Document:

EX-4.1

 Exhibit 4.1 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

ISSUER 
 to 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

TRUSTEE 
  

 
 Supplemental
Indenture No. 17 
 Dated as of December 4, 2017 
  

 
 $850,000,000

 of 
 3.200% Senior Notes due
2025 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE ONE RELATION TO SENIOR INDENTURE; DEFINITIONS
	  	 	1	 
			
	 SECTION 1.1.
	 	 Relation to Senior Indenture
	  	 	1	 
			
	 SECTION 1.2.
	 	 Definitions
	  	 	2	 
		
	 ARTICLE TWO THE NOTES
	  	 	10	 
			
	 SECTION 2.1.
	 	 Title of the Securities
	  	 	10	 
			
	 SECTION 2.2.
	 	 Limitation on Initial Aggregate Principal Amount; Further Issuances
	  	 	10	 
			
	 SECTION 2.3.
	 	 Interest and Interest Rates; Maturity Date of Notes
	  	 	10	 
			
	 SECTION 2.4.
	 	 Limitations on Incurrence of Debt
	  	 	11	 
			
	 SECTION 2.5.
	 	 Optional Redemption
	  	 	13	 
			
	 SECTION 2.6.
	 	 Places of Payment
	  	 	13	 
			
	 SECTION 2.7.
	 	 Method of Payment
	  	 	13	 
			
	 SECTION 2.8.
	 	 Currency
	  	 	13	 
			
	 SECTION 2.9.
	 	 Global Form
	  	 	13	 
			
	 SECTION 2.10.
	 	 Form of Notes and Execution
	  	 	14	 
			
	 SECTION 2.11.
	 	 Transfer and Exchange
	  	 	14	 
			
	 SECTION 2.12.
	 	 General Provisions Relating to Transfers and Exchanges
	  	 	15	 
			
	 SECTION 2.13.
	 	 Registrar and Paying Agent
	  	 	16	 
			
	 SECTION 2.14.
	 	 Defeasance
	  	 	16	 
			
	 SECTION 2.15.
	 	 Provision of Financial Information
	  	 	16	 
			
	 SECTION 2.16.
	 	 Waiver of Certain Covenants
	  	 	16	 
			
	 SECTION 2.17.
	 	 No Sinking Fund
	  	 	17	 
			
	 SECTION 2.18.
	 	 No Repayment at Option of Holders
	  	 	17	 
			
	 SECTION 2.19.
	 	 Limitation on Suits
	  	 	17	 
		
	 ARTICLE THREE MISCELLANEOUS PROVISIONS
	  	 	18	 
			
	 SECTION 3.1.
	 	 Ratification of Senior Indenture
	  	 	18	 
			
	 SECTION 3.2.
	 	 Governing Law
	  	 	18	 
			
	 SECTION 3.3.
	 	 Counterparts
	  	 	18	 
			
	 SECTION 3.4.
	 	 Trustee
	  	 	18	 
			
	 SECTION 3.5.
	 	 Corporate Trust Office
	  	 	18	 
			
	 SECTION 3.6.
	 	 Failure or Delay in Performance
	  	 	18	 

							
			
	 SECTION 3.7.
	 	 WAIVER OF JURY TRIAL
	  	 	19	 
			
	 SECTION 3.8.
	 	 No Consequential Damages
	  	 	19	 
			
	 SECTION 3.9.
	 	 Electronic Notices
	  	 	19	 
			
	 SECTION 3.10.
	 	 Submission to Jurisdiction
	  	 	19	 
			
	 SECTION 3.11.
	 	 FATCA
	  	 	19	 
			
	 EXHIBIT A
	 	 Form of Note
	  	 	A-1	 

  
 ii 

 THIS SUPPLEMENTAL INDENTURE NO. 17, dated as of December 4, 2017 (the “Seventeenth
Supplemental Indenture”), between BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee
(herein called the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has heretofore delivered to the Trustee an Indenture dated as of December 13, 2002 (the “Senior
Indenture” and together with the Seventeenth Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its senior debt securities evidencing its unsecured and unsubordinated
indebtedness (the “Securities”). 
 WHEREAS, Section 3.01 of the Senior Indenture provides for various matters with
respect to any series of Securities issued under the Senior Indenture to be established in an indenture supplemental to the Senior Indenture. 

WHEREAS, Section 9.01(7) of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the
Senior Indenture to establish the form or terms of Securities of any series as provided by Sections 2.01 and 3.01 of the Senior Indenture. 

WHEREAS, the Board of Directors of Boston Properties, Inc. (“Boston Properties”), the general partner of the Company, has
duly adopted resolutions authorizing the Company to execute and deliver this Seventeenth Supplemental Indenture; and 
 WHEREAS, all of the
conditions and requirements necessary to make this Seventeenth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and
fulfilled. 
 NOW, THEREFORE, THIS SEVENTEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such series, as follows: 
 ARTICLE
ONE 
 RELATION TO SENIOR INDENTURE; DEFINITIONS 
  

	 	SECTION 1.1.	Relation to Senior Indenture. 

 This Seventeenth Supplemental Indenture constitutes an
integral part of the Senior Indenture. 

	 	SECTION 1.2.	Definitions. 

 For all purposes of this Seventeenth Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires: 
 (1)    Capitalized terms
used but not defined herein shall have the respective meanings assigned to them in the Senior Indenture; and 

(2)    All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Seventeenth Supplemental Indenture. 
 “Annualized Consolidated EBITDA” means,
for any quarter, the product of Consolidated EBITDA for such period of time multiplied by four (4). 
 “Annualized Interest
Expense” means, for any quarter, the Interest Expense for that quarter multiplied by four (4). 
 “Another Person’s
Share” means, in connection with the defined term “Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries”, (1) the aggregate direct and indirect interests of each Person other than the Company or any of
its Subsidiaries in the equity capital of the applicable Partially-Owned Entity, calculated by subtracting from 100% the Percentage Interest with respect to such Partially-Owned Entity, or (2) in the case of reimbursement owed to the Company or
any of its Subsidiaries by a third party in respect of payment made under a guaranty, the amount to be reimbursed to the Company or any of its Subsidiaries by such third party. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial interests in any Global Note, the rules
and procedures of the Depositary that apply to such transfer or exchange. 
 “Capitalization Rate” means 7.0%. 

“Capitalized Property Value” means, as of any date, the sum of (1) with respect to
non- hotel properties, the aggregate sum of all Property EBITDA for each such property for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the
Capitalization Rate plus (2) with respect to hotel properties, the aggregate sum of all Property EBITDA for each such property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the Capitalization
Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable, is less than the undepreciated book value of such property, as determined in accordance with GAAP,
such undepreciated book value shall be used in lieu thereof with respect to such property. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to the Par Call Date that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to the Par Call Date. 

