Document:

Exhibit 4.2

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF EUROCLEAR BANK, SA/NV (“EUROCLEAR”), AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH
EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO PROLOGIS EURO FINANCE LLC (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF Elavon Financial Services DAC,
AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK)
LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES
(UK) LIMITED, HAS AN INTEREST HEREIN.

 

THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE
NAME OF USB NOMINEES (UK) LIMITED, AS NOMINEE OF THE COMMON DEPOSITARY. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR
IN PART FOR SECURITIES IN DEFINITIVE, CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
COMMON DEPOSITARY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY
OR BY THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
COMMON DEPOSITARY.

 

	REGISTERED 	PRINCIPAL AMOUNT
	No. R-1 	€300,000,000
	ISIN No.: XS2277596313	 
	COMMON CODE: 227759631	 
	
        CUSIP No.: 74341E AH5
	 

 

PROLOGIS EURO FINANCE LLC

FLOATING RATE NOTES DUE 2022

 

PROLOGIS EURO FINANCE LLC, a limited liability
company organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term
shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees
(UK) Limited, or registered assigns, upon presentation, the principal sum of THREE HUNDRED MILLION EUROS (€300,000,000) on
December 23, 2022 and to pay interest on the outstanding principal amount thereon as specified below.

 

The Securities (as defined below) shall
bear interest at the Applicable Rate (as defined below) plus 0.280% per annum for each day of an Interest Period (as defined below);
provided, however, that in no event shall the interest rate be less than zero. Interest shall accrue from and including
December 23, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly
provided for, and be payable quarterly in arrears on March 23, June 23, September 23 and December 23 of each
year (each, an “Interest Payment Date”), commencing on March 23, 2021. The interest so payable, and punctually
paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the fifteenth (15th)
calendar day, whether or not a Business Day, as the case may be, next preceding such Interest Payment Date (each, a “Regular
Record Date”).

 

     

     

    

 

The interest rate on the Securities shall
be set on March 23, June 23, September 23 and December 23 of each year, and shall be set for the initial Interest
Period on December 23, 2020 (each such date, an “Interest Reset Date”) until the principal on the Securities is
paid or made available for payment (the “Principal Payment Date”). If any Interest Reset Date and Interest Payment
Date would otherwise be on a day that is not a Business Day, such Interest Reset Date and Interest Payment Date shall be the next
succeeding Business Day, unless the next succeeding Business Day is in the next succeeding calendar month, in which case such Interest
Reset Date and Interest Payment Date shall be the immediately preceding Business Day. 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 either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not more than 15 days and 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 Securities
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

“Business Day” means any day
that is not a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are
generally authorized or obligated by law to close, and (2) is a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer (“TARGET2”) system, or any successor thereto, operates.

 

“Interest Period” shall mean
the period from and including an Interest Reset Date to, but excluding, the next succeeding Interest Reset Date and, in the case
of the last such period, from and including the Interest Reset Date immediately preceding the maturity date or Principal Payment
Date, as the case may be, to, but excluding, such maturity date or Principal Payment Date, as the case may be. If the Principal
Payment Date or maturity date is not a Business Day, then the principal amount of the Securities, plus accrued and unpaid interest
thereon, if any, shall be paid on the next succeeding Business Day and no interest shall accrue for the maturity date, Principal
Payment Date or any day thereafter.

 

“Applicable Rate” shall mean
the rate determined in accordance with the following provisions:

 

(1)            Two
prior TARGET2 days on which dealings in deposits in euros are transacted in the euro-zone interbank market preceding each Interest
Reset Date (each such date, an “Interest Determination Date”), Elavon Financial Services DAC, UK Branch, (the “Calculation
Agent”), as agent for the Company, shall determine the Applicable Rate which shall be the rate for deposits in euro having
a maturity of three months commencing on the first day of the applicable Interest Period that appears on the Reuters Screen EURIBOR01
Page as of 11:00 a.m., Brussels time, on such Interest Determination Date. “Reuters Screen EURIBOR01 Page” means
the display designated on page “EURIBOR01” on Reuters (or such other page as may replace the EURIBOR01 page on
that service or any successor service for the purpose of displaying euro-zone interbank offered rates for euro-denominated deposits
of major banks). If the Applicable Rate on such Interest Determination Date does not appear on the Reuters Screen EURIBOR01 Page,
the Applicable Rate shall be determined as described in the immediately succeeding subparagraph.

