Document:

ewlu_ex102.htm

EXHIBIT 10.2
 
SECURITIES PURCHASE AGREEMENT
 
This Securities Purchase Agreement (this “Agreement”) is dated as of November 21, 2019 (the “Effective Date”) by and between Merion, Inc., a Nevada corporation (the “Company”) and WEI FANG (the “Purchaser”).
 
RECITALS
 
WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulations D and S thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, certain securities of the Company as more fully described in this Agreement.
 
NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:
 
ARTICLE I.
DEFINITIONS
 
1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:
 
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in, and construed, under Rule 405 under the Securities Act.
 
“Board of Directors” means the board of directors of the Company.
 
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
 
“Closing” means the closing of the purchase and sale of the Shares pursuant to Section 2.1.
 
“Closing Date” means the day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived.
 
“Commission” means the United States Securities and Exchange Commission.
    
	 
	1
	
 
	 

  
“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
 
“Exchange Rules” shall mean the listing rules of The OTC Marketplace.
 
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
 
“Per Share Purchase Price” equals $1.00 per share of Common Stock, subject to adjustment for reverse and forward stock splits, stock combinations and other similar transactions of the Common Stock that may occur after the date of this Agreement.
 
“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
 
“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(c).
 
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 
 
“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(f).
 
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
 
“Securities Laws” means, collectively, the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), the Securities Act, the Exchange Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board, the Exchange Rules and applicable state securities laws and regulations. 
 
“Shares” means an aggregate of 30,000 shares of Common Stock to be issued to the Purchaser pursuant to this Agreement (the “Shares”).
 
“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).
 
“Subscription Amount” means, an aggregate amount of $30,000 to be paid for Shares purchased by the Purchaser in United States dollars and in immediately available funds.
   
	 
	2
	
 
	 

  
“Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.
 
“Trading Day” means a day on which the principal Trading Market is open for trading.
 
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the OTCQB or the OTC Pink Open Market (or any successors to any of the foregoing).
 
“Transaction Documents” means this Agreement, and any other documents or agreements executed between the Company and the Purchaser in connection with the transactions contemplated hereunder.
 
“Transfer Agent” means Worldwide Stock Transfer, LLC, the current transfer agent of the Company, with a mailing address of One University Plaza, Suite 505.Hackensack, NJ 07601, and any successor transfer agent of the Company.
 
ARTICLE II.
PURCHASE AND SALE
 
2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees to purchase, up to an aggregate of 30,000 shares. Upon receiving the Purchaser’s Subscription Amount on the Closing Date and the delivery by the Purchaser of the other items set forth in Section 2.2 deliverable at the Closing, the Company shall deliver the Shares to the Purchaser as determined pursuant to Section 2.2(a). 
 
2.2 Deliveries.
 
(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser each of the following:
 
(i) this Agreement duly executed by the Company;
 
(ii) subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver the Shares equal to the Purchaser’s Subscription Amount divided by the Per Share Purchase Price, in the name of the Purchaser.
 
(b) On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following:
 
(i) this Agreement duly executed by the Purchaser; and
 
(ii) the Purchaser’s Subscription Amount by wire transfer to the bank account directed by the Company.
  
	 
	3
	
 
	 

  
2.3 Closing Conditions.
 
(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:
 
(i) the accuracy when made and on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 
 
(ii) all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and
 
(iii) the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement on or prior to the Closing Date.
 
(b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:
 
(i) the accuracy when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they will be accurate as of such date); 
 
(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; 
 
(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement on or prior to the Closing Date; and
 
(iv) there shall have been no material adverse effect with respect to the Company since the date hereof.
 
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
 
3.1 Representations and Warranties of the Company. Except as indicated in the SEC Reports, the Company hereby represents and warrants to the Purchaser as of the date of this Agreement and as of the Closing Date as follows:
 
(a) Organization and Qualification. The Company and each of the Subsidiaries, if any, is an entity duly incorporated or otherwise organized and validly existing under the laws of each jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. 
 
	 
	4
	
 
	 

  
(b) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals (as defined below).
 
(c) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any governmental authority or any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents or the offer, issue and sale of the Shares, other than: (i) the disclosure filing required for this Agreement, (ii) such filings as are required to be made under applicable state securities laws, and (iii) such consents, waivers and authorizations that shall be obtained prior to the Closing (collectively, the “Required Approvals”).
 
(d) Authorization of the Shares. The Shares to be sold by the Company and their issue and sale are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and free and clear of all Liens imposed by the Company.
 
(e) Capitalization. Except as may be described in the SEC Reports, all of the issued share capital of the Company has been duly and validly authorized and issued, is fully paid and non-assessable. 
 
(f) SEC Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto, documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”). 
 
(g) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 
	 
	5
	
 
	 

 
3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as made of a specific date stated therein, in which case they shall be accurate as of such date):
 
(a) Organization; Authority. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms.
 
(b) Understandings or Arrangements. The Purchaser is acquiring the Shares for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the Shares (this representation and warranty not limiting the Purchaser’s right to sell the Shares in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Shares as principal, not as nominee or agent, and not with a view to or for distributing or reselling the Shares or any part thereof in violation of the Securities Act or any applicable state securities law.
 
(c) Foreign Investors. The Purchaser hereby represents that it has satisfied itself as to the full observance by the Purchaser of the laws of its jurisdiction applicable to the Purchaser in connection with the purchase of the Shares or the execution and delivery by the Purchaser of this Agreement and the Transaction Documents, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to the purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the Purchaser’s purchase, holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for, and continued beneficial ownership of, the Shares will not violate any securities or other laws of the Purchaser’s jurisdiction applicable to the Purchaser.
 
(d) Experience of Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.
 
