Document:

EX-4.1

 Exhibit 4.1 

[Face of Security] 
 FEDERAL
REALTY INVESTMENT TRUST 
 4.50% Note due 2044 
  

			
	CUSIP No. 313747 AV9		$200,000,000

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (THE “DEPOSITORY”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR. 

THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. 

FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (herein referred to as the “Company,” which term includes
any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns the principal sum of Two Hundred Million Dollars ($200,000,000) on
December 1, 2044 (the “Stated Maturity Date”) or the date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity
Date”), and to pay interest on the outstanding principal amount thereof from November 14, 2014 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on June 1 and
December 1 in each year (each, an “Interest Payment Date”), commencing June 1, 2015, at the rate of 4.50% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be on May 15 or November 15 (whether or not a Business Day, as defined below), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company maintained for such purpose;
provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of 

 
funds to an account maintained by such Holder within the United States. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee
referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 The principal of this Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if the
Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The
City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will include interest accrued from
and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including November 14, 2014, if no interest has been paid on this Note) to but excluding such Interest Payment
Date or the Maturity Date, as the case may be. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or Maturity
Date, as the case may be, will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date or Maturity Date, as the case may be. “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York and the City of Charlotte, State of North Carolina, are not required or
authorized by law or executive order to close. 
 All payments of principal, premium, if any, and interest in respect of this Note will be
made by the Company in immediately available funds. 
 Reference is hereby made to the further provisions of this Note set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

[This space intentionally left blank] 

  
 2 

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

Dated: March 16, 2015 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:		  

			Donald C. Wood
			Trustee
		
	By:		  

			James M. Taylor, Jr.
			Executive Vice President-Chief Financial Officer and Treasurer

  

	
	Attest:
	
	  

	Dawn M. Becker
	Executive Vice President-General Counsel and Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: March 16, 2015 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:		  

			Authorized Signatory

 [Reverse of Security] 

FEDERAL REALTY INVESTMENT TRUST 

4.50% Note due 2044 
 This Note
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 1, 1998 (herein called the
“Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture with respect to the series of which this Note is a
part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of the duly authorized series of Securities designated as “4.50% Notes due 2044” (collectively, the
“Notes”), and the aggregate principal amount of the Notes to be issued under such series is limited to $450,000,000 as of the date hereof (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of
other Notes). This Note forms a single series with the 4.50% Notes due 2044 first issued by the Company as of November 14, 2014. The Company may, without the consent of the Holders of any Securities, create and issue additional notes in the
future having the same terms other than the date of original issuance, the issue price and the date on which interest begins to accrue so as to form a single series with the Notes. The Notes are the unsecured and unsubordinated obligations of the
Company and rank equally with all existing and future unsecured and unsubordinated indebtedness of the Company. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

If an Event of Default, as defined herein, shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. 
 As used herein: 

“Event of Default” means any one of the following events (whatever the reason for such Event of Default and
whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1) default in the payment of any interest upon or any Additional Amounts payable in respect of the Notes when such interest or
Additional Amounts becomes due and payable, and continuance of such default for a period of 30 days; 
 (2) default in the
payment of the principal of (or premium, if any, on) the Notes when it becomes due and payable at its Maturity; 
 (3)
default in the deposit of any sinking fund payment, when and as due by the terms of the Notes; 

 (4) default in the performance, or a breach, of any covenant or agreement by the
Company under the Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this definition of Event of Default specifically dealt with), and continuance of such default or breach for a period of 60
days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; 

(5) default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company (including
obligations under leases required to be capitalized on the balance sheet of the lessee under generally accepted accounting principles but not including any indebtedness or obligations for which recourse is limited to property purchased) in an
aggregate principal amount in excess of $25,000,000 or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company (including such
leases but not including such indebtedness or obligations for which recourse is limited to property purchased) in an aggregate principal amount in excess of $25,000,000 by the Company, whether such indebtedness now exists or shall hereafter be
created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable or such obligations being accelerated, without such acceleration
having been rescinded or annulled; 
 (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: 
 (a) is for relief against the Company or any Significant Subsidiary in an involuntary case, 

(b) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of either of its property, or 

(c) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days;
or 
 (7) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(a) commences a voluntary case or proceeding, 

(b) consents to the entry of an order for relief against it in an involuntary case or proceeding, 

(c) consents to the appointment of a Custodian of it or for all or substantially all of its property, or 

(d) makes a general assignment for the benefit of its creditors. 

