Document:

Exhibit 10.A

 Exhibit 10.(a) 9th Amendment 
 NINTH AMENDMENT TO THE 
 FIRST AMENDED AND RESTATED 
 AGREEMENT
OF LIMITED PARTNERSHIP OF 
 SAUL HOLDINGS LIMITED PARTNERSHIP 
 THIS NINTH AMENDMENT TO THE FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SAUL HOLDINGS LIMITED PARTNERSHIP (this “Ninth
Amendment”), dated as of March 27, 2008, is entered into by the undersigned party. 
 W I T N
E S S E T H: 
 WHEREAS, Saul Holdings Limited Partnership (the “Partnership”) was
formed as a Maryland limited partnership pursuant to that certain Certificate of Limited Partnership dated June 16, 1993 and filed on June 16, 1993 among the partnership records of the Maryland State Department of Assessments and Taxation,
and that certain Agreement of Limited Partnership dated June 16, 1993 (the “Original Agreement”); 
 WHEREAS, the
Original Agreement was amended and restated in its entirety by that certain First Amended and Restated Agreement of Limited Partnership of the Partnership dated August 26, 1993, which was further amended by that certain First Amendment dated
August 26, 1993, by that certain Second Amendment dated March 31, 1994, by that certain Third Amendment dated July 21, 1994, by that certain Fourth Amendment dated December 1, 1996, by that certain Fifth Amendment dated
July 6, 2000, by that certain Sixth Amendment dated November 5, 2003, by that certain Seventh Amendment dated November 26, 2003 and by that certain Eighth Amendment dated December 31, 2007 (as amended, the
“Agreement”); 
 WHEREAS, on March 27, 2008, Saul Centers, Inc. (the “General Partner”) issued 30,000
shares of 9% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Shares,” each a “Series B Preferred Share”) at a gross offering price of $2,500.00 per Series B Preferred Share and, in connection
therewith, the General Partner, pursuant to Section 8.7.C of the Agreement, is required to contribute the proceeds of such issuance to the Partnership and cause the Partnership to issue to the General Partner preferred equity ownership
interests in the Partnership (“Series B Preferred Partnership Units”); and 
 WHEREAS, the General Partner desires to amend
the Agreement pursuant to its authority under Sections 2.4 and 14.1.B of the Agreement and the powers of attorney granted to the General Partner by the Limited Partners in order to reflect the aforementioned issuance of the Series B Preferred
Partnership Units. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the undersigned party, intending legally to be bound, hereby agrees as follows: 
 1. The Agreement is hereby amended by the addition of a new exhibit, entitled Exhibit G, in the form attached hereto, which sets forth the designations, allocations, preferences and other special rights, powers
and duties of the Series B Preferred Partnership Units and which shall be attached to and made a part of the Agreement. 

 2. Pursuant to Section 8.7.C of the Agreement, effective as of March 27, 2008, the issuance
date of the Series B Preferred Shares by the General Partner, the Partnership hereby issues 30,000 Series B Preferred Partnership Units to the General Partner as provided in Exhibit G. The Series B Preferred Partnership Units have been
created and are being issued in conjunction with the General Partner’s issuance of the Series B Preferred Shares, and as such, the Series B Preferred Partnership Units are intended to have designations, preferences and other rights, all such
that the economic interests are substantially similar to the designations, preferences and other rights of the Series B Preferred Shares, and the terms of this Ninth Amendment, including without limitation the attached Exhibit G, shall be
interpreted in a fashion consistent with this intent. In return for the issuance to the General Partner of the Series B Preferred Partnership Units, the General Partner has contributed to the Partnership the funds raised through its issuance of the
Series B Preferred Shares (the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance, i.e., the net proceeds actually contributed, plus any underwriter’s discount or
other expenses incurred, with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership). 
 3. In order to reflect the issuance of the Series B Preferred Partnership Units, Exhibit A to the Agreement is hereby amended by adding to the end of such Exhibit A the following table: 
 Series B Preferred Partnership Units 
  

					
	Holder	  	Number of Series B
Preferred Partnership
Units	  	Issuance Date
	 Saul Centers, Inc.
	  	30,000	  	3/27/2008

 4. The foregoing recitals are incorporated in and are part of this Ninth Amendment. 
 5. Except as the context may otherwise require, any terms used in this Ninth Amendment that are defined in the Agreement shall have the same meaning for
purposes of this Ninth Amendment as in the Agreement. 
 6. Except as specifically amended hereby, the terms, covenants, provisions and
conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and confirmed in all respects.

