Document:

EX-10.1

 Exhibit 10.1 

SIXTH CONSENT AND AGREEMENT 

THIS SIXTH CONSENT AND AGREEMENT (this “Agreement”) is entered into on April 29, 2020, among Falcon Global
USA LLC (“Borrower”), the other Loan Parties, JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, “Agent”), issuing bank and security trustee and the Lenders party
hereto, which constitute Required Lenders under the Credit Agreement (as defined below). Capitalized terms used but not defined in this Agreement have the meaning given them in the Credit Agreement (defined below). 

RECITALS 

A.    Borrower the other Loan Parties, Agent and the Lenders are party to that certain Credit Agreement, dated as of
February 8, 2018 (as amended from time to time, the “Credit Agreement”). 
 B.    Section
5.01(a) of the Credit Agreement requires that the Borrower furnish to the Agent and each Lender within one hundred and twenty (120) days after the end of each fiscal year of Borrower its audited consolidated balance sheet and related statements
of operations, stockholders’ equity and cash flows as of the end of and for each such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of
recognized national standing (without a “going concern” or like qualification, commentary or exception, and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied (the “Audited Financial
Statements”). 
 C.    Borrower requests that the Lenders consent that (i) the deadline for delivery
of the Audited Financial Statements for the fiscal year ended December 31, 2019 be extended to May 31, 2020 and (ii) the Audited Financial Statements for the fiscal year ended December 31, 2019 may include a “going
concern” or like qualification, commentary or exception. 
 D.    Section 5.01(d) of the Credit Agreement requires
that the Borrower furnish to the Agent and each Lender, within 30 days preceding April 30 of each calendar year, Appraisals and survey reports based on complete physical inspections (“Physical Appraisals”) regarding, for
the year ended December 31, 2020, the vessels listed on Schedule 1 hereto (the “2020 Physical Appraisal Vessels”) and desktop Appraisals regarding all Vessels other than the 2020 Physical Appraisal Vessels. 

E.    Borrower requests that the deadline for delivery of Physical Appraisals regarding the 2020 Physical Appraisal
Vessels be extended to December 31, 2020. 

 NOW THEREFORE, in consideration of the mutual covenants, terms and conditions set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows: 

1.    Consent. The Required Lenders consent that: 

(a)    the deadline for delivery of the Audited Financial Statements for the fiscal year ended
December 31, 2019 is extended to May 31, 2020; 
 (b)    the Audited Financial Statements for
the fiscal year ended December 31, 2019 may include a “going concern” or like qualification, commentary or exception; and 

(c)    the deadline for delivery of Physical Appraisals regarding the 2020 Physical Appraisal Vessels is
extended to December 31, 2020. 
 2.    Agreement. 

(a)    On or before April 29, 2020, the Borrower agrees to furnish to the Agent and each Lender its
unaudited consolidated and consolidating balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for 2019, setting forth in each case in comparative form the figures for 2018, all certified
by a Financial Officer of Borrower as presenting fairly in all material respects the financial condition and results of operations of Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes. 

(b)    The Borrower agrees to furnish to the Agent and each Lender desktop appraisals regarding all Vessels
on or before April 30, 2020. 
 (c)    The Borrower hereby agrees to furnish to the Agent and each
Lender Physical Appraisals regarding the 2020 Physical Appraisal Vessels as soon as practical following the date of this Agreement, and in any event on or before December 31, 2020. 

(d)    If the Borrower timely furnishes Physical Appraisals pursuant to the foregoing sub-clause (c) hereof, such Physical Appraisals shall be deemed to have been delivered on or about April 30, 2020 for purposes of clause (ii) of Section 5.01(d) of the Credit Agreement. 

3.    Effectiveness. This Agreement shall become effective on the date (the “Effective
Date”) on which Agent shall have received the following in form and substance satisfactory to Agent: 

(a)    this Agreement executed by the Loan Parties, the Agent and Lenders constituting the Required
Lenders; and 
 (b)    payment from Borrower of all fees and expenses (including legal fees and
disbursements) incurred and not yet reimbursed pursuant to Section 9.03 of the Credit Agreement. 

  
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 4.    Representations and Warranties. Each Loan Party represents
and warrants to Agent and Lenders that (a) no consent of any Person (other than Agent and the Required Lenders) is required for this Agreement to be effective, (b) as of the Effective Date, the representations and warranties in each Loan
Document to which it is a party are true and correct in all material respects on and as of the date of this Agreement as though made on the date of this Agreement, except with respect to Section 3.04 of the Credit Agreement for events, changes
or conditions arising from or as a result of the COVID-19 pandemic, and (c) as of the Effective Date, it is in full compliance with all covenants and agreements contained in each Loan Document to which it
is a party. The representations and warranties made in this Agreement shall survive the execution and delivery of this Agreement. No investigation by Agent or any Lender is required for Agent and Lenders to rely on the representations and warranties
in this Agreement. 
 5.    Scope of Waiver; Reaffirmation. Except as expressly provided herein, the Loan
Documents are unchanged and continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit Agreement and any other Loan Document, the terms of the Credit Agreement shall control and such other document
shall he deemed to be amended to conform to the terms of the Credit Agreement. Each Loan Party hereby reaffirms its obligations under the Loan Documents to which it is a party and agrees that all Loan Documents to which it is a party remain in full
force and effect and continue to the legal, valid, and binding obligations enforceable in accordance with their terms (as the same are expressly affected by this Agreement). 