  
 5 

 The defeasance and covenant defeasance provisions of the Indenture apply to the Notes. The Notes
will not be entitled to the benefits of any sinking fund. 
 The Notes are subject to redemption at any time, in whole or in part, at the
election of the Company, at a redemption price equal to (x) if the Notes are redeemed before June 1, 2044, the greater of (1) 100% of the principal amount of the Notes being redeemed, or (2) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis points (twenty-five one-hundredths of one percent) plus, in each case, accrued interest thereon to, but
excluding, the Redemption Date or (y) if the Notes are redeemed on or after June 1, 2044, 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date; provided, however,
that installments of interest on this Note whose Stated Maturity Date is on or prior to such Redemption Date will be payable to the Holder of this Note, or one or more Predecessor Securities, of record at the close of business on the relevant Record
Dates referred to on the face hereof, all as provided in the Indenture. 
 As used herein: 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as
having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such
Reference Treasury Dealer quotations, the average of all such Quotations. 
 “Quotation Agent” means the
Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means (1) a Primary
Treasury Dealer (as defined below) selected by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. and their respective successors; provided, however, that if any of the
Reference Treasury Dealers ceases to be a primary U.S. 

  
 6 

 
Government securities dealer (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (2) any two other Primary Treasury Dealers
selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any
redemption will be given by mail to Holders of Securities, not less than 20 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 

In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the
Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein
prescribed. 
 The Company will not, and will not permit any Subsidiary to, incur any Debt (as defined below) if, immediately after giving
effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted
accounting principles is greater than 60% of the sum of (without duplication) (i) Total Assets as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be,
most recently filed with the Securities and Exchange Commission (or, if such filing is not permitted under the Securities 

  
 7 

 
Exchange Act of 1934, with the Trustee) prior to the incurrence of such additional Debt and (ii) the purchase price of any real estate assets or mortgages receivable acquired, and the amount
of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such calendar quarter, including
those proceeds obtained in connection with the incurrence of such additional Debt. 
 In addition to the foregoing limitation on the
incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any Debt secured by any mortgage, lien, charge, pledge, encumbrance or security interest of any kind upon any property of the Company or any Subsidiary if,
immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis which is secured by any
mortgage, lien, charge, pledge, encumbrance or security interest on property of the Company or any Subsidiary is greater than 40% of the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the
Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the
Trustee) prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not
used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt;
provided, however, that for purposes of this limitation, the amount of obligations under capital leases shown as a liability on the Company’s consolidated balance sheet shall be deducted from Debt and Total Assets. 

Furthermore, the Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for
Debt Service (as defined below) to the Annual Debt Service Charge (as defined below) for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5 to 1,
on an unaudited pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that: (i) such Debt and any other Debt incurred by the Company and its Subsidiaries since the first
day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period; (ii) the repayment or retirement of any other Debt by the Company and its
Subsidiaries since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during such period); (iii) in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first
day of such period with the appropriate adjustments with respect to such acquisition being included in such unaudited pro forma calculation; and (iv) in the case of any acquisition or disposition by the Company or its Subsidiaries of any asset
or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or 

  
 8 

 
disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in
such unaudited pro forma calculation. 
 Furthermore, the Company and its Subsidiaries taken as a whole, will, at all times maintain an
Unencumbered Total Asset Value (as defined below) in an amount not less than 150% of the aggregate outstanding principal amount of the unsecured Debt of the Company and its Subsidiaries, taken as a whole. 

As used herein, 

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

“Annual Debt Service Charge” as of any date means the maximum amount which is payable in any period for
interest on, and original issue discount of, Debt of the Company and its Subsidiaries and the amount of dividends which are payable in respect of any Disqualified Stock (as defined below). 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares,
interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof. 