(e) Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
   	 
	6
	
 
	 

  
(f) Regulation S. The Purchaser is a non-U.S. person (as such term is defined in Rule 902 of Regulation S under the Securities Act) and is not acquiring the Shares for the account or benefit of a U.S. person. The Purchaser will not, within six (6) months of the date of the transfer of the Shares to the Purchaser, (i) make any offers or sales of the Shares in the United States or to, or for the benefit of, a U.S. person (in each case, as defined in Regulation S) other than in accordance with Regulation S or another exemption from the registration requirements of the Securities Act, or (ii) engage in hedging transactions with regard to the Shares unless in compliance with the Securities Act. Neither the Purchaser nor any of the Purchaser’s Affiliates or any person acting on his/her or their behalf has engaged or will engage in directed selling efforts (within the meaning of Regulation S) with respect to the Shares, and all such persons have complied and will comply with the offering restriction requirements of Regulation S in connection with the offering of the Shares outside of the United States. 
 
(g) Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser first discussed the transaction with the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending on the date when this Agreement is publicly disclosed by the Company. The Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).
 
(h) Purchaser Status. At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is, an “accredited investor” as defined in Rule 501(a) under the Securities Act.
 
(i) No Registration. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act or applicable securities laws of any state or country and therefore the Shares cannot be sold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and applicable state securities laws or exemptions from such registration requirements are available. The Company shall be under no obligation to register the Shares under the Securities Act and applicable state securities laws, and any such registration shall be in the Company’s sole discretion.
 
(j) No General Solicitation. The Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.
 
	 
	7
	
 
	 

 
ARTICLE IV.
OTHER AGREEMENTS OF THE PARTIES
 
4.1 Reservation of Securities. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents. 
 
4.2 Certain Transactions and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending on the date when this Agreement is publicly disclosed by the Company. The Purchaser also covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, the Purchaser will maintain the confidentiality of the existence and terms of this transaction. 
 
4.3 Legends. The Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the Purchaser or in connection with a pledge as contemplated in this Section 4.3, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities Act. The Purchaser agrees to the imprinting, so long as is required by this Section 4.3, of a legend on all of the certificates evidencing the Shares in the following form:
 
THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
 
	 
	8
	
 
	 

 
ARTICLE V.
MISCELLANEOUS
 
5.1 Termination. This Agreement may be terminated by the Company or the Purchaser by written notice to the other party if the Closing has not been consummated on or before December 31, 2019; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).
 
5.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. 
 
5.3 Entire Agreement. The Transaction Documents contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
 
5.4 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.
 
5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
 
5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.
 
5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. No party hereto may assign this Agreement or any rights or obligations hereunder without the prior written consent of the Company and the Purchaser. 
 
5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in this Section 5.8.
  	 
	9
	
 
	 

 
5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the Clark County, Nevada. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Clark County, Nevada, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 
 
5.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares. The terms of this Article V shall survive any termination of the Agreement pursuant to Section 5.1. 
 
5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.
 
5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
  	 
	10
	
 
	 

 
5.13 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
 
5.14 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. The English version of this Agreement, regardless of whether a translation in any other language is or will be made, shall be the only authentic version.
 
5.15 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
 
(Signature Pages Follow)
 
	 
	11
	
 
	 

 
IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
 
COMPANY
 
MERION, INC.
 
By: /s/ Ding Hua Wang                                                           
Name: DING HUA WANG
Title: Chief Executive Officer
 
Address for Notice:
9550 Flair Dr, Suite 302
 
El Monte CA 91731
 
Fax: 626-448-2163
 
Email: info@merionus.com
 
PURCHASER
 
By: /s/ Wei Fang                                                                     
Name: WEI FANG 
 
Address: 
 
Tel:
 
Email:
 
	 
	12EX-4.2

 Exhibit 4.2 

MID-AMERICA APARTMENTS, L.P., 

Issuer 
 – and –

 U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
  

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 Dated as of November 26, 2019 

to 
 INDENTURE 

Dated as of May 9, 2017 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  

	
	DEFINITIONS AND OTHER	  

	PROVISIONS OF GENERAL APPLICATION	  

			
	 Section 1.01.
	 	Certain Provisions of General Application	  	 	2	 
	 Section 1.02.
	 	Additional Definitions	  	 	3	 
	
	ARTICLE 2	  

	
	FORM AND TERMS OF THE NOTES	  

			
	 Section 2.01.
	 	Designation of Notes; Establishment of Form of Notes	  	 	5	 
	 Section 2.02.
	 	Amount	  	 	5	 
	 Section 2.03.
	 	Issuance	  	 	5	 
	 Section 2.04.
	 	Stated Maturity	  	 	5	 
	 Section 2.05.
	 	Interest	  	 	5	 
	 Section 2.06.
	 	Notes Not Convertible or Exchangeable	  	 	6	 
	 Section 2.07.
	 	Payable in Dollars; No Option for Other Payment Currency	  	 	6	 
	 Section 2.08.
	 	Payments by Reference to Index, Formula, etc.	  	 	6	 
	 Section 2.09.
	 	Covenant Defeasance	  	 	6	 
	 Section 2.10.
	 	No Payment of Additional Amounts	  	 	6	 
	 Section 2.11.
	 	Paying Agent and Security Registrar	  	 	6	 
	 Section 2.12.
	 	Other Terms	  	 	7	 
	 Section 2.13.
	 	References to Premium	  	 	7	 
	
	ARTICLE 3	  

	
	ADDITIONAL COVENANTS FOR THE BENEFIT OF HOLDERS OF NOTES	  

			
	 Section 3.01.
	 	Additional Covenants	  	 	7	 
	
	ARTICLE 4	  

	
	AMENDMENTS TO THE INDENTURE	  

	FOR THE BENEFIT OF THE HOLDERS OF THE NOTES	  

			
	 Section 4.01.
	 	Amendment to Section 402(3) of the Original Indenture	  	 	10	 

  
 i 

							
			
	 	 	 	  	Page	 
	
	  
 ARTICLE 5
	 
  