  

 - 2 - 

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

			
	GENERAL PARTNER
	
	SAUL CENTERS, INC.
	a Maryland corporation
		
	By:	 	 /s/ Scott V. Schneider

	Name:	 	Scott V. Schneider
	Title:	 	Senior Vice President,
		 	Chief Financial Officer,
		 	Treasurer and Secretary

  

 - 3 - 

 Exhibit 10.(a) 9th Amendment 
 EXHIBIT G 
 DESIGNATION OF THE 
 SERIES B PREFERRED
PARTNERSHIP UNITS 
 OF SAUL HOLDINGS LIMITED PARTNERSHIP 
  

	 	1.	Number of Units and Designation. 

 A class of
ownership interests in the Partnership entitled “Series B Preferred Partnership Units” is hereby designated and the number of Series B Preferred Partnership Units constituting such class shall be 34,500. 
  

	 	2.	Definitions. 

 For purposes of the Series B
Preferred Partnership Units, the following terms shall have the meanings indicated in this Section 2, and capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Agreement: 
 “Distribution Payment Date” means any date on which cash dividends are paid on all outstanding shares of the Series B Preferred Shares.

 “Liquidation Preference” has the meaning set forth in Section 4 of this Exhibit G. 
 “Series B Preferred Partnership Units” means the preferred equity ownership interests in the Partnership issued to the General Partner
by the Partnership in connection with the issuance by the General Partner of the Series B Preferred Shares, having the designations, preferences and rights set forth in this Exhibit G. 
 “Series B Preferred Shares” means the 9% Series B Cumulative Redeemable Preferred Stock issued by the General Partner. 
  

	 	3.	Distributions. 

 Notwithstanding anything to the
contrary contained in Section 5.2 of the Agreement, on each Distribution Payment Date, the General Partner shall cause distributions of Available Cash to be made in cash to the General Partner with respect to the Series B Preferred Partnership
Units in an amount equal to the amount that is required to be distributed by the General Partner on that date to the holders of Series B Preferred Shares. The Series B Preferred Partnership Units shall not be entitled to any distributions of
Available Cash, whether payable in cash, property or stock, except as provided herein. 
  

	 	4.	Liquidation Preference. 

 In the event of any
liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary, before any payment or distribution of the Partnership (whether capital, surplus or otherwise) shall be made under Section 13.2.A(3) to any classes of
ownership interest in the Partnership that are junior in priority to the Series B Preferred Partnership Units, the Series B Preferred Partnership Units shall be entitled to a preference (the “Liquidation Preference”) equal to the
sum of (i) $2,500 per 

 
Series B Preferred Partnership Unit, plus (ii) an amount per Series B Preferred Partnership Unit equal to any accrued and unpaid dividends on one Series
B Preferred Share to the date of final distribution. Until the Liquidation Preference with respect to the Series B Preferred Partnership Units has been paid in full, no payment shall be made under Section 13.2.A(3) with respect to any classes
of ownership interest in the Partnership that are junior in priority to the Series B Preferred Partnership Units. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof,
distributable with respect to the Series B Preferred Partnership Units shall be insufficient to pay in full the Liquidation Preference and liquidating payments on any ownership interests in the Partnership that are on a parity with the Series B
Preferred Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the Series B Preferred Partnership Units and any such ownership interests in the Partnership on the same parity as the Series B Preferred Partnership
Units, ratably in the same proportion as the respective amounts that would be payable on such Series B Preferred Partnership Units and any such other ownership interests in the Partnership on the same parity if all amounts payable thereon were paid
in full. After payment in full of the Liquidation Preference, the Series B Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership. For the purposes of this Section 4, (i) a consolidation
or merger of the Partnership with one or more partnerships, or (ii) a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of
the Partnership. 
  

	 	5.	Redemption. 

 Series B Preferred Partnership Units
shall be redeemable by the Partnership as follows: 
 (a) At any time that the General Partner exercises its right to redeem all or any of the
Series B Preferred Shares, the General Partner shall cause the Partnership to concurrently redeem an equal number of Series B Preferred Partnership Units, at a redemption price per Series B Preferred Partnership Unit payable in cash and equal to the
same price per share paid by the General Partner to redeem the Series B Preferred Shares (i.e., a redemption price of $2,500.00 per Series B Preferred Share, plus any accrued and unpaid dividends thereon). No interest shall accrue for the benefit of
the Series B Preferred Partnership Units to be redeemed on any cash set aside by the Partnership. 
 (b) If the Partnership shall redeem
Series B Preferred Partnership Units pursuant to paragraph (a) of this Section 5, from and after the redemption date (unless the Partnership shall fail to make available the amount of cash necessary to effect such redemption),
(i) except for payment of the redemption price, the Partnership shall not make any further distributions on the Series B Preferred Partnership Units so called for redemption, (ii) said units shall no longer be deemed to be outstanding and
(iii) all rights of the holders thereof as holders of Series B Preferred Partnership Units of the Partnership shall cease except the rights to receive the cash payable upon such redemption, without interest thereon. 
 (c) If fewer than all the outstanding Series B Preferred Partnership Units are to be redeemed, units to be redeemed shall be determined pro rata, by lot
or in such other manner from outstanding Series B Preferred Partnership Units not previously called for redemption by any method determined by the General Partner in its discretion. Upon any such redemption, the General Partner shall amend
Exhibit A to the Agreement as appropriate to reflect such redemption. 