6.    Release of Claims. THE LOAN PARTIES, ON THEIR OWN BEHALF AND ON BEHALF OF THEIR RESPECTIVE SUCCESSORS,
ASSIGNS, PARENTS, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND ATTORNEYS (the “RELEASING PARTIES”), HEREBY FOREVER, FULLY, UNCONDITIONALLY AND IRREVOCABLY RELEASE EACH CREDIT PARTY AND ITS SUCCESSORS,
ASSIGNS, PARENTS, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS AND AGENTS (the “RELEASED PARTIES”) FROM ANY LIABILITY FOR ACTIONS OR OMISSIONS IN CONNECTION WITH THE LOAN DOCUMENTS ARISING OR OCCURRING
ON OR PRIOR TO THE DATE OF THIS AGREEMENT, AND THE RELEASING PARTIES WAIVE AND RELEASE ANY AND ALL OF THEIR RIGHTS, REMEDIES, CLAIMS, DEMANDS AND CAUSES OF ACTION AGAINST EACH RELEASED PARTY BASED UPON OR RELATED TO, IN WHOLE OR IN PART, NEGLIGENCE,
BREACH OF CONTRACT OR OTHER FAULT, OR STRICT LIABILITY WITHOUT REGARD TO FAULT (WHETHER AT LAW OR IN EQUITY OR OTHERWISE), TO THE MAXIMUM EXTENT THAT SUCH RIGHTS, REMEDIES, CLAIMS, DEMANDS AND CAUSES OF ACTION MAY LAWFULLY BE RELEASED AND WAIVED AND
TO THE EXTENT ARISING OR OCCURRING ON OR PRIOR TO THE DATE OF THIS AGREEMENT. IN FURTHERANCE HEREOF, THE LOAN PARTIES REPRESENT THAT EACH OF THEM HAS HAD THE OPPORTUNITY TO ENGAGE LEGAL COUNSEL IN CONNECTION WITH THE NEGOTIATION, EXECUTION AND
DELIVERY OF THIS AGREEMENT, NONE OF THEM CONSIDERS ITSELF TO BE IN A SIGNIFICANTLY DISPARATE BARGAINING POSITION WITH RESPECT TO THE LOAN DOCUMENTS AND EACH OF THEM VOLUNTARILY CONSENTS TO THIS AGREEMENT. 

  
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 7.    Miscellaneous. 

(a)    No Waiver of Other Defaults. Except as expressly provided for herein, this Agreement does not
constitute (i) a waiver of, consent to or waiver of rights or remedies in respect of any provision of the Credit Agreement or any other Loan Document not expressly waived by this Agreement, or (ii) a waiver of Agent’s or any
Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents other than as expressly consented to hereby. 

(b)    Form. Each agreement, document, instrument or other writing to be furnished Agent under any
provision of this Agreement must be in form and substance satisfactory to Agent and its counsel. 

(c)    Headings. The headings and captions used in this Agreement are for convenience only and will
not be deemed to limit, amplify or modify the terms of this Agreement, the Credit Agreement, or the other Loan Documents. 

(d)    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each
of the undersigned and their respective successors and permitted assigns. 
 (e)    Multiple
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the same document. All counterparts must be construed together to constitute one and the same instrument. This
Agreement may be transmitted and signed by facsimile and portable document format (PDF). The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall
be binding on each Loan Party, Agent and Lenders. Agent may also require that any such documents and signatures be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile or PDF document or signature. 
 (f)    Governing Law. This
Agreement and the other Loan Documents must be construed, and their performance enforced, under the laws of the State of New York. 

(g)    Entirety. THIS AGREEMENT IS A
LOAN DOCUMENT. THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG EACH
LOAN PARTY, AGENT, AND LENDERS AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[Signature pages follow.] 

  
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 This Agreement is executed as of the date first written above. 