“Consolidated Income Available for Debt Service” for any period means Funds from Operations (as defined below)
of the Company and its Subsidiaries plus amounts which have been deducted for interest on Debt of the Company and its Subsidiaries. 

“Debt” means any indebtedness of the Company, or any Subsidiary, whether or not contingent, in respect of
(without duplication) (i) borrowed money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the
Company or any Subsidiary, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or
services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any
Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a
capitalized lease in accordance with generally accepted accounting principles to the extent, in the case of items of indebtedness under (i)

  
 9 

 
through (iii) above, that any such items (other than letters of credit) would appear as a liability on the Company’s consolidated balance sheet in accordance with generally accepted
accounting principles, and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary
course of business or for the purposes of guaranteeing the payment of all amounts due and owing pursuant to leases to which the Company is a party and has assigned its interest, provided that such assignee of the Company is not in default of
any amounts due and owing under such leases), Debt of another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary
shall create, assume, guarantee or otherwise become liable in respect thereof). 
 “Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any
event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the
option of the holder thereof, in whole or in part, in each case on or prior to the Stated Maturity of the Notes. 

“Funds from Operations” for any period means income available to common shareholders before depreciation and
amortization of real estate assets and before extraordinary items less gain on sale of real estate. 
 “Total
Assets” as of any date means the sum of (i) the Company’s and its Subsidiaries’ Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with generally
accepted accounting principles (but excluding goodwill). 
 “Undepreciated Real Estate Assets” as of any
date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted
accounting principles. 
 “Unencumbered Total Asset Value” as of any date means the sum of (i) those
Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated basis determined in accordance with generally
accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that in determining Unencumbered Total Asset Value
for purposes of the covenant relating to the maintenance of Unencumbered Total Asset Value, all investments by the Company and any of the Company’s subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships,
unconsolidated limited liability 

  
 10 

 
companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance with U.S. generally accepted accounting principles shall
be excluded from Unencumbered Total Asset Value. 
 Furthermore, the Company will, and will cause each of its Subsidiaries to, maintain
insurance with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by applicable law, and the Company will from time
to time deliver to the Administrative Agent (as such term is defined in the Credit Agreement, dated as of July 7, 2011, between the Company and the various financial institutions named therein, as amended), upon its request a detailed list,
together with copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 

As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the
Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the
Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as
requested by the Holder hereof surrendering the same. 
 The Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

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

  
 11Exhibit 10.1

 

AMENDED AND RESTATED SEVERANCE AGREEMENT

FOR FOUNDERS

 

This Amended and Restated
Severance Agreement for Founders (the “Amended Severance Agreement”) is made and entered into effective March
11, 2015 by and between [INSERT NAME] (the “Executive”) and Forex Capital Markets, LLC (the “Company”).

 

WHEREAS, on December
1, 2010, Executive and FXCM Holdings, LLC (“FXCM Holdings”) entered into a severance agreement in consideration
of Executive’s valuable service to FXCM Inc. and its subsidiaries (collectively, the “Company Group”),
and offered Executive protections in the event of certain terminations of Executive’s employment with the Company Group (the
“Original Severance Agreement”);

 

WHEREAS, on January
16, 2015, FXCM Holdings, FXCM Inc. and FXCM Newco, LLC (“Newco”), entered into a credit agreement (the “Credit
Agreement”) with Leucadia National Corporation (“Leucadia”);

 

WHEREAS, in connection
with the Credit Agreement and certain related agreements, the Company and the Executive wish to enter into this Amended Severance
Agreement to provide the Executive with certain severance benefits in the event his employment is terminated in certain circumstances
in accordance with the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration thereof and of the covenants hereafter set forth, the parties hereby agree as follows:

 

1.Rights on Termination of Employment.

