Document:

2012 10K EX 10.15(iv)

EXHIBIT 10.15(iv)

Third Amendment
to Executive Severance Letter

This Amendment, made this 19th day of December, 2012, amends that certain Executive Severance Letter, dated as of December 18, 2007, as heretofore amended, (the “Agreement”) between Duke Realty Corporation (the “Company”) and Dennis D. Oklak (“Executive”).

The parties have determined that it is in their best interests to amend the Agreement to include special provisions intended to ensure compliance with Internal Revenue Code Section 409A relating to the timing of a release of claims.  In consideration of the mutual covenants contained herein and the continued employment of Executive by the Company, the parties agree as follows:

		
	1.
	The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:

“4.  The payments and benefits under this agreement are conditioned upon your execution and non-revocation of a General Release of All Claims and Covenant Not to Sue, in the form in general use by the Company as of the time of your separation from employment (the “Release”).  The Release (i) must be presented by the Company to you within 7 days after your separation of employment and (ii) must be executed by you, and all revocation periods shall have expired, within 60 days after your separation from employment; failing which such payments or benefits shall be forfeited.  If such 60-day period spans two calendar years, the payment or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such calendar year.  In other words, you are not permitted to influence the calendar year of payment based on the timing of your signing of the Release.”
 
		
	2.
	Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect.  The parties are authorized to restate the entire Agreement as amended hereby.

IN WITNESS WHEREOF, the Company and Executive have caused this Amendment to be duly executed.

DUKE REALTY CORPORATION

By:     /s/ Denise K. Dank
Denise K. Dank
Senior Vice President, Human Resources

EXECUTIVE
/s/ Dennis D. Oklak
Dennis D. Oklak

Third Amendment
to Executive Severance Letter

This Amendment, made this 19th day of December, 2012, amends that certain Executive Severance Letter, dated as of December 18, 2007, as heretofore amended, (the “Agreement”) between Duke Realty Corporation (the “Company”) and Steven R. Kennedy (“Executive”).

The parties have determined that it is in their best interests to amend the Agreement to include special provisions intended to ensure compliance with Internal Revenue Code Section 409A relating to the timing of a release of claims.  In consideration of the mutual covenants contained herein and the continued employment of Executive by the Company, the parties agree as follows:

		
	1.
	The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:

“4.  The payments and benefits under this agreement are conditioned upon your execution and non-revocation of a General Release of All Claims and Covenant Not to Sue, in the form in general use by the Company as of the time of your separation from employment (the “Release”).  The Release (i) must be presented by the Company to you within 7 days after your separation of employment and (ii) must be executed by you, and all revocation periods shall have expired, within 60 days after your separation from employment; failing which such payments or benefits shall be forfeited.  If such 60-day period spans two calendar years, the payment or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such calendar year.  In other words, you are not permitted to influence the calendar year of payment based on the timing of your signing of the Release.”
 
		
	2.
	Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect.  The parties are authorized to restate the entire Agreement as amended hereby.

IN WITNESS WHEREOF, the Company and Executive have caused this Amendment to be duly executed.

DUKE REALTY CORPORATION

By:     /s/ Dennis D. Oklak
Dennis D. Oklak
Chairman and Chief Executive Officer

EXECUTIVE
/s/ Steven R. Kennedy
Steven R. Kennedy

- 2 -

Third Amendment
to Executive Severance Letter

This Amendment, made this 19th day of December, 2012, amends that certain Executive Severance Letter, dated as of December 21, 2007, as heretofore amended, (the “Agreement”) between Duke Realty Corporation (the “Company”) and James B. Connor (“Executive”).

The parties have determined that it is in their best interests to amend the Agreement to include special provisions intended to ensure compliance with Internal Revenue Code Section 409A relating to the timing of a release of claims.  In consideration of the mutual covenants contained herein and the continued employment of Executive by the Company, the parties agree as follows:

		
	1.
	The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:

“4.  The payments and benefits under this agreement are conditioned upon your execution and non-revocation of a General Release of All Claims and Covenant Not to Sue, in the form in general use by the Company as of the time of your separation from employment (the “Release”).  The Release (i) must be presented by the Company to you within 7 days after your separation of employment and (ii) must be executed by you, and all revocation periods shall have expired, within 60 days after your separation from employment; failing which such payments or benefits shall be forfeited.  If such 60-day period spans two calendar years, the payment or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such calendar year.  In other words, you are not permitted to influence the calendar year of payment based on the timing of your signing of the Release.”
 
		
	2.
	Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect.  The parties are authorized to restate the entire Agreement as amended hereby.

IN WITNESS WHEREOF, the Company and Executive have caused this Amendment to be duly executed.

DUKE REALTY CORPORATION

By:     /s/ Dennis D. Oklak
Dennis D. Oklak
Chairman and Chief Executive Officer

EXECUTIVE
/s/ James B. Connor
James B. Connor

- 3 -2012 10K EX 10.16(ii)

EXHIBIT 10.16(ii)

FIRST AMENDMENT TO
EXECUTIVE SEVERANCE AGREEMENT

THIS FIRST AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT (this “Amendment”) is made as of December 21, 2011, by and between DUKE REALTY CORPORATION, an Indiana corporation (the “Company”) and CHRISTIE B. KELLY (“Executive Officer”).  

RECITALS

WHEREAS, the Company and the Executive Officer entered into that certain Executive Severance Agreement, dated May 7, 2009 (the “ESA”), with respect to separation benefits in the event of the Executive Officer’s separation from the Company; and

WHEREAS, the Company and the Executive Officer now desire to amend the ESA in the manner set forth herein and pursuant to the terms of this Amendment.

NOW, THEREFORE, taking into account the foregoing Recitals, and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive Officer agree to amend the ESA as follows:

1.Amendment to ESA.  Notwithstanding anything to the contrary in the ESA, in the event the Executive Officer’s employment terminates effective on or after her 62nd birthday, she will not be entitled to receive any separation benefits from the Company under Paragraphs A, B, or C of the ESA.

2.Full Force and Effect.  Except as set forth herein, all of the terms, covenants, and conditions of the ESA shall remain in full force and effect.  If a conflict or inconsistency exists between the terms and provisions of this Amendment and the terms and provisions of the ESA, the terms and provisions of this Amendment shall control to the extent of any such conflict or inconsistency.

3.Governing Law.  The terms of, and any dispute arising under, this Amendment will be governed by the laws of Indiana.  You agree that any litigation arising out of or under this letter will be commenced and maintained only in the state or federal courts within the state of Indiana.

4.Counterparts.  This Amendment may be executed in multiple original counterparts.  Each counterpart shall be deemed to be an original for all purposes, and all counterparts shall together constitute but one and the same instrument.

5.Further Instruments.  Each party will, whenever and as often as it shall be reasonably requested so to do by another party, cause to be executed, acknowledged or delivered, any and all such further instruments and documents as may be necessary or proper, in the reasonable opinion of the requesting party, in order to carry out the intent and purpose of this Amendment.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.

“Company”

DUKE REALTY CORPORATION, an Indiana corporation

	
	
	/s/    Dennis D. Oklak

	Name: Dennis D. Oklak

	Title: Chief Executive Officer

“Executive Officer”

/s/    Christie B. Kelly
Christie B. Kelly

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