LOAN PARTIES: 
  

			
	FALCON GLOBAL USA LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP
	
	FALCON GLOBAL OFFSHORE LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP
	
	FALCON GLOBAL OFFSHORE II LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP
	
	FALCON GLOBAL JILL LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP
	
	FALCON GLOBAL ROBERT LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP
	
	FALCON GLOBAL LLC
		
	By:	 	 /s/ Jesús Llorca

	Name:	 	Jesús Llorca
	Title:	 	VP

  
 Sixth Consent and
Agreement 

 AGENT AND LENDER: 

 

			
	 JPMORGAN CHASE BANK, N.A., as
 Agent
and Lender

		
	By:	 	 /s/ William Canney

	Name:	 	William Canney
	Title:	 	Authorized Officer

  
 Sixth Consent and
Agreement 

 LENDERS: 

 

			
	REGIONS BANK
		
	By:	 	 /s/ William P Carroll

	Name:	 	William P Carroll
	Title:	 	Senior Vice President
	
	HANCOCK WHITNEY BANK
		
	By:	 	 /s/ Tommy D. Pitre

	Name:	 	Tommy D. Pitre
	Title:	 	Senior Vice President
	
	FIRST HORIZON BANK, a Tennessee banking corporation, successor by conversion to First Tennessee Bank National Association, a national banking association
		
	By:	 	 /s/ Jim Hennigan

	Name:	 	Jim Hennigan
	Title:	 	Senior Vice President
	
	TRUSTMARK NATIONAL BANK
		
	By:	 	 /s/ J. Christopher Gladden

	Name:	 	J. Christopher Gladden
	Title:	 	 Senior Vice President
 Senior Credit Officer-
Corporate

  
 Sixth Consent and
Agreement 

 Schedule 1 

2020 Physical Appraisal Vessels 
  

	1.	 LB Caitlin 

  

	2.	 L/B Myrtle 

  

	3.	 L/B Kayd 

  

	4.	 LB Robert 

  

	5.	 LB Jill 

  

	6.	 SEACOR Gale 

  

	7.	 SEACOR Legacy 

  

	8.	 SEACOR Powerexhibit101formofltipunit

                                                                                                                                                          EXHIBIT 10.1                      FORM OF DUKE REALTY CORPORATION                         LTIP UNIT AWARD AGREEMENT   Name of Participant:   No. of LTIP Units Awarded: X,XXX   Grant Date:                                    RECITALS         A.    The Participant is an officer of Duke Realty Corporation, an Indiana corporation  (the “Company”) and provides services to Duke Realty Limited Partnership, an Indiana limited  partnership, through which the Company conducts substantially all of its operations (the  “Partnership”).         B.    Pursuant to the Company’s 2015 Long-Term Incentive Plan (as amended and  supplemented from time to time, the “Plan”) and the Fifth Amended and Restated Agreement of  Limited Partnership (as amended and supplemented from time to time, the “LP Agreement”) of  the Partnership, the Company hereby grants the Participant an Other Stock-Based Award  pursuant to the Plan and hereby causes the Partnership to issue to the Participant, the number of  LTIP Units (as defined in the LP Agreement) set forth above (the “Award LTIP Units”) having  the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and  conditions of redemption and conversion set forth herein and in the LP Agreement.  Upon the  close of business on the Grant Date pursuant to this LTIP Unit Award Agreement (this  “Agreement”), the Participant shall receive the number of LTIP Units specified above, subject to  the restrictions and conditions set forth herein, in the Plan and in the LP Agreement.  Unless  otherwise indicated, capitalized terms used herein but not defined shall have the meanings given  to those terms in the Plan.         C.    The Compensation Committee (the “Committee) of the Board of Directors of the  Company has determined that the Participant is entitled to receive the Award LTIP Units.          NOW, THEREFORE, the Company, the Partnership and the Participant agree as  follows:           1.    Effectiveness of Award.  The Participant shall be admitted as a partner of the  Partnership with beneficial ownership of the Award LTIP Units as of the Grant Date by (i)  signing and delivering to the Partnership a copy of this Agreement and (ii) signing, as a Limited  Partner, and delivering to the Partnership a counterpart signature page to the LP Agreement  (attached hereto as Exhibit A).  Upon execution of this Agreement by the Participant, the  Partnership and the Company, the books and records maintained by the General Partner shall 

 

reflect the issuance to the Participant of the Award LTIP Units.  Thereupon, the Participant shall  have all the rights of a Limited Partner of the Partnership with respect to a number of LTIP Units  equal to the Award LTIP Units, as set forth in the LP Agreement, subject, however, to the  restrictions and conditions specified in Section 2 below.  The LTIP Units are uncertificated  securities of the Partnership and upon the Participant’s request, the General Partner shall confirm  the number of LTIP Units issued to the Participant.          2.    Vesting of Award LTIP Units.  Except as otherwise provided in Section 4 below,  the Award LTIP Units shall become vested on the Vesting Date or Dates specified in the  following schedule so long as the Participant remains an employee of the Employer on such  Dates.  If a series of Vesting Dates is specified, then the Award LTIP Units shall become vested  only with respect to the number of Award LTIP Units specified as vested on each such date.   There shall be no proportionate or partial vesting of Award LTIP Units in or during the months,  days or periods between each Vesting Date.            Continuous Status as a   Number of Units Cumulative Percent of        Participant After Grant Date Vesting Per Year  Units Vested               Less than 1 Year            0                  0%                  1 Year                  X              33 1/3%                 2 Years                  X              66 2/3%                 3 Years                  X                100%               Total Vesting              X         In the event of the occurrence of a Change in Control, all outstanding Award LTIP Units  shall become fully vested if the Award LTIP Units are not equitably converted or substituted by  the surviving Corporation.         3.    Distributions.  Distributions on the Award LTIP Units shall be paid to the  Participant to the extent provided for in the LP Agreement.           4.    Termination of Employment.               (a)   Death or Disability.  If the Participant’s employment with the Employer  shall terminate by reason of death or Disability prior to the satisfaction of the vesting conditions  set forth in Section 2 above, any Award LTIP Units that have not vested as of such date shall  automatically and without notice become fully vested.               (b)   Termination of Employment by the Employer Without Cause or by the  Participant for Good Reason Within One Year Following the Occurrence of a Change in Control.   If the Participant’s employment with the Employer shall be terminated by the Employer for any  reason other than Cause, or the Participant shall resign his or her employment for Good Reason,  in either case within one year following the occurrence of a Change in Control, all the  Participant’s unvested Award LTIP Units shall become vested on the date of such termination.                                          2 

