Document:

exv4w1

Exhibit 4.1

FORM OF TENTH SUPPLEMENTAL INDENTURE

          THIS
TENTH SUPPLEMENTAL INDENTURE is entered into as of                     , by and between
Developers Diversified Realty Corporation, an Ohio corporation (the “Company”), and U.S. Bank
National Association (the “Trustee”), a national banking association organized and existing under
the laws of the United States, as successor trustee to U.S. Bank Trust National Association, as
successor to National City Bank.

          WHEREAS, the Company and the Trustee entered into the Indenture dated as of May 1, 1994 (as
supplemented by a First Supplemental Indenture dated as of May 10, 1995, by a Second Supplemental
Indenture dated as of July 18, 2003, by a Third Supplemental Indenture dated as of January 23,
2004, by a Fourth Supplemental Indenture dated as of April 22, 2004, by a Fifth Supplemental
Indenture dated as of April 28, 2005, by a Sixth Supplemental Indenture dated as of October 7,
2005, by a Seventh Supplemental Indenture dated as of August 28, 2006, by an Eighth Supplemental
Indenture dated as of March 13, 2007, and by a Ninth Supplemental Indenture dated as of September
30, 2009, the “Indenture”), relating to the Company’s senior debt securities;

          WHEREAS, the Company has made a request to the Trustee that the Trustee join with it, in
accordance with Section 901 of the Indenture, in the execution of this Tenth Supplemental Indenture
to include the Company’s $300,000,000 principal amount of 7.50% Notes Due 2017 (the “Notes”) in the
definition of Designated Securities such that the covenant in Section 1015 of the Indenture will
inure to their benefit;

          WHEREAS, the Company desires to establish the form and terms of the Notes;

          WHEREAS, the Company and the Trustee are authorized to enter into this Tenth Supplemental
Indenture; and

          NOW, THEREFORE, the Company and the Trustee agree as follows:

          Section 1. Relation to Indenture. This Tenth Supplemental Indenture
supplements the Indenture and shall be a part and subject to all the terms thereof. Except
as supplemented hereby, the Indenture and the Securities issued thereunder shall continue
in full force and effect.

          Section 2. Capitalized Terms. Capitalized terms used herein and not
otherwise defined herein are used as defined in the Indenture.

          Section 3. Definitions. The definition of “Designated Securities” is hereby
amended in its entirety as follows:

“Designated Securities” means the Company’s $300,000,000 principal amount of 4.625%
Notes Due 2010, the Company’s $275,000,000 principal amount of 3.875% Notes Due
2009, the Company’s $250,000,000 principal amount of 5.25% Notes Due 2011, the
Company’s $200,000,000 principal amount of 5.0% Notes Due 2010, the Company’s
$200,000,000 principal amount of 5.5% Notes

 

 

Due 2015, the Company’s $350,000,000 principal amount of 5.375% Notes Due 2012, the
Company’s $300,000,000 principal amount of 9.625% Notes Due 2016 and the Company’s
$300,000,000 principal amount of 7.50% Notes Due 2017.

          Section 4. Form and Terms of the Notes.

          The Notes and the Trustee’s certificate of authentication shall be substantially in
the form of Exhibit A attached hereto. The aggregate principal amount of the Notes
that may be authenticated and delivered under the Indenture, as amended hereby, shall be
$300,000,000. The Company may, without the consent of the Holders, create and issue
additional securities ranking pari passu with the Notes in all respects and so that such
additional Notes shall be consolidated and form a single series having the same terms as to
status, redemption or otherwise as the Notes initially issued.

          The terms of the Notes are established as set forth in Exhibit A attached
hereto and this Tenth Supplemental Indenture. The terms and notations contained in the
Notes shall constitute, and are hereby expressly made, a part of the Indenture as
supplemented by this Tenth Supplemental Indenture, and the Company and the Trustee, by
their execution and delivery of this Tenth Supplemental Indenture, expressly agree to such
terms and provisions and to be bound thereby.

          Clause five of Section 501 of the Indenture is modified and amended for purposes of
the Notes to read as follows:

     “If any event of default under any bond, debenture, note or other evidence of
indebtedness of the Company (including any event of default with respect to any other
series of Securities), or under any mortgage, indenture or other instrument of the Company
under which there may be issued or by which there may be secured or evidenced any
indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has
guaranteed or for which the Company is directly responsible or liable as obligor or
guarantor), whether such indebtedness now exists or shall hereafter be created, shall
happen and shall result in an aggregate principal amount exceeding $25,000,000 becoming or
being declared due and payable prior to the date on which it would otherwise have become
due and payable, without such indebtedness having been discharged, or such acceleration
having been waived, rescinded or annulled, within a period of 10 days after there shall
have been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 10% in principal amount of the Notes a
written notice specifying such event of default and requiring the Company to cause such
indebtedness to be discharged or cause such acceleration to be rescinded or annulled and
stating that such notice is a “Notice of Default” hereunder. Subject to the provisions of
Section 601, the Trustee shall not be deemed to have knowledge of such event of default
unless either (A) a Responsible Officer of the Trustee shall have actual knowledge of such
event of default or (B) the Trustee shall have received written notice thereof from the
Company, from any Holder, from the holder of any such indebtedness or from the trustee
under any such mortgage, indenture or other instrument; or”.