	
	MISCELLANEOUS PROVISIONS	  

			
	 Section 5.01.
	 	Adoption, Ratification and Confirmation	  	 	11	 
	 Section 5.02.
	 	Conflicts with Trust Indenture Act	  	 	11	 
	 Section 5.03.
	 	Effect of Headings and Table of Contents	  	 	11	 
	 Section 5.04.
	 	Successors and Assigns	  	 	11	 
	 Section 5.05.
	 	Separability Clause	  	 	11	 
	 Section 5.06.
	 	Benefits of Fourth Supplemental Indenture	  	 	11	 
	 Section 5.07.
	 	Governing Law	  	 	11	 
	 Section 5.08.
	 	Counterparts	  	 	11	 
	 Section 5.09.
	 	Conflicts with Original Indenture	  	 	12	 
	 Section 5.10.
	 	Acceptance by Trustee	  	 	12	 
	 Section 5.11.
	 	Numbering of Sections and Articles in the Indenture	  	 	12	 
		
	 Annex A-Form of Note
	  	 	A-1	 

  
 ii 

 THIS FOURTH SUPPLEMENTAL INDENTURE dated as of November 26, 2019 (this “Fourth
Supplemental Indenture”) between MID-AMERICA APARTMENTS, L.P., a limited partnership duly organized and existing under the laws of the State of Tennessee (hereinafter called the “Operating
Partnership”), having its principal executive office located at 6815 Poplar Avenue, Suite 500, Germantown, Tennessee 38138, and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws
of the United States of America, as trustee (hereinafter called the “Trustee”). 
 RECITALS 

WHEREAS, the Operating Partnership has executed and delivered to the Trustee an Indenture dated as of May 9, 2017 (the “Original
Indenture”; the Original Indenture, as the same may be amended or supplemented from time, including by this Fourth Supplemental Indenture, the “Indenture”) providing for the issuance from time to time of the Operating
Partnership’s Securities (as defined in the Original Indenture) in one or more series; 
 WHEREAS, Sections 201, 301 and 901(5) of
the Original Indenture provide that the Operating Partnership and the Trustee may, without the consent of any Holders (as defined in the Original Indenture) of Securities, enter into one or more indentures supplemental thereto to establish the form
and terms of the Securities of any series issued pursuant to the Original Indenture; 
 WHEREAS, the Operating Partnership desires to issue
the Operating Partnership’s 2.750% Senior Notes due 2030 (the “Notes”), a new series of Securities; 
 WHEREAS,
Section 901(2) of the Original Indenture provides that the Operating Partnership and the Trustee may, without the consent of any Holders of Securities, enter into one or more indentures supplemental thereto to add to the covenants of the
Operating Partnership for the benefit of the Holders of any or all series of Securities and Section 901(11) of the Original Indenture provides that the Operating Partnership and the Trustee may, without the consent of any Holders of Securities,
enter into one or more indentures supplemental thereto to amend or supplement any provisions contained therein so long as such amendment or supplement does not apply to any Outstanding Security issued prior to the date of the supplemental indenture
effecting such amendment or supplement, as the case may be, and entitled to the benefits of such provision; 
 WHEREAS, the Operating
Partnership, pursuant to the foregoing authority, proposes in and by this Fourth Supplemental Indenture to establish the form and terms of the Notes and to amend and supplement in certain respects the Original Indenture; and 

WHEREAS, the Operating Partnership has authorized the execution and delivery of this Fourth Supplemental Indenture and all things necessary to
make the Notes, when executed by the Operating Partnership and authenticated and delivered, the valid obligations of the Operating Partnership in accordance with their terms and to make this Fourth Supplemental Indenture a valid agreement of the
Operating Partnership in accordance with its terms have been done. 

 NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER 
 PROVISIONS
OF GENERAL APPLICATION 
 Section 1.01.    Certain Provisions of General Application. Except as otherwise
expressly provided in or pursuant to this Fourth Supplemental Indenture or unless the context otherwise requires, for all purposes of this Fourth Supplemental Indenture: 
  

	 	(1)	 the terms defined in Section 1.02 of this Fourth Supplemental Indenture have the meanings assigned to them
in Section 1.02, and include the plural as well as the singular; 

  

	 	(2)	 the terms Operating Partnership, Trustee and Indenture and all other terms used herein which are defined in the
Original Indenture shall, unless otherwise expressly provided in Section 1.02 of this Fourth Supplemental Indenture, have the meanings assigned to them in the Original Indenture; 

 

	 	(3)	 all other terms, if any, used herein which are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein; 

  

	 	(4)	 all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

  

	 	(5)	 the words “herein,” “hereof,” “hereto” and “hereunder” and other words
of similar import refer to this Fourth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

  

	 	(6)	 the word “or” is always used inclusively (for example, the phrase “A or B” means “A or
B or both”, not “either A or B but not both”); 

  

	 	(7)	 provisions apply to successive events and transactions; 

 

	 	(8)	 the term “merger” includes a statutory share exchange and the terms “merge” and
“merged” have correlative meanings; 

  

	 	(9)	 the masculine gender includes the feminine and the neuter; 

 

	 	(10)	 references to agreements and other instruments include subsequent amendments and supplements thereto;

  
 2 

	 	(11)	 if expressly so indicated herein, certain terms defined in Section 1.02 of this Fourth Supplemental
Indenture supersede and replace, but only insofar as relates to the Notes, the corresponding definitions in the Original Indenture; and 

  

	 	(12)	 unless otherwise expressly stated or the context otherwise requires, references in this Fourth Supplemental
Indenture (including, without limitation, references in any covenants or other provisions added to the Original Indenture pursuant to this Fourth Supplemental Indenture) to the “date of the Indenture”, and similar references, mean
November 26, 2019. 

 Section 1.02.    Additional Definitions. Section 101 of
the Original Indenture is hereby amended and supplemented, but solely insofar as relates to the Notes, to add the following definitions, all in appropriate alphabetical sequence: 

“Adjusted Total Assets” means, as of any date, the sum of (without duplication) (i) Undepreciated Real Estate Assets on
such date and (ii) all other assets (excluding accounts receivable and intangibles) of the Operating Partnership and its Subsidiaries on such date, all determined on a consolidated basis in accordance with GAAP. 