  
 2 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(a) the bid price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M. on the third business day preceding such Redemption Date, as set forth on “Reuters Page 500” (or such other page as
may replace Reuters Page 500), or (b) if such page (or any successor page) is not displayed or does not contain such bid prices at such time (i) the average of the Reference Treasury Dealer Quotations obtained by the Trustee for such
Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or (ii) if the Trustee is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations obtained by the Trustee. 
 “Consolidated EBITDA” means, for any period of time, without duplication,
(1) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as determined in
good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such
transaction is completed)), and (vi) noncontrolling interest, of the Company and its Subsidiaries; plus (2) the product of (A) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate,
before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in
arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in
connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), of Partially-Owned Entities, multiplied by (B) the Company’s
and its Subsidiaries’ aggregate percentage share of such Partially-Owned Entities; minus (3) the Company’s income (loss) from Partially-Owned Entities. In each of cases (1), (2) and (3) for such period, amounts shall be as
reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of all non-cash and
non-recurring items. Consolidated EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA earned or
eliminated as a result of the placement of such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in
the case of any acquisition or disposition of any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or
exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. 

“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements
and notes to those financial statements, of that Person and its subsidiaries prepared in accordance with GAAP. For purposes of this definition, if as of any date 

  
 3 

 
or for any period actual consolidated financial statements of any Person have not been prepared, then this term shall include the books and records of that Person ordinarily used in the
preparation of such financial statements. 
 “Contingent Liabilities of Boston Properties Limited Partnership and
Subsidiaries” means, as of any date, without duplication, those liabilities of the Company or any of its Subsidiaries consisting of indebtedness for borrowed money, as determined in accordance with GAAP, that are or would be stated and
quantified as contingent liabilities in the notes to the Consolidated Financial Statements of the Company as of that date; provided, however, that Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries shall
exclude Intercompany Debt and Another Person’s Share of Duplicated Obligations. 
 “Debt” means, as of any date,
without duplication, (1) in the case of the Company, all indebtedness and liabilities for borrowed money, secured or unsecured, of the Company, including the Notes to the extent outstanding from time to time; (2) in the case of the
Company’s Subsidiaries, all indebtedness and liabilities for borrowed money, secured or unsecured, of the Subsidiaries, including in each of cases (1) and (2) mortgage and other notes payable, but excluding in each of cases (1) and
(2) any indebtedness, including mortgages and other notes payable, which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee
with respect to third party indebtedness; provided that such trustee holds such cash for not more than 60 days from the date of deposit); and (3) all Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries, but
excluding in each of cases (1), (2) and (3) Intercompany Debt. It is understood that Debt shall not include any redeemable equity interest in the Company. 

“Defaulted Interest” has the meaning specified in Section 2.3 hereof. 

“Definitive Note” means a certificated Note in the form of Exhibit A hereto, registered in the name of the Holder
thereof and issued in accordance with Section 2.11 hereof, except that such Note shall not bear the Global Note Legend. 

“Depositary” has the meaning assigned to it in Section 2.9(a) hereof. 

“Duplicated Obligations” means, as of any date, collectively, all those payment guaranties in respect of indebtedness and
other liabilities, secured or unsecured, of Partially-Owned Entities, including mortgage and other notes payable, for which (1) the Company or any of its Subsidiaries, on one hand, and another Person or Persons, on the other hand, are jointly
and severally liable or (2) the Company or any of its Subsidiaries are entitled to reimbursement in respect of payment under such guaranties from another Person or Persons. 

“GAAP” means accounting principles generally accepted in the United States of America, consistently applied, as in effect
from time to time; provided that if, as of a particular date as of which compliance with the covenants contained in the Indenture is being determined, there have been changes in accounting principles generally accepted in the United States of
America from those that applied to the consolidated financial statements of the Company included in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, the Company may, in its sole
discretion, determine compliance with the covenants contained in the 

  
 4 

 
Indenture using accounting principles generally accepted in the United States of America, consistently applied, as in effect as of the end of any calendar quarter selected by the Company, in its
sole discretion, that is on or after September 30, 2017 and prior to the date as of which compliance with the covenants in the Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants
as of such date, “GAAP” shall mean Fixed GAAP. 
 “Global Notes” means, individually or collectively, any of the
Notes issued as Global Securities under the Senior Indenture. 
 “Global Note Legend” means the legend set forth in
Section 2.03 of the Senior Indenture, which is required to be placed on all Global Notes issued under the Senior Indenture. 

“Holders” has the meaning specified in Section 2.3 hereof. 

“Incur” means, with respect to any Debt or other obligation of any Person, to create, assume, guarantee or otherwise become
liable in respect of the Debt or other obligation, and “Incurrence” and “Incurred” have the meanings correlative to the foregoing. 

“Independent Investment Banker” means such independent investment banking institution of national standing appointed by the
Company from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant. 
 “Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money,
secured or unsecured, to which the only parties are Boston Properties, the Company, any Subsidiary of either of them as of that date or any Partially-Owned Entity. 

“Interest Expense” means, for any period of time, the aggregate amount of interest recorded in accordance with GAAP for such
period of time by the Company and its Subsidiaries, but excluding: (i) interest reserves funded from the proceeds of any loan; (ii) amortization of deferred financing costs; (iii) prepayment penalties and (iv) non-cash swap ineffectiveness charges and including, without duplication: (A) effective interest in respect of original issue discount as determined in accordance with GAAP; and
(B) without limitation or duplication, the interest expense (determined as provided above) of Partially-Owned Entities, multiplied by the Company’s Percentage Interest of the Partially-Owned Entity Outstanding Debt in such Partially-Owned
Entities, in all cases as reflected in the applicable Consolidated Financial Statements. 
 “Interest Payment Date” has the
meaning specified in Section 2.3 hereof. 
 “Latest Completed Quarter” means the most recently ended fiscal quarter of
the Company for which Consolidated Financial Statements of the Company have been completed, it being understood that at any time when the Company is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and in accordance therewith files annual and quarterly reports with the Commission, the term “Latest Completed Quarter” shall be deemed to refer to the fiscal quarter covered by the Company’s most
recently filed Quarterly Report on Form 10-Q, or, in the case of the last fiscal quarter of the year, the Company’s Annual Report on Form 10-K. 

  
 5 

 “Lien” means, without duplication, any lien, mortgage, trust deed, deed of
trust, deed to secure debt, pledge, security interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest; provided, that for purposes hereof, “Lien” shall
not include any mortgage that has been defeased by the Company, any of its Subsidiaries or any of the Partially-Owned Entities in accordance with the provisions thereof through the deposit of cash, cash equivalents or marketable securities (it being
understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness). 

“Notes” has the meaning specified in Section 2.1 hereof. 