 

            (c)   Termination of Employment by Reason of Retirement.                     (i)   If the Participant’s employment terminates by reason of        Retirement, then, subject to subsection (c)(ii) below, any unvested Award LTIP Units        shall continue to vest pursuant to the schedule in Section 2 above.                     (ii)  As consideration for the continued vesting of the Award LTIP        Units as a result of the Participant’s Retirement, and provided that the Participant has not        previously entered into a non-competition agreement with the Company, the Participant        shall enter into a non-competition agreement with the Company at the time of the        Participant’s Retirement if requested by the Committee or the Chief Executive Officer        within 60 days following the date of Retirement, in such form as shall be reasonably        determined by the Committee.  In the event that the Participant refuses to enter into such        non-competition agreement, then all of the Award LTIP Units that were not vested as of        the date immediately preceding the date of the Participant’s Retirement shall expire on        the earlier of (A) the time of such refusal, or (B) 5:00 p.m., Eastern time, on the 60th day        following the date of the Participant’s Retirement.  In the event that the Participant enters        into or has previously entered into a non-competition agreement with the Company and        breaches such agreement, any outstanding Award LTIP Units and restricted stock units        awarded under the Plan  that were not vested as of the date immediately preceding the        date of Retirement shall expire immediately as of the time of such breach.               (d)   Other Termination of Employment.  If the Participant’s employment with  the Employer terminates for any reason other than those described in subsection (a), (b) or (c)  above, any Award LTIP Units held by the Participant that have not vested as of such date shall  automatically and without notice terminate and be terminated and neither the Participant nor any  of his or her successors, heirs, assigns or personal representatives will thereafter have any further  rights or interests in such unvested Award LTIP Units.  The Participant shall retain his or her  right to any Award LTIP Units that have vested prior to the date of termination of employment.         5.    Changes in Capitalization.  Without duplication with the provisions of Article 15  of the Plan, if (i) the Company shall at any time be involved in a merger, consolidation,  dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the  assets or capital stock of the Company or a transaction similar thereto, (ii) any stock dividend,  stock split, reverse stock split, stock combination, reclassification, recapitalization, spin-off, or  other similar change in the capital structure of the Company, or any distribution to holders of  Common Stock other than ordinary cash dividends, shall occur or (iii) any other event shall  occur which in the judgment of the Committee necessitates action by way of adjusting the terms  of this Agreement, then and in that event, the Committee shall take such action as shall be  necessary to maintain the Participant’s rights hereunder so that they are substantially  proportionate to the rights existing under this Agreement prior to such event, including, but not  limited to, adjustments in the number of Award LTIP Units then subject to this Agreement and  substitution of other awards under the Plan or otherwise.         6.    Incorporation of Plan; Interpretation by Committee.  This Agreement is subject to  the terms, conditions, limitations and definitions contained in the Plan, to the extent not  inconsistent with the terms of this Agreement.  In the event of any discrepancy or inconsistency                                         3 

 