“Annual Debt Service Charge” for any period means interest expense of the Operating Partnership and its Subsidiaries for such
period including, without duplication, (1) all amortization of debt discount, (2) all accrued interest, (3) all capitalized interest and (4) the interest component of all capitalized lease obligations, all determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Income Available for Debt Service” for any period means the
Consolidated Net Income of the Operating Partnership and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for (without duplication): 

 

	 	(1)	 interest expense on Debt, 

 

	 	(2)	 provision for taxes based on income, 

 

	 	(3)	 amortization of debt discount and deferred financing costs, 

 

	 	(4)	 the income or expense attributable to transactions involving derivative instruments that do not qualify for
hedge accounting in accordance with GAAP, 

  

	 	(5)	 provisions for gains and losses on sales or other dispositions of properties and other investments,

  

	 	(6)	 depreciation and amortization, 

 

	 	(7)	 gains or losses on early extinguishment of Debt, 

 

	 	(8)	 all prepayment penalties and all legal, accounting, financial advisory and similar 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), 

  
 3 

	 	(9)	 the effect of any item that is non-cash and non-recurring, and 

  

	 	(10)	 amortization of deferred charges, all determined on a consolidated basis in accordance with GAAP.

 “Consolidated Net Income” for any period means the amount of net income (or loss) of the Operating
Partnership and its Subsidiaries for such period, excluding (without duplication) (1) gains and losses on sales of properties and other investments, (2) extraordinary items, (3) property valuation gains and losses (including
impairment charges), and (4) the portion of net income (loss) of the Operating Partnership and its Subsidiaries allocable to noncontrolling interest, all determined on a consolidated basis in accordance with GAAP. 

“Fourth Supplemental Indenture” means this Fourth Supplemental Indenture dated as of November 26, 2019, between the
Operating Partnership and the Trustee, as originally executed or as it may from time to time be amended or supplemented by one or more indentures supplemental to the Indenture entered into pursuant to the applicable provisions of the Indenture. 

“Notes” means the Operating Partnership’s 2.750% Senior Notes due 2030, issued pursuant to the Indenture. 

“Secured Debt” has the meaning set forth in Section 1015. 

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

“Unencumbered Total Asset Value” means, as of any date, the sum of (without duplication) (i) those Undepreciated Real
Estate Assets on such date which are not subject to a Lien securing Debt and (ii) all other assets (excluding accounts receivable and intangibles) of the Operating Partnership and its Subsidiaries on such date which are not subject to a Lien
securing Debt, all determined on a consolidated basis in accordance with GAAP; provided, however, that all investments by the Operating Partnership or any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships,
unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such investments would have otherwise been included. 

“Unsecured Debt” means Debt of the Operating Partnership or any of its Subsidiaries that is not Secured Debt. 

  
 4 

 ARTICLE 2 

FORM AND TERMS OF THE NOTES 

Section 2.01.    Designation of Notes; Establishment of Form of Notes. Pursuant to Section 301 of the
Original Indenture, there is hereby established a new series of Securities which shall be known and designated as the 2.750% Senior Notes due 2030 and which are sometimes referred to in this Fourth Supplemental Indenture as the
“Notes.” Pursuant to Section 201 of the Original Indenture, the Notes shall be substantially in the form attached hereto as Annex A. 

Section 2.02.    Amount. The aggregate principal amount of the Notes which may be authenticated and delivered
under the Indenture is initially limited to $300,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 905 or 1107 of the
Indenture, but subject to the Operating Partnership’s right to re-open such series of Securities from time and time for issuance of additional Securities of such series without notice to or the consent of
any Holders of Notes; provided, however, that notwithstanding the foregoing, the Notes may not be reopened if the Operating Partnership has effected satisfaction and discharge with respect to the Notes pursuant to Section 401 of the Indenture
or has effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Section 402 of the Indenture. 

Section 2.03.    Issuance. The Notes are issuable only as Registered Securities without Coupons and may (but
need not) bear a corporate or other seal of the Operating Partnership. The Notes shall be issued in book-entry form and evidenced by one or more permanent Global Securities of such series, the initial Depository for the Global Securities of such
series shall be The Depository Trust Company and the depository arrangements shall be those employed by whoever shall be the Depository with respect to the Global Securities of such series from time to time. Notwithstanding the foregoing,
certificated Notes in definitive form may be issued to beneficial owners of interests in Global Securities of such series in exchange for their respective interests in the Global Securities of such series under the circumstances contemplated by
Section 305 of the Indenture. 
 Section 2.04.    Stated Maturity. The final maturity date of the Notes
on which the unpaid principal thereof shall be due and payable shall be March 15, 2030. 

Section 2.05.    Interest. The principal of the Notes shall bear interest at the rate of 2.750% per annum from
November 26, 2019, or from the most recent date to which interest has been paid or duly provided for on the Notes, payable semi-annually in arrears on March 15 and September 15 (each such date being an Interest Payment Date for the
Notes) of each year, commencing March 15, 2020, to the Holders of the Notes (or one or more Predecessor Securities of such series) registered as such at the close of business on March 1 or September 1, as the case may be (each such
date being a Regular Record Date for the Notes), immediately preceding such Interest Payment Dates, regardless of whether or not any such Regular Record Date is a Business Day. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months. Any principal of, or premium, if any, or interest on any Notes which is not paid when due shall, to the extent permitted by applicable
law, bear interest from the date such amount was originally due to the date of payment of such overdue amount at the rate of interest borne by the 

  
 5 

 
Notes. All such interest on overdue amounts shall, to the extent permitted by applicable law, be payable on demand. The Operating Partnership shall not have any right to extend the Interest
Payment Dates or interest payment periods for the Notes. 
 Section 2.06.    Notes Not Convertible or
Exchangeable. The Notes shall not be convertible into or exchangeable for Capital Stock or other securities or property (other than exchanges for other Notes as provided in the Indenture). 