 

    2 

     

    

 

(2)            With
respect to an Interest Determination Date for which the Applicable Rate does not appear on the Reuters Screen EURIBOR01 Page as
specified in the immediately preceding subparagraph, the Applicable Rate shall be determined on the basis of the rates at which
deposits in euro are offered by four major banks in the euro-zone interbank market selected by the Company (the “Reference
Banks”) at approximately 11:00 a.m., Brussels time, on such Interest Determination Date to prime banks in the euro-zone interbank
market having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is
representative for a single transaction in such market at such time. The Company shall request the principal euro-zone office of
each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the Applicable Rate
on such Interest Determination Date shall be the arithmetic mean (rounded upwards) of such quotations. If fewer than two quotations
are provided, the Applicable Rate on such Interest Determination Date shall be the arithmetic mean (rounded upwards) of the rates
quoted by three major banks in the euro-zone selected by the Company at approximately 11:00 a.m., Brussels time, on such Interest
Determination Date for loans in euro to leading European banks, having a maturity of three months, and in a principal amount equal
to an amount of not less than €1,000,000 that is representative for a single transaction in such market at such time; provided,
however, that if the banks so selected as aforesaid by the Company are not quoting as mentioned in this sentence, the relevant
interest rate for the Interest Period commencing on the Interest Reset Date following such Interest Determination Date shall be
the interest rate in effect on such Interest Determination Date (i.e., the same as the rate determined for the immediately preceding
Interest Reset Date).

 

Interest on the Securities shall be computed
on the basis of an ACTUAL/360 day count convention.

 

Payment of the principal of, or premium,
Redemption Price or Repurchase Price, if applicable, on, and interest on this Security shall be made at the office or agency maintained
for such purpose in London, initially the Corporate Trust Office of the Paying Agent, located at 125 Old Broad Street, London EC2N
1AR, United Kingdom, in euros.

 

Payments of principal of, premium, Redemption
Price or Repurchase Price, if any, and interest in respect of this Security shall be made by wire transfer of immediately available
funds in euros. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond
the Company’s control or the euro is no longer used by the member states of the European Monetary Union that have adopted
the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Securities shall be made in U.S. Dollars until the euro is again available to the
Company or so used. In such circumstances, the amount payable on any date in euros shall be converted into U.S. Dollars at the
rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior
to the relevant payment date, or if the Board of Governors of the Federal Reserve System has not announced a rate of conversion,
on the basis of the most recent U.S. Dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business
Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate
shall be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for
euros. Any payment in respect of this Security so made in U.S. Dollars shall not constitute an event of default under the Indenture.
Neither the Trustee nor the Paying Agent (as defined below) shall be responsible for obtaining exchange rates, effecting conversions
or otherwise handling redenominations.

 

    3 

     

    

 

Each Security of this series 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 August 1, 2018 (herein called the “Base Indenture”), among the
Company, Prologis, L.P. (herein called the “Parent Guarantor,” which term includes any successor under the Indenture)
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 Security is a part), as amended by the first supplemental indenture,
dated as of August 1, 2018 (together with the Base Indenture, the “Indenture”), among the Company, the Parent
Guarantor, the Trustee, Elavon Financial Services DAC, UK Branch, as paying agent (hereinafter called the “Paying Agent,”
which term includes any successor paying agent under the Indenture with respect to the series of which this Security 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 Parent Guarantor, the Trustee, the Paying Agent and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

Optional Redemption

 

On December 23, 2021, the Company may
redeem the Securities in whole, but not in part, at a Redemption Price equal to 100% of the principal amount of the Securities
to be redeemed plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, December 23,
2021. In order for the Company to redeem the Securities on December 23, 2021, notice of redemption shall be given in the manner
provided in Section 106 of the Indenture no earlier than the opening of business on October 15, 2021 and no later than
the close of business on November 24, 2021.

 

On and after November 23, 2022, the
Company may redeem the Securities in whole at any time or in part from time to time, at a Redemption Price equal to 100% of the
principal amount of the Securities to be redeemed plus accrued and unpaid interest, if any, on the principal amount being redeemed
to, but not including, the redemption date. In order for the Company to redeem the Securities on or after November 23, 2022,
notice of redemption shall be given in the manner provided in Section 106 of the Indenture at least 15 but not more than 60 days
before the redemption date.