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          This amendment relates solely to the rights of the Holders of the Notes and shall not
affect the rights under the Indenture of the Holders of Securities of any other series.

          Section 5. Counterparts. This Tenth Supplemental Indenture may be executed
in counterparts, each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

          Section 6. Governing Law. THIS TENTH SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OHIO (WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF).

          Section 7. Concerning the Trustee. The Trustee shall not be responsible for
any recital herein (other than the fourth recital as it appears as it applies to the
Trustee) as such recitals shall be taken as statements of the Company, or the validity of
the execution by the Company of this Tenth Supplemental Indenture. The Trustee makes no
representations as to the validity or sufficiency of this Tenth Supplemental Indenture.

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          IN WITNESS WHEREOF, the parties hereto have caused this Tenth Supplemental Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of
the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name:

	 	
	 	 	 	Name:
	 		 	 
	Title:

	 	
	 	 	 	Title:
	 	
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:	 	U.S. BANK NATIONAL ASSOCIATION,
as Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 

4

 

	 	 	 	 	 	 	 
	STATE OF                     

	 	 	)	 	 	 
	 

	 	 	)	 	 	SS:
	COUNTY OF                     

	 	 	)	 	 	 

          On the ___ day of
                    , before me personally came
                    , to me known, who,
being by me duly sworn, did depose and say that he resides at                     , Ohio, that he is the
                     of DEVELOPERS DIVERSIFIED REALTY
CORPORATION, one of the corporations described in and which executed the foregoing instrument and
that he signed his name thereto by authority of the Board of Directors of said corporation.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Notary Public 	 
	 	COMMISSION EXPIRES 	 

 

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE
OF                     
	 	 	)	 	 	 
	 

	 	 	)	 	 	SS:
	COUNTY OF                  

	 	 	)	 	 	 

          On the ___ day of                     , before me personally came,                     , to me known, who,
being by me duly sworn, did depose and say that she resides at                     , that she is
the                      of U.S. BANK NATIONAL ASSOCIATION, one of the corporations described in and
which executed the foregoing instrument and that she signed her name thereto by authority of the
Board of Directors of said corporation.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Notary Public 	 
	 	COMMISSION EXPIRES 	 

 

 

	 	 	 	 	 

EXHIBIT A

			
	 	 	 
	REGISTERED
	 	REGISTERED
	 	 	 
	NO. 001
	 	PRINCIPAL AMOUNT
	 	 	 
	CUSIP NO. 251591AU7
	 	$300,000,000

[FACE OF NOTE]

DEVELOPERS DIVERSIFIED REALTY CORPORATION

7.50% Notes Due 2017

          UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO DEVELOPERS DIVERSIFIED REALTY CORPORATION (THE
“COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

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

          DEVELOPERS DIVERSIFIED REALTY CORPORATION, an Ohio corporation (herein referred to as the
“Company,” which term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to CEDE & CO., c/o The Depository Trust
Company, 55 Water Street, New York, New York 10041, or registered assigns, the principal sum of
THREE HUNDRED MILLION Dollars ($300,000,000) on April 1, 2017 (the “Stated Maturity Date”), unless
redeemed prior to such date in accordance with the provisions referred to on the reverse hereof
(the Stated Maturity Date or date of earlier redemption, as the case may be, is referred to herein
as the “Maturity Date” with respect to the principal payable on such date), and to pay interest on
the outstanding principal amount hereof from March 19, 2010 or from the most recent Interest
Payment Date (as defined below) to which interest has been paid or duly provided for, on April 1
and October 1, of each year, commencing October 1, 2010 (each, an “Interest Payment Date”), and on
the Maturity Date, at a rate of 7.50% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months, until the principal hereof is paid or duly provided for.

A-1

 

          The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date and on the Maturity Date will, as provided in the Indenture, be paid to the Holder in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest, which shall be fifteen calendar days (whether or not a
Business Day, as defined below) next preceding such Interest Payment Date or the Maturity Date, as
the case may be (each, a “Regular Record Date”). Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may
be paid to the Holder in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of
Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

          The principal of this Note payable on the Maturity Date will be paid against presentation and
surrender of this Note at either of the offices or agencies of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York and Cleveland, Ohio. The Company hereby
appoints U.S. Bank National Association as Paying Agent for the Notes where Notes of the series may
be presented and surrendered for payment and where notices, designations or requests in respect of
payments with respect to the Notes may be served.

          Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the
case may be, will include interest accrued from and including the next preceding Interest Payment
Date in respect of which interest has been paid or duly provided for (or from and including March
19, 2010, if no interest has been paid on this Note) to but excluding such Interest Payment Date or
the Maturity Date, as the case may be. If any Interest Payment Date or the Maturity Date falls on
a day that is not a Business Day, principal, premium, if any, and/or interest payable with respect
to such Interest Payment Date or Maturity Date, as the case may be, will be paid on the next
succeeding Business Day with the same force and effect as if it were paid on the date such payment
was due, and no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date or Maturity Date, as the case may be. “Business Day” means any day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
in New York City, New York, are authorized or required by law, regulation or executive order to
close.

          All payments of principal, premium, if any, and interest by the Company in respect of this
Note will be made by wire transfer of immediately available funds.

          Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

          Unless the Certificate of Authentication hereon has been executed by the Trustee by manual
signature of one of its authorized signatories, this Note shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

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          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

Date:
               
                    

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	Attest:

 	 	 
	 	 	 
	Name:  	 	 	 
	Title:  	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

          Dated:
                    
               

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

A-3

 

	 	 	 	 	 

[REVERSE OF NOTE]

DEVELOPERS DIVERSIFIED REALTY CORPORATION

7.50% Notes Due 2017

          This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 1,
1994, as supplemented by the First Supplemental Indenture dated as of May 10, 1995, the Second
Supplemental Indenture dated as of July 18, 2003, the Third Supplemental Indenture dated as of
January 23, 2004, the Fourth Supplemental Indenture dated as of April 22, 2004, the Fifth
Supplemental Indenture dated as of April 28, 2005, the Sixth Supplemental Indenture dated as of
October 7, 2005, the Seventh Supplemental Indenture dated as of August 28, 2006, the Eighth
Supplemental Indenture dated as of March 13, 2007, the Ninth Supplemental Indenture dated as of
September 30, 2009 and the Tenth Supplemental Indenture dated as of March 19, 2010 (herein called
the “Indenture”), between the Company and U.S. Bank National Association, as successor trustee to
U.S. Bank Trust National Association, as successor to National City Bank (herein called the
“Trustee,” which term includes any successor trustee under the Indenture with respect to the series
of which this Note is a part), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one
of the duly authorized series of Securities designated as “7.50% Notes Due 2017” (collectively, the
“Notes”), and the aggregate principal amount of the Notes to be issued under such series is limited
to $300,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for,
or in lieu of other Notes). The Company may, without the consent of the Holders of any Securities,
create and issue additional notes in the future having the same terms other than the date of
original issuance, the issue price and the date on which interest begins to accrue so as to form a
single series with the Notes. No additional notes may be issued if an Event of Default has
occurred with respect to the Notes. The Notes are the unsecured and unsubordinated obligations of
the Company and rank equally with all existing and future unsecured and unsubordinated indebtedness
of the Company. All terms used but not defined in this Note shall have the meanings assigned to
such terms in the Indenture.

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

          The Company may redeem the Notes at its option, at any time prior to the Maturity Date, in
whole or from time to time in part, at a Redemption Price equal to the greater of (a) 100% of the
principal amount of the Notes being redeemed and (b) the sum of the present values of the remaining
scheduled payments of principal and interest through the Maturity Date on the Notes being redeemed
(not including the portion of any payments of interest accrued to the Redemption Date) discounted
to the Redemption Date on semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 50 basis points, plus, in each case, any interest accrued but not
paid to the Redemption Date. For the avoidance of doubt,

A-4

 

any calculation of the remaining scheduled payments of principal and interest pursuant to the
preceding sentence shall not include interest accrued as of the applicable Redemption Date.

          “Treasury Rate” means, with respect to any Redemption Date for the Notes, (i) the yield, under
the heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which established
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the Maturity Date, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month) or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate shall be calculated by the Independent Investment Banker on the third
Business Day preceding the Redemption Date.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to
be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes.

          “Independent Investment Banker” means one of the Reference Treasury Dealers that has been
appointed by the Company.

          “Comparable Treasury Price” means with respect to any Redemption Date for the Notes (i) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

          “Reference Treasury Dealer” means Banc of America Securities LLC, Deutsche Bank Securities
Inc. and UBS Securities LLC and their respective successors and one other nationally recognized
investment banking firm appointed by the Company (each, a “Primary Treasury Dealer”), provided that
prior written notice of the Company’s appointment of such other Primary Treasury Dealer shall be
provided to the Trustee; provided, further, that if any of the foregoing shall cease to be a
Primary Treasury Dealer, the Company shall substitute in its place another Primary Treasury Dealer.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its

A-5

 

principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00
p.m. on the third Business Day preceding such Redemption Date.

          Notice of any redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Notes to be redeemed. If the Company redeems
less than all of the Notes, the Trustee will select the particular Notes to be redeemed pro rata by
lot or by another method the Trustee deems fair and appropriate.

          This Note is not subject to any sinking fund.