, Hertz, Volvo, National
Equipment Services and Maxim Crane Works or, in the alternative, any business or organization not
listed above that rents or leases construction or construction-related equipment or that has plans
to enter into the construction-related equipment rental or leasing business in the Territory.

The parties agree that if a court of competent jurisdiction determines that the Time Period for
purposes of this Section 4.2 is unreasonably long and found to be an unenforceable term, the Time
Period for purposes of this Section 4.2 shall be shortened to the maximum duration enforceable
under applicable law.

If a court of competent jurisdiction determines that the Territory is an unreasonable geographic
scope for this provision, the Territory shall be deemed reformed to include the United States and
Canada, excluding Mexico. If a court of competent jurisdiction determines that the Territory of
the United States and Canada is an unreasonable geographic scope for this provision, the Territory
shall be deemed reformed to include the United States.

Section 4.3. No Solicitation of Customers or Employees. Executive agrees
that:

(a) During her employment with RSC and for the Time Period, she shall not, directly or
indirectly, call on or solicit or divert or take away from RSC or any of its affiliates (including
by divulging to any competitor or potential competitor of RSC) any person, firm, corporation, or
other entity who is a customer of RSC or its affiliates and whom Executive had contact with through
any of her employment with RSC.

(b) During her employment with RSC and for the Time Period, she shall not, directly or
indirectly, solicit employment of any employee of RSC or any employee of any affiliate of RSC for
employment with any entity that rents or leases construction or construction-related equipment in
the Territory as defined in Section 4.2.

(c) The parties agree that if a court of competent jurisdiction determines that the Time
Period is unreasonably long and deemed unenforceable as defined herein in Sections 4.3(a) or (b),
the Time Period for purposes of Sections 4.3(a) or (b), as applicable, shall be shortened to the
maximum duration enforceable under applicable law.

Section 4.4. Severability of Provisions. In the event that the provisions of
this Section should ever be adjudicated by a court of competent jurisdiction to exceed the time or
geographic or other limitations permitted by applicable law, then such provisions shall be deemed
reformed to the maximum time or geographic or other limitations permitted by applicable law, as
determined by such court in such action. Each breach of the covenants set forth herein shall give
rise to a separate and independent cause of action.

 

8

 

Section 4.5. Injunctive Relief. Executive acknowledges that (a) the
provisions of Section 4.2 and Section 4.3 are reasonable and necessary to protect the legitimate
interests of the Company, and (b) any violation of Section 4.2 or Section 4.3 will result in irreparable injury
to the Company, the exact amount of which will be difficult to ascertain, and that the remedies at
law for any such violation would not be reasonable or adequate compensation to the Company for such
a violation. Accordingly, Executive agrees that if she violates, or under the then existing
circumstances it seems reasonable likely that there may occur a violation of, the provisions of
Section 4.2 or Section 4.3, in addition to any other remedy which may be available at law or in
equity, the Company shall be entitled to specific performance and injunctive relief, without
posting bond or other security, and without the necessity of proving actual damages.

Section 4.6. Equitable Tolling. The restrictive time periods referred to in
Sections 4.2 and 4.3 shall be tolled and extended by one month for each month or portion of each
month during which Employee is in violation of the restrictions. If Company initiates legal action
to enforce the restrictions and obtains an injunction against Employee; then the appropriate
restrictive time period(s) will begin to run on the date that the injunction is entered.

ARTICLE V

GENERAL PROVISIONS

Section 5.1. Assignment. Neither this Agreement nor any of the rights or
obligations hereunder may be assigned by any party without the prior written consent of the other
parties except that the Company may, without such consent, assign all such rights and obligations
to a wholly-owned subsidiary or newly created legal entity (or a partnership controlled by the
Company) or subsidiaries of the Company or to a successor in interest to the Company which shall
assume all obligations and liabilities hereunder.