between this Agreement and the Plan, the terms and conditions of this Agreement shall control.   The Committee may make such rules and regulations and establish such procedures for the  administration of this Agreement, which are consistent with the terms of this Agreement, as it  deems appropriate.           7.    Defined Terms.  For purposes of this Agreement, the following defined terms  shall have the meanings specified herein:               (a)   “Employer” means either the Company or any Affiliate that employs the  Participant.               (b)   “Redemption Right” is defined in Section 7.07(a) of the LP Agreement.               (c)   “Resignation for Good Reason” after a Change in Control means, without  the Participant’s prior written consent:  (i) a forced move to a location more than 60 miles from  the Participant’s place of business immediately prior to the Change in Control; or (ii) a material  reduction in the Participant’s base salary and/or annual incentive bonus target as compared to  that in effect immediately prior to the Change in Control.  The Participant may not resign for  Good Reason without providing the Employer written notice of the grounds that the Participant  believes constitute Good Reason and giving the Employer at least 30 days after such notice to  cure and remedy the claimed event of Good Reason.               (d)   “Retirement” means the Participant’s termination of employment with the  Employer, other than a Termination for Cause, on or after the date the Participant attains the age  of 55 years provided that, as of the date of termination, the sum of the number of whole years of  the Participant’s employment with the Company or an Affiliate plus the Participant’s age totals  at least 65 years.               (e)   “Termination for Cause” means the Participant’s termination of  employment with the Employer for Cause (as defined in the Plan) or by reason of the  Participant’s (i) violation of material Company or Affiliate policies or (ii) breach of non- competition, confidentiality or other restrictive covenants that may apply to the Participant.         8.    Restrictions on Transfer.  None of the Award LTIP Units granted hereunder nor  any of the common units of the Partnership into which such Award LTIP Units may be converted  (the “Award Common Units”) shall be sold, assigned, transferred, pledged, hypothecated, given  away or in any other manner disposed of, or encumbered, whether voluntarily or by operation of  law or by conversion into Common Units (each such action a “Transfer”) until the later of the  date that (a) the Award LTIP Units vest and (b) is two (2) years after the Grant Date.  From and  after such date, any Transfer of Award LTIP Units or Award Common Units shall be in  accordance with the provisions of Section 7.02 of the LP Agreement; provided, however, that the  minimum unit transfer requirement in Section 7.02(iii) of the LP Agreement shall not apply.   Additionally, all Transfers of Award LTIP Units or Award Common Units must be in  compliance with all applicable securities laws (including, without limitation, the Securities Act  of 1933, as amended, the “Securities Act”).  In connection with any Transfer of Award LTIP  Units or Award Common Units, the Partnership may require the Participant to provide an  opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all                                          4 

 

federal and state securities laws (including, without limitation, the Securities Act).  Any  attempted Transfer of Award LTIP Units or Award Common Units not in accordance with the  terms and conditions of this Section 8 shall be null and void, and the Partnership shall not reflect  on its records any change in record ownership of any Award LTIP Units or Award Common  Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and  shall not in any way give effect to any such Transfer of any Award LTIP Units or Award  Common Units.  Except as otherwise provided herein, this Agreement is personal to the  Participant, is non-assignable and is not transferable in any manner, by operation of law or  otherwise, other than by will or the laws of descent and distribution.         9.    Legend.  The records of the Partnership and any other documentation evidencing  the Award LTIP Units shall bear an appropriate legend, as determined by the Partnership in its  sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein, in  the Plan and in the LP Agreement.         10.   Tax Matters; Section 83(b) Election.  The Participant may make an election to  include in gross income in the year of transfer the fair market value of the Award LTIP Units  hereunder pursuant to Section 83(b) of the Code.          11.   Withholding and Taxes.  No later than the date as of which an amount first  becomes includible in the gross income of the Participant for income tax purposes or subject to  the Federal Insurance Contributions Act withholding with respect to the Award LTIP Units  granted hereunder, the Participant will pay to the Company or, if appropriate, any of its  Subsidiaries, or make arrangements satisfactory to the Committee regarding the payment of, any  United States federal, state or local or foreign taxes of any kind required by law to be withheld  with respect to such amount.  The Company may cause the required minimum tax withholding  obligation to be satisfied, in whole or in part, by (i) withholding from shares of Stock to be  issued to the Participant in respect of the Participant’s exercise of the Redemption Right a  number of shares of Stock with an aggregate Fair Market Value that would satisfy the  withholding amount due, or (ii) withholding from Award LTIP Units granted to the Participant  with an aggregate value that would satisfy the withholding amount due.  The obligations of the  Company under this Agreement will be conditional on such payment or arrangements, and the  Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any  such taxes from any payment otherwise due to the Participant.         12.   Compensation Recoupment Policy.  This Award shall be subject to any  compensation recoupment policy of the Company that is applicable by its terms to the Participant  and to Awards of this type.         13.   Amendment; Modification.  This Agreement may only be modified or amended in  a writing signed by the parties hereto, provided that the Participant acknowledges that the Plan  may be amended or modified in accordance with Section 16.1 thereof and that this Agreement  may be amended or canceled by the Committee, on behalf of the Company and the Partnership,  in each case for the purpose of satisfying changes in law or for any other lawful purpose, so long  as no such action shall adversely affect the Participant’s rights under this Agreement without the  Participant’s written consent.  No promises, assurances, commitments, agreements, undertakings  or representations, whether oral, written, electronic or otherwise, and whether express or implied,                                         5 