“Par Call Date” means October 15, 2024 (three months prior to the Stated Maturity Date). 

“Partially-Owned Entity” means, at any time, any of the partnerships, associations, corporations, limited liability
companies, trusts, joint ventures or other business entities in which the Company, directly, or indirectly through full or partial ownership of another entity, owns an equity interest, but which is not required in accordance with GAAP to be
consolidated with the Company for financial reporting purposes. 
 “Partially-Owned Entity Outstanding Debt” means, as of
any date, the aggregate principal amount of all outstanding indebtedness and liabilities for borrowed money, secured or unsecured, of the applicable Partially-Owned Entity, including mortgage and other notes payable but excluding Intercompany Debt
and any indebtedness which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness), all as
reflected in the Consolidated Financial Statements of such Partially-Owned Entity as of such date. 
 “Participant” means,
with respect to the Depositary, a Person who has an account with the Depositary, as the case may be (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Percentage Interest” means, with respect to a Partially-Owned Entity, the Company’s direct or indirect interest in the
equity capital of such entity without giving effect to any incentive or performance-based sharing in the entity’s cash flow from operations or proceeds from capital transactions in excess of such equity interest. 

“Property EBITDA” means for any property, for any period of time, without duplication, (1) if the property is owned by
the Company or any of its Subsidiaries, the net income (loss) derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii)
depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as 

  
 6 

 
determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition,
recapitalization or similar transaction (regardless of whether such transaction is completed)), and (vi) noncontrolling interest, and (2) if the property is owned by a Partially-Owned Entity, the product of (A) net income (loss)
derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as
determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of
whether such transaction is completed)), multiplied by (B) the Company’s and its Subsidiaries’ aggregate percentage share of such Partially-Owned Entity. In each of cases (1) and (2) for such period, amounts shall be as
reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of all non-cash and
non-recurring items. Property EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as
a result of the placement of such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any
acquisition or disposition of any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the
case may be, any Property EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period. For purposes of this definition, in the case of
(1) and (2) above, Property EBITDA shall exclude general and administrative expenses as reflected in the Company’s audited year-end Consolidated Financial Statements or reviewed interim Consolidated
Financial Statements available for the Latest Completed Quarter or the most recent four (4) consecutive completed fiscal quarters, as applicable. 

“Reference Treasury Dealer” means, as determined by the Company, either (a) Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) selected by BNY Mellon
Capital Markets, LLC (or any of their respective successors) and one other Primary Treasury Dealer appointed by the Company or (b) one Primary Treasury Dealer appointed by the Company and three other Primary Treasury Dealers selected by the
Independent Investment Banker; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

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

  
 7 

 “Regular Record Date” has the meaning specified in Section 2.3 hereof. 

“Secured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is secured by a Lien on
properties or other assets of the Company, any of its Subsidiaries or any of the Partially-Owned Entities. 
 “Securities
Act” means the Securities Act of 1933, as amended from time to time. 
 “Special Record Date” has the meaning
specified in Section 2.3 hereof. 
 “Stated Maturity Date” has the meaning specified in Section 2.3 hereof. 

“Subsidiary” means, with respect to any Person, a corporation, partnership association, joint venture, trust, limited
liability company or other business entity which is required to be consolidated with the Company or Boston Properties in accordance with GAAP. 

“Total Assets” means, with respect to any Incurrence of Debt or Secured Debt, as of any date, in each case as determined by
the Company without duplication, the sum of: (1) Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, determined in accordance with GAAP; (3) with respect to notes
receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries
to acquire such note or mortgage; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP; (5) without duplication, the cost basis of properties of the Company and its Subsidiaries
that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in
exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to the Incurrence of the Debt or Secured Debt, as the case may be, to the date of determination; and (7) the Company’s and its
Subsidiaries’ aggregate percentage share of Partially-Owned Entities’ assets described in clauses (1), (2), (3), (4), (5) and (6) above. 

“Total Outstanding Debt” means, as of any date, the sum, without duplication, of (1) the aggregate principal amount of
all outstanding Debt of the Company as of that date; (2) the aggregate principal amount of all outstanding Debt of the Company’s Subsidiaries, all as of that date; and (3) the sum of the aggregate principal amount of all
Partially-Owned Entity Outstanding Debt of each of the Partially-Owned Entities multiplied by the Company’s respective Percentage Interest in such Partially-Owned Entity as of that date. 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

  
 8 

 “Unencumbered Assets” means, as of any date, in each case as determined by the
Company without duplication, the sum of: (1) Unencumbered Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, other than restricted cash, cash equivalents and marketable
securities pledged to secure Debt, determined in accordance with GAAP; (3) with respect to notes receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the
Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries to acquire such note or mortgage, except any notes receivable or mortgages that are serving as collateral for Secured Debt; (4) with respect to
real estate assets which are undeveloped land, the book value thereof in accordance with GAAP, except any land that is serving as collateral for Secured Debt; (5) without duplication, the cost basis of properties of the Company and its
Subsidiaries that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above, except any properties that are serving as collateral for Secured Debt; (6) without
duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to such date to the date of determination, except in
each case any proceeds or assets that are serving as collateral for Secured Debt; and (7) the Company’s and its Subsidiaries’ aggregate percentage share, of Partially-Owned Entities’ assets described in clauses (1), (2), (3),
(4), (5) and (6) above. For the avoidance of doubt, cash held by a “qualified intermediary” in connection with proposed like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the
“Code”), which may be classified as “restricted” for GAAP purposes shall nonetheless be included in clause (2) above, so long as the Company or any of its Subsidiaries has the right to (i) direct the qualified
intermediary to return such cash to the Company or such Subsidiary if and when the Company or such Subsidiary fails to identify or acquire the proposed like-kind property or at the end of the 180-day
replacement period or (ii) direct the qualified intermediary to use such cash to acquire like-kind property. 
 “Unencumbered
Capitalized Property Value” means, as of any date, the sum of (1) with respect to non-hotel properties, the aggregate of all Unencumbered Property EBITDA for each such property for the Latest
Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the Capitalization Rate plus, (2) with respect to hotel properties, the aggregate of all Unencumbered Property EBITDA for each such
property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2)
above, as applicable, is less than the undepreciated book value of such property determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property. 

“Unencumbered Consolidated EBITDA” means, for any period of time, Consolidated EBITDA for such period of time less any
portion thereof attributable to assets serving as collateral for Secured Debt. 
 “Unencumbered Property EBITDA” means, for
any period of time, Property EBITDA for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt. 

  
 9 

 “Unsecured Debt” means, as of any date, that portion of Total Outstanding Debt
as of that date that is neither Secured Debt nor Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries. 
 ARTICLE
TWO 
 THE NOTES 
  

	 	SECTION 2.1.	Title of the Securities. 