Section 2.07.    Payable in Dollars; No Option for Other Payment Currency. The principal of, and premium, if
any, and interest on the Notes shall be payable in Dollars and the Operating Partnership shall not have any right to elect to make, nor shall any Holder of Notes have any right to elect to receive, payment in respect of the Notes in any currency
other than Dollars. 
 Section 2.08.    Payments by Reference to Index, Formula, etc. Other than
amounts payable upon redemption of the Notes at the option of the Operating Partnership prior to December 15, 2029, the amount of payments of principal of, and premium, if any, or interest on the Notes shall not be determined with reference to
an index, formula or other similar method. 
 Section 2.09.    Covenant Defeasance. Section 402
(relating to legal defeasance and covenant defeasance) of the Original Indenture, as amended, solely insofar as relates to the Notes, pursuant to Section 4.01 of this Fourth Supplemental Indenture) shall apply to the Notes; provided that
(i) the Operating Partnership may effect legal defeasance and covenant defeasance only with respect to all (and not less than all) of the Notes and (ii) the covenants and other obligations, which are subject (solely insofar as relates to
the Notes) to covenant defeasance shall be those set forth in the amendment and restatement of Section 402(3) of the Original Indenture set forth in Section 4.01 of this Fourth Supplemental Indenture. 

Section 2.10.    No Payment of Additional Amounts. The Operating Partnership shall not be required to pay
Additional Amounts in respect of the Notes. 
 Section 2.11.    Paying Agent and Security Registrar. The
Operating Partnership’s Office or Agency in the Borough of Manhattan, The City of New York where the Notes may be presented or surrendered for payment of principal of, and premium, if any, and interest on the Notes, where the Notes may be
surrendered for registration of transfer or exchange, and where notices and demands to or upon the Operating Partnership in respect of the Notes and the Indenture may be served shall initially be the Corporate Trust Office of the Trustee in the
Borough of Manhattan, The City of New York, which office at the date of this Fourth Supplemental Indenture is located at U.S. Bank National Association, Corporate Trust
EX-NY-Wall, Administrator for Mid-America Apartments, 100 Wall Street, Suite 1600, New York, NY 10005; provided,
however, that, subject to Section 1002 of the Indenture, the Operating Partnership may from time to time designate one or more other Offices or Agencies where the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; and provided, further, that the Operating Partnership may subsequently appoint a different Office or Agency in the Borough of Manhattan, The City of New York for such purposes. 

  
 6 

 The Operating Partnership initially appoints the Trustee as the Security Registrar and
Paying Agent for the Notes, and the Trustee hereby accepts such appointment. The Operating Partnership may remove and replace the Security Registrar and Paying Agent for the Notes and appoint another Security Registrar and one or more other Paying
Agents with respect to the Notes, subject to compliance with the applicable provisions of the Indenture. 

Section 2.12.    Other Terms. The Notes shall have such other terms and provisions as are set
forth in the form of Note attached hereto as Annex A, all of which terms and provisions are incorporated by referenced in and made a part of this Fourth Supplemental Indenture as if set forth in full herein. 

Section 2.13.    References to Premium. As used in the Indenture and this Fourth Supplemental Indenture with
respect to the Notes and in the certificates evidencing the Notes, all references to “premium” on the Notes shall mean any amounts (other than accrued interest) payable upon the redemption of any Notes in excess of 100% of the principal
amount of such Notes. 
 ARTICLE 3 

ADDITIONAL COVENANTS FOR THE BENEFIT OF HOLDERS OF NOTES 

Section 3.01.    Additional Covenants. 

Article Ten of the Original Indenture is hereby supplemented, but solely insofar as relates to the Notes, by adding the following new sections
to appear immediately after Section 1012 of the Original Indenture and to read in full as follows (and the Table of Contents in the Original Indenture is amended, but solely insofar as relates to the Notes, to insert the section numbers and
titles of the following sections in appropriate sequence): 
 “Section 1013. Limitation on Incurrence of Total Debt. 

The Operating Partnership will not, and will not cause or permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect
to the incurrence of such additional Debt and the application of the proceeds thereof on a pro forma basis, the aggregate principal amount of all outstanding Debt of the Operating Partnership and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 60% of the sum of (without duplication): 
  

	 	(1)	 Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such
additional Debt; 

  

	 	(2)	 the aggregate purchase price of any real estate assets or mortgages receivable (or interests therein) acquired
by the Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including those obtained by application of the proceeds of such additional Debt, and owned by the Operating Partnership or any of its Subsidiaries as of
the date of incurrence of such additional Debt; and 

  

	 	(3)	 the aggregate amount of any securities offering proceeds received by (or contributed to) the Operating
Partnership or any of its Subsidiaries since the end of such fiscal quarter (to the extent that such proceeds were not used to acquire such 

  
 7 

	 	real estate assets or mortgages receivable (or interests therein) or used to reduce Debt of the Operating Partnership or any of its Subsidiaries), including the proceeds obtained from the incurrence of such additional
Debt, determined on a consolidated basis in accordance with GAAP. 

 For clarity, it is understood and agreed that, for
purposes of this Section 1013, Debt of a Person existing at the time such Person is merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to
have been incurred by the Operating Partnership or such Subsidiary, as the case may be, on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be. 

Section 1014. Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge. 

The Operating Partnership will not, and will not cause or permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1, on a pro forma basis after giving
effect to the incurrence of such additional Debt and to the application of the proceeds thereof, determined on a consolidated basis in accordance with GAAP and calculated on the assumptions that: 

 

	 	(1)	 such additional Debt and any other Debt incurred by the Operating Partnership or any of its Subsidiaries since
the first day of such four quarter period had been incurred, and the application of the proceeds therefrom (including to repay or retire other Debt) had occurred, on the first day of such period, 

 

	 	(2)	 the repayment or retirement of any other Debt of the Operating Partnership or any of its Subsidiaries since the
first day of such four quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the
average daily balance of such Debt during such period), and 

  

	 	(3)	 in the case of any acquisition or disposition by the Operating Partnership or any of its Subsidiaries of any
asset or group of assets, in any such case with a fair market value (determined in good faith by the Operating Partnership’s Board of Directors) in excess of $1,000,000, since the first day of such four quarter period, whether by merger,
purchase or sale of Capital Stock or assets, or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro
forma calculation. 