 

with respect to the subject matter hereof, have been made by the parties which are not set forth  expressly in this Agreement.  The failure of the Participant or the Company or the Partnership to  insist upon strict compliance with any provision of this Agreement, or to assert any right the  Participant or the Company or the Partnership, respectively, may have under this Agreement,  shall not be deemed to be a waiver of such provision or right or any other provision or right of  this Agreement.         14.   Complete Agreement.  Other than as specifically stated herein or as otherwise set  forth in any employment, change in control or other agreement or arrangement to which the  Participant is a party which specifically refers to the Award LTIP Units or to the treatment of  compensatory equity held by the Participant generally, this Agreement (together with those  agreements and documents expressly referred to herein, for the purposes referred to herein)  embody the complete and entire agreement and understanding between the parties with respect to  the subject matter hereof, and supersede any and all prior promises, assurances, commitments,  agreements, undertakings or representations, whether oral, written, electronic or otherwise, and  whether express or implied, which may relate to the subject matter hereof in any way.         15.   Investment Representation; Registration.  The Participant hereby makes the  covenants, representations and warranties set forth on Exhibit B attached hereto as of the Grant  Date.  All of such covenants, warranties and representations shall survive the execution and  delivery of this Agreement by the Participant.  The Participant shall promptly notify the  Partnership upon discovering that any of the representations or warranties set forth on Exhibit B  was false when made or have, as a result of changes in circumstances, become false.  The  Partnership will have no obligation to register under the Securities Act any of the Award LTIP  Units or upon conversion or exchange of the Award LTIP Units into other limited partnership  interests of the Partnership.         16.   No Obligation to Continue Employment.  Neither the Company nor any  Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Participant  in employment and neither the Plan nor this Agreement shall interfere in any way with the right  of the Company or any Subsidiary to terminate the employment of the Participant at any time.         17.   No Limit on Other Compensation Arrangements.  Nothing contained in this  Agreement shall preclude the Company from adopting or continuing in effect other or additional  compensation plans, agreements or arrangements, and any such plans, agreements and  arrangements may be either generally applicable or applicable only in specific cases or to  specific persons.         18.   Status of Award LTIP Units under the Plan.  The Award LTIP Units are both  issued as equity securities of the Partnership and granted as “Other Stock-Based Awards” under  the Plan.  The Company will have the right at its option, as set forth in the LP Agreement, to  issue Shares in exchange for partnership units into which Award LTIP Units may have been  converted pursuant to the LP Agreement, subject to certain limitations set forth in the LP  Agreement, and such Shares, if issued, will be issued under the Plan.  The Participant  acknowledges that the Participant will have no right to approve or disapprove such election by  the Company.                                          6 

 

      19.   Severability.  If any term or provision of this Agreement is or becomes or is  deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law,  rule or regulation, then such provision shall be construed or deemed amended to conform to  applicable law (or if such provision cannot be so construed or deemed amended without  materially altering the purpose or intent of this Agreement and the grant of Award LTIP Units  hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this  Agreement and the award hereunder shall remain in full force and effect).         20.   Law Governing.  This Agreement shall be governed by and construed in  accordance with the laws of the State of Indiana, without regard to any principles of conflicts of  law which could cause the application of the laws of any jurisdiction other than the State of  Indiana.          21.   Headings.  Section, paragraph and other headings and captions are provided  solely as a convenience to facilitate reference.  Such headings and captions shall not be deemed  in any way material or relevant to the construction, meaning or interpretation of this Agreement  or any term or provision hereof.         22.   Notices.  Notices hereunder shall be mailed or delivered to the Company  addressed to Duke Realty Corporation, 8711 River Crossing Boulevard, Indianapolis, IN 46240,  Attention: General Counsel, and shall be mailed or delivered to the Participant at the address on  file with the Company or, in either case, at such other address as one party may subsequently  furnish to the other party in writing.           23.   Counterparts.  This Agreement may be executed in two or more separate  counterparts, each of which shall be an original, and all of which together shall constitute one  and the same agreement.         24.   Successors and Assigns.  The rights and obligations created hereunder shall be  binding on the Participant and his or her heirs and legal representatives and on the successors and  assigns of the Partnership.         25.   Data Privacy Consent.  In order to administer the Plan and this Agreement and to  implement or structure future equity grants, the Company and its agents may process any and all  personal or professional data, including but not limited to Social Security or other identification  number, home address and telephone number, date of birth and other information that is  necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant  Information”).  By entering into this Agreement, the Participant (i) authorizes the Company to  collect, process, register and transfer to its agents all Relevant Information; and (ii) authorizes  the Company and its agents to store and transmit such information in electronic form.  The  Participant shall have access to, and the right to change, the Relevant Information.  Relevant  Information will only be used in accordance with applicable law and to the extent necessary to  administer the Plan and this Agreement, and the Company and its agents will keep the Relevant  Information confidential except as specifically authorized under this paragraph.         26.   Electronic Delivery of Documents.  By accepting this Agreement, the Participant  (i) consents to the electronic delivery of this Agreement, all information with respect to the Plan                                          7 