	 	6.	Status of Reacquired Units. 

 All Series B Preferred
Partnership Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled. 
  

	 	7.	Ranking. 

 The Series B Preferred Partnership Units
shall be deemed to rank: 
 (a) senior to all existing Partnership Interests; 
 (b) senior to any class or series of ownership interests in the Partnership, as to the payment of distributions and as to distributions of assets upon
liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future issuance by the General Partner of common stock or any other equity securities ranking junior to the Series B Preferred Shares;

 (c) on a parity with any class or series of ownership interests in the Partnership, as to the payment of distributions and as to
distributions of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or designation by the General Partner of equity securities, the terms of which specifically
provide that such equity securities rank on a parity with the Series B Preferred Shares; and 
 (d) junior to any class or series of
ownership interests in the Partnership, as to payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or
designation by the General Partner of equity securities, the terms of which specifically provide that such class or series ranks senior to the Series B Preferred Shares. 
 The term “ownership interests in the Partnership” does not include convertible debt securities issued in the future by the Partnership, which will rank senior to the Series B Preferred Partnership Units
prior to conversion. All Series B Preferred Partnership Units shall rank equally with one another and shall be identical in all respects. 
  

	 	8.	Special Allocations. 

 Notwithstanding Sections
6.1.A and B of the Agreement, after giving effect to the special allocations set forth in Section 1 of Exhibit C to the Agreement, each year gross income of the Partnership shall be allocated first to the General Partner until the
cumulative amount allocated under this Section 8 to the General Partner for the current year and all prior years is equal to the cumulative amount for the current year and all prior years of the sum of (A) the distributions made to the
General Partner under Section 3 of this Exhibit G, (B) the portion of the distributions made to the General Partner under Section 5 of this Exhibit G (if any) that exceeds $2,500 per Series B Preferred Partnership Unit
and (C) for the year in which a distribution is to be made to the General 

 
Partner under Section 4 of this Exhibit G, the portion of the Liquidation Preference payable to the General Partner under Section 4 (if any)
that exceeds $2,500 per Series B Preferred Partnership Unit. Any remaining Net Income or Net Loss shall be allocated as set forth in Sections 6.1.A and B of the Agreement. 
  

	 	9.	Restrictions on Ownership. 

 The Series B Preferred
Partnership Units shall be owned and held solely by the General Partner. 
  

	 	10.	Conversion. 

 The Series B Preferred Partnership
Units shall not be convertible into or exchangeable for any other property or securities of the Partnership or any other entity. 
  

	 	11.	General. 

 (a) The General Partner shall have a zero
percent Partnership Interest with respect to the Series B Partnership Units and shall have no voting rights with respect to the Series B Preferred Partnership Units other than the right to vote on an amendment to the Agreement if it would alter the
distribution, redemption or liquidation rights of the Series B Preferred Partnership Units or any other rights or preferences of the Series B Preferred Partnership Units as set forth in this Exhibit G. 
 (b) The Series B Preferred Partnership Units shall not be entitled to the benefits of any retirement or sinking fund. 
 (c) The Series B Preferred Partnership Units shall not have any preferences or other rights, voting powers, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Exhibit G. 
 (d) No
holder of Series B Preferred Partnership Units shall have any preemptive or preferential right to subscribe for, or to purchase, any additional ownership interests in the Partnership of any class or series, or any other security of the Partnership
which the Partnership may issue or sell. 
 (e) The ownership of Series B Preferred Partnership Units may (but need not, in the sole and
absolute discretion of the General Partner) be evidenced by one or more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the issuance of, and subsequent
redemption, or any other event having an effect on the ownership of, Series B Preferred Partnership Units. 
 (f) The rights of the General
Partner, in its capacity as holder of the Series B Preferred Partnership Units, are in addition to and not in limitation of any other rights or authority of the General Partner in any other capacity under the Agreement or applicable law. In
addition, nothing contained herein shall be deemed to limit or otherwise restrict the authority of the General Partner under the Agreement, other than in its capacity as holder of the Series B Preferred Partnership Units. 

 (g) If any preferences or other rights, restrictions, distributions, qualifications, allocations or terms
or conditions of redemption of the Series B Preferred Partnership Units set forth in this Exhibit G are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights,
restrictions, distributions, qualifications, allocations or terms or conditions of redemption of Series B Preferred Partnership Units set forth in this Exhibit G which can be given effect without the invalid, unlawful or unenforceable
provision thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption of the Series B Preferred Partnership Units
herein set forth shall be deemed dependent on any other provision thereof unless so expressed therein. 
 (h) The headings of the various
subdivisions of this Exhibit G are for convenience only and shall not affect the interpretation of any of the provisions hereof. 