 There shall be a series of Securities designated the
“3.200% Senior Notes due 2025” (the “Notes”). 
  

	 	SECTION 2.2.	Limitation on Initial Aggregate Principal Amount; Further Issuances. 

 The aggregate
principal amount of the Notes initially shall be limited to $850,000,000. The Company may, from time to time, subject to Section 2.4 of this Seventeenth Supplemental Indenture and applicable law, create and issue additional Notes under this
Seventeenth Supplemental Indenture ranking equally and ratably with the outstanding Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first
payment of interest following the issue date of such additional Notes) without notice to or the consent of the Holders of outstanding Notes. The initially issued Notes and any additional Notes subsequently issued shall be consolidated and form a
single series with the outstanding Notes for all purposes of this Seventeenth Supplemental Indenture and shall have the same terms as to status, redemption or otherwise as the outstanding Notes. Any such additional Notes referred to in this
Section 2.2 will be issued under a further supplemental indenture. 
 Nothing contained in this Section 2.2 or elsewhere in this
Seventeenth Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 3.03, 3.04, 3.05, 3.06, 9.06, 11.07
and 13.05 of the Senior Indenture. 
  

	 	SECTION 2.3.	Interest and Interest Rates; Maturity Date of Notes. 

 (a)    The
Notes shall bear interest at 3.200% per annum from December 4, 2017 or from the immediately preceding Interest Payment Date (as defined below) to which interest has been paid, payable semi-annually in arrears on January 15 and July 15
of each year, commencing July 15, 2018 (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered in the Security Register at the close of business 15
calendar days prior to such Interest Payment Date (regardless of whether such day is a Business Day, as defined below), as the case may be (each, a “Regular Record Date”). Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest payable on the Notes on any Interest Payment Date, the Stated Maturity Date or any Redemption Date applicable to the Notes, as
the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including December 4, 2017, if no interest has been paid on
the Notes) to but 

  
 10 

 
excluding such Interest Payment Date, the Stated Maturity Date or such Redemption Date, as the case may be. Interest, if any, not punctually paid or duly provided for on any Interest Payment Date
with respect to a Note (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the applicable Regular Record Date and may either be paid to the person in whose name such Note is registered at the close of
business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to the Holder of such Note not less than ten days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, as more particularly described in the Senior Indenture. 

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

(c)    The Notes shall mature on January 15, 2025 (the “Stated Maturity Date”). 

 

	 	SECTION 2.4.	Limitations on Incurrence of Debt; Payment of Taxes and Other Claims. 

 In addition to
the covenants set forth in Article Ten of the Senior Indenture, other than the covenants set forth in Section 10.07 of the Senior Indenture which are superseded by Section 2.4(e) below and shall not apply to the Notes, there are
established pursuant to Section 9.01(2) of the Senior Indenture the following covenants for the benefit of the Holders of the Notes and to which the Notes shall be subject: 

(a)    The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect
to the Incurrence of the additional Debt and any other Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Debt and the application of the net proceeds of the additional Debt and such other Debt,
Total Outstanding Debt would exceed 60% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities
offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the
penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter. 

(b)    The Company shall not, and shall not permit any Subsidiary to, Incur any Secured Debt if, immediately after giving
effect to the Incurrence of the additional Secured Debt and any other Secured Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Secured Debt and the application of the net proceeds of the
additional Secured Debt and such other Secured Debt, the aggregate principal amount of all outstanding Secured Debt is greater than 50% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and
(ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received (to 

  
 11 

 
the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a
result of the penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter. 

(c)    The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect
to the Incurrence of the additional Debt, the ratio of Annualized Consolidated EBITDA for the Latest Completed Quarter prior to the Incurrence of the additional Debt, to Annualized Interest Expense for that quarter would be less than 1.50 to 1.00 on
a pro forma basis after giving effect to the Incurrence of the additional Debt and to the application of the net proceeds therefrom, and calculated on the assumption, without duplication, that: (i) the additional Debt and any other Debt
Incurred by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, which was outstanding at the date of determination, had been Incurred at the beginning of that
period and continued to be outstanding throughout that period, and the application of the net proceeds of that Debt, including to refinance (1) Debt under any revolving credit facility or (2) other Debt, had occurred at the beginning of
that period; (ii) the repayment or retirement of any other Debt repaid or retired by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination occurred at the
beginning of that period; provided that, except as set forth in clause (i) or (iii) of this Section 2.4(c), in determining the amount of Debt so repaid or retired, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during that period; and (iii) in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or removal of any assets from
service by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, (1) the
acquisition, disposition, placement in service or removal from service had occurred as of the first day of that period, with the appropriate adjustments to Annualized Consolidated EBITDA and Annualized Interest Expense with respect to the
acquisition, disposition, placement in service or removal from service being included in that pro forma calculation and (2) the application of the net proceeds from a disposition to repay or refinance Debt, including, without limitation, Debt
under any revolving credit facility, had occurred on the first day of that period. 
 (d)    The Company and its
Subsidiaries shall maintain at all times Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries. 

(e)    The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(i) all material taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (ii) all material lawful claims for labor, materials and
supplies, which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

  
 12 

	 	SECTION 2.5.	Optional Redemption. 

 The Notes shall be redeemable, at the option of the Company, in
whole at any time or in part from time to time, upon not less than 15 days but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to (x) if the Notes
are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of the present values as of the Redemption Date of the remaining scheduled payments of principal and interest
that would have been payable in respect of such principal had such Notes matured on the Par Call Date and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date, on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable Treasury Yield, plus 15 basis points, plus, in either case, accrued and
unpaid interest to the Redemption Date or (y) if the Notes are redeemed on or after the Par Call Date, 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 

 

	 	SECTION 2.6.	Places of Payment. 

 The Places of Payment where the Notes may be presented or
surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Senior Indenture may be served shall be in the Borough of
Manhattan, The City of New York, and the office or agency for such purpose shall initially be located at The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon, 101 Barclay Street, New York, NY 10286. 

 

	 	SECTION 2.7.	Method of Payment. 

 Payment of the principal of and interest on the Notes shall be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York (which shall initially be an office or agency of the Trustee), in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at
Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within
the United States. 
  

	 	SECTION 2.8.	Currency. 

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

 

	 	SECTION 2.9.	Global Form. 

 The Notes shall be issuable and transferable in fully registered form as
Registered Securities, without coupons. The Notes shall initially be issued in the form of one or more permanent Global Notes. The depository for the Notes shall be The Depository Trust Company (the “Depositary”). The Notes shall
not be issuable in definitive form except as provided in Section 2.11(a) of this Seventeenth Supplemental Indenture. 

  
 13 

	 	SECTION 2.10.	Form of Notes and Execution. 