 

 and any reports of the Company provided generally to the Company’s stockholders; (ii)   acknowledges that he or she may receive from the Company a paper copy of any documents   delivered electronically at no cost to the Participant by contacting the Company by telephone or   in writing; (iii) further acknowledges that he or she may revoke his or her consent to electronic   delivery of documents at any time by notifying the Company of such revoked consent by   telephone, postal service or electronic mail; and (iv) further acknowledges that he or she is not   required to consent to electronic delivery of documents.          27.   Section 409A.                (a)   Anything in this Agreement to the contrary notwithstanding, if at the time   of the Participant’s separation from service within the meaning of Section 409A of the Code, the   Company determines that the Participant is a “specified employee” within the meaning of   Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the   Participant becomes entitled to under this Agreement on account of the Participant’s separation   from service would be considered deferred compensation otherwise subject to the 20 percent   additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of   Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall   not be provided until the date that is the earlier of (A) six months and one day after the   Participant’s separation from service, or (B) the Participant’s death.                (b)   To the extent that any payment or benefit described in this Agreement   constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the   extent that such payment or benefit is payable upon the Participant’s termination of employment,   then such payments or benefits shall be payable only upon the Participant’s “separation from   service.”  The determination of whether and when a separation from service has occurred shall   be made in accordance with the presumptions set forth in Treasury Regulation Section   1.409A-1(h).    DUKE REALTY CORPORATION                   PARTICIPANT   By:  ________________________________     Name:                                   Name:       Title:  DUKE REALTY LIMITED PARTNERSHIP   By:  DUKE REALTY CORPORATION,       its General Partner   By:      Name:        Title:                                            8 

 

                                 EXHIBIT A                  FORM OF LIMITED PARTNER SIGNATURE PAGE         The Grantee, desiring to become one of the within named Limited Partners of Duke  Realty Limited Partnership, hereby becomes a party to the Fifth Amended and Restated  Agreement of Limited Partnership of Duke Realty Limited Partnership, as amended through the  date hereof (the “Partnership Agreement”).           The Grantee constitutes and appoints the General Partner and its authorized officers and  attorneys-in-fact, and each of those acting singly, in each case with full power of substitution, as  the Grantee’s true and lawful agent and attorney-in-fact, with full power and authority in the  Grantee’s name, place and stead to carry out all acts described in Section 9.19(a) and (b) of the  Partnership Agreement, such power of attorney to be irrevocable and a power coupled with an  interest pursuant to Section 9.19 of the Partnership Agreement.           The Grantee agrees that this signature page may be attached to any counterpart of the  Partnership Agreement.                                          Signature Line for Limited Partner:                                           By:                                              Name:                                               Date:                                            9 

 

                                 EXHIBIT B       PARTICIPANT’S COVENANTS, REPRESENTATIONS AND WARRANTIES         The Participant hereby represents, warrants and covenants as follows:               (a)   The Participant has received and had an opportunity to review the  following documents (the “Background Documents”):                      (i)   The latest Annual Report to Stockholders that has been provided to        stockholders;                      (ii)  The Company’s Proxy Statement for its most recent Annual        Meeting of Stockholders;                      (iii) The Company’s Report on Form 10-K for the fiscal year most        recently ended;                     (iv)  The Company’s Form 10-Q for the most recently ended quarter if        one has been filed by the Company with the Securities and Exchange Commission since        the filing of the Form 10-K described in clause (iv) above;                     (v)   Each of the Company’s Current Report(s) on Form 8-K, if any,        filed since the later of the end of the fiscal year most recently ended for which a Form 10-       K has been filed by the Company;                     (vi)  The Fifth Amended and Restated Agreement of Limited        Partnership of Duke Realty Limited Partnership;                      (vii) The Company’s 2015 Long-Term Incentive Plan; and                     (viii) The Company’s Articles of Incorporation.               The Participant also acknowledges that any delivery of the Background  Documents and other information relating to the Company and the Partnership prior to the  determination by the Partnership of the suitability of the Participant as a holder of Award LTIP  Units shall not constitute an offer of Award LTIP Units until such determination of suitability  shall be made.               (b)   The Participant hereby represents and warrants that                      (i)   The Participant either (A) is an “accredited investor” as defined in        Rule 501(a) under the Securities Act, or (B) by reason of the business and financial        experience of the Participant, together with the business and financial experience of those        persons, if any, retained by the Participant to represent or advise him or her with respect        to the grant to him or her of LTIP Units, the potential conversion of LTIP Units into        common units of the Partnership (“Common Units”) and the potential redemption of such                                         10 

 