 

(a)If
Executive’s employment with the Company Group is terminated (x) by the Company Group without Cause (as defined below) (other
than due to death or disability) or (y) by Executive for Good Reason (as defined below), in each case, subject to (A) Executive’s
execution, delivery and non-revocation of a general waiver and release of claims against the Company and its affiliates in a form
reasonably acceptable to the Company (the “Release”) within forty-five (45) days following the termination date
of Executive’s employment and (B) Executive’s compliance with the restrictive covenants (the “Covenants”)
set forth in that certain Confidentiality and Restrictive Covenant Agreement, dated January 17, 2008, by and between the Company
and Executive, (the “Restrictive Covenant Agreement”), provided that, solely for purposes of the non-competition
covenant set forth in Section 6 of the Restrictive Covenant Agreement and the non-solicitation covenants set forth in Sections
7 and 8 of the Restrictive Covenant Agreement, the length of the “Non-Competition Period” (as the term is defined in
the Restrictive Covenant Agreement) shall be 18 months following
the termination of Executive’s employment (clauses (A) and (B), collectively, the “Conditions”), Executive
shall be entitled to receive:

 

    	- 1 -

    	 

    

 

(x)acceleration of the vesting in
full of all of the Executive’s then-outstanding equity awards as of the termination date of the Executive’s employment;
and

 

(y)an aggregate
amount (such aggregate amount, the “Severance Payment”) equal to (i) two (2) times Executive’s annual
base salary as in effect on the termination date; plus (ii) one (1) times Executive’s Target Bonus (as such term is defined
in the FXCM Inc. Annual Incentive Bonus Plan applicable to the Executive for 2015-2016, or, with respect to any later year, the
successor annual incentive bonus plan applicable to the Executive for the year of termination, if any (the “Annual Incentive
Bonus Plan”)) in effect for the year in which the termination occurs, which amount shall be payable by the Company in
a single lump sum cash payment paid sixty (60) days after the termination date, provided the Executive has executed and not revoked
the Release prior to such date. The Severance Payment shall be a joint and several obligation of each member of the Company Group.

 

(b)In addition to
the Severance Payment, and subject to the Conditions, the Executive shall be entitled to receive a payment equal to twenty four
(24) times the required monthly premium (as in effect on the date of the Executive’s termination) for COBRA health care continuation
coverage for the Executive and, to the extent covered on the date of termination, the Executive’s family, under the Company
Group’s medical plan in which Executive participates immediately prior to the termination, which amount shall be payable
by the Company in a single lump sum cash payment at the same time, and on the same conditions, as the Severance Payment. The additional
payment described in this Section 1(b) shall be a joint and several obligation of each member of the Company Group.

 

(c)In the event of
a breach of the Covenants, (x) as provided for above, the Company will be immediately relieved of its obligation to provide the
payments and benefits set forth in clauses (a) and (b) above and (y) Executive will be required to promptly pay the Company
a lump sum amount equal to the sum of all payments previously made to Executive hereunder. Executive’s forfeiture of
the payments and benefits hereunder will not be deemed to be a waiver of any right or any other remedy that the Company Group may
have at law or in equity, or pursuant to this Amended Severance Agreement or the Restrictive Covenant Agreement, to enforce the
provisions of this Amended Severance Agreement or the Restrictive Covenant Agreement.

 

(d)For purposes of
this Amended Severance Agreement, “Cause” shall exist if any entity that is a member of the Company Group determines
that any one or more of the following events has occurred while employed by the Company Group: (i) Executive’s engagement
in misconduct which is materially injurious to the Company or any of its subsidiaries, (ii) Executive’s continued failure
to substantially perform Executive’s duties to any entity that is a member of the Company Group, (iii) Executive’s
repeated dishonesty in the performance of Executive’s duties to any entity that is a member of the Company Group, (iv) Executive’s
commission of an act or acts constituting any (x) fraud against, or misappropriation or embezzlement from the Company or any of
its affiliates, (y) crime involving moral turpitude, or (z) offense that could result in a jail sentence of at least 30 days, (v)
Executive’s engagement in conduct or activities that materially violate any applicable governmental or quasi-governmental
regulation involving securities, (vi) the violation by Executive of a written company policy regarding employment, including substance
abuse, sexual harassment or discrimination, or the Company’s insider trading policy, or (vii) the material breach by Executive
of any of the provisions of any agreement between Executive, on the one hand, and any entity that is a member of the Company Group,
on the other hand. The determination of the existence of Cause shall be made by the applicable entity that is a member of the Company
Group in good faith, which determination shall be conclusive for purposes of this Amended Severance Agreement.