 The Notes shall be substantially in the form attached as
Exhibit A hereto. The Notes shall be signed in the name and on the behalf of the Company by the manual or facsimile signature of the Chief Executive Officer, President, any of its Executive or Senior Vice Presidents, Managing Director, or any
of its Vice Presidents (whether or not designated by a number or numbers or word or words before or after the title “Vice President”). 
  

	 	SECTION 2.11.	Transfer and Exchange. 

 (a)    Transfer and Exchange of Global
Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to
a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary stating that it is unwilling or
unable to continue to act as a clearing agency for the Notes or is no longer a clearing agency registered under the Exchange Act or other applicable law and, in either case, a successor Depositary is not appointed by the Company within 90 days after
the date of such notice; or (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. Upon the
occurrence of any of the preceding events, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. 

(b)    Transfer of Beneficial Interests in the Global Notes. The transfer of beneficial interests in the Global
Notes shall be effected through the Depositary in accordance with the provisions of the Senior Indenture and the applicable procedures of the Depositary. 

(c)    Exchange of Beneficial Interests in Global Notes for Definitive Notes. A holder of a beneficial interest in
a Global Note may, in the circumstances described in Section 2.11(a), have such beneficial interest exchanged by the Company for a Definitive Note. 

The transferor of a beneficial interest in a Global Note must deliver to the Security Registrar (1) a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be exchanged and (2) instructions
given by the Depositary to the Security Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the exchange. In any such case, the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.11(e) hereof, and the Company shall execute and the Trustee, upon receipt of a Company Order in accordance with the Senior Indenture, shall authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.11(c) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

  
 14 

 (d)    Transfer of Definitive Notes. Upon request by a Holder of
Definitive Notes, the Security Registrar shall register the transfer of Definitive Notes. Prior to such registration of transfer, the requesting Holder shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing. 

(e)    Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with the terms of the Senior Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary to reflect such reduction; and
if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall
be made on such Global Note by the Trustee or by the Depositary to reflect such increase. 
  

	 	SECTION 2.12.	General Provisions Relating to Transfers and Exchanges. 

 (a)    The
Trustee and the Security Registrar will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect
and make copies thereof at any reasonable time upon written notice to the Trustee or the Security Registrar, as the case may be. 

(b)    Each Holder of a Note agrees to indemnify the Company and the Trustee against any liability that may result from
the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Seventeenth Supplemental Indenture or applicable United States federal or state securities law. 

(c)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Seventeenth Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among members of, or Participants or Indirect
Participants in, the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Seventeenth Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 15 

 (d)    None of the Trustee, the Security Registrar nor the Paying Agent shall
have any responsibility for any actions taken or not taken by the Depositary. 
  

	 	SECTION 2.13.	Registrar and Paying Agent. 

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

	 	SECTION 2.14.	Defeasance. 

 The provisions of Sections 14.02 and 14.03 of the Senior Indenture,
together with the other provisions of Article Fourteen of the Senior Indenture, shall be applicable to the Notes. The provisions of Section 14.03 of the Senior Indenture shall apply to the covenants set forth in Sections 2.4 and 2.15 of this
Seventeenth Supplemental Indenture and to those covenants specified in Section 14.03 of the Senior Indenture that are applicable to the Notes. 
  

	 	SECTION 2.15.	Provision of Financial Information. 

 Whether or not the Company is subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, to the extent permitted under the Exchange Act, file with the Commission the annual reports, quarterly reports and other documents that the Company would have been required to file
with the Commission pursuant to such Section 13 or 15(d) if the Company were so subject, such documents to be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company
would have been required so to file such documents if the Company were so subject. 
 The Company shall also in any event within 15 days
after each Required Filing Date (i) if the Company is not then subject to Section 13 or 15(d) of the Exchange Act, transmit by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such Holders,
copies of the annual reports and quarterly reports that the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections, and (ii) file with
the Trustee copies of annual reports, quarterly reports and other documents that the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections.
If filing the foregoing reports and documents by the Company with the Commission is not permitted under the Exchange Act, promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of such documents
to any prospective Holder. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

	 	SECTION 2.16.	Waiver of Certain Covenants. 

 Notwithstanding the provisions of Section 10.09 of
the Senior Indenture, the Company may omit in any particular instance to comply with any term, provision or condition set forth in 

  
 16 

 
Sections 10.04, 10.05, 10.06 or 10.08 of the Senior Indenture, with Sections 2.4 and 2.15 of this Seventeenth Supplemental Indenture and with any other term, provision or condition with respect
to the Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the Notes), if before or after the time for such compliance the Holders of at least a majority in principal amount of all
outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so expressly waived, and until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. Section 10.07 of the Senior Indenture, and the covenants set forth therein, shall not apply to
the Notes. 
  

	 	SECTION 2.17.	No Sinking Fund. 

 The provisions of Article Twelve of the Senior Indenture shall not be
applicable to the Notes. 
  

	 	SECTION 2.18.	No Repayment at Option of Holders. 

 The provisions of Article Thirteen of the Senior
Indenture shall not be applicable to the Notes. 
  

	 	SECTION 2.19.	Limitation on Suits. 

 No Holder shall have any right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or any of the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or any of the Notes, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 (2) the Holders of not less than 25% in principal amount of all outstanding Notes shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder
or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of all outstanding Notes; 
 it being understood and
intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek
to obtain priority or 

  
 17 

 
preference over any other of such Holders or to enforce any right under this Indenture or any of the Notes, except in the manner provided in the Indenture and for the equal and ratable benefit of
all such Holders. 
 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 
  

	 	SECTION 3.1.	Ratification of Senior Indenture. 

 Except as expressly modified or amended hereby, the
Senior Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. 
  

	 	SECTION 3.2.	Governing Law. 

 This Seventeenth Supplemental Indenture and each Note shall be governed
by and construed in accordance with the laws of the State of New York. This Seventeenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such
provisions. 
  

	 	SECTION 3.3.	Counterparts. 

 This Seventeenth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

	 	SECTION 3.4.	Trustee. 

 The Trustee makes no representations as to the validity or sufficiency of this
Seventeenth Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
  

	 	SECTION 3.5.	Corporate Trust Office. 

 The Trustee hereby notifies the Company that its corporate
trust business is principally administered at its office located at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262 and, therefore, pursuant to the Indenture, the Corporate Trust
Office is such office. 
  

	 	SECTION 3.6.	Failure or Delay in Performance. 

 In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other
similar events beyond its control that cause a sudden, significant and/or widespread disruption in its business activities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 

  
 18 

	 	SECTION 3.7.	WAIVER OF JURY TRIAL. 

 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SEVENTEENTH SUPPLEMENTAL INDENTURE, THE INDENTURE (TO THE EXTENT IT RELATES TO THE NOTES), THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 
  

	 	SECTION 3.8.	No Consequential Damages. 