 Exhibit 10.(a) 10th Amendment 
 TENTH AMENDMENT TO THE 
 FIRST AMENDED AND RESTATED 
 AGREEMENT
OF LIMITED PARTNERSHIP OF 
 SAUL HOLDINGS LIMITED PARTNERSHIP 
 THIS TENTH AMENDMENT TO THE FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SAUL HOLDINGS LIMITED PARTNERSHIP (this “Tenth
Amendment”), dated as of April 4, 2008, is entered into by the undersigned party. 
 W I T N
E S S E T H: 
 WHEREAS, Saul Holdings Limited Partnership (the “Partnership”) was
formed as a Maryland limited partnership pursuant to that certain Certificate of Limited Partnership dated June 16, 1993 and filed on June 16, 1993 among the partnership records of the Maryland State Department of Assessments and Taxation,
and that certain Agreement of Limited Partnership dated June 16, 1993 (the “Original Agreement”); 
 WHEREAS, the
Original Agreement was amended and restated in its entirety by that certain First Amended and Restated Agreement of Limited Partnership of the Partnership dated August 26, 1993, which was further amended by that certain First Amendment dated
August 26, 1993, by that certain Second Amendment dated March 31, 1994, by that certain Third Amendment dated July 21, 1994, by that certain Fourth Amendment dated December 1, 1996, by that certain Fifth Amendment dated
July 6, 2000, by that certain Sixth Amendment dated November 5, 2003, by that certain Seventh Amendment dated November 26, 2003, by that certain Eighth Amendment dated December 31, 2007 and by that certain Ninth Amendment dated
March 27, 2008 (as amended, the “Agreement”); 
 WHEREAS, on March 27, 2008, Saul Centers, Inc. (the
“General Partner”) issued 30,000 shares of 9% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Shares,” each a “Series B Preferred Share”) at a gross offering price of
$2,500.00 per Series B Preferred Share and, in connection therewith, the Partnership (1) designated a new class of preferred equity ownership interests in the Partnership entitled “Series B Preferred Partnership Units,” with
such designations, allocations, preferences and other special rights, powers and duties as were established in Exhibit G to the Agreement pursuant to the Ninth Amendment dated March 27, 2008, (2) authorized the issuance by the
Partnership of up to 34,500 Series B Preferred Partnership Units and (3) issued 30,000 Series B Preferred Partnership Units to the General Partner; 
 WHEREAS, in connection with the aforementioned offering, the General Partner granted the underwriters the right to purchase up to 4,500 additional Series B Preferred Shares to cover over-allotments, if any, and the
underwriters have exercised their right to purchase 1,731.15 additional Series B Preferred Shares; 
 WHEREAS, Exhibit G to the
Agreement must be amended to increase the number of units designated as Series B Preferred Partnership Units from 30,000 to 34,500 in order to accommodate any over-allotments; 
 WHEREAS, on April 4, 2008, the General Partner issued an additional 1,731.15 Series B Preferred Shares at a gross offering price of $2,500.00 per
Series B Preferred Share and, in connection therewith, the General Partner, pursuant to Section 8.7.C of the Agreement, is required to contribute the proceeds of such issuance to the Partnership and cause the Partnership to issue to the General
Partner an additional 1,731.15 Series B Preferred Partnership Units; and 

 WHEREAS, the General Partner desires to amend the Agreement pursuant to its authority under Sections 2.4
and 14.1.B of the Agreement and the powers of attorney granted to the General Partner by the Limited Partners in order to reflect the aforementioned issuance of the additional 1,731.15 Series B Preferred Partnership Units. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt, adequacy
and sufficiency of which are hereby acknowledged, the undersigned party, intending legally to be bound, hereby agrees as follows: 
 1. The
Agreement is hereby amended by the amendment and restatement of Exhibit G to the Agreement, in the form attached hereto, which sets forth the designations, allocations, preferences and other special rights, powers and duties of the Series B
Preferred Partnership Units and which shall be attached to and made a part of the Agreement. 
 2. Pursuant to Section 8.7.C of the
Agreement, effective as of April 4, 2008, the issuance date of the additional 1,731.15 Series B Preferred Shares by the General Partner, the Partnership hereby issues an additional 1,731.15 Series B Preferred Partnership Units to the General
Partner. In return for the issuance to the General Partner of the additional 1,731.15 Series B Preferred Partnership Units, the General Partner has contributed to the Partnership the funds raised through its issuance of the additional 1,731.15
Series B Preferred Shares (the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance, i.e., the net proceeds actually contributed, plus any underwriter’s discount or
other expenses incurred, with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership). 
 3. In order to reflect the issuance of the additional 1,731.15 Series B Preferred Partnership Units, Exhibit A to the Agreement is hereby amended by revising the Series B Preferred Partnership Units section of such Exhibit A
to read as follows: 
 Series B Preferred Partnership Units 
  