 

The Company may redeem all, but not less
than all, of the Securities at any time at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed,
plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the Redemption Date, in the
event of certain changes in the tax law of the United States (or any taxing authority thereof or therein) which would obligate
it to pay Additional Amounts (as defined below).

 

    4 

     

    

 

The Securities are subject in all cases
to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Securities. Except
as specifically provided for herein, the Company shall not be required to make any payment for any tax, duty, assessment or governmental
charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority thereof or
therein), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after December 18, 2020, the Company becomes
or, based upon a written opinion of independent counsel selected by the Company, shall become obligated to pay Additional Amounts
(as defined below) with respect to the Securities, then the Securities may be redeemed at the option of the Company, in whole,
but not in part, at a Redemption Price equal to 100% of the principal amount of the Securities, together with accrued and unpaid
interest on the Securities to, but not including, the Redemption Date. Notice of any redemption shall be transmitted to Holders
not more than 60 nor less than 15 days prior to the date fixed for redemption.

 

All payments in respect of the Securities
shall be made by or on behalf of the Company without withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature, imposed or levied by the United States or any taxing authority
thereof or therein, unless such withholding or deduction is required by law. If such withholding or deduction is required by law,
the Company shall, subject to certain exceptions provided for in the Indenture, pay to a Holder who is not a United States person
(as defined in the Indenture) such additional amounts (the “Additional Amounts”) on the Securities as are necessary
in order that the net payment by the Company or the Paying Agent of the principal of, and premium, Redemption Price or Repurchase
Price, if any, and interest on, the Securities to such Holder, after such withholding or deduction, shall not be less than the
amount provided in the Securities to be then due and payable.

 

Repurchase at Option of Holder

 

Each Holder of the Securities has the right
to require the Company to repurchase for cash all, but not less than all, of such Holder’s Securities on December 23,
2021 (the “Repurchase Date”), at a purchase price equal to 100% of the principal amount of the Securities to be purchased
plus accrued and unpaid interest, if any, on the principal amount being purchased to, but not including, the Repurchase Date (the
 “Repurchase Price”).

 

For any Security to be repurchased, the
Trustee and the Paying Agent must receive, at their respective offices maintained for such purpose, no earlier than the opening
of business on October 15, 2021 and no later than the close of business on November 17, 2021:

 

		•	in the case of Securities in definitive form and held outside of Euroclear and Clearstream, the actual Securities and the form
entitled “Option to Elect Repurchase” attached hereto duly completed; or

 

		•	in the case of Securities in global form as represented by this Global Euro Note, instructions to that effect from the applicable
beneficial owner of the Global Euro Note representing the Securities to the Common Depositary (via Euroclear and Clearstream) and
forwarded by the Common Depositary to the Paying Agent and Trustee.

 

    5 

     

    

 

Any notice of election from a Holder to
exercise the repurchase option must be received by the Trustee and the Paying Agent by 5:00 p.m., New York City time, on November 17,
2021. The Trustee and the Paying Agent shall provide the Company with any such notice of election received from a Holder of the
Securities within two (2) Business Days of receipt of such notice. Exercise of the repurchase option by the Holder of a Security
shall be irrevocable.

 

Sections 1105 and 1106 of the Indenture
shall apply to the repurchase option, except that references in such sections to “redemption” or similar words shall
be deemed to refer to “repurchase.”

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and
the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain
conditions set forth in the Indenture, which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of, and premium, if any, on, all of the Securities of this series at
the time Outstanding may be declared due and payable in the manner and with the effect provided in the Indenture.

 

As provided in and subject to the provisions
of the Indenture, unless the principal of all of the Securities of this series at the time Outstanding shall already have become
due and payable, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed
herein.

 

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 of each series to be affected under the Indenture at any time by the Company, the Parent Guarantor
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of
each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security 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 Security.

 

    6 

     

    

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of, premium, Redemption Price or Repurchase Price, if applicable, on, and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any Place of Payment where the principal
of, premium, Redemption Price or Repurchase Price, if applicable, on, and interest on this Security 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 his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.

 

The Securities of this series are issuable
only in registered form without coupons in minimum denominations of €100,000 and any integral multiple of €1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the
Holder surrendering the same.