 In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
  

	 	SECTION 3.9.	Electronic Notices. 

 In addition to the foregoing, the Trustee agrees to accept and act
upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
  

	 	SECTION 3.10.	Submission to Jurisdiction. 

 The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the
fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	 	SECTION 3.11.	FATCA. 

 The Company agrees (i) upon request by the Trustee, to provide the Trustee
with such reasonable information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in

  
 19 

 
Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof
(“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, and the Trustee shall have no liability for
any amount so withheld and paid over to the applicable governmental authority. 

  
 20 

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

					
	BOSTON PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	Boston Properties, Inc.,
		 	its general partner
		
	By:	 	 /s/ Michael E. LaBelle

		 	Name:	 	Michael E. LaBelle
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Karen Yu

		 	Name:	 	Karen Yu
		 	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Face of Note] 

[If the Holder of this Note (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, insert: Unless
this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and such Note issued
is registered in the name of Cede & Co., or in such other name as 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.] 
 BOSTON PROPERTIES LIMITED
PARTNERSHIP 
 3.200% Senior Notes due 2025 
  

					
	 No.
                    
	  		  	$            
	 CUSIP No. 101 12 RAZ 7
	  		  	

 BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (herein referred to as the
“Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO. or registered assigns the principal sum of
                     Dollars ($        ) on January 15, 2025 (the “Stated Maturity
Date”) or earlier at the option of the Company as provided herein (the “Redemption Date”) and to pay interest thereon from December 4, 2017 or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, semi-annually on January 15 and July 15 in each year (each, an “Interest Payment Date”), commencing July 15, 2018, at the rate of 3.200% per annum, until
the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be 15 calendar days prior to such Interest Payment Date (whether or not a Business Day) at the office or agency of the Company
maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds to an account maintained by such

  
 A-1 

 
Holder within the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to
the Holder in whose name this Note (or one or more 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 of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series 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 of twelve
30-day months. 
 The principal of this Note payable on the Stated Maturity Date or the principal
of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date, will be paid against presentation of this Note at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York, 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. 

Interest payable on this Note on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be, will
include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including December 4, 2017 if no interest has been paid on this Note) to but
excluding such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day, as defined below,
principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force
and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be.
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to
close. 
 All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Note will be made by the Company
in immediately available funds. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of Authentication
hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: December 4, 2017 
  

							
	BOSTON PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	Boston Properties, Inc., its general partner
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

	
	Attest:
	
	  

	Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		 		 	as Trustee
				
	Dated: December 4, 2017	 		 	By:	 	  

		 		 		 	 Authorized Signatory

  
 A-3 

 REVERSE OF NOTE 

BOSTON PROPERTIES LIMITED PARTNERSHIP 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture, dated as of December 13, 2002, as supplemented by Supplemental Indenture No. 17 dated as of December 4, 2017 (as so supplemented, herein called the “Indenture”), each between
the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Notes to be issued under such series is initially limited to $850,000,000
(except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes). All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and be continuing, the principal of the Notes of
this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes are subject to
redemption, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to (x) if the Notes are redeemed prior to the Par Call Date, the greater of (i) 100% of the principal amount of the Notes
to be redeemed or (ii) the sum of the present values as of the Redemption Date of the remaining scheduled payments of principal and interest that would have been payable in respect of such principal had such Notes matured on the Par Call Date
and such redemption not been made (exclusive of any interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable Treasury Yield, plus 15 basis points (the “Make-Whole Amount”), plus, in either case, accrued and unpaid interest to the Redemption Date or (y) if the Notes
are redeemed on or after the Par Call Date, 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 

Notice of redemption will be given by first-class mail to Holders of Notes, not less than 15 nor more than 60 days prior to the Redemption
Date, all as provided in the Indenture. 
 In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority of the aggregate principal amount of all Notes 

  
 A-4 

 
issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal
amount of the Outstanding Notes, on behalf of the Holders of all such Notes, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the Outstanding Notes of any series to waive, on behalf of all of the Holders of Notes of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable
in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No Holder shall have any recourse under or upon any
obligation, covenant or agreement contained in the Indenture, or any indenture supplemental thereto, or this Note, or because of any indebtedness evidenced hereby or thereby, including the payment of the principal of or premium

  
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or Make-Whole Amount, if any, or the interest on this Note, or for any claim based hereon or thereon, or otherwise in respect hereof or thereof, against (i) Boston Properties or any other
past, present or future partner in the Company, (ii) any other person or entity which owns an interest, directly or indirectly, in any partner of the Company, or (iii) any past, present or future stockholder, employee, officer or director,
as such, of the Company or Boston Properties or any successor under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each Holder of this Note, by the
acceptance hereof and as part of the consideration for the issue hereof, expressly waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Note. 

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed entirely in such State. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name, address and zip
code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             
 to transfer this Note on the books of the Company. The agent may substitute
another to act for him. 
  
  

 

			
	Date:
                                        
	  	Your Signature:                                  
                                         
 
		  	(Sign exactly as your name appears on the face of this Note)
		
		  	Tax Identification No:                                
                                 
		
		  	SIGNATURE GUARANTEE:
		
		  	                                     
                                         
                       
		
		  	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

  
 B-1 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

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

									
	 Date of Exchange
	 	 Amount of

decrease
 in principal

amount of this

Global Note
	 	 Amount of

increase
 in principal

amount of this

Global Note
	 	 Principal amount
of this Global Note

following such
 decrease

(or increase)
	 	 Signature of

authorized officer

of Trustee or

Note Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 C-1EX-10.3

 Exhibit 10.3 

TLA2 
 THIS TRADEMARK
LICENSE AGREEMENT (this “Agreement”), made and entered into as of this 28th day of November, 2017 (the “Effective Date”), by and between CONSOL ENERGY
INC., a corporation organized under the laws of the state of Delaware (“Licensor”) and CNX RESOURCES CORPORATION, a corporation organized under the laws of the state of Delaware (“Licensee”). 

WHEREAS, Licensor owns all right, title, and interest to the trademarks “CONSOL” and certain other trademarks identified and
set forth in Schedule 1 annexed hereto and made a part hereof (collectively, the “Licensed Marks”); 
 WHEREAS,
Licensor and Licensee and other businesses formerly operated as, or as businesses of, Licensee; 
 WHEREAS, Licensor and Licensee are
now two, separate, publically traded companies; 
 WHEREAS, Licensor and Licensee entered into a Separation Agreement having an
effective date of November 28, 2017 (“Separation Agreement”); unless specifically defined in this Agreement, any capitalized term in this Agreement shall have the meaning set forth in the Separation Agreement. 