					
	Holder	  	Number of Series B
Preferred Partnership
Units	  	Issuance Date
	 Saul Centers, Inc.
	  	30,000	  	3/27/2008
	 Saul Centers, Inc.
	  	1,731.15	  	4/4/2008

 4. The foregoing recitals are incorporated in and are part of this Tenth Amendment. 
 5. Except as the context may otherwise require, any terms used in this Tenth Amendment that are defined in the Agreement shall have the same meaning for
purposes of this Tenth Amendment as in the Agreement. 
 6. Except as specifically amended hereby, the terms, covenants, provisions and
conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and confirmed in all respects.

  

 - 2 - 

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

			
	GENERAL PARTNER
	
	SAUL CENTERS, INC.
	a Maryland corporation
		
	By:	 	 /s/ Scott V. Schneider

	Name:	 	Scott V. Schneider
	Title:	 	Senior Vice President,
		 	Chief Financial Officer,
		 	Treasurer and Secretary

  

 - 3 - 

 Exhibit 10.(a) 10th Amendment 
 EXHIBIT G 
 DESIGNATION OF THE 
 SERIES B PREFERRED
PARTNERSHIP UNITS 
 OF SAUL HOLDINGS LIMITED PARTNERSHIP 
  

	 	1.	Number of Units and Designation. 

 A class of
ownership interests in the Partnership entitled “Series B Preferred Partnership Units” is hereby designated and the number of Series B Preferred Partnership Units constituting such class shall be 34,500. 
  

	 	2.	Definitions. 

 For purposes of the Series B
Preferred Partnership Units, the following terms shall have the meanings indicated in this Section 2, and capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Agreement: 
 “Distribution Payment Date” means any date on which cash dividends are paid on all outstanding shares of the Series B Preferred Shares.

 “Liquidation Preference” has the meaning set forth in Section 4 of this Exhibit G. 
 “Series B Preferred Partnership Units” means the preferred equity ownership interests in the Partnership issued to the General Partner
by the Partnership in connection with the issuance by the General Partner of the Series B Preferred Shares, having the designations, preferences and rights set forth in this Exhibit G. 
 “Series B Preferred Shares” means the 9% Series B Cumulative Redeemable Preferred Stock issued by the General Partner. 
  

	 	3.	Distributions. 

 Notwithstanding anything to the
contrary contained in Section 5.2 of the Agreement, on each Distribution Payment Date, the General Partner shall cause distributions of Available Cash to be made in cash to the General Partner with respect to the Series B Preferred Partnership
Units in an amount equal to the amount that is required to be distributed by the General Partner on that date to the holders of Series B Preferred Shares. The Series B Preferred Partnership Units shall not be entitled to any distributions of
Available Cash, whether payable in cash, property or stock, except as provided herein. 
  

	 	4.	Liquidation Preference. 

 In the event of any
liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary, before any payment or distribution of the Partnership (whether capital, surplus or otherwise) shall be made under Section 13.2.A(3) to any classes of
ownership interest in the Partnership that are junior in priority to the Series B Preferred Partnership Units, the Series B Preferred Partnership Units shall be entitled to a preference (the “Liquidation Preference”) equal to the
sum of (i) $2,500 per 

 
Series B Preferred Partnership Unit, plus (ii) an amount per Series B Preferred Partnership Unit equal to any accrued and unpaid dividends on one Series
B Preferred Share to the date of final distribution. Until the Liquidation Preference with respect to the Series B Preferred Partnership Units has been paid in full, no payment shall be made under Section 13.2.A(3) with respect to any classes
of ownership interest in the Partnership that are junior in priority to the Series B Preferred Partnership Units. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof,
distributable with respect to the Series B Preferred Partnership Units shall be insufficient to pay in full the Liquidation Preference and liquidating payments on any ownership interests in the Partnership that are on a parity with the Series B
Preferred Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the Series B Preferred Partnership Units and any such ownership interests in the Partnership on the same parity as the Series B Preferred Partnership
Units, ratably in the same proportion as the respective amounts that would be payable on such Series B Preferred Partnership Units and any such other ownership interests in the Partnership on the same parity if all amounts payable thereon were paid
in full. After payment in full of the Liquidation Preference, the Series B Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership. For the purposes of this Section 4, (i) a consolidation
or merger of the Partnership with one or more partnerships, or (ii) a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of
the Partnership. 
  