 

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

 

Except as provided in Article Sixteen
of the Indenture, no recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security,
or because of any indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past, present or future
stockholder, member, partner, director, officer, employee, agent thereof or trustee, as such, of the Company or any Guarantor or
of any successor thereof, either directly or through the Company or any Guarantor or any successor thereof, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of this Security by the Holder thereof and as part of
the consideration for the issue of the Securities of this series.

 

    7 

     

    

 

THE INDENTURE AND THE SECURITIES, INCLUDING
THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed
on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities of this series, and reliance may be placed only on the other identification
numbers printed hereon.

 

Capitalized terms used in this Security
which are not defined herein shall have the meanings assigned to them in the Indenture.

 

[This space intentionally left blank.]

 

    8 

     

    

 

Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

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

 

	 	PROLOGIS EURO FINANCE LLC
	 	 
	 	 
	 	By:	 
	 	 	Name: Michael T. Blair
	 	 	Title: Assistant Secretary and Managing
    Director, Deputy General Counsel

 

 

	 	 
	Attest	 
	 	 
	By:	 	 
	 	Name: Deborah K. Briones	 
	 	Title: Senior Vice President, Associate General Counsel	 
	 	 
	Dated: December 23, 2020	 

 

    9 

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

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

 

U.S. BANK NATIONAL ASSOCIATION,

as trustee

 

	By:	 	 
	 	Authorized Officer	 

 

    10 

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

 

(Please Print or Typewrite Name and Address
including

Zip Code of Assignee)

 

the within-mentioned Security
of Prologis Euro Finance LLC and  ______________ hereby does irrevocably constitute and appoint ______________ Attorney to transfer said Security
on the books of the within-named Company with full power of substitution in the premises.

 

Dated:  ______________ 

 

NOTICE: The signature to this assignment must correspond with
the name as it appears on the first page of the within-mentioned Security in every particular, without alteration or enlargement
or any change whatever.

 

    11 

     

    

 

OPTION TO ELECT REPURCHASE

 

To: U.S. Bank National Association, as Trustee

633 West Fifth Street, 24th Floor

Los Angeles, CA 90071

United States of America

bradley.scarbrough@usbank.com

 

Elavon Financial Services DAC, UK Branch,
as Paying Agent

125 Old Broad Street, Fifth Floor

London EC2N IAR

United Kingdom

mbs.relationship.management@usbank.com

 

Re: Prologis Euro Finance
LLC Floating Rate Note due 2022

 

The undersigned registered owner of this
Security hereby exercises the option to require the Company to repurchase 100% of this Security currently held for cash on December 23,
2021, in accordance with the terms of this Security and the Indenture referred to in this Security, and directs that the Repurchase
Price be delivered to the registered Holder hereof. Capitalized terms used herein but not defined herein shall have the meanings
ascribed to such terms in the Indenture.

 

Dated:

 

	 	 
	 	Signature(s) 

 

NOTICE: The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or
any change whatever.

 

	 	 
	Social Security or Other Taxpayer Identification Number	 

 

    12 

     

    

 

GUARANTEE

 