WHEREAS, Licensee continues to sell, and offer for sale products and services related to the natural gas industry in conjunction with
the Licensed Marks as of the Effective Date (“Licensed Products”) (the license terms of each of which are set forth in Schedule 2); 

WHEREAS, Licensee wishes to obtain from Licensor, subject to the terms and conditions set forth in this Agreement, the right and
license to use, have used, manufacture, have manufactured, sell, have sold, advertise, have advertised, import, have imported, export, have exported, offer for sale, and have offered for sale the Licensed Products using the Licensed Marks (the
“Licensed Purpose”); 
 WHEREAS, Licensor is willing to grant such rights, upon the terms and subject to the
conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

 

	1.	GRANT AND SCOPE OF LICENSE. 

 (a)    Grant of License.
Licensor hereby grants to Licensee the limited licenses to use and have used the Licensed Marks for the Licensed Products as set forth on Schedule 2 under the terms set forth in Schedule 2. 

(b)    Goodwill. Licensee expressly recognizes and acknowledges that its use of the Licensed Marks shall inure
solely to the benefit of Licensor, and shall not confer on Licensee any ownership rights to the Licensed Marks. Licensee agrees and covenants that it shall not challenge, contest, or take any actions inconsistent with Licensor’s exclusive
rights of ownership of the Licensed Marks. 
 (c)    Trademark Notices. All print and electronic displays of the
Licensed Marks by Licensee shall include at Licensor’s option, a notice to the effect that the Licensed Marks is owned by Licensor and used by Licensee under license from Licensor. 

(d)    Licensee Cooperation. Licensee agrees to reasonably cooperate with Licensor in achieving registration of the
Licensed Marks worldwide, and in maintaining and protecting existing registrations therefor at Licensor’s sole expense. Licensee shall execute any and all documents which Licensor may reasonably request in support of such registrations, and, at
Licensor’s request, Licensee shall provide use evidence, testimony, and documentation that may be required in any ex parte or inter partes administrative proceedings and prosecutions, maintenance and renewals involving
registrations of the Licensed Marks, at Licensee’s sole expense. 

  
 1 

 (e)    Quality Control, Licensor Approvals. Licensor as owner of the
Licensed Marks shall have the right at all times to control and approve the nature and quality of the Licensed Products, and to inspect Licensee’s business operations upon reasonable prior notice for the purpose of ensuring that a high level of
quality of the Licensed Products is being maintained by Licensee. At Licensor’s reasonable request during each calendar year, Licensee shall submit samples of Licensed Products to Licensor, at no cost to Licensor, and shall not materially
depart therefrom without Licensor’s prior express written consent. The Licensed Products, as well as all promotional, packaging and advertising material relative thereto, shall include all appropriate legal notices as required by Licensor. No
more frequently than once per year, a third party auditor chosen by Licensor and approved by Licensee, such approval not to be unreasonably withheld, shall be entitled at any time on reasonable notice to the Licensee to enter, during regular
business hours, any premises used by the Licensee or its manufacturers for the manufacture, packaging, storage, or performance of the Licensed Products, to inspect such premises, all plant, workforce and machinery used for manufacture, packaging,
storage, or performance of Licensed Products and all other aspects of the manufacture, packaging, storage, and performance of Licensed Products (“Access Rights”). Prior to exercising such Access Rights, the third party auditor shall enter
into a nondisclosure agreement with Licensee that, among other terms deemed acceptable by Licensee and such third party auditor, shall: (a) limit the content of any report made by the third party auditor to Licensor to a description of the
manner in which, and the conditions under which, the Licensed Marks is used by Licensee or its manufacturers; and (b) prevent the disclosure of any of Licensee’s trade secrets and/or Confidential Information. To the extent reasonably
practicable, all Licensed Products shall include notices on labeling, packaging, adverting, and other promotion material for the Licensed Products stating that the Licensed Marks are owned by Licensor and used by Licensee under license from
Licensor. The Licensed Products shall be of a quality commensurate with previous products and services provided by Licensee prior to execution of the Separation Agreement. If the quality of a class of the Licensed Products falls below such
standards, Licensee shall use commercially reasonable efforts to restore such quality. In the event that Licensee has not taken appropriate steps to restore such quality within ninety (90) days after notification by Licensor, Licensor shall
have the right to terminate this Agreement. 
 (f)    Compliance with Trademark Usage Guidelines. Licensee agrees
to comply with Licensor’s trademark usage guidelines and any other policies and requirements applicable to the Licensed Marks. 
  

	2.	ENFORCEMENT OF INTELLECTUAL PROPERTY. 

 (a)    Third Party
Infringement. In the event that Licensee becomes aware that any third party is infringing the Licensed Marks, Licensee shall promptly notify Licensor and provide pertinent details. Licensor shall have the right in its sole discretion to bring a
legal action for infringement against the third party, together with the right to enforce and collect any judgment thereon. If Licensor elects to exercise such right, Licensee shall, at Licensor’s request, provide reasonable assistance to
Licensor, at the sole expense of Licensor. In the event that Licensor declines to bring a legal action for infringement against a third party operating in the gas business identified by Licensee, Licensee shall have the right to bring a legal action
for infringement against the third party upon receiving the prior written approval of Licensor, such approval not to be unreasonably withheld. 
  

	3.	INDEMNIFICATION. 

 (a)    Licensee shall defend, indemnify and hold
harmless Licensor and its officers, directors, employees, agents, corporate subsidiaries, parents, and affiliates (“Licensor Indemnitees”) from and against any and all demands, claims, actions or causes of action, assessments,
deficiencies, damages, losses, liabilities and expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses), incurred in conjunction with or arising out of or relating to any third-party claim
concerning the Licensed Products and any acts or omissions of Licensee, including without limitation Licensee’s performance of its obligations under this Agreement. The Licensor Indemnitees agree to cooperate with Licensee, at Licensee’s
expense, to provide copies of any documents or materials reasonably requested by Licensee in support of its defense of the Licensor Indemnitees. 

  
 2 

	4.	TERM AND TERMINATION. 

 (a)    Term. The Term of this
Agreement will commence on the Effective Date and shall continue for the time periods set forth in Schedule 2 unless sooner terminated in accordance with the terms of this Agreement. 

(b)    Termination for Breach. Licensor and Licensee will be entitled to terminate this Agreement by written notice
to the other party in the event the other party is in material breach of any of its obligations hereunder and shall fail to remedy any such default within ninety (90) days after notice thereof by the
non-breaching party. 
 (c)    Termination Upon Bankruptcy. Either party
may terminate this Agreement by written notice to the other in the event of: (a) the other party’s making assignment for the benefit of its creditors or filing a voluntary petition under any bankruptcy or insolvency law, under the
reorganization or arrangement provisions of the United States Bankruptcy Code, or under the provisions of any law of like import; or (b) the filing of an involuntary petition against the other party under any bankruptcy or insolvency law, under
the reorganization or arrangement provisions of the United States Bankruptcy Code, or under any law of like import; or (c) the appointment of a trustee or receiver for the party or its property. 