 

    	- 2 -

    	 

    

 

(e)For purposes
of this Amended Severance Agreement, “Good Reason” shall mean (i) sale, divestiture or other disposition of substantially
all of the assets and operations (whether by sale of equity interests in the entity or by asset disposition) of the Company or
Forex Capital Markets Limited, including pursuant to a sale of FXCM Inc. or any other parent entity that results in either the
Company or Forex Capital Markets Limited ceasing to be a member of the Company Group; (ii) sale, divestiture or other disposition
(whether in a single transaction or series of transactions) of the assets and operations of one or more members of the Company
Group which, in the aggregate, results in the disposition of the essential operating capabilities of the Company Group; or (iii)
without Executive’s consent, a change in Executive’s duties and responsibilities which is materially inconsistent with
Executive’s position with the Company Group, a reduction in Executive’s annual base salary, a reduction in the Executive’s
Target Bonus under the Annual Incentive Bonus Plan for the 2015 and 2016 calendar years, or, for the 2017 and subsequent calendar
years, a reduction in the Executive’s Target Bonus under the Annual Incentive Bonus Plan for a calendar year (if any) after
such Target Bonus has been established in writing for such year; provided that, notwithstanding anything to the contrary in the
foregoing, Executive shall only have “Good Reason” to terminate employment following the applicable entity’s
failure to remedy the act which is alleged to constitute “Good Reason” within fifteen (15) business days following
such entity’s receipt of written notice from Executive specifying such act, and any such notice claiming “Good Reason”
must in all events be provided within thirty (30) business days after such event has first occurred.

 

(f)Executive acknowledges
and agrees that the payments and benefits described in this Amended Severance Agreement will be the only such payments and benefits
the Executive is entitled to receive as a result of Executive’s termination of employment and Executive agrees that Executive
is not entitled to any additional payments, rights or benefits not otherwise described in this Amended Severance Agreement (other
than any payments, rights or benefits under the Amended and Restated Limited Liability Company Agreement of the Company, as it
may be further amended from time to time). Executive hereby acknowledges and agrees that Executive is not eligible to be a participant
in any severance or retention plan of any entity that is a member of the Company Group.

 

    	- 3 -

    	 

    

 

2.Severability;
Applicable Law.

 

(a)The provisions
of this Amended Severance Agreement shall be deemed severable, and the invalidity or unenforceability of any provision hereof shall
not affect the validity or enforceability of the other provisions hereof.

 

(b)This Amended Severance
Agreement and any dispute hereunder shall be construed, interpreted and governed in accordance with the laws of the State of New
York without reference to rules relating to conflicts of law.

 

3.Entire
Agreement; Amendment; Administration.

 

(a)This Amended Severance
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all other
prior written or oral agreements concerning such subject matter (including, for the avoidance of doubt, the Original Severance
Agreement and Section 9 of the Restrictive Covenant Agreement), except that Sections 1 – 8 of the Restrictive
Covenant Agreement and any provisions related thereto shall continue to apply and are hereby made a part of this Amended Severance
Agreement by reference, as modified herein.

 

(b)This Amended Severance
Agreement may only be amended or modified by a written agreement executed by Executive and the Company (or any of its respective
successors).

 

(c)The board of directors
of FXCM Inc. (the “Board”) shall have full authority to interpret and make all determinations deemed necessary or advisable
for the administration of the benefits under this Agreement. Decisions of the Board shall be final and binding on all persons,
and shall be afforded the maximum deference permitted by law.

 

4.Compliance with IRC Section
409A. This Amended Severance Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and will be interpreted accordingly. References under this Amended Severance Agreement
to Executive’s termination of employment shall be deemed to refer to the date upon which Executive has experienced a “separation
from service” within the meaning of Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at
the time of Executive’s separation from service with all entities that are members of the Company Group Executive is a “specified
employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the
deferral of the commencement of any payments or benefits otherwise payable hereunder or payable under any other compensatory arrangement
between Executive and any member of the Company Group as a result of such separation from service is necessary in order to prevent
any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of
any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive)
until the date that is six months following Executive’s separation from service (or the earliest date as is permitted under
Section 409A of the Code), at which point all payments deferred pursuant to this Section 4 shall be paid to Executive in a lump
sum and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated
or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured,
to the extent possible, in a manner that does not cause such an accelerated or additional tax. To the extent any reimbursements
or in-kind benefits due to Executive under this Agreement constitute “deferred compensation” under Section 409A of
the Code, any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treasury Regulation
Section 1.409A-3(i)(1)(iv). For purposes of Section 409A of the Code, each payment made under this Amended Severance Agreement
shall be designated as a “separate payment” within the meaning of Section 409A of the Code.

 

    	- 4 -

    	 

    

 

5.Code Section
280G. Notwithstanding any other provision of this Amended Severance Agreement to the contrary, if any of the payments or
benefits provided or to be provided by the Company Group to the Executive or for the Executive's benefit pursuant to the terms
of this Agreement or otherwise (“Covered Payments”) constitute parachute payments within the meaning of Section
280G of the Code and would, but for this Section 5, be subject to the excise tax imposed under Section 4999 of the Code (or any
successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such
taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made
comparing (i) the Net Benefit (as defined below) to the Executive of the Covered Payments after payment of the Excise Tax to (ii)
the Net Benefit to the Executive if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise
Tax. If the amount calculated under (i) above is less than the amount under (ii) above, the Covered Payments will be reduced to
the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. “Net Benefit”
shall mean the present value of the Covered Payments, after payment of all applicable federal, state, local, foreign income, employment
and excise taxes.

 

The Executive shall
provide the Company with such information and documents as the Company may reasonably request in order to make a determination
under this Section 5. The Company's determination shall be final and binding on the Executive.

 

6.Withholding.
The Company or any applicable member of the Company Group shall be entitled to withhold from any payments made pursuant to this
Agreement any amount of withholding it determines is appropriate or necessary pursuant to applicable law and the Company’s
payroll practices.

 

7.No Set
Off; Mitigation. Executive shall not be required to mitigate damages with respect to the termination of Executive’s
employment with the Company Group under this Amended Severance Agreement by seeking other service or otherwise, and, unless expressly
provided for herein, there shall be no offset against amounts due to Executive under this Amended Severance Agreement on account
of subsequent service.

 

8.Assignment.
This Amended Severance Agreement and all of Executive’s rights and obligations hereunder shall not be assignable or delegable
by Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio
and of no force and effect. No rights or obligations of the Company under this Amended Severance Agreement may be assigned or transferred
by the Company without Executive’s prior written consent, except that such rights or obligations may be assigned or transferred
pursuant to a merger, consolidation or other similar transaction in which the Company is not the continuing entity or a sale, liquidation
or other disposition of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor
to all or substantially all of the assets of the Company. Upon any such assignment or transfer, the rights and obligations of the
Company and Company Group hereunder shall become the rights and obligations of such assignee or transferee.

 

    	- 5 -

    	 

    

 

9.Counterparts.
This Amended Severance Agreement may be executed in counterparts and by fax or pdf.

 

[Remainder of this page intentionally left
blank.]

 

    	- 6 -

    	 

    

 

If the foregoing terms
and conditions are acceptable and agreed to by Executive, please sign on the line provided below to signify such acceptance and
agreement and return the executed copy to the undersigned.

 

	 	 	 	FOREX CAPITAL
	 	 	 	MARKETS, LLC
	 	 	 	 
	 	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Accepted and Agreed	 	 	 
	 	 	 	 
	 	 	 	 
	[INSERT NAME]	 	 	 

 

 

[Signature Page – Severance Agreement]

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