Common Units for shares of Stock (“Shares”), has such knowledge, sophistication and  experience in financial and business matters and in making investment decisions of this  type that the Participant (I) is capable of evaluating the merits and risks of an investment  in the Partnership and potential investment in the Company and of making an informed  investment decision, (II) is capable of protecting his or her own interest or has engaged  representatives or advisors to assist him or her in protecting his or her its interests, and  (III) is capable of bearing the economic risk of such investment.               (ii)  The Participant understands that (A) the Participant is responsible  for consulting his or her own tax advisors with respect to the application of the U.S.  federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to  which the Participant is or by reason of the award of LTIP Units may become subject, to  his or her particular situation; (B) the Participant has not received or relied upon business  or tax advice from the Company, the Partnership or any of their respective employees,  agents, consultants or advisors, in their capacity as such; (C) the Participant provides or  will provide services to the Partnership on a regular basis and in such capacity has access  to such information, and has such experience of and involvement in the business and  operations of the Partnership, as the Participant believes to be necessary and appropriate  to make an informed decision to accept this Award of LTIP Units; and (D) an investment  in the Partnership and/or the Company involves substantial risks.  The Participant has  been given the opportunity to make a thorough investigation of matters relevant to the  LTIP Units and has been furnished with, and has reviewed and understands, materials  relating to the Partnership and the Company and their respective activities (including, but  not limited to, the Background Documents).  The Participant has been afforded the  opportunity to obtain any additional information (including any exhibits to the  Background Documents) deemed necessary by the Participant to verify the accuracy of  information conveyed to the Participant.  The Participant confirms that all documents,  records, and books pertaining to his or her receipt of LTIP Units which were requested by  the Participant have been made available or delivered to the Participant.  The Participant  has had an opportunity to ask questions of and receive answers from the Partnership and  the Company, or from a person or persons acting on their behalf, concerning the terms  and conditions of the LTIP Units.  The Participant has relied upon, and is making his or  her decision solely upon, the Background Documents and other written information  provided to the Participant by the Partnership or the Company.  The Participant did not  receive any tax, legal or financial advice from the Partnership or the Company and, to the  extent it deemed necessary, has consulted with his or her own advisors in connection with  his or her evaluation of the Background Documents and this Agreement and the  Participant’s receipt of LTIP Units.               (iii)  The LTIP Units to be issued, the Common Units issuable upon  conversion of the LTIP Units and any Shares issued in connection with the redemption of  any such Common Units will be acquired for the account of the Participant for  investment only and not with a current view to, or with any intention of, a distribution or  resale thereof, in whole or in part, or the grant of any participation therein, without  prejudice, however, to the Participant’s right (subject to the terms of the LTIP Units, the  Plan and this Agreement) at all times to sell or otherwise dispose of all or any part of his  or her or her LTIP Units, Common Units or Shares in compliance with the Securities Act,                                   11 

 

      and applicable state securities laws, and subject, nevertheless, to the disposition of his or        her assets being at all times within his or her control.                       (iv)  The Participant acknowledges that (A) neither the LTIP Units to be        issued, nor the Common Units issuable upon conversion of the LTIP Units, have been        registered under the Securities Act or state securities laws by reason of a specific        exemption or exemptions from registration under the Securities Act and applicable state        securities laws and, if such LTIP Units or Common Units are represented by certificates,        such certificates will bear a legend to such effect, (B) the reliance by the Partnership and        the Company on such exemptions is predicated in part on the accuracy and completeness        of the representations and warranties of the Participant contained herein, (C) such LTIP        Units, or Common Units, therefore, cannot be resold unless registered under the        Securities Act and applicable state securities laws, or unless an exemption from        registration is available, (D) there is no public market for such LTIP Units and Common        Units and (E) neither the Partnership nor the Company has any obligation or intention to        register such LTIP Units or the Common Units issuable upon conversion of the LTIP        Units under the Securities Act or any state securities laws or to take any action that would        make available any exemption from the registration requirements of such laws, except,        that, upon the redemption of the Common Units for Shares, the Company currently        intends to issue such Shares under the Plan and pursuant to a Registration Statement on        Form S-8 under the Securities Act, to the extent that (I) the Participant is eligible to        receive such Shares under the Plan at the time of such issuance and (II) the Company has        filed an effective Form S-8 Registration Statement with the Securities and Exchange        Commission registering the issuance of such Shares.  The Participant hereby        acknowledges that because of the restrictions on transfer or assignment of such LTIP        Units acquired hereby and the Common Units issuable upon conversion of the LTIP        Units which are set forth in the Partnership Agreement and this Agreement, the        Participant may have to bear the economic risk of his or her ownership of the LTIP Units        acquired hereby and the Common Units issuable upon conversion of the LTIP Units for        an indefinite period of time.                     (v)   The Participant has determined that the LTIP Units are a suitable        investment for the Participant.                     (vi)  No representations or warranties have been made to the Participant        by the Partnership or the Company, or any officer, director, shareholder, agent, or        affiliate of any of them, and the Participant has received no information relating to an        investment in the Partnership or the LTIP Units except the information specified in this        Paragraph (b).               (c)   So long as the Participant holds any LTIP Units, the Participant shall  disclose to the Partnership in writing such information as may be reasonably requested with  respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to  ascertain and to establish compliance with provisions of the Code, applicable to the Partnership  or to comply with requirements of any other appropriate taxing authority.                                          12 

 

            (d)   The address set forth on the signature page of this Agreement is the  address of the Participant’s principal residence, and the Participant has no present intention of  becoming a resident of any country, state or jurisdiction other than the country and state in which  such residence is sited.                 (e)   The representations of the Participant as set forth above are true and  complete to the information and belief of the Participant, and the Partnership shall be notified  promptly of any changes in the foregoing representations.                                          13

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