	 	5.	Redemption. 

 Series B Preferred Partnership Units
shall be redeemable by the Partnership as follows: 
 (a) At any time that the General Partner exercises its right to redeem all or any of the
Series B Preferred Shares, the General Partner shall cause the Partnership to concurrently redeem an equal number of Series B Preferred Partnership Units, at a redemption price per Series B Preferred Partnership Unit payable in cash and equal to the
same price per share paid by the General Partner to redeem the Series B Preferred Shares (i.e., a redemption price of $2,500.00 per Series B Preferred Share, plus any accrued and unpaid dividends thereon). No interest shall accrue for the benefit of
the Series B Preferred Partnership Units to be redeemed on any cash set aside by the Partnership. 
 (b) If the Partnership shall redeem
Series B Preferred Partnership Units pursuant to paragraph (a) of this Section 5, from and after the redemption date (unless the Partnership shall fail to make available the amount of cash necessary to effect such redemption),
(i) except for payment of the redemption price, the Partnership shall not make any further distributions on the Series B Preferred Partnership Units so called for redemption, (ii) said units shall no longer be deemed to be outstanding and
(iii) all rights of the holders thereof as holders of Series B Preferred Partnership Units of the Partnership shall cease except the rights to receive the cash payable upon such redemption, without interest thereon. 
 (c) If fewer than all the outstanding Series B Preferred Partnership Units are to be redeemed, units to be redeemed shall be determined pro rata, by lot
or in such other manner from outstanding Series B Preferred Partnership Units not previously called for redemption by any method determined by the General Partner in its discretion. Upon any such redemption, the General Partner shall amend
Exhibit A to the Agreement as appropriate to reflect such redemption. 

	 	6.	Status of Reacquired Units. 

 All Series B Preferred
Partnership Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled. 
  

	 	7.	Ranking. 

 The Series B Preferred Partnership Units
shall be deemed to rank: 
 (a) senior to all existing Partnership Interests; 
 (b) senior to any class or series of ownership interests in the Partnership, as to the payment of distributions and as to distributions of assets upon
liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future issuance by the General Partner of common stock or any other equity securities ranking junior to the Series B Preferred Shares;

 (c) on a parity with any class or series of ownership interests in the Partnership, as to the payment of distributions and as to
distributions of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or designation by the General Partner of equity securities, the terms of which specifically
provide that such equity securities rank on a parity with the Series B Preferred Shares; and 
 (d) junior to any class or series of
ownership interests in the Partnership, as to payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or
designation by the General Partner of equity securities, the terms of which specifically provide that such class or series ranks senior to the Series B Preferred Shares. 
 The term “ownership interests in the Partnership” does not include convertible debt securities issued in the future by the Partnership, which will rank senior to the Series B Preferred Partnership Units
prior to conversion. All Series B Preferred Partnership Units shall rank equally with one another and shall be identical in all respects. 
  

	 	8.	Special Allocations. 

 Notwithstanding Sections
6.1.A and B of the Agreement, after giving effect to the special allocations set forth in Section 1 of Exhibit C to the Agreement, each year gross income of the Partnership shall be allocated first to the General Partner until the
cumulative amount allocated under this Section 8 to the General Partner for the current year and all prior years is equal to the cumulative amount for the current year and all prior years of the sum of (A) the distributions made to the
General Partner under Section 3 of this Exhibit G, (B) the portion of the distributions made to the General Partner under Section 5 of this Exhibit G (if any) that exceeds $2,500 per Series B Preferred Partnership Unit
and (C) for the year in which a distribution is to be made to the General 

 
Partner under Section 4 of this Exhibit G, the portion of the Liquidation Preference payable to the General Partner under Section 4 (if any)
that exceeds $2,500 per Series B Preferred Partnership Unit. Any remaining Net Income or Net Loss shall be allocated as set forth in Sections 6.1.A and B of the Agreement. 
  

	 	9.	Restrictions on Ownership. 

 The Series B Preferred
Partnership Units shall be owned and held solely by the General Partner. 
  

	 	10.	Conversion. 

 The Series B Preferred Partnership
Units shall not be convertible into or exchangeable for any other property or securities of the Partnership or any other entity. 
  