Section 5.2. Sole and Entire Agreement. This Agreement constitutes the entire
existing agreement between the parties with respect to the subject matter hereof, and completely
and correctly expresses all of the rights and obligations of the parties. All prior agreements
including but not limited to prior employment agreements, severance agreements and/or change in
control agreements, are completely superseded and revoked. Executive expressly agrees that
reliance on any oral representation(s) is unreasonable.

Section 5.3. Waivers. The waiver in any particular instance or series of
instances of any term or condition of this Agreement or any breach hereof by any party shall not
constitute a waiver of such term or condition or of any breach thereof in any other instance.

Section 5.4. Amendment. This Agreement is subject to amendment only by
subsequent written agreement between, and executed by, the parties hereto.

Section 5.5. Separability. If any one or more provisions, clauses,
paragraphs, subclauses or subparagraphs contained in this Agreement shall for any reason be held to
be invalid, illegal, void or unenforceable, the same shall not affect any other provision, clause,
paragraph, subclause or subparagraph of this Agreement, but this Agreement shall be construed as if
such invalid, illegal, void or unenforceable provision, clause, paragraph, subclause or
subparagraph had never been contained herein.

 

9

 

Section 5.6. Time Is of the Essence. Time is of the essence in this
Agreement. Any time limit mentioned herein has been carefully considered and represents the agreed
absolute outside limit of time within which the applicable right must be exercised. The parties
may extend such time limit only by mutual agreement in writing.

Section 5.7. Duration of Obligations. Executive’s obligations under Article
III and Article IV of this Agreement (especially those relating to confidentiality, non-competition
and non-solicitation) shall continue after her employment with the Company is ended, regardless of
the nature or reason for such termination.

Section 5.8. Attorneys’ Fees. In the event of a dispute, a court or an
arbitrator may award attorneys’ fees to the prevailing party.

Section 5.9. Captions; Definitions. Any captions of articles, sections,
subsections or paragraphs of this Agreement are solely for the convenience of the parties and are
not a part of this Agreement or to be used for the interpretation of this Agreement or any
provision hereof.

Section 5.10. Applicable Law. This Agreement shall be construed and
interpreted in accordance with the internal substantive laws, and not the choice of law rules of
the State of Arizona. Except where this Agreement provides for injunctive relief, all disputes
arising out of or in connection with this Agreement shall be finally settled under the Rules of
Arbitration of the American Arbitration Association by a single arbitrator appointed in accordance
with the said Rules.

Section 5.11. Confidentiality. The parties agree that the terms of this
Agreement are to be held confidential and shall not be disclosed to any other person or entity,
except as required by law or legal process, and except that either party may disclose the terms
thereof to its or her legal counsel or tax advisors.

Section 5.12. Voluntary Agreement and Legal Counsel. Executive has been
encouraged to review this Agreement with her legal and other expert counsel and has freely entered
into this Agreement.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement or caused this
Agreement to be duly executed on their respective behalf, by their respective officers thereunto
duly authorized, all effective as of the day and year first above written.

	 	 	 	 	 	 	 
	RSC HOLDINGS INC. AND	 	 	 	EXECUTIVE: Patricia D. Chiodo
	RSC EQUIPMENT RENTAL, INC.	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Erik Olsson
	 	 	 	/s/ Patricia D. Chiodo
	 

	 	 
	 	 	 	 
	 

	 	Erik Olsson
	 	 	 	Patricia D. Chiodo
	 

	 	President and CEO	 	 	 	 

 

10Exhibit 4.1

Exhibit 4.1

FORM OF GLOBAL NOTE

[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 2020

[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 October 1, 2020 (the “Maturity Date”), and to pay interest thereon from September [
 _____ 
],
2010 (or from the most recent interest payment date to which interest has been paid or duly
provided for), semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest
Payment Date”), commencing on April 1, 2011, 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 15th 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 September [
 _____ 
], 2010, 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:

 

 

 

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

 

 

 

[REVERSE OF NOTE]

LIBERTY PROPERTY LIMITED PARTNERSHIP

[__]% Senior Note due 2020

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 [
 _____ 
], 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 2020 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, 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
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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]