(d)    Survival of Obligations; Return of Confidential Information. Notwithstanding any expiration or termination
of this Agreement, Sections 1(d), 3(a), 4(d), 5(a), 5(b), and 6(a) through 6(j) shall survive and continue to be enforceable as set forth herein. Upon any expiration or termination of this Agreement, Licensee shall promptly return to Licensor, or at
Licensor’s direction, destroy all confidential information and all copies thereof in Licensee’s possession. 
  

	5.	REPRESENTATIONS AND WARRANTIES. 

 (a)    Licensor represents and
warrants to Licensee that Licensor’s performance of its obligations under this Agreement is not in conflict with, and will not result in a breach of or constitute a default under, any other contract, instrument, rule of law or order of any
court or governmental agency to which Licensor is a party or by which Licensor is bound. 
 (b)    Licensee represents
and warrants to Licensor that Licensee’s performance of its obligations under this Agreement are not in conflict with, and will not result in a breach of or constitute a default under, any other contract, instrument, rule of law or order of any
court or governmental agency to which Licensee is a party or by which Licensee is bound. 
  

	6.	MISCELLANEOUS. 

 (a)    Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without regard to its conflicts of law principles. 

(b)    Waiver. The waiver by any party of a breach or a default of any provision of this Agreement by any other
party shall not be construed as a waiver of any succeeding breach of the same or any other provision, nor shall any delay or omission on the part of a party to exercise or avail itself of any right, power or privilege that it has or may have
hereunder operate as a waiver of any right, power or privilege by such party. 
 (c)    Waiver of Jury Trial. To
the fullest extent permitted by applicable law each party hereby irrevocably waives all right of trial by jury in any action, proceeding, claim, or counterclaim arising out of or in connection with this Agreement or any matter arising hereunder.

 (d)    No Agency. Nothing herein shall be deemed to constitute Licensor, on the one hand, or Licensee, on the
other hand, as the agent or representative of the other, or as joint venturers or partners for any purpose. Neither Licensor, on the one hand, nor Licensee, on the other hand, shall be responsible for the acts or omissions of the other. No party
will have authority to speak for, represent or obligate the other party in any way without prior written authority from such other party. 

  
 3 

 (e)    Entire Agreement. This Agreement and the Separation Agreement
together contain the full understanding of the parties with respect to the subject matter hereof and supersedes all prior understandings and writings relating thereto. No waiver, alteration or modification of any of the provisions hereof shall be
binding unless made in writing and signed by the parties. 
 (f)    Headings. The headings contained in this
Agreement are for convenience of reference only and shall not be considered in construing this Agreement. 

(g)    Notices. All notices required or permitted hereunder will be in writing and will be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile transmission if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications will be sent to the party to be notified at the address as set forth below or at such other address as such party may designate by written notice to the other parties hereto. Notices shall be provided to the addresses set
forth below: 
  

			
	 If to Licensor: Martha Wiegand
	  	If to Licensee: Stephanie Gill
		
	 CONSOL Energy Inc.
	  	CNX Resources Corporation
	 Address: 1000 CONSOL Energy

Drive, Canonsburg, PA 15317
	  	 Address: 1000 CONSOL Energy
 Drive,
Canonsburg, PA 15317

	 Attn: General Counsel
	  	Attn: General Counsel
	 Phone No.:
724-485-4009
	  	Phone No.: 724-485-4234

 (h)    Severability. In the event that any provision of this Agreement is held by a
court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any law of any relevant jurisdiction, the validity of the remaining provisions shall not be affected and the invalid provision shall be severed herefrom.

 (i)    Assignment. This Agreement may not be assigned or otherwise transferred by Licensee in any manner
without the prior written consent of Licensor in its sole discretion, including without limitation by operation of law, a change of control, merger, acquisition, or otherwise. Licensor may freely assign any or all of its rights or obligations under
this Agreement. Subject to the foregoing, this Agreement will inure to the benefit of and will be binding on the parties hereto and their respective permitted assigns. 

(j)    Counterparts; Images Signatures. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original but all of such together shall constitute one and the same instrument. Scanned PDF copies of signatures and facsimile copies of signatures may be deemed original signatures. 

[Remainder of this Page Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
respective authorized officers as of the Effective Date. 
  

									
	CONSOL ENERGY INC.	 		 	CNX RESOURCES CORPORATION
	By:	 	 /s/ James A. Brock
	 		 	By:	 	 /s/ Stephen W. Johnson

	Name:	 	James A. Brock	 		 	Name:	 	Stephen W. Johnson
	Date:	 	November 28, 2017	 		 	Date:	 	November 28, 2017

  
 5 

 SCHEDULE 1 

LICENSED MARKS 

United States Trademarks 
  

									
	 Word Mark
	  	Serial Number	 	  	Reg. Number	 
	 CONSOL ENERGY
	  	 	77/799,873	 	  	 	4,242,300	 
	 CONSOL ENERGY
	  	 	75/924,231	 	  	 	2,756,594	 

									
	  
 

	  	  
  
	  
 77/799,903
	  
  
	  	  
  
	  
 4,242,301
	  
  

	 

	  	 	75/924,232	 	  	 	2,756,595	 

  
 6 

 SCHEDULE 2 

LICENSE TERMS 

1.    The license granted to use and have used the Licensed Marks with respect to, and in conjunction with, the
manufacture, offer for sale, sale, importation, exportation, and provision of Licensed Products is non-exclusive, worldwide and royalty-free and includes the right to sublicense to Licensee’s subsidiaries
and affiliates. 
 2.    Licensor further grants Licensee the right to sublicense the Licensed Marks to any third party
which currently is licensed to use the Licensed Marks in connection with any Licensee related business. The term of this grant will be 1 year. 

3.    Licensee is expressly prohibited from using the Licensed Marks with respect to, in conjunction with, the
manufacture, offer for sale, sale, importation, exportation, or provision of products or services in the coal business. 

4.    The term of the license granted for Licensed Products is 1 year from the Effective Date. 

5.    Licensor agrees that for a term of 5 years, it shall not use nor license others to use the Licensed Marks in the
natural gas business. 
 6.    The license granted herein shall not include any right for Licensee, nor any sublicensee,
to use any corporate name, fictitious name, or other corporate identifier that includes or comprises the Licensed Marks. Nothing herein shall be construed as prohibiting Licensee from making factually accurate statements concerning its contractual
relationship with Licensor, provided that the wording of such statements shall be subject to Licensor’s prior written approval, such approval not to be unreasonably withheld. 

  
 7

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