  
 8 

 If the Debt giving rise to the need to make the foregoing calculation or any other Debt
incurred after the first day of the relevant four quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if
the average rate which would have been in effect during the entire such four quarter period had been the applicable rate for the entire such period. 

For clarity, it is understood and agreed that, for purposes of this Section 1014, Debt of a Person existing at the time such Person is
merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be,
on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be. 

Section 1015. Limitation on Incurrence of Secured Debt. 

The Operating Partnership will not, and will not cause or permit any of its Subsidiaries to, incur any Debt secured by a Lien upon any property
or assets of the Operating Partnership or any of its Subsidiaries, whether owned as of the date of the Indenture or thereafter acquired (“Secured Debt”), if, immediately after giving effect to the incurrence of such additional
Secured Debt and the application of the proceeds thereof on a pro forma basis, the aggregate principal amount of all outstanding Secured Debt of the Operating Partnership and its Subsidiaries on a consolidated basis determined in accordance
with GAAP is greater than 40% of the sum of (without duplication): 
  

	 	(1)	 Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such
additional Debt; 

  

	 	(2)	 the aggregate purchase price of any real estate assets or mortgages receivable (or interests therein) acquired
by the Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including those obtained by application of the proceeds of such additional Debt, and owned by the Operating Partnership or any of its Subsidiaries as of
the date of incurrence of such additional Debt; and 

  

	 	(3)	 the aggregate amount of any securities offering proceeds received by (or contributed to) the Operating
Partnership or any of its Subsidiaries since the end of such fiscal quarter (to the extent that such proceeds were not used to acquire such real estate assets or mortgages receivable (or interests therein) or used to reduce Debt of the Operating
Partnership or any of its Subsidiaries), including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP. 

For clarity, it is understood and agreed that, for purposes of this Section 1015, Debt of a Person existing at the time such Person is
merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be,
on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be. 

  
 9 

 Section 1016. Maintenance of Unencumbered Total Asset Value. 

The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an
Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

For clarity, it is understood and agreed that, for purposes of this Section 1016, Debt of a Person existing at the time such Person is
merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be,
on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be.” 

ARTICLE 4 
 AMENDMENTS TO THE
INDENTURE 
 FOR THE BENEFIT OF THE HOLDERS OF THE NOTES 

Section 4.01.    Amendment to Section 402(3) of the Original Indenture.
Section 402(3) of the Original Indenture is hereby amended and restated, but only insofar as relates to the Notes, to read in full as follows: 
  

	 	“(3)	 Upon the Operating Partnership’s exercise of the above option applicable to this clause (3) of this
Section 402 with respect to the Outstanding Notes, the Operating Partnership shall be released from its obligations under clause (2) of Section 1005, Sections 1006 and 1007 and Sections 1011 through 1016, inclusive, on and after the
date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “covenant defeasance”), and such Notes shall thereafter be deemed to be not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such
covenant defeasance means that, with respect to such Outstanding Notes, the Operating Partnership may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section, or by reason of reference in any such Section, to any other provision herein or in any other document, and such omission to comply shall not constitute a
default or an Event of Default under Section 501(4) or otherwise, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby.” 

  
 10 

 ARTICLE 5 

MISCELLANEOUS PROVISIONS 

Section 5.01.    Adoption, Ratification and Confirmation. The Original Indenture, as amended and supplemented
by this Fourth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 

Section 5.02.    Conflicts with Trust Indenture Act. If any provision of this Fourth Supplemental Indenture
limits, qualifies or conflicts with a provision of the Trust Indenture Act deemed to be included in the Indenture pursuant to Section 318(c) thereof, the latter provision shall control. 

Section 5.03.    Effect of Headings and Table of Contents. The Article, Section and subsection headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 5.04.    Successors and Assigns. All covenants and agreements in this Fourth Supplemental Indenture by
the Operating Partnership shall bind its successors and assigns, whether so expressed or not. 

Section 5.05.    Separability Clause. In case any provision in this Fourth Supplemental Indenture or any Note
that may be endorsed on the certificate evidencing any Note shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, to the fullest extent permitted by law, in any way be
affected or impaired thereby. 
 Section 5.06.    Benefits of Fourth Supplemental Indenture. Nothing
in this Fourth Supplemental Indenture or any Note, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar and any Paying Agent and their successors under the Indenture and the Holders of Notes, any
benefit or any legal or equitable right, remedy or claim under this Fourth Supplemental Indenture. 

Section 5.07.    Governing Law. This Fourth Supplemental Indenture and the Notes shall be governed by, and
construed in accordance with, the laws of the State of New York without regard, to the extent permitted by applicable law, to conflicts of law principles of such State other than New York General Obligations Law
Section 5-1401. EACH OF THE OPERATING PARTNERSHIP AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, SUIT OR
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS FOURTH SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES OR ANY TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 5.08.    Counterparts. This Fourth Supplemental Indenture may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument. To the extent permitted by applicable law, the exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile or
PDF transmission shall 

  
 11 

 
constitute effective execution and delivery of this Fourth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fourth Supplemental Indenture for all purposes,
and signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 5.09.    Conflicts with Original Indenture. To the extent that any provision of this Fourth
Supplemental Indenture conflicts with the Original Indenture, the provisions of this Fourth Supplemental Indenture will (except as may be otherwise required by the Trust Indenture Act) govern and be controlling. 

Section 5.10.    Acceptance by Trustee. The Trustee accepts the amendments and supplements to the Original
Indenture effected by, and the other terms and provisions of, this Fourth Supplemental Indenture and agrees to execute the trusts created by the Original Indenture as hereby amended and supplemented, upon the terms and conditions set forth in the
Indenture. 
 Section 5.11.    Numbering of Sections and Articles in the Indenture. As provided above, this
Fourth Supplemental Indenture amends and supplements the Original Indenture, but solely insofar as relates to the Notes, to, among other things, add certain covenants and other provisions designated as Sections 1013 through 1016. Because the
foregoing provisions added by this Fourth Supplemental Indenture relate solely to the Notes, it is understood and agreed that the article and section numbers assigned to provisions added to the Original Indenture with respect to the Notes by this
Fourth Supplemental Indenture may be assigned to provisions that may, in accordance with the terms of the Indenture, be added to the Indenture with respect to any one or more other series of Securities so long as such additional provisions shall
relate only to such other series of Securities. 
 [Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed, all as of the day and year first written above. 
  

			
	MID-AMERICA APARTMENTS, L.P.,
	as Issuer
		
	By:	 	Mid-America Apartment Communities, Inc.,
	its general partner
		
	By:	 	 /s/ Andrew Schaeffer

	Name:	 	Andrew Schaeffer
	Title:	 	Senior Vice President and Treasurer

  

			
	Attest:	 	
	
	 /s/ Leslie Wolfgang

	Name:	 	Leslie Wolfgang
	Title:	 	Senior Vice President, Chief Ethics and
		 	Compliance Officer and Corporate Secretary

 Signature Page to Fourth Supplemental Indenture 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Wally Jones

	Name:	 	Wally Jones
	Title:	 	Vice President

 Signature Page to Fourth Supplemental Indenture 

 ANNEX A 

FORM OF NOTE 

 [This paragraph for inclusion in Global Notes only—] THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE (AS DEFINED BELOW) AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.] 

[This paragraph for inclusion in Global Notes only—] UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”), TO THE OPERATING PARTNERSHIP (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS 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. 
  

			
	No.: R- ●	  	$ ●
	CUSIP No. 59523UAR8	  	
	ISIN No.: US59523UAR86	  	

 MID-AMERICA APARTMENTS, L.P. 

2.750% Senior Notes due 2030 

Mid-America Apartments, L.P., a Tennessee limited partnership (hereinafter called the
“Operating Partnership”, which term includes any successor thereto under the Indenture referred to below), for value received, hereby promises to pay to ●, or registered assigns, the principal sum of ● Dollars ($●) on
March 15, 2030 (the “Stated Maturity”), and to pay interest thereon from November 26, 2019 or from the most recent date to which interest has been paid or duly provided for, semi-annually in arrears on March 15 and
September 15 of each year (each, an “Interest Payment Date”), commencing March 15, 2020, and at the Stated Maturity, at the rate of 2.750% per annum, until the principal hereof is paid or duly made available for payment. Interest
on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
shall forthwith cease to be payable to the Person who was the Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or
may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Any
principal of, or premium, if any, or interest on this Note which is not paid when due shall, to the extent permitted by applicable law, bear interest from the date such amount was originally due to the date of payment of such overdue amount at an
interest rate per annum equal to the rate of interest borne by this Note. All such interest on overdue amounts shall be payable on demand. 

  
 A-1 

 Payment of the principal of, and premium, if any, and interest on this Note will be made at
the Office or Agency of the Operating Partnership 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 payment of public
and private debts; provided, however, that, at the option of the Operating Partnership, interest may be paid by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by
transfer to an account maintained by the payee with a bank located in the United States of America; provided, further, that, notwithstanding the foregoing, all payments of principal of, and premium, if any, and interest on Notes in
global form that are registered in the name of a Depository or its nominee (“Global Notes”) shall be made by wire transfer of immediately available funds (unless otherwise required by the Depository) in accordance with the procedures of
the Depository. 
 This Note is one of a duly authorized issue of Securities of the Operating Partnership issued and to be issued in one or
more series under an Indenture dated as of May 9, 2017 (the “Original Indenture”), as amended and supplemented by the Fourth Supplemental Indenture dated as of November 26, 2019 (the “Fourth Supplemental Indenture”; the
Original Indenture, as amended and supplemented by the Fourth Supplemental Indenture and any other indentures supplemental thereto, is hereinafter called the “Indenture”), each between the Operating Partnership and U.S. Bank National
Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), 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 Operating Partnership, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the
series of Securities designated on the face hereof (such series of Securities, the “Notes”).     
 Prior to
December 15, 2029 (the “Par Call Date”), the Notes may be redeemed, at any time in whole or from time to time in part, at the option of the Operating Partnership, for cash, at a Redemption Price equal to the greater of: 

 

	 	(a)	 100% of the principal amount of the Notes to be redeemed, and 

 

	 	(b)	 the sum of the present values of the remaining scheduled payments of principal of, and interest on, the Notes
to be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to the applicable Redemption Date) discounted to such Redemption Date on a semi-annual basis, assuming a
360-day year consisting of twelve 30-day months, at the Treasury Rate plus 15 basis points, 

plus, in the case of both clauses (a) and (b) above, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not
including, such Redemption Date. 
 On and after the Par Call Date, the Notes may be redeemed, at any time in whole or from time to time in
part, at the option of the Operating Partnership, for cash, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not
including, such Redemption Date. 
 Notwithstanding the foregoing, installments of interest on Notes that are due and payable on an Interest
Payment Date falling on or prior to a Redemption Date for the Notes will be payable to the Persons who were the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant Regular Record
Dates according to their terms and the provisions of the Indenture. 
 “Treasury Rate” means (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three 

  
 A-2 

 
months before or after the remaining life of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury
Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for the applicable Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the applicable Redemption Date. As used in the immediately preceding sentence and in the definition of
“Reference Treasury Dealer Quotations” below, the term “Business Day” means any day, other than a Saturday or a Sunday, that is not a day on which banking institutions in The City of New York are authorized or required by law,
regulation or executive order to close. 
 “Comparable Treasury Issue” means, with respect to any Redemption Date for the Notes,
the United States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on 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 be redeemed
(assuming, for this purpose, that the Notes matured on the Par Call Date). 
 “Comparable Treasury Price” means, with respect to
any Redemption Date for the Notes: 
  

	 	(a)	 the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or 

  

	 	(b)	 if the Operating Partnership obtains fewer than five but more than one such Reference Treasury Dealer
Quotations for such Redemption Date, the average of all such quotations, or 

  

	 	(c)	 if the Operating Partnership obtains only one such Reference Treasury Dealer Quotation for such Redemption
Date, that Reference Treasury Dealer Quotation. 

 “Independent Investment Banker” means, with respect to any
Redemption Date for the Notes, an independent investment banking institution of national standing appointed by the Operating Partnership with respect to such Redemption Date. 

“Reference Treasury Dealer” means with respect to any Redemption Date for the Notes, as determined by the Operating Partnership,
either (a) (i) two primary U.S. Government securities dealers in The City of New York (each, a “Primary Treasury Dealer”) selected jointly by Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Jefferies LLC,
J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc. or their respective successors and (ii) three other Primary Treasury Dealers selected by the Operating Partnership or (b) one Primary Treasury Dealer selected by the
Operating Partnership and four other Primary Treasury Dealers selected by the Independent Investment Banker. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Operating Partnership, of the bid and ask prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Operating Partnership by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Notwithstanding any provision of the Original Indenture, notice of any redemption by the Operating Partnership will be mailed at least
15 days but not more than 60 days before any Redemption Date to the Holders of the Notes to be redeemed. If less than all of the Outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions of the Notes (in
principal amounts of $2,000 and integral multiples of $1,000 in excess thereof) to be redeemed by such method as the Trustee shall deem fair and appropriate and, in the case of Global Notes, in accordance with the Depository’s procedures;
provided, however, that the unredeemed portion of the principal amount of any Note being redeemed in part must be an authorized denomination. 

  
 A-3 

 Unless the Operating Partnership defaults in payment of the Redemption Price and accrued
interest on the Notes or portions thereof called for redemption, on and after any Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 

The Notes are not subject to, and will not be entitled to the benefit of, any sinking fund. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of, and accrued and unpaid interest on the Notes
may be declared immediately due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with
certain exceptions as therein provided, the Operating Partnership and the Trustee, with the consent of the Holders of at least a majority in principal amount of the Outstanding Notes, to modify or amend (but solely insofar as relates to the Notes)
any provisions of the Indenture or of the Notes or the rights of the Holders of the Notes under the Indenture. The Indenture also contains provisions permitting the Holders of at least a majority in aggregate principal amount of the Notes at the
time Outstanding, on behalf of the Holders of all Notes, to waive (but solely insofar as relates to the Notes), compliance by the Operating Partnership with certain provisions of the Indenture and certain past defaults under the Indenture with
respect to the Notes 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 of any 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 Operating Partnership, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on this
Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Security Register upon surrender of this Note for registration of transfer at the Office or Agency of the Operating Partnership maintained for the
purpose in any place where the principal of, and interest on this Note are payable, duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Operating Partnership 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. 

The Notes are issuable only in registered form without Coupons in the denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations set forth therein, the Notes are exchangeable for a like aggregate principal amount of Notes in any authorized denominations, as requested by the Holders surrendering the same.

 No service charge shall be made for any such registration of transfer or exchange, but the Operating Partnership may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Operating Partnership, the Trustee and any agent of the Operating
Partnership or the Trustee may treat the Person in whose name this Note is registered in the Security Register as the owner hereof for all purposes, whether or not any payment with respect to this Note shall be overdue, and none of the
Operating Partnership, the Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture contains provisions
whereby, upon the satisfaction of certain conditions, (i) the Operating Partnership may be discharged from its obligations with respect to the Notes, and the Operating Partnership may be discharged from its obligations under the Indenture
(subject to certain exceptions) or (ii) the Operating Partnership may be released from its obligations under specified covenants in the Indenture. 

  
 A-4 

 No recourse under or upon any obligation, covenant or agreement contained in the Indenture
or in this Note, or because of any indebtedness evidenced by any of the foregoing, shall be had against any past, present or future partner, shareholder, member, manager, employee, officer, agent or director, solely in their capacity as such,
of the Operating Partnership or of any of the Operating Partnership’s predecessors or successors, either directly or through the Operating Partnership or any such predecessor or 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, all such liability being expressly waived and released by the acceptance of this Note by the Holder and as part of the consideration for the
issue of this Note.  
 This Note shall be governed by and construed in accordance with the laws of the State of New York without
regard, to the extent permitted by applicable law, to the conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 

All terms used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the
Indenture. To the extent that any term defined in the Original Indenture shall have been superseded or replaced, insofar as relates to the Notes, by a term defined in the Fourth Supplemental Indenture, then, for all purposes of this Note, such term
shall have the meaning specified in the Fourth Supplemental Indenture. 
 Unless the certificate of authentication hereon has been executed
by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 A-5 

 IN WITNESS WHEREOF, the Operating Partnership has caused this instrument to be duly executed
by the manual or facsimile signatures of two of the duly authorized officers of its general partner. 
 Dated: ● 

 

			
	MID-AMERICA APARTMENTS, L.P.
		
	By:	 	 Mid-America Apartment Communities, Inc.,

its general partner

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

			
		
	By:	 	  

			
	Authorized Signatory

  
 A-6 

 ABBREVIATIONS 

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

					
	TEN COM—as tenants in common	  	UNIF GIFT MIN ACT —	  	                         Custodian
                        
	TEN ENT—as tenants by the entireties	  		  	      (Cust)                               
  (Minor)
	 JT TEN—as joint tenants with right of survivorship
	  	Under Uniform Gifts to Minors
	and not as tenants in common	  		  	Act
                                         
                       
		  		  	
(State)                

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

 
  

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		  	  

    
	  	

  
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE 
  

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

                          
                                         
                                         
                                         
                                         
           Attorney 
 to transfer said security on the books of the Operating Partnership with full
power of substitution in the premises. 
  

					
	Dated:
                                         
                       	  		  	Signed:
                                         
                       

 Notice: The signature(s) to this assignment must correspond with the name(s) as it (they) appear upon the face
of the within security in every particular, without alteration or enlargement or any change whatsoever. 

  
 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]