	 	11.	General. 

 (a) The General Partner shall have a zero
percent Partnership Interest with respect to the Series B Partnership Units and shall have no voting rights with respect to the Series B Preferred Partnership Units other than the right to vote on an amendment to the Agreement if it would alter the
distribution, redemption or liquidation rights of the Series B Preferred Partnership Units or any other rights or preferences of the Series B Preferred Partnership Units as set forth in this Exhibit G. 
 (b) The Series B Preferred Partnership Units shall not be entitled to the benefits of any retirement or sinking fund. 
 (c) The Series B Preferred Partnership Units shall not have any preferences or other rights, voting powers, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Exhibit G. 
 (d) No
holder of Series B Preferred Partnership Units shall have any preemptive or preferential right to subscribe for, or to purchase, any additional ownership interests in the Partnership of any class or series, or any other security of the Partnership
which the Partnership may issue or sell. 
 (e) The ownership of Series B Preferred Partnership Units may (but need not, in the sole and
absolute discretion of the General Partner) be evidenced by one or more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the issuance of, and subsequent
redemption, or any other event having an effect on the ownership of, Series B Preferred Partnership Units. 
 (f) The rights of the General
Partner, in its capacity as holder of the Series B Preferred Partnership Units, are in addition to and not in limitation of any other rights or authority of the General Partner in any other capacity under the Agreement or applicable law. In
addition, nothing contained herein shall be deemed to limit or otherwise restrict the authority of the General Partner under the Agreement, other than in its capacity as holder of the Series B Preferred Partnership Units. 

 (g) If any preferences or other rights, restrictions, distributions, qualifications, allocations or terms
or conditions of redemption of the Series B Preferred Partnership Units set forth in this Exhibit G are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights,
restrictions, distributions, qualifications, allocations or terms or conditions of redemption of Series B Preferred Partnership Units set forth in this Exhibit G which can be given effect without the invalid, unlawful or unenforceable
provision thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption of the Series B Preferred Partnership Units
herein set forth shall be deemed dependent on any other provision thereof unless so expressed therein. 
 (h) The headings of the various
subdivisions of this Exhibit G are for convenience only and shall not affect the interpretation of any of the provisions hereofCovidien Ltd. Employee Stock Purchase Plan, as amended

 Exhibit 10.1 
 COVIDIEN LTD. EMPLOYEE STOCK PURCHASE PLAN 
  
 ARTICLE 1 
 PURPOSE 
 The Covidien Ltd. Employee Stock Purchase Plan (the
“Plan”) is created for the purpose of encouraging stock ownership by officers and employees of Covidien Ltd. (the “Company”) and its subsidiaries so that they may share in growth of the Company by acquiring or increasing their
proprietary interest in the Company. 
 ARTICLE 2 
 ADMINISTRATION OF THE PLAN 
 The Plan is administered by the Compensation and Human Resources Committee, a committee of the
Board of Directors of the Company (the “Committee”). The Committee may delegate its authority and responsibility for plan administration to a committee or an officer or group of officers, as it deems advisable. The interpretation and
construction by the Committee, or its delegate, of any provision of the Plan shall be final and binding on all parties. The Committee, or its delegate, may adopt, from time to time, such rules and regulations, as it deems appropriate for carrying
out the Plan. No member of the Board of Directors or the Committee, or its delegate, shall be liable for any action or determination made in good faith with respect to the Plan. 
 ARTICLE 3 
 ELIGIBLE EMPLOYEES 
 The Company will, from time to time, determine which of its employees (including employees of its subsidiaries and divisions) will be eligible to participate in the
Plan. All officers who are employees of the Company will be eligible to participate in the Plan. Eligible employees who elect to participate in the Plan shall hereinafter be referred to as “Participants.” 
  

 ARTICLE 4 
 SHARES TO BE PURCHASED 
 The stock subject to purchase under the Plan is 5,000,000 shares (subject to adjustment in the event of stock splits, stock dividends, recapitalization, or similar
adjustment in the Company’s common stock) of the common stock of the Company (the “Shares”) which will be purchased on the open market. 
 ARTICLE 5 
 PAYROLL DEDUCTIONS 
 Participants, upon entering the Plan, shall authorize payroll deductions to be made for the purchase of Shares. The maximum deduction shall not, on a per pay period basis, exceed a Participant’s base salary or
commission (in the case of an employee who receives commission and no base salary) and deductions shall be exclusive of overtime and net withholding and other deductions. The Participant may authorize increases or decreases in the amount of payroll
deductions at any time. In order to effect such a change in the amount of the payroll deductions, the Company must receive notice of such change in the manner specified by the Company and changes will take effect as soon as administratively
practicable. The Company will accumulate and hold for the Participant’s account the amounts deducted from his/her pay. No interest shall be paid on such amounts. Notwithstanding the foregoing, the Committee may, in its sole discretion,
authorize a special bonus payment be made to a Participant and such bonus be designated as an employee contribution. The Company will match such employee contribution, subject to the limit described in the next Article. The bonus may exceed the
contribution limits otherwise imposed on the Participant. 
 ARTICLE 6 
 EMPLOYER CONTRIBUTION 
 The Company will match a part of the employee contribution by contributing to
the Plan an additional 