FOR VALUE RECEIVED, the undersigned hereby,
jointly and severally with any other Guarantors, unconditionally guarantees to the Holder of the accompanying Floating Rate Notes
due 2022 (the “Euro Note”) issued by Prologis Euro Finance LLC (the “Company”) under an Indenture, dated
as of August 1, 2018 (together with the First Supplemental Indenture thereto, the “Indenture”) among the Company,
Prologis, L.P., as parent guarantor, U.S. Bank National Association, as trustee thereunder (the “Trustee”), and Elavon
Financial Services DAC, UK Branch, as paying agent, (a) the full and prompt payment of the principal of and premium, Redemption
Price or Repurchase Price, if any, on such Euro Note when and as the same shall become due and payable, whether at Stated Maturity,
by acceleration, by redemption or otherwise, and (b) the full and prompt payment of the interest on such Euro Note when and
as the same shall become due and payable, according to the terms of such Euro Note and of the Indenture. In case of the failure
of the Company punctually to pay any such principal, premium or interest, the undersigned hereby agrees to cause any such payment
to be made punctually when and as the same shall become due and payable, whether at Stated Maturity, upon acceleration, by redemption
or otherwise, and as if such payment were made by the Company. The undersigned hereby agrees, jointly and severally with any other
Guarantors, that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute and unconditional,
and shall not be affected, modified or impaired by the following: (a) the failure to give notice to the Guarantors of the
occurrence of an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release or termination
of the payment, performance or observance by the Company or the Guarantors of any or all of the obligations, covenants or agreements
of either of them contained in the Indenture or the Euro Notes; (c) the acceleration, extension or any other changes in the
time for payment of any principal of or interest or any premium on any Euro Note or for any other payment under the Indenture or
of the time for performance of any other obligations, covenants or agreements under or arising out of the Indenture or the Euro
Notes; (d) the modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth
in the Indenture or the Euro Notes; (e) the taking or the omission of any of the actions referred to in the Indenture and
in any of the actions under the Euro Notes; (f) any failure, omission, delay or lack on the part of the Trustee to enforce,
assert or exercise any right, power or remedy conferred on the Trustee in the Indenture, or any other action or acts on the part
of the Trustee or any of the Holders from time to time of the Euro Notes; (g) the voluntary or involuntary liquidation, dissolution,
sale or other disposition of all or substantially all the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with creditors or readjustment of,
or other similar proceedings affecting the Guarantors or the Company or any of the assets of any of them, or any allegation or
contest of the validity of this Guarantee in any such proceeding; (h) to the extent permitted by law, the release or discharge
by operation of law of the Guarantors from the performance or observance of any obligation, covenant or agreement contained in
the Indenture; (i) to the extent permitted by law, the release or discharge by operation of law of the Company from the performance
or observance of any obligation, covenant or agreement contained in the Indenture; (j) the default or failure of the Company
or the Trustee fully to perform any of its obligations set forth in the Indenture or the Euro Notes; (k) the invalidity, irregularity
or unenforceability of the Indenture or the Euro Notes or any part of any thereof; (l) any judicial or governmental action
affecting the Company or any Euro Notes or consent or indulgence granted to the Company by the Holders or by the Trustee; or (m) the
recovery of any judgment against the Company or any action to enforce the same or any other circumstance which might constitute
a legal or equitable discharge of a surety or guarantor. The undersigned hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of merger, sale, lease or conveyance of all or substantially all of its assets, insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such
Notice or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee shall not be discharged
except by complete performance of the obligations contained in such Euro Note and in this Guarantee.

 

    13 

     

    

 

No reference herein to such Indenture and
no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium, if any, and interest on the Euro Note.

 

THIS GUARANTEE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Euro Note shall have been executed by the Trustee under the Indenture
referred to above by the manual signature of one of its authorized officers. The validity and enforceability of this Guarantee
shall not be affected by the fact that it is not affixed to any particular Euro Note.

 

An Event of Default under the Indenture
or the Euro Notes shall constitute an event of default under this Guarantee, and shall entitle the Holders of Notes to accelerate
the obligations of the undersigned hereunder in the same manner and to the same extent as the obligations of the Company.

 

Notwithstanding any other provision of this
Guarantee to the contrary, the undersigned hereby waives any claims or other rights which it may now have or hereafter acquire
against the Company that arise from the existence or performance of its obligations under this Guarantee (all such claims and rights
are referred to as “Guarantor’s Conditional Rights”), including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, or indemnification, any right to participate in any claim or remedy against the Company,
whether or not such claim, remedy or right arises in equity or under contract, statute or common law, by any payment made hereunder
or otherwise, including without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other
property or by setoff or in any other manner, payment or security on account of such claim or other rights. Guarantor hereby agrees
not to exercise any rights which may be acquired by way of contribution under this Guarantee or any other agreement, by any payment
made hereunder or otherwise, including, without limitation, the right to take or receive from any other Guarantor, directly or
indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such contribution
rights. If, notwithstanding the foregoing provisions, any amount shall be paid to the undersigned on account of the Guarantor’s
Conditional Rights and either (i) such amount is paid to such undersigned party at any time when the indebtedness shall not
have been paid or performed in full, or (ii) regardless of when such amount is paid to such undersigned party, any payment
made by the Company to a Holder that is at any time determined to be a Preferential Payment (as defined below), then such amount
paid to the undersigned shall be held in trust for the benefit of Holder and shall forthwith be paid to such Holder to be credited
and applied upon the indebtedness, whether matured or unmatured. Any such payment is herein referred to as a “Preferential
Payment” to the extent the Company makes any payment to Holder in connection with the Euro Note, and any or all of such payment
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid or paid over to a trustee,
receiver or any other entity, whether under any bankruptcy act or otherwise.

