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Exhibit 4.3    
    

REGISTRATION RIGHTS AGREEMENT  

        REGISTRATION RIGHTS AGREEMENT, dated as of August 27, 1999 (the "Agreement"), is by and among Simon
Property Group, Inc. (the "Company") and the persons set forth on Schedule A (the  "Rights Holders"). The Rights Holders and their respective successors-in-interest and permitted assigns are hereinafter
sometimes referred to as the "Holders."

R E C I T A L S:  

        On September 24, 1998, the Company and certain holders of Partnership Units (as defined below in Section 11.4) (the  "Priority Holders") of Simon Property Group, L.P., a Delaware limited partnership (the "Operating
Partnership"), entered into a Registration Rights Agreement. 

        The
Operating Partnership has issued to the Rights Holders units in the Operating Partnership consisting of common units ("Common Units"),
7.00% Cumulative Convertible Preferred Units ("7% Preferred Units") and 8.00% Cumulative Redeemable Preferred Units ("8%
Preferred Units" and, together with the 7% Preferred Units and New 8% Preferred Units, as defined below, the "Preferred Units",
and the Common Units, together with Preferred Units, the "Units"). 

        Under
the Sixth Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated as of September 24, 1998, as amended and supplemented to date (the  "Partnership Agreement"), the
Holders have the right to exchange all or any portion of their 7% Preferred Units (i) at any time after
April 27, 2004, for shares ("7% Preferred Shares") of the Company's 7.00% Cumulative Convertible Preferred Stock (the "7%
Preferred Stock"), (ii) under certain circumstances after April 27, 2004, for Common Units. In addition, under certain circumstances the Holders (or the successor
holders, as the case may be) may require the Operating Partnership to repurchase such
Holders' 7% Preferred Units, with the purchase price to be paid in cash and/or Common Shares (as defined below), all as set forth in the Partnership Agreement. 

        Under
the Partnership Agreement the Holders have the right to exchange all or any portion of their 8% Preferred Units at any time after April 27, 2004, for shares
("8% Preferred Shares" and, together with the 7% Preferred Shares, "Preferred Shares") of the Company's
8.00% Cumulative Redeemable Preferred Stock (the "8% Preferred Stock"). At any time after April 27, 2009, the Operating Partnership has the right
to redeem the 8% Preferred Units with payment of a redemption price consisting (other than the portion thereof consisting of accrued and unpaid distributions, which is payable in cash) of new
preferred units ("New 8% Preferred Units") or Common Units, at the election of the Operating Partnership. In addition, under certain circumstances the
Holders (or the successor holders, as the case may be) may require the Operating Partnership to repurchase such Holders' 8% Preferred Units, with the purchase price to be paid in cash and/or Common
Shares, all as set forth in the Partnership Agreement. 

        Under
the Partnership Agreement holders of Common Units have the right to exchange all or any portion of their Common Units for shares ("Common
Shares" and together with Preferred Shares, "Shares") of the Company's common stock, par value $.0001 per share (which are
paired with a beneficial interest in shares of common stock, par value $.0001 per share, of SPG Realty Consultants, Inc. ("SPG, Realty")) (the  "Common Stock"), or cash, at the election of the Company and SPG Realty. 

        Except
as provided herein, any Shares issued upon such exchange of Preferred Units for Preferred Shares or Common Units for Common Shares will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"). 

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        The
Company has agreed to provide certain registration rights with respect to the Shares held or to be held by the Holders. 

        In
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as
follows: 

        1.    Securities Subject to this Agreement.    The securities entitled to the benefits of this Agreement are
(a) the Preferred Shares or Common Shares issued upon exchange or repurchase of the Preferred Units, (b) the Common Shares issued by the Company to the Holders upon exchange of the
Common Units and (c) the Common Shares issued upon conversion of the Preferred Shares (collectively, the "Registrable Securities") but, with
respect to any particular Registrable Security, only so long as it continues to be a
Registrable Security. Registrable Securities shall include any securities issued as a dividend or distribution on account of Registrable Securities or resulting from a subdivision of the outstanding
shares of Registrable Securities into a greater number of shares (by reclassification, stock split or otherwise). For the purposes of this Agreement, a security that was at one time a Registrable
Security shall cease to be a Registrable Security when (a) such security has been effectively registered under the Securities Act, other than pursuant to Section 4 of this Agreement, and
either (i) the registration statement with respect thereto has remained continuously effective for 150 days or (ii) such security has been disposed of pursuant to such
registration statement, (b) such security is sold to the public in reliance on Rule 144 (or any similar provision then in force) under the Securities Act, (c) such security has
been otherwise transferred, and (i) the Company has delivered a new certificate or other evidence of ownership not bearing the legend set forth on the Shares upon the initial issuance thereof
(or other legend of similar import) and (ii) in the opinion of counsel to the Company reasonably acceptable to the Holders and addressed to the Company and the holder of such security, the
subsequent disposition of such security shall not require the registration or qualification under the Securities Act, or (d) such security has ceased to be outstanding. 

        Notwithstanding
anything to the contrary herein, any Holder may exercise any of its rights hereunder prior to its receipt of Shares, provided that such Holder, simultaneously with the
delivery of any notice requesting registration hereunder, shall deliver an Exercise Notice to the Company requesting (i) exchange, or repurchase, of Units exchangeable into, or with a
repurchase price equal to, such number of Shares as such Holder has requested to be registered or (ii) conversion of 7% Preferred Shares into such number of Common Shares as such Holder has
requested to be registered. Any such Exercise Notice so delivered shall be (a) conditioned on the effectiveness of the requested registration in connection with which it was delivered and
(b) deemed to cover only such number of Units or Preferred Shares as are exchangeable or convertible into the number of Shares actually sold pursuant to the requested registration. Any Shares
to be issued in connection with any such Exercise Notice shall be issued upon the closing of the sale of such Shares pursuant to the requested registration. In the event that the Company elects to
issue all cash in lieu of Shares upon the exchange of Units covered by any such Exercise Notice, the registration requested by the Holder that delivered such Exercise Notice, if a Demand Registration,
shall not constitute a Demand Registration under Section 2.1 hereof. 

        Nothing
contained herein shall create any obligation on the part of the Company to issue Shares, rather than cash, upon the exchange of any Units. 

        2.    Demand Registration.    

        2.1.    Request for Registration.    At any time, each Holder may make a written request per 12-month
period (specifying the intended method of disposition) for registration under the Securities Act (each, a "Demand Registration") of all or part of such
Holder's Registrable Securities (but such part, together with the number of securities requested by other Holders to be included in such Demand Registration pursuant to this Section 2.1, shall
have an estimated market 

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value
at the time of such request (based upon the then market price of a share of Common Stock of the Company) of at least $10,000,000). Notwithstanding the foregoing, the Company shall not be
required to file any registration statement on behalf of any Holder within six months after the effective date of any earlier registration statement so long as the Holder requesting the Demand
Registration was given a notice offering it the opportunity to sell Registrable Securities under the earlier registration statement and such Holder did not request that all of its Registrable
Securities be included; provided, however, that if a Holder requested that all of its Registrable
Securities be included in the earlier registration statement but not all were so included through no fault of the Holder, such Holder may, but shall not be obligated to, require the Company to file
another registration statement pursuant to a Demand Registration (subject, in the event of a Demand Registration for less than all such remaining Registrable Securities, to the same $10,000,000
limitation set forth above) exercised by such Holder within six months of the effective date of such earlier registration statement. Within ten days after receipt of a request for a Demand
Registration, the Company shall give written notice (the "Notice") of such request to all other Holders and shall include in such registration all
Registrable Securities that the Company has received written requests for inclusion therein within 15 days after the Notice is given (the "Requested
Securities"). Thereafter, the Company may elect to include in such registration additional Shares to be issued by the Company. In such event for purposes only of
Section 2.3 (other than the first sentence thereof) and not for purposes of any other provision or Section hereof (including, without limitation, Section 3), (a) such shares to be
issued by the Company in connection with a Demand Registration shall be deemed to be Registrable Securities and (b) the Company shall be deemed to be a Holder thereof. All requests made
pursuant to this Section 2.1 shall specify the aggregate number of Registrable Securities to be registered. 

        2.2.    Effective Registration and Expenses.    A registration shall not constitute a Demand Registration under
Section 2.1 hereof until it has become effective. In any registration initiated as a Demand Registration, the Company shall pay all Registration Expenses (as defined in Section 8)
incurred in connection therewith, whether or not such Demand Registration becomes effective, unless such Demand Registration fails to become effective as a result of the fault of one or more Holders
other than the Company, in which case the Company will not be required to pay the Registration Expenses incurred with respect to the offering of such Holder or Holders' Registrable Securities. The
Registration Expenses incurred with respect to the offering of such Holder or Holders' Registrable Securities shall be the product of (a) the aggregate amount of all Registration Expenses
incurred in connection with such registration and (b) the ratio that the number of such Registrable Securities bears to the total number of Registrable Securities included in the registration. 

        2.3.    Priority on Demand Registrations.    The Holder making the Demand Registration may elect whether the offering
of such Registrable Securities pursuant to such Demand Registration shall be in the form of a firm commitment underwritten offering or otherwise;  provided, however, that such Holder may not elect that such offering be made on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act. In any case in which an offering is in the form of a firm commitment underwritten offering, if the managing underwriter or underwriters of
such offering advise the Company in writing that in its or their opinion the number of Registrable Securities proposed to be sold in such offering exceeds the number of Registrable Securities that can
be sold in such offering without adversely affecting the market for the Company's common stock, the Company will include in such registration the number of Registrable Securities that in the opinion
of such managing underwriter or underwriters can be sold without adversely affecting the market for the Company's common stock. In such event, the number of Registrable Securities, if any, to be
offered for the accounts of Holders (including the Holder making the Demand Registration) shall be reduced pro rata on the basis of the relative number
of any Registrable Securities requested by each such Holder to be included in such registration to the extent 

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necessary
to reduce the total number of Registrable Securities to be included in such offering to the number recommended by such managing underwriter or underwriters. In the event the Holder making
the Demand shall receive notice pursuant to this Section 2.3 that the amount of Registrable Securities to be offered for the account of such Holder shall be reduced, such Holder shall be
entitled to withdraw the Demand by written notice to the Company within seven (7) days after receipt of such notice, with the effect that such Demand shall be deemed not to have been made. 

        2.4.    Selection of Underwriters.    If any of the Registrable Securities covered by a Demand Registration are to be
sold in an underwritten offering, the Holders, in the aggregate, that own or will own a majority of the Registrable Securities that the Company has been requested to register (including the Requested
Securities but excluding any securities to be issued by the Company), shall have the right to select the investment banker or investment bankers and manager or managers that will underwrite the
offering; provided, however, that such investment bankers and managers must be reasonably satisfactory
to the Company. 

        3.    Piggyback Registration.    Whenever the Company proposes to file a registration statement under the
Securities Act with respect to an underwritten public offering of Common Stock by the Company for its own account or for the account of any stockholders of the Company (other than a registration
statement filed pursuant to either Section 2 or 4 hereof), the Company shall give written notice (the "Offering Notice") of such proposed filing
to each of the Holders at least 30 days before the anticipated filing date. Such Offering Notice shall offer all such Holders the opportunity to register such number of Registrable Securities
as each such Holder may request in writing, which request for registration (each, a "Piggyback Registration") must be received by the Company within
15 days after the Offering Notice is given. The Company shall use all reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering, if any, to permit
the holders of the Registrable Securities requested to be included in the registration for such offering to include such Registrable Securities in such offering on the same terms and conditions as the
common stock of the Company or, if such offering is for the account of other stockholders, the common stock of such stockholders included therein. Notwithstanding the foregoing, if the managing
underwriter or underwriters of a proposed underwritten offering advise the Company in writing that in its or their opinion the number of
Registrable Securities proposed to be sold in such offering exceeds the number of Registrable Securities that can be sold in such offering without adversely affecting the market for the Common Stock,
the Company will include in such registration the number of Registrable Securities that in the opinion of such managing underwriter or underwriters can be sold without adversely affecting the market
for the Common Stock. In such event, the number of Registrable Securities, if any, to be offered for the accounts of Holders shall be reduced pro rata
on the basis of the relative number of any Registrable Securities requested by each such Holder to be included in such registration to the extent necessary to reduce the total number of Registrable
Securities to be included in such offering to the number recommended by such managing underwriter or underwriters. The number of securities to be offered for the accounts of the Holders shall be
reduced to zero before the number of securities to be offered for the accounts of the Priority Holders is reduced. The Company shall pay all Registration Expenses incurred in connection with any
Piggyback Registration. 

        4.    Shelf Registration.    Following the Effective Time, the Company shall use reasonable efforts to qualify for
registration on Form S-3 for secondary sales. The Company agrees that, upon the request of any Holder, the Company shall promptly after receipt of such request notify each other
Holder of receipt of such request and shall cause to be filed on or as soon as practicable thereafter, but not sooner than 35 days after the receipt of such notice from such Holder, a
registration statement (a "Shelf Registration Statement") on Form S-1, Form S-3 or any other appropriate form
under the Securities Act for an offering to be made on a delayed or continuous basis pursuant to Rule 415 thereunder or any similar rule that may be adopted by the Securities and Exchange
Commission (the 

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 "Commission") and permitting sales in any manner not involving an underwritten public offering (and shall register or qualify the shares to be sold in such offering under such
other securities or "blue sky" laws as would be required pursuant to Section 7(g) hereof) covering up to the aggregate number of (a) Shares to be issued to such Holder and all other
Holders who request that the Shares to be issued to them upon the exchange or repurchase of Units held by them be included in the Shelf Registration Statement upon the exchange or repurchase of Units
so that the Shares issuable upon the exchange or repurchase of such Units will be registered pursuant to the Securities Act, (b) Common Shares to be issued to such Holder and all other Holders
who request that the Common Shares to be issued to them upon the conversion of 7% Preferred Shares held by them be included in the Shelf Registration Statement upon the conversion of 7% Preferred
Shares so that the Common Shares issuable upon the conversion of such 7% Preferred Shares will be registered for sale by such Holders pursuant to the Securities Act and (c) Registrable
Securities held by such Holders. The Company shall use its best efforts to cause the Shelf Registration Statement to be declared effective by the Commission within three months after the filing
thereof. The Company shall use its reasonable efforts to keep the Shelf Registration Statement continuously effective (and to register or qualify the shares to be sold in such offering under such
other securities or "blue sky" laws as would be required pursuant to Section 7(g) hereof) for so long as any Holder holds any Shares or Units that may be exchanged for Shares under the
Partnership Agreement or until the Company has caused to be delivered to each Holder an opinion of counsel, which counsel must be reasonably acceptable to such Holders, stating that such Shares or
Shares issued upon such exchange or conversion may be sold by the Holders pursuant to Rule 144 promulgated under the Securities Act without regard to any volume limitations and that the Company
has satisfied the informational requirements of Rule 144. The Company shall file any necessary listing applications or amendments to existing applications to cause the Common Shares issuable
upon exchange or repurchase of Units or upon conversion of 7% Preferred Shares to be listed on the primary exchange on which the Common Stock is then listed, if any. Notwithstanding the foregoing, if
the Company determines that it is necessary to amend or supplement such Shelf Registration Statement and if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer
of the Company stating that in the good faith judgment of the Board of Directors of the Company it would be significantly disadvantageous to the Company and its stockholders for any such Shelf
Registration Statement to be amended or supplemented, the Company may defer such amending or supplementing of such Shelf Registration Statement for not more than 45 days and in such event the
Holders shall be required to discontinue disposition of any Registrable Securities covered by such Shelf Registration Statement during such period. Notwithstanding the foregoing, if the Company
irrevocably elects prior to the filing of any Shelf Registration Statement to issue all cash in lieu of Shares upon the exchange of Units by the Holder requesting the filing of such Shelf Registration
Statement, the Company shall not be obligated to file such Shelf Registration Statement. 

        5.    Rights of Other Stockholders.    Except for the rights granted previously to the Priority Holders pursuant to
the Registration Rights Agreement referred to in the first recital to this Agreement, the Company shall not grant any person (a "Subsequent Holder"), for so long as any securities convertible into or
exchangeable for Registrable Securities are outstanding, any rights to have their securities included in any registration statement to be filed by the Company if such rights are greater than the
rights of the Holders granted herein without extending such greater rights to the Holders. To the extent the securities of a Subsequent Holder are entitled to be included in any registration statement
and the managing underwriter or underwriters believe that the number of securities proposed to be sold in such offering exceeds the number of securities that can be sold in such offering without
adversely affecting the market for the Company's common stock, the number of securities to be offered for the accounts of such Subsequent Holders shall be reduced to zero before the number of
securities to be offered for the accounts of the Holders is reduced. Notwithstanding the foregoing, it is understood that in any case in which the securities to be offered for the accounts of the
Holders is reduced, such securities will be reduced pro rata with any securities offered for the accounts of holders of registration rights granted 

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pursuant
to that certain Registration Rights Agreement among the Company and [JP Morgan, et. al] to be entered into in connection with the issuance of the Units to the
Holders. 

        6.    Holdback Agreements.    

        6.1.    Restrictions on Public Sale by Holders of Registrable Securities.    Each Holder (a) participating in
an underwritten offering covered by any Demand Registration or Piggyback Registration or (b) in the event the Company is issuing shares of its capital stock to the public in an underwritten
offering, agrees, if requested by the managing underwriter or underwriters for such underwritten offering, not to effect (except as part of such underwritten offering or pursuant to Article XI
of the Partnership Agreement) any public sale or distribution of Registrable Securities or any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a
sale pursuant to Rule 144 (or any similar provision then in force) under the Securities Act, during the period (a "Lock-Out Period")
commencing 14 days prior to and ending no more than 90 days subsequent to the date (an "Execution Date") specified in the
Lock-Out Notice (as defined below) as the anticipated date of the execution and delivery of the underwriting agreement (or, if later, a pricing or terms agreement signed pursuant to such
underwriting agreement) to be entered into in connection with such Demand Registration or Piggyback Registration or other underwritten offering. The Execution Date shall be no fewer than
21 days subsequent to the date of delivery of written notice (a "Lock-Out Notice") by the Company to each Holder of the anticipated
execution of an underwriting agreement (or pricing or terms agreement), and the Execution Date shall be specified in the Lock-Out Notice. The Company may not deliver a Lock-Out
Notice unless it is making a good faith effort to effect the offering with respect to which such Lock-Out Notice has been delivered. Notwithstanding the foregoing, the Company may not
(a) establish Lock-Out Periods in effect for more than 208 days in the aggregate within any of the consecutive fifteen-month periods commencing on the date of this Agreement
and (b) cause any Lock-Out Period to commence (i) during the 45-day period immediately following the expiration of any Lock-Out Period, such
45-day period to be extended by one day for each day of delay pursuant to Section 7(a); or (ii) if the Company shall have been requested to file a Registration
Statement pursuant
to Section 2 during such 45-day period (as extended), until the earlier of (x) the date on which all Registrable Securities thereunder shall have been sold and
(y) 45 days after the effective date of such Registration Statement. Notwithstanding the foregoing, any Lock-Out Period may be shortened at the Company's sole discretion by
written notice to the Holders, and the applicable Lock-Out Period shall be deemed to have ended on the date such notice is received by the Holders. For the purposes of this
Section 6.1, a Lock-Out Period shall be deemed to not have occurred, and a Lock-Out Notice shall be deemed to not have been delivered, if, within 30 days of the
delivery of a Lock-Out Notice, the Company delivers a written notice (the "Revocation Notice") to the Holders stating that the offering (the  "Aborted Offering") with respect to which such Lock-Out Notice was delivered has not been, or shall not be, consummated;
provided, however, that any Lock-Out Period that the Company causes to commence within
45 days of the delivery of such Revocation Notice shall be reduced by the number of days pursuant to which the Holders were subject to restrictions on transfer pursuant to this
Section 6.1 with respect to such Aborted Offering. 

        6.2.    Restrictions on Public Sale by the Company.    If, but only if, the managing underwriter or underwriters for
any underwritten offering of Registrable Securities made pursuant to a Demand Registration so request, the Company agrees not to effect any public sale or distribution of any of its securities similar
to those being registered, or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4 or S-8 or
any successor or similar forms thereto) during the 14 days prior to, and during the 180-day period beginning on, the effective date of such Demand Registration. 

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        7.    Registration Procedures.    Whenever the Holders have requested that any Registrable Securities be registered
pursuant to Section 2, 3 or 4, the Company shall use its best efforts to effect the registration of Registrable Securities in accordance with the intended method of disposition thereof as
expeditiously as practicable, and in connection with any such request, the Company shall as expeditiously as possible: 

        (a)   in
connection with a request pursuant to Section 2, prepare and file with the Commission, not later than 40 days (or such longer period as may be required
in order for the Company to comply with the provisions of Regulation S-X under the Securities Act) after receipt of a request to file a registration statement with respect to
Registrable Securities, a registration statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale
of such Registrable Securities in accordance with the intended method of distribution thereof and, if the offering is an underwritten offering, shall be reasonably satisfactory to the managing
underwriter or underwriters, and use its best efforts to cause such registration statement to become effective; provided,  however, that if the Company
shall within five (5) Business Days after receipt of such request furnish to the Holders making such a request a
certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company it would be significantly disadvantageous to the
Company and its stockholders for such a registration statement to be filed on or before the date filing would be required, the Company shall have an additional period of not more than 45 days
within which to file such registration statement (provided that only one such notice may be given during any 12 month period); and provided,  further,
that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall (a) furnish to the
counsel selected by the Holder making the demand, or if no demand, then, by the Holders, in the aggregate, that own or will own a majority of the Registrable Securities covered by such registration
statement, copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel, and (b) notify each seller or prospective seller of Registrable
Securities of any stop order issued or threatened by the Commission or withdrawal of any state qualification and take all reasonable actions required to prevent such withdrawal or the entry of such
stop order or to remove it if entered; 

        (b)   in
connection with a registration pursuant to Section 2, prepare and file with the Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than 150 days (or such shorter period that will terminate
when all Registrable Securities covered by such registration statement have been sold, but not before the expiration of the applicable period referred to in Section 4(3) of the Securities Act
and Rule 174 thereunder, if applicable), and comply with the provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended method of disposition by the sellers thereof set forth in such registration statement; 

        (c)   notify
each seller of Registrable Securities and the managing underwriter, if any, promptly, and (if requested by any such Person) confirm such advice in writing, 

          (i)  when
the prospectus or any supplement thereto or amendment or post-effective amendment to the registration statement has been filed, and, with respect to
the registration statement or any post-effective amendment, when the same has become effective, 

         (ii)  of
any request by the Commission for amendments or post-effective amendments to the registration statement or supplements to the prospectus or for
additional information, 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or the initiation or threatening of any proceedings for
that purpose, 

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        (iv)  if
at any time during the distribution of securities by the managing underwriter the representations and warranties of the Company to be contained in the underwriting
agreement cease to be true and correct in all material respects, and 

         (v)  of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; 

        (d)   use
its best efforts to prevent the issuance of any stop order suspending the effectiveness of the registration statement or any state qualification or any order
preventing or suspending the use of any preliminary prospectus, and use its best efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement or any state
qualification or of any order preventing or suspending the use of any preliminary prospectus at the earliest possible moment; 

        (e)   if
requested by the managing underwriter or a seller of Registrable Securities, promptly incorporate in a prospectus supplement or post-effective amendment
to the registration statement such information as the managing underwriter or a seller of Registrable Securities reasonably request to have included therein relating to the plan of distribution with
respect to the Registrable Securities, including, without limitation, information with respect to the amount of Registrable Securities being sold to such underwriters, the purchase price being paid
therefor by such underwriters and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such
prospectus supplement or post-effective amendment promptly after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

        (f)    furnish
to each seller of Registrable Securities and the managing underwriter one signed copy of the registration statement and each amendment thereto as filed with the
Commission, and such number of copies of such registration statement, each amendment (including post-effective amendments) and supplement thereto (in each case including all documents
incorporated by reference and all exhibits thereto whether or not incorporated by reference), the prospectus included in such registration statement (including each preliminary prospectus) and such
other documents as each seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

        (g)   use
reasonable efforts to register or qualify such Registrable Securities under such other securities or "blue sky" laws of such jurisdictions as any seller or
underwriter reasonably requests in writing and to do any and all other acts and things that may be reasonably necessary or advisable to register or qualify for sale in such jurisdictions the
Registrable Securities owned by such seller; provided, however, that the Company shall not be required
to (a) qualify generally to do business in any jurisdiction where it is not then so qualified, (b) subject itself to taxation in any such jurisdiction, (c) consent to general
service of process in any such jurisdiction or (d) provide any undertaking required by such other securities or "blue sky" laws or make any change in its charter or bylaws that the Board of
Directors determines in good faith to be contrary to the best interest of the Company and its stockholders; 

        (h)   use
reasonable efforts to cause the Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies
or authorities as may be necessary by virtue of the business and operations of the Company to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such
Registrable Securities; 

        (i)    notify
each seller of such Registrable Securities at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of
any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements 

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therein,
in light of the circumstances under which they were made, not misleading, and prepare and file with the Commission a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

        (j)    enter
into customary agreements (including an underwriting agreement in customary form, if the offering is an underwritten offering) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such Registrable Securities and in such connection: 

          (i)  make
such representations and warranties to the underwriters in form, substance and scope, reasonably satisfactory to the managing underwriter, as are customarily made
by issuers to underwriters in primary underwritten offerings on the form of registration statement used in such offering; 

         (ii)  obtain
opinions and updates thereof of counsel, which counsel and opinions to the Company (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriter, addressed to the managing underwriter, covering the matters customarily covered in opinions requested in primary underwritten offerings on the form of registration statement used
in such offering and such other matters as may be reasonably requested by the managing underwriter; 

        (iii)  obtain
so-called "cold comfort" letters and updates thereof from the Company's independent public accountants addressed to the managing underwriter in
customary form and covering matters of the type customarily covered in "cold comfort" letters to underwriters in connection with primary underwritten offerings and such other matters as may be
reasonably requested by the managing underwriter; 

        (iv)  cause
the underwriting agreements to set forth in full the indemnification provisions and procedures of Section 9 (or such other substantially similar provisions
and procedures as the managing underwriter shall reasonably request) with respect to all parties to be indemnified pursuant to said Section; and 

         (v)  deliver
such documents and certificates as may be reasonably requested by the Participating Holder or Holders to evidence compliance with the provisions of this
Section 7(j) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

        The
above shall be done at the effectiveness of such registration statement (when consistent with customary industry practice), each closing under any underwriting or similar agreement
as and to the extent required thereunder and from time to time as may reasonably be requested by the sellers of Registrable Securities, all in a manner consistent with customary industry practice. 

        (k)   make
available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement, the
counsel referred to in clause (a) of Section 7(a) and any attorney, accountant or other agent retained by any such seller or underwriter (collectively, the  "Inspectors"), all financial and
other records, pertinent corporate documents and properties of the Company (collectively, the  "Records") as shall be reasonably necessary to enable them to exercise their due diligence responsibility,
and cause the Company's officers, directors,
employees and agents to supply all information reasonably requested by any such Inspector in connection with such registration statement. Records that the Company determines, in good faith, to be
confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (a) the disclosure of such Records is, in the reasonable judgment of any
Inspector, necessary to avoid or correct a misstatement or omission of a material fact in the registration statement or (b) the release of such Records is ordered pursuant to a subpoena or
other order from a court or governmental agency of competent jurisdiction or required (in the written opinion of counsel to such 

9

 

seller
or underwriter, which counsel shall be reasonably acceptable to the Company) pursuant to applicable state or federal law. Each seller of Registrable Securities agrees that it will, upon
learning that disclosure of such Records are sought by a court or governmental agency, give notice to the Company and allow the Company, at the Company's expense, to undertake appropriate action to
prevent disclosure of the Records deemed confidential; 

        (l)    if
such sale is pursuant to an under-written offering, use reasonable efforts to obtain a "cold comfort" letter and updates thereof from the Company's independent public
accountants in customary form and covering such matters of the type customarily covered by "cold comfort" letters as the holders, in the aggregate, of a majority of the Registrable Securities being
sold and the managing underwriter or underwriters reasonably request; 

        (m)  otherwise
use reasonable efforts to comply with the Securities Act, the Exchange Act, all applicable rules and regulations of the Commission and all applicable state
securities and real estate syndication laws, and make generally available to its security holders, as soon as reasonably practicable, an earnings statement covering a period of 12 months,
beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

        (n)   use
reasonable efforts to cause all Registrable Securities covered by the registration statement to be listed on each securities exchange, if any, on which similar
securities issued by the Company are then listed, provided that the applicable listing requirements are satisfied; 

        (o)   cooperate
with the sellers of Registrable Securities and the managing underwriter to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriter
may reasonably request at least 2 business days prior to any sale of Registrable Securities to the underwriters; 

        (p)   cooperate
and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter; 

        (q)   prior
to the filing of any document which is to be incorporated by reference into the registration statement or the prospectus (after the initial filing of the
registration statement) provide copies of such document to the sellers of Registrable Securities, the underwriters and their respective counsel and make the Company representatives available for
discussion of such document with such persons; and 

        (r)   participate,
if so requested, in a "road show" in connection with the sale of the Registrable Securities but only to the extent reasonably requested by the managing
underwriter, if such sale is pursuant to an underwritten offering. 

        The
Company may require each seller or prospective seller of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding
the distribution of such securities and other matters as may be required to be included in the registration statement. 

        Each
holder of Registrable Securities agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Paragraph (i) of this
Section 7, such holder shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such holder's receipt
of the copies of the supplemented or amended prospectus contemplated by Paragraph (i) of this Section 7, and, if so directed by the Company, such holder shall deliver to the Company (at
the Company's expense) all copies, other than permanent file copies then in such holder's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such
notice. If the Company shall give any such notice, the Company shall extend the period during which such registration statement shall be maintained effective 

10

 

pursuant
to this Agreement (including the period referred to in Paragraph (b) of this Section 7) by the number of days during the period from and including the date of the giving of such
notice pursuant to Paragraph (i) of this Section 7 to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the
copies of the supplemented or amended prospectus contemplated by Paragraph (i) of this Section 7. 

        The
Company shall keep the sellers of Registrable Securities to be offered in a given registration advised of the status of any registration in which they are participating. In addition,
the Company and each such seller of Registrable Securities may enter into understandings in writing whereby such seller of Registrable Securities will agree in advance as to the acceptability of the
price or range of prices per share at which the Registrable Securities included in such registration are to be offered to the public. Furthermore, the Company shall establish pricing notification
procedures reasonably acceptable to each such seller of Registrable Securities and shall, as promptly as practicable after learning the same from the managing underwriter, use reasonable efforts to
give oral notice to each such seller of Registrable Securities of the anticipated date on which the Company expects to receive a notification from the managing underwriter (and any changes in such
anticipated date) of the price per share at which the Registrable Securities included in such registration are to be offered to the public. 

        8.    Registration Expenses.    The Company shall pay all expenses incident to its performance of or compliance with
this Agreement, including, without limitation, (a) all Commission, stock exchange and National Association of Securities Dealers, Inc. registration, filing and listing fees,
(b) all fees and expenses incurred in complying with securities or "blue sky" laws (including reasonable fees and disbursements of counsel in connection with "blue sky" qualifications of the
Registrable Securities), (c) all printing, messenger and delivery expenses, (d) all fees and disbursements of the Company's independent public accountants and counsel and (e) all
fees and expenses of any special experts retained by the Company in connection with any Demand Registration or Piggyback Registration pursuant to the terms of this Agreement, regardless of whether
such registration becomes effective; provided, however, that the Company shall not pay the costs and
expenses of any Holder relating to underwriters' commissions and discounts relating to Registrable Securities to be sold by such Holder (but such costs and expenses shall be paid by the Holders on a  pro rata basis), brokerage fees, transfer taxes, or the fees or expenses of any counsel, accountants or other representatives retained by the Holders,
individually or in the aggregate. All of the expenses described in this Section 8 that are to be paid by the Company are herein called "Registration Expenses." 

        9.    Indemnification; Contribution.    

        9.1.    Indemnification by the Company.    The Company agrees to indemnify, to the fullest extent permitted by law,
each Holder, each Holder's respective officers, directors, agents, advisors, employees and trustees, and each person, if any, who controls such Holder (within the meaning of the Securities Act),
against any and all losses, claims, damages, liabilities and expenses caused by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, except insofar as the same are caused by or contained in any information with
respect to such Holder furnished in writing to the Company by such Holder expressly for use therein or by such Holder's failure to deliver a copy of the prospectus or any supplements thereto after the
Company has furnished such Holder with a sufficient number of copies of the same or by the delivery of prospectuses by such Holder after the Company notified such Holder in writing to discontinue
delivery of prospectuses. The Company also shall indemnify any underwriters of the Registrable Securities, their officers and directors and each person who controls such underwriters (within the
meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holders. 

11

 

        9.2.    Indemnification by Holders.    In connection with any registration statement in which a Holder is
participating, each such Holder shall furnish to the Company in writing such information and affidavits with respect to such Holder as the Company reasonably requests for use in connection with any
such registration statement or prospectus and agrees to indemnify, severally and not jointly, to the fullest extent permitted by law, the Company, its officers, directors and agents and each person,
if any, who controls the Company (within the meaning of the Securities Act) against any and all losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement
of a material fact or any omission or alleged omission of a material fact required to be stated in any registration statement, prospectus or preliminary prospectus or any amendment thereof or
supplement thereto or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, to the extent, but only to the
extent, that such untrue or alleged untrue statement or omission is contained in or omitted from, as the case may be, any information or affidavit with respect to such Holder so furnished in writing
by such Holder specifically for use in the Registration Statement. Each Holder also shall indemnify any underwriters of the Registrable Securities, their officers and directors and each person who
controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Company. 

        9.3.    Conduct of Indemnification Proceedings.    Any party that proposes to assert the right to be indemnified under
this Section 9 shall, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under
this Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not
relieve it from any liability that it may have to any indemnified party under the foregoing provisions of this Section 9 unless, and only to the extent that, such omission results in the
forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the
indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the
action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and
after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other
expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. If the indemnifying party assumes
the defense, the indemnifying party shall have the right to settle such action without the consent of the indemnified party; provided,  however, that the
indemnifying party shall be required to obtain such consent (which consent shall not be unreasonably withheld) if the settlement
includes any admission of wrongdoing on the part of the indemnified party or any decree or restriction on the indemnified party or its officers or directors;  provided, further, that no indemnifying party, in the defense of any such action, shall, except with the
consent of the indemnified party (which consent shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement that does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability with respect to such action. The indemnified party will have the right to employ its own
counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (a) the employment of counsel by the indemnified
party has been authorized in writing by the indemnifying party, (b) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it
or other indemnified parties that are different from or in addition to those available in the indemnifying party, (c) a conflict or potential conflict exists (based on advice of counsel to the
indemnified 

12

 

party)
between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party)
or (d) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of
which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall
not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time from all such indemnified party or parties unless (a) the employment of more than one counsel has been authorized in writing by the indemnifying
party or parties, (b) an indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it that are different from or in addition to those
available to the other indemnified parties or (c) a conflict or potential conflict exists (based on advice of counsel to an indemnified party) between such indemnified party and the other
indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. An indemnifying party will not be
liable for any settlement of any action or claim effected without its written consent (which consent shall not be unreasonably withheld). 

        9.4.    Contribution.    If the indemnification provided for in this Section 9 from the indemnifying party is
unavailable to an indemnified party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, to the extent such indemnification is
unavailable, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection with the actions that resulted in such losses, claims,
damages, liabilities or expenses. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 9.3, any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding. 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9.4 were determined by pro
rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person. 

        If
indemnification is available under this Section 9, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 9.1 and 9.2
without regard to the relative fault of said indemnifying parties or indemnified party. 

        10.    Participation in Underwritten Registrations.    No person may participate in any underwritten registration
hereunder unless such person (i) agrees to sell such person's securities on the basis provided in any underwriting agreements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements. 

13

 

        11.    Rule 144.    The Company covenants that it shall use its best efforts to file the reports required to be
filed by it under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder if and when the Company becomes obligated to file such reports (or, if the
Company ceases to be required to file such reports, it shall, upon the request of any Holder, make publicly available other information), and it shall, if feasible, take such further action as any
Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time or (ii) any similar rules or regulations hereafter adopted by the
Commission. Upon the written request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 

        12.    Miscellaneous.    

        12.1.    Remedies.    Each Holder, in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

        12.2.    Amendments and Waivers.    Except as otherwise provided herein, the provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of all Holders;  provided that,
without the consent of any Holders, the Operating Partnership may amend the provisions of this Agreement solely to include additional
Holders as parties hereto as contemplated by the Contribution Agreements pursuant to which the Units were, and additional Units may be, originally issued. 

        12.3.    Notices.    Any notice or other communication required or permitted hereunder shall be in writing and shall
be delivered personally, or sent by certified or registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, or, if mailed, five days (or, in the
case of express mail, one day) after the date of deposit in the United States mail, as follows: 

          (i)  if
to the Company, to: 

	

	Simon
Property Group, Inc.

Merchants Plaza

115 West Washington Street

Suite 15 East

Indianapolis, Indiana 46204

        Attention: David Simon

                          James M. Barkley, Esq.

Facsimile No.: (317) 685-7221

	

	with
a copy to:

	

	Willkie
Farr & Gallagher

787 Seventh Avenue

New York, New York 10019

        Attention: Richard L. Posen, Esq.

Facsimile: (212) 728-8111 

14

 

         (ii)  if
to any Holder, to the most current address of such Holder given by such Holder to the Company in writing. 

        Any
party may by notice given in accordance with this Section 12.3 to the other parties designate another address or person for receipt of notice hereunder. 

        12.4.    Successors and Assigns.    

        (a)   This
Agreement shall inure to the benefit of and be binding upon the Holders and their respective successors and assigns and the successors and assigns of the Company;  provided, however, that no Holder may assign its rights hereunder to any person who is not a permitted
transferee of such Holder pursuant to the terms of the Partnership Agreement; provided further, that, except as otherwise provided in
Section 12.4(b) hereof, no Holder may assign its rights hereunder to any person who does not acquire either (i) all or substantially all of such Holder's Registrable Securities or
Securities, as the case may be or (ii) a number of Units or Registrable Securities which as of the date the Operating Partnership issued such Units or Registrable Securities to the Holder were
worth at least $10,000,000 (measured, in the case of Units or Registrable Securities issued upon conversion, exchange or redemption of other Units, by reference to the Units which were exchanged,
repurchased or converted for or into such Units or Registrable Securities). 

        (b)    Affiliates.    It is understood under the terms of the Partnership Agreement, Holders have the right to assign
their partnership interests, in whole or in part, to their Affiliates (as defined in the Partnership Agreement). The provisions of this Agreement shall inure to the benefit of all such Affiliates and,
for all purposes of this Agreement, a party to this Agreement (other than the Company) and all of its affiliates which at the time in question are Limited Partners of the Operating Partnership shall
be deemed to be one party, with the consequence that (i) they may aggregate their Units for the purpose
of exercising their rights under this Agreement and (ii) to assign the benefits of this Agreement to a third party which is not an Affiliate of them, they must together assign to such third
party all or substantially all of the aggregate amount of Units held by all of them. 

        12.5.    Mergers, Etc.    In addition to any other restriction on mergers, consolidations and reorganizations
contained in the articles of incorporation, by-laws, code of regulations or agreements of the Company, the Company covenants and agrees that it shall not, directly or indirectly, enter
into any merger, consolidation or reorganization in which the Company shall not be the surviving corporation unless all the Registrable Securities and all of the outstanding shares of Common Stock of
the Company and Units are exchanged or purchased upon substantially equivalent economic terms for cash or freely marketable securities of the surviving corporation unless the surviving corporation
shall, prior to such merger, consolidation or reorganization, agree in a writing to assume in full and without modification other than conforming changes necessary to reflect the new issuer of the
Registrable Securities all of the obligations of the Company under this Agreement, and for that purpose references hereunder to "Registrable Securities"
shall be deemed to include the securities which holders of Common Stock would be entitled to receive in exchange for Registrable Securities pursuant to any such merger, consolidation, sale of all or
substantially all of its assets or business, liquidation, dissolution or reorganization. 

        12.6.    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        12.7.    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

15

 

        12.8.    GOVERNING LAW.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 

        12.9.    Severability.    If any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, it being intended that all of the rights of the Holders shall be enforceable to the full extent permitted by law. 

        12.10.    Entire Agreement.    This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding
of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings other than those set forth or referred to herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

[This
page intentionally ends here] 

16

   
        IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above. 

	 	COMPANY:
	

 	

SIMON PROPERTY GROUP, INC.
	

 	

By:	
 	

/s/  STEPHEN E. STERRETT      

	 	 	 	Name:	 	Stephen E. Sterrett
	 	 	 	Title:	 	Treasurer

Hereunto duly authorized
	

[Signatures continue on next page]
	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 

17

 

	

[Signature Page to Registration Rights Agreement]
	

 	

HOLDERS:
	

 	

APPLE BLOSSOM MALL LLC, a Delaware limited liability company
	

 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, its Manager

Hereunto duly authorized
	

 	

ATRIUM ASSOCIATES JOINT VENTURE, a Massachusetts general partnership
	

 	

By:	
 	

CHESTNUT HILL ATRIUM LIMITED PARTNERSHIP, a Delaware limited partnership, its General Partner
	

 	

 	
 	

By:	
 	

KARP ATRIUM, INC., a Delaware corporation, its General Partner
	

 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp

Its Chairman and Chief Executive Officer

Hereunto duly authorized
	

 	

CAPE COD MALL LLC, a Massachusetts limited liability company
	

 	

By:	
 	

ALL CAPE CENTER LLC, a Massachusetts limited liability company, its Manager
	

 	

 	
 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, its Manager

Hereunto duly authorized
	

[Signatures continue on next page]
	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 

18

 

	

[Signature Page to Registration Rights Agreement]
	

 	

GREENDALE ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership
	

 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, its General Partner

Hereunto duly authorized
	

[Signatures continue on next page]
	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 

19

 

	

[Signature Page to Registration Rights Agreement]
	

 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp
	

 	

FISCHMAN MNH PARTNERS, a Massachusetts general partnership
	

 	

By:	
 	

/s/  STEVEN S. FISCHMAN      
 Steven S. Fischman

Its general partner

Hereunto duly authorized
	

 	

THE WILLIAM A. DEDRICK REVOCABLE TRUST OF 1992
	

 	

By:	
 	

/s/  WILLIAM A. DEDRICK, TRUSTEE      
 William A. Dedrick, as Trustee
	

 	

MANCHESTER SPE CORPORATION, a New Hampshire corporation
	

 	

By:	
 	

/s/  STEVEN S. FISCHMAN      
 Steven S. Fischman, its President

Hereunto duly authorized
	

 	

STEPHEN R. KARP 1999 TRUST—VI u/d/t dated as of January 4, 1999
	

 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, as Trustee and not individually
	

[Signatures continue on next page]
	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 

20

 

	

[Signature Page to Registration Rights Agreement]
	

 	

STEPHEN R. KARP 1999 TRUST—X u/d/t dated as of January 4, 1999
	

 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, as Trustee and not individually
	

 	

/s/  STEVEN S. FISCHMAN      
 Steven S. Fischman
	

 	

THE STEVEN S. FISCHMAN 1992 NSM TRUST
	

 	

By:	
 	

/s/  STEPHEN R. KARP      
 Stephen R. Karp, as Trustee and not individually
	

 	

By:	
 	

/s/  ALAN W. ROTTENBERG      
 Alan W. Rottenberg, as Trustee and not individually
	

[Signatures continue on next page]
	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 

21

 

	

[Signature Page to Registration Rights Agreement]
	

 	

/s/  DAWN K. NEHER      
 Dawn K. Neher
	

 	

SQUARE ONE MALL LIMITED PARTNERSHIP, a Delaware limited partnership
	

 	

By:	
 	

NED Square One Limited Partnership, a Delaware limited partnership, its general partner
	

 	

 	
 	

By:	
 	

NED Square One, Inc., a Delaware corporation, its general partner
	

 	

 	
 	

 	
 	

By:	
 	

/s/  STEVEN S. FISCHMAN      
 Steven S. Fischman, Its President

Hereunto duly authorized

22

   SCHEDULE A  

Rights Holders  

Apple
Blossom Mall LLC

c/o New England Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman 

Atrium
Associates Joint Venture

c/o New England Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman 

Cape
Cod Mall LLC

c/o New England Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman 

Greendale
Associates Limited Partnership

c/o New England Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman 

Stephen R.
Karp

c/o New England Development

One Wells Avenue

Newton, MA 02459 

Fischman
MNH Partners

c/o Steven S. Fischman

c/o New England Development

One Wells Avenue

Newton, MA 02459 

The
William A. Dedrick Revocable Trust of 1992

c/o William A. Dedrick, Trustee

33 Riverfront Drive

Manchester, NH 03102 

Manchester
SPE Corporation

c/o New England Development

One Wells Avenue

Newton, MA 02459 

Stephen R.
Karp 1999 Trust—VI u/d/t dated as of January 4, 1999

c/o Stephen R. Karp

New England Development

One Wells Avenue

Newton, MA 02459 

Stephen R.
Karp 1999 Trust—X u/d/t dated as of January 4, 1999

c/o Stephen R. Karp

New England Development

One Wells Avenue

Newton, MA 02459 

A-1

 

Steven S.
Fischman

c/o New England Development

One Wells Avenue

Newton, MA 02459 

The
Steven S. Fischman 1992 NSM Trust

c/o Steven S. Fischman

New England Development

One Wells Avenue

Newton, MA 02459 

Dawn K.
Neher

c/o New England Development

One Wells Avenue

Newton, MA 02459 

Square
One Mall Limited Partnership

c/o New England Development

One Wells Avenue

Newton, MA 02459

Attn: Steven S. Fischman 

A-2

QuickLinks

Exhibit 4.3QuickLinks
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EXHIBIT 10.4    
    

 
 

CASCADE MICROTECH, INC.
  
    FORM OF 2004 EMPLOYEE STOCK PURCHASE PLAN    
    

        The following constitute the provisions of the 2004 Employee Stock Purchase Plan of Cascade Microtech, Inc. The Plan was adopted by the Board on
February     , 2004 effective as of the date of the Company's IPO. 

        1.     Purpose.
The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company
through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an "Employee Stock Purchase Plan" under Section 423 of the Internal Revenue Code of 1986,
as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 

        2.     Definitions. 

        (a)   "Board"
shall mean the Board of Directors of the Company. 

        (b)   "Code"
shall mean the Internal Revenue Code of 1986, as amended. 

        (c)   "Common
Stock" shall mean the common stock of the Company. 

        (d)   "Company"
shall mean Cascade Microtech, Inc. an Oregon corporation, and any Designated Subsidiary of the Company. 

        (e)   "Compensation"
shall mean all base straight time gross earnings and commissions, but exclusive of payments for overtime, shift premium, incentive compensation, incentive
payments, bonuses and other compensation. 

        (f)    "Designated
Subsidiary" shall mean any Subsidiary which has been designated by the Board from time to time in its sole discretion as eligible to participate in the Plan. 

        (g)   "Employee"
shall mean any individual who is an Employee of the Company for tax purposes whose customary employment with the Company is at least twenty (20) hours
per week and more than five (5) months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or
other leave of absence approved by the Company. Where the period of leave exceeds 90 days and the individual's right to re-employment is not guaranteed either by statute or by
contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave. 

        (h)   "Enrollment
Date" shall mean the first Trading Day of each Offering Period. 

        (i)    "Exercise
Date" shall mean the last Trading Day of each Purchase Period. 

        (j)    "Fair
Market Value" shall mean, as of any date, the value of Common Stock determined as follows: 

        (1)   If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq
SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system
for the last market trading day on or before the date of such determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; 

        (2)   If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the closing bid
and asked prices for the Common Stock for the last quotation day on or before the date of such 

determination,
as reported in The Wall Street Journal or such other source as the Board deems reliable; 

        (3)   In
the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board; or 

        (4)   For
purposes of the Enrollment Date of the first Offering Period under the Plan, the Fair Market Value shall be the initial price to the public as set forth in the final
prospectus included within the Company's registration statement on Form S-1 filed with the Securities and Exchange Commission for the IPO. 

        (k)   "IPO"
shall mean the initial offering of Common Stock to the public pursuant to a registration statement filed by the Company with the Securities and Exchange
Commission. 

        (k)   "Offering
Periods" shall mean the periods of approximately twenty-four (24) months during which an option granted pursuant to the Plan may be
exercised, commencing on the first Trading Day on or after February 1 and August 1 of each year and terminating on the last Trading Day in the periods ending twenty-four
months later, provided, however, that the first Offering Period under the Plan shall commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares
effective the Company's registration statement with respect to the IPO and end on the last Trading Day on or before July 31, 2004, unless the registration statement shall be declared effective
after July 31, 2004, in which case the first Offering Period shall end on the last Trading Day on or before January 31, 2005. The duration and timing of Offering Periods may be changed
pursuant to Section 4 of this Plan. 

        (l)    "Plan"
shall mean this 2004 Employee Stock Purchase Plan. 

        (m)  "Purchase
Period" shall mean the approximately six month period commencing after one Exercise Date and ending with the next Exercise Date, except that the first Purchase
Period of any Offering Period shall commence on the Enrollment Date and end with the next Exercise Date. 

        (n)   "Purchase
Price" shall mean 85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided however,
that the Purchase Price may be adjusted by the Board pursuant to Section 20. 

        (o)   "Reserves"
shall mean the number of shares of Common Stock covered by each option under the Plan which have not yet been exercised and the number of shares of Common
Stock which have been authorized for issuance under the Plan but not yet placed under option. 

        (p)   "Subsidiary"
shall mean a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by the Company or a Subsidiary, whether or not such
corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 

        (q)   "Trading
Day" shall mean a day on which national stock exchanges and the Nasdaq System are open for trading. 

        3.     Eligibility 

        (a)   Any
Employee who shall be employed by the Company on a given Enrollment Date shall be eligible to participate in the Plan. 

        (b)   Any
provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent that, immediately after the
grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding
options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or
(ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans of the Company and its subsidiaries accrues at a rate which exceeds Twenty-Five
Thousand Dollars ($25,000) worth of 

stock
(determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. 

        4.     Offering
Periods. The Plan shall be implemented by consecutive, overlapping Offering Periods with a new Offering Period commencing on the first Trading Day on or after
February 1 and August 1 each year, or on such other date as the Board shall determine, and continuing thereafter until terminated in accordance with Section 20 hereof, provided,
however, that the first Offering Period under the Plan shall commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares effective the Company's
registration statement with respect to the IPO and end on the last Trading Day on or before July 31, 2004, unless the registration statement shall be declared effective after July 31,
2004, in which case the first Offering Period shall end on the last Trading Day on or before January 31, 2005. The Board shall have the power to change the duration of Offering Periods
(including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced at least five (5) days prior to the scheduled beginning of
the first Offering Period to be affected thereafter. 

        5.     Participation.
An eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions in the form of
Exhibit A to this Plan and filing it with the Company's payroll office prior to the applicable Enrollment Date. Notwithstanding the foregoing, all eligible Employees shall be automatically
enrolled as a participant in the Plan in the first Offering Period. 

        6.     Payroll
Deductions. 

        (a)   A
participant may purchase shares of Common Stock under the Plan solely by means of payroll deductions: provided, however, that in the first Offering Period,
participants may also purchase shares of Common Stock by making a lump sum cash payment at the end of the Offering Period. At the time a participant files his or her subscription agreement, he or she
shall elect to have payroll deductions made on each pay day during the Offering Period in one percent (1%) increments of not less than two percent (2%) or greater than fifteen percent (15%) of the
Compensation which he or she receives on each pay day during the Offering Period. Payroll deductions for a participant shall commence on the first payroll following the Enrollment Date and shall end
on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof; provided, however, that
during the first Offering Period, no payroll deduction will be made unless a participant timely files the subscription agreement with the Company after a registration statement on
Form S-8 covering the Common Stock under the Plan is filed and effective under the Securities Act of 1933, as amended. 

        (b)   All
payroll deductions made for a participant shall be credited to his or her account under the Plan and shall be withheld in whole percentages only. A participant may
not make any additional payments into such account. 

        (c)   A
participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll
deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Board may, in its discretion, limit the
number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the Company's
receipt of the new subscription agreement unless the Company elects to process a given change in participation more quickly. A participant's subscription agreement shall remain in effect for
successive Offering Periods unless terminated as provided in Section 10 hereof. 

        (d)   Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's payroll
deductions may be decreased to zero percent (0%) at any time during a Purchase Period. Payroll deductions shall recommence at the rate provided in such participant's subscription agreement at the
beginning of the first Purchase 

Period
which is scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof. 

        (e)   At
the time the option is exercised, in whole or in part, or at the time some or all of the Company's Common Stock issued under the Plan is disposed of, the participant
must make adequate provision for the Company's federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any
time, the Company may, but shall not be obligated to, withhold from the participant's compensation the amount necessary for the Company to meet applicable withholding obligations, including any
withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Employee. 

        7.     Grant
of Option. On the Enrollment Date of each Offering Period, each eligible Employee participating in such Offering Period shall be granted an option to purchase on
each Exercise Date during such Offering Period (at the applicable Purchase Price) up to a number of shares of the Company's Common Stock determined by dividing such Employees payroll deductions
accumulated prior to such Exercise Date and retained in the Participant's account as of the Exercise Date by the applicable Purchase Price; provided that in no event shall an Employee be permitted to
purchase during each Purchase Period more than five thousand (5,000) shares of the Company's Common Stock (subject to any adjustment pursuant to Section 19), and provided further that such
purchase shall be subject to the limitations set forth in Sections 3(b), 8(a) and 8(b) hereof. The Board may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum
number of shares of the Company's Common Stock an Employee may purchase during each Purchase Period of such Offering Period. Exercise of the option shall occur as provided in Section 8 hereof,
unless the participant has withdrawn pursuant to Section 10 hereof. The option shall expire on the last day of the Offering Period. 

        8.     Exercise
of Option. 

        (a)   Unless
a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares shall be exercised automatically on
the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in his or
her account; provided that in no event shall an Employee be permitted to purchase during each Purchase Period more than two hundred percent (200%) of the number of shares that the Employee could
purchase if the Purchase Price was limited to eight-five percent (85%) of the Fair Market Value of a share of Common Stock on the Enrollment Date. No fractional shares shall be purchased;
any payroll deductions accumulated in a participant's account which are not sufficient to purchase a full share shall be
retained in the participant's account for the subsequent Purchase Period or Offering Period, subject to earlier withdrawal by the participant as provided in Section l0 hereof. Any other monies
leftover in a participant's account after the Exercise Date shall be returned to the participant. During a participant's lifetime, a participant's option to purchase shares hereunder is exercisable
only by him or her. 

        (b)   If
the Board determines that, on a given Exercise Date, the number of shares with respect to which options are to be exercised may exceed (i) the number of shares
of Common Stock that were available for sale under the Plan on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares available for sale under the Plan on such
Exercise Date, the Board may in its sole discretion (x) provide that the Company shall make a pro rata allocation of the shares of Common Stock available for purchase on such Enrollment Date or
Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all participants exercising options to purchase
Common Stock on such Exercise Date, and continue all Offering Periods then in effect, or (y) provide that the Company shall make a pro rata allocation of the shares available for purchase on
such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all 

participants
exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then in effect pursuant to Section 20 hereof. The Company may make pro
rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares for issuance
under the Plan by the Company's shareholders subsequent to such Enrollment Date. 

        9.     Delivery.
As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each participant, as
appropriate, of a certificate representing the shares purchased upon exercise of his or her option. 

        10.   Withdrawal. 

        (a)   A
participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan
at any time by giving written notice to the Company in the form of Exhibit B to this Plan. All of the participant's payroll deductions credited to his or her account shall be paid to such
participant promptly after receipt of notice of withdrawal and such participant's option for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase
of shares shall be made for such Offering Period. If a participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the succeeding Offering Period unless the
participant delivers to the Company a new subscription agreement. 

        (b)   In
the first Offering Period, participants may be deemed to withdraw from the Plan by declining or failing to remit timely payment to the Company for the shares of
Common Stock accumulated during such Offering Period. 

        (c)   A
participant's withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be
adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 

        11.   Termination
of Employment. Upon a participant's ceasing to be an Employee, for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the
payroll deductions credited to such participant's account during the Offering Period but not yet used to exercise the option shall be returned to such participant or, in the case of his or her death,
to the person or persons entitled thereto under Section 15 hereof, and such participant's option shall be automatically terminated. The preceding sentence notwithstanding, a participant who
receives payment in lieu of notice of termination of employment shall be treated as continuing to be an Employee for the participant's customary number of hours per week of employment during the
period in which the participant is subject to such payment in lieu of notice. 

        12.   Interest.
No interest shall accrue on the payroll deductions of a participant in the Plan. 

        13.   Stock.

        (a)   Subject
to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of the Company's Common Stock
which shall be made available for sale under the Plan shall be 400,000 shares, plus an annual increase to be added on the first day of the Company's fiscal year beginning in 2006 equal to the lesser
of: (i) one and one-half percent (1.5%) of the outstanding shares of Common Stock on the first day of the Company's fiscal year for which the increase is being made;
(ii) 100,000 shares or; (iii) an amount determined by the Board. 

        (b)   The
participant shall have no interest or voting right in shares covered by his option until such option has been exercised. 

        (c)   Shares
to be delivered to a participant under the Plan shall be registered in the name of the participant or in the name of the participant and his or her spouse. 

        14.   Administration.
The Plan shall be administered by the Board or a committee of members of the Board appointed by the Board. The Board or its committee shall have full and
exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claim filed under the Plan. Every finding, decision
and determination made by the Board or its committee shall to the full extent permitted by law, be final and binding upon all parties. 

        15.   Designation
of Beneficiary. 

        (a)   A
participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant' s account under the Plan in the
event of such participant's death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares and cash. In addition, a participant may
file a written designation of a beneficiary who is to receive any cash from the participant's account under the Plan in the event of such participant's death prior to exercise of the option. If
a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 

        (b)   Such
designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such participant's death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of
the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to
any one or more dependents or relatives of the participant or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

        16.   Transferability.
Neither payroll deductions credited to a participant's account nor any rights with regard to the exercise of an option or to receive shares under the
Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the participant.
Any such attempt at assignment, transfer, pledge or other disposition shall be without effect except that the Company may treat such act as an election to withdraw funds from an Offering Period in
accordance with Section 10 hereof. 

        17.   Use
of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be
obligated to segregate such payroll deductions. 

        18.   Reports.
Individual accounts shall be maintained for each participant in the Plan. Statements of account shall be given to participating Employees at least annually,
which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 

        19.   Adjustments
Upon Changes in Capitalization, Dissolution, Liquidation, Merger of Asset Sale 

        (a)   Changes
in Capitalization. Subject to any required action by the shareholders of the Company, the Reserves, the maximum number of shares each participant may purchase
each Purchase Period pursuant to Section 7, as well as the price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised shall
be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company, provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been "effected without receipt of consideration." Such adjustment shall be made by the Board, whose determination in
that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into 

shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 

        (b)   Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a
new Exercise Date (the "New Exercise Date"), and shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Board. The New
Exercise Date shall be before the date of the Company's proposed dissolution or liquidation. The Board shall notify each participant in writing, at least ten (10) business days prior to the New
Exercise Date, that the Exercise Date for the participant's option has been changed to the New Exercise Date and that the participant's option shall be exercised automatically on the New Exercise
Date, unless prior to such date the participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

        (c)   Merger
or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another
corporation, each outstanding option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option, any Purchase Periods then in progress shall be shortened by setting
a new Exercise Date (the "New Exercise Date") and any Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company's proposed
sale or merger. The Board shall notify each participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the participant's option has been
changed to the New Exercise Date and that the participant's option shall be exercised automatically on the New Exercise Date, unless prior to such date the participant has withdrawn from the Offering
Period as provided in Section 10 hereof. 

        20.   Amendment
or Termination. 

        (a)   The
Board of Directors of the Company may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19 hereof, no such termination
can affect options previously granted, provided that an Offering Period may be terminated by the Board of Directors on any Exercise Date if the Board determines that the termination of the Offering
Period or the Plan is in the best interests of the Company and its shareholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any
option theretofore granted which adversely affects the rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other
applicable law, regulation or stock exchange rule), the Company shall obtain shareholder approval in such a manner and to such a degree as required. 

        (b)   Without
shareholder consent and without regard to whether any participant rights may be considered to have been "adversely affected," the Board (or its committee) shall
be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld
in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust for delays or mistakes in the Company's processing of properly
completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for
each participant properly correspond with amounts withheld from the participant's Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its
sole discretion advisable which are consistent with the Plan. 

        (c)   In
the event the Board determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board may, in its discretion
and, to the extent 

necessary
or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

        (1)   altering
the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; 

        (2)   shortening
any Offering Period so that Offering Period ends on a new Exercise Date, including an Offering Period underway at the time of the Board action; and 

        (3)   allocating
shares. 

        Such
modifications or amendments shall not require stockholder approval or the consent of any Plan participants. 

        21.   Notices.
All notices or other communications by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received
in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

        22.   Conditions
Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares
pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel
for the Company with respect to such compliance. 

        As
a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being
purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 

        23.   Term
of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the shareholders of the Company. It
shall continue in effect for a term of ten (10) years unless sooner terminated under Section 20 hereof 

        24.   Automatic
Transfer to Low Price Offering Period. To the extent permitted by any applicable laws, regulations, or stock exchange rules if the Fair Market Value of the
Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering Period, then all participants in such Offering
Period shall be automatically withdrawn from such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately
following Offering Period as of the first day thereof. 

 
 

EXHIBIT A    
    

 
 

CASCADE MICROTECH, INC.
  
    2004 EMPLOYEE STOCK PURCHASE PLAN    
    

SUBSCRIPTION
AGREEMENT 

	 	Original Application	 	Enrollment Date:
	 	
 Change in Payroll Deduction Rate	
 	

 
	 	Change of Beneficiary(ies)	 	 

        1.     I,
                        , hereby elect to participate in the Cascade Microtech, Inc. 2004 Employee Stock Purchase Plan
(the "Plan") for the
Offering Period                         ,             
to                         ,             
and subscribe to purchase shares of the Company's Common Stock in accordance with this Subscription Agreement and the Plan. 

        2.     I
hereby authorize payroll deductions from each paycheck in the amount of      % of my Compensation on each payday during the Offering Period in accordance with
the Plan. I understand that this amount must not be less than 2% and not more than 15% of my Compensation during the Offering Period. (Please note that no fractional percentages are permitted.) 

        3.     I
understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with
the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option. 

        4.     I
understand that I may discontinue at any time prior to the Purchase Date my participation in the Plan as provided in Section 10 of the Plan. I also understand
that I can increase or decrease the rate of my payroll deductions on one occasion only with respect to any increase and one occasion only with respect to any decrease during any Purchase Period by
completing and filing a new Subscription Agreement with such increase or decrease taking effect as of the beginning of the calendar month following the date of filing of the new Subscription
Agreement, if filed at least ten (10) business days prior to the beginning of such month. Further, I may change the rate of my payroll deductions for future Offering Periods by filing a new
Subscription Agreement, and any such change will be effective as of the beginning of the next Offering Period. In addition, I acknowledge that, unless I discontinue my participation in the Plan as
provided in Section 10 of the Plan, my election will continue to be effective for each successive Offering Period. 

        5.     I
have received a copy of the complete "Cascade Microtech, Inc. 2004 Employee Stock Purchase Plan." I understand that my participation in the Plan is in all
respects subject to the terms of the Plan. I understand that my ability to exercise the option under this Subscription Agreement is subject to shareholder approval of the Plan. 

        6.     Shares
purchased for me under the Plan should be issued in the name(s) of (Employee or Employee and Spouse only): 

        7.     1
understand that if I dispose of any shares received by me pursuant to the Plan within two years after the Enrollment Date (the first day of the Offering Period during
which I purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount
equal to the excess of the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares. I agree to notify the Company in writing within
30 days after the date of any disposition of my shares and I will make adequate provision for Federal, state or other tax withholding obligations, 

if
any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding
obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such
shares at any time after the expiration of the 2-year and 1-year holding periods, I understand that I will be treated for federal income tax purposes as having received income
only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the fair market value of the
shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 15% of the fair market value of the shares on the first day of the Offering Period. The
remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 

        8.     I
hereby agree to be bound by the terms of the Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Plan. 

        9.     In
the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and shares due me under the Plan: 

NAME:    (Please
print) 

                                        
                                          
    

(First)              (Middle)                   (Last) 

                                        
                                          
    

Relationship 

                                        
                                          
    

(Address) 

Employee's
Social Security Number:
                                         
                                          
    

Employee's
Address:
                                         
                                          
   
 

                                        
                                          
                                       

I
UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. 

Dated:
                                         
        

Signature
of Employee:
                                         
       

Spouse's
Signature (If beneficiary other than spouse):
                                         
       
 

 
 

EXHIBIT B    
    

 
 

CASCADE MICROTECH
  
    2004 EMPLOYEE STOCK PURCHASE PLAN
  
    NOTICE OF WITHDRAWAL    
    

        I,                         , hereby elect to withdraw my
participation in the Cascade Microtech, Inc. 2004 Employee Stock Purchase Plan
for the Offering Period that began on                         
            , 20      . This withdrawal covers
all payroll deductions credited to my account and is effective on the date designated below. 

        I
understand that all payroll deductions credited to my account will be paid to me as promptly as practicable and that my option for the current Offering Period will automatically
terminate. I further understand that no further payroll deductions will be made for the purchase of shares in the current Offering Period and I shall be eligible to participate in succeeding Offering
Periods only by delivering to the Company a new Subscription Agreement. 

        Name
and Address of Participant: 

        Signature:
                                         
                  

        Date:
                                         
                 
 

QuickLinks

EXHIBIT 10.4

CASCADE MICROTECH, INC. FORM OF 2004 EMPLOYEE STOCK PURCHASE PLAN

EXHIBIT A

CASCADE MICROTECH, INC. 2004 EMPLOYEE STOCK PURCHASE PLAN

EXHIBIT B

CASCADE MICROTECH 2004 EMPLOYEE STOCK PURCHASE PLAN NOTICE OF WITHDRAWAL

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