  
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percentage of the employee’s payroll deduction. The Committee, from time to time, may increase or decrease the percentage of the Company’s
contribution to the Participant’s payroll deduction if the interests of the Company so require. The Company shall not match any part of an employee’s contribution that exceeds twenty-five thousand dollars (US) ($25,000.00) during a single
calendar year. The matching contributions hereunder are not intended to be entitlement or part of the regular compensation of any Participant. The Company will pay all commissions relating to the purchase of the Shares under the Plan, and the
Company will pay all administrative costs associated with the implementation and operation of the Plan. 
 ARTICLE 7 
 AUTHORIZATION FOR ENTERING THE PLAN 
 An eligible employee
may enter the Plan by enrolling in the Plan and specifying his/her contribution amount in the manner authorized by the Company. Such authorization will take effect as of the next practicable payroll period. Unless a Participant authorizes changes to
his/her payroll deductions in accordance with Article 5 or withdraws from the Plan, his/her deductions under the latest authorization on file with the Company shall continue from one payment period to the succeeding payment period as long as the
Plan remains in effect. 
 ARTICLE 8 
 PURCHASE OF SHARES 
 All Shares purchased under the Plan shall be purchased on the open market by a broker designated, from
time to time, by the Committee. On a monthly basis, as soon as practicable following the month end, the Company shall remit the total of contributions to the broker for the purchase of the Shares. The broker will then execute the purchase order and
the Plan Administrator shall allocate Shares (or fraction thereof) to each participant’s individual recordkeeping account. In the event the purchase of Shares takes place over a number of days and at different prices, then each
participant’s allocation shall be adjusted on the basis of the average price per Share over such period. 
  

 ARTICLE 9 
 ISSUANCE OF SHARES 
 The Shares purchased under the Plan
shall be held by the Plan Administrator or its nominee. Participants shall receive periodic statements that will evidence all activity in the accounts that have been established on their behalf. Such statements will be issued by the Plan
Administrator or its nominee. In the event a Participant wishes to hold certificates in his/her own name, the Participant must instruct the Plan Administrator or its nominee independently and bear the costs associated with the issuance of such
certificates and pay, if required, a small fee for each certificate so issued. Certificates for fractional Shares will not be issued. Fractional Shares shall be liquidated on a cash basis only in lieu of the issuance of certificates for such
fractional Shares upon the employee’s withdrawal. 
 ARTICLE 10 
 DIVIDEND REINVESTMENT 
 Any dividends paid to a Participant for Shares purchased under the Plan shall
be paid in cash except where the Participant voluntarily elects to reinvest such dividends in Shares of the Company in accordance with such rules or procedures as may be established by the Company from time to time. 
 ARTICLE 11 
 SALE OF SHARES PURCHASED

 UNDER THE PLAN 
 Each Participant may sell at
any time all or any portion of the Shares acquired under the Plan and held by the Plan Administrator for at least three months by notifying the Plan Administrator, who will direct the broker to execute the sale on behalf of the Participant. The
Participant shall pay the broker’s commission and any other expenses incurred with regard to the sale of the Shares. All such sales of the Shares will be subject to compliance with any 

  
 March 2008 

 
applicable federal or state securities, tax, or other laws. Each participant assumes the risk of any fluctuations in the market price of the Shares.

 ARTICLE 12 
 WITHDRAWAL
FROM THE PLAN 
 A Participant may cease making contributions to the Plan at any time by changing his/her payroll deduction to zero as described in Article
5. In order to execute a sale of all or part of the Shares purchased under the Plan and held by the Plan Administrator for at least three months, the Participant must contact the Plan Administrator directly. If the Participant desires to withdraw
from the Plan by liquidating all or part of his/her shareholder interest, he/she shall receive the proceeds from the sale thereof, minus the commission and other expenses on such sale. 
 ARTICLE 13 
 NO TRANSFER OR ASSIGNMENT 
 A Participant’s right to purchase Shares under the Plan through payroll deduction is his/hers alone and may not be transferred or assigned to, or availed of, by any
other person. 
 ARTICLE 14 
 TERMINATION OF EMPLOYEE RIGHTS 
 All of the employee’s rights under the Plan will terminate when he/she ceases to be an eligible employee due
to retirement, resignation, death, 

 
termination, or any other reason. A notice of withdrawal will be deemed to have been received from a Participant on the day of his/her final payroll
deduction. If a Participant’s payroll deductions are interrupted by any legal process, a withdrawal notice will be deemed as having been received on the day the interruption occurs. 
 ARTICLE 15 
 TERMINATION AND AMENDMENT TO 
 THE PLAN 
 The Plan may be terminated at any time by the
Company’s Board of Directors. Upon such termination, or any other termination of the Plan, all payroll deductions not used to purchase Shares will be refunded. The Board of Directors also reserves the right to amend the Plan, from time to time,
in any respect and authorizes the Committee to approve amendments to the Plan on its behalf. 
 ARTICLE 16 
 LOCAL TAX LAWS 
 If the provisions of the Plan contradict
local tax laws, the local tax laws shall prevail. 

  
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