 

    14 

     

    

 

To the extent that any of the provisions
of the immediately preceding paragraph shall not be enforceable, the undersigned agrees that until such time as the indebtedness
has been paid and performed in full and the period of time has expired during which any payment made by the Company or the undersigned
to a Holder may be determined to be a Preferential Payment, Guarantor’s Conditional Rights to the extent not validly waived
shall be subordinate to Holders’ right to full payment and performance of the indebtedness and the undersigned shall not
enforce any of Guarantor’s Conditional Rights until such time as the indebtedness has been paid and performed in full and
the period of time has expired during which any payment made by the Company or the undersigned to Holders may be determined to
be a Preferential Payment.

 

The obligations of the undersigned to the
Holders of the Euro Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article Sixteen
of the Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions
of the Indenture to which this Guarantee relates.

 

Capitalized terms used in this Guarantee
which are not defined herein shall have the meanings assigned to them in the Indenture.

 

[Remainder of page intentionally left
blank]

 

    15 

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this Guarantee
to be duly executed.

 

Dated: December 23, 2020

 

	 	PROLOGIS, L.P.
	 	By: Prologis, Inc., its general partner
	 	 
	 	By:	 
	 	 	Name: Michael T. Blair
	 	 	Title: Assistant Secretary and Managing
    Director, Deputy General Counsel

 

    16NANOPHASE TECHNOLOGIES CORPORATION 8-K

Exhibit 10.1

THIRD AMENDMENT TO BUSINESS LOAN AGREEMENT

 

This Third Amendment is
dated as of December 23, 2020 and is by and between NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (“Borrower”)
in favor of BEACHCORP, LLC, a Delaware limited liability company (“Lender”) and amends that certain Business
Loan Agreement dated as of November 19, 2018 ( as amended, “Loan Agreement”) between Borrower and Lender (the “Loan
Agreement”).

 

1.       

Borrower
and Lender hereby agree to amend the Loan Agreement as follows:

 

		(a)	Section 1.1(b) is hereby amended by substituting the date “March 31, 2022” for the
date “March 31, 2021”.

 

(b)       

Section
1.1(c) is hereby amended by substituting the amount “$4,000,000.00” for the amount “$2,750,000.00”.

 

(c)       

Section
7.1 is hereby amended by amending the definition of “Revolving Maturity Date” in its entirety to read as follows:

 

“Revolving Maturity Date.
The words “Revolving Maturity Date” mean “March 31, 2022.”

 

(d)       

Section
7.1 is hereby amended by amending the definition of “Revolving Note” in its entirety to read as follows:

 

“Revolving Note. The
words “Revolving Note” mean the Replacement Promissory Note (Revolving Note) from Borrower to Lender dated as of December
23, 2020 in the principal amount of $4,000,000.00, together with all renewals of, extensions of, modifications of, refinancings
of, consolidations of, and substitutions for such promissory note.”

 

2.       

Borrower
represents to the Lender that it has no defenses, setoffs, claims or counterclaims of any kind or nature whatsoever against Lender
in connection with the Loan Agreement or any Related Documents (as defined therein (collectively with the Loan Agreement, the “Loan
Documents”), and any amendments to said documents or any action taken or not taken by the Lender with respect thereto or
with respect to the collateral. Without limiting the generality of the foregoing, Borrower hereby releases and forever discharges
Lender, its affiliates, and each of its officers, managers, agents, employees, attorneys, insurers, successors and assigns, from
any and all liabilities, or causes of action, known or unknown, arising out of any action or inaction with respect to the Loan
Documents.

 

3.       

Except
as modified hereby, the Loan Agreement is hereby ratified and affirmed in all respects.

 

	NANOPHASE
    TECHNOLOGIES CORPORATION	 	BEACHCORP,
    LLC
	 	 	 
	By:	/s/ Jess Jankowski	 	By:	/s/
    Bradford T. Whitmore
	 	Jess Jankowski	 	 	Bradford T. Whitmore
	 	President & Chief Executive Officer	 	 	Manager

Acknowledged:

	SOLESENCE, LLC	
	 	 
	By:	/s/ Jess Jankowski		
	Name:	Jess Jankowski	 	
	Its:	President & Chief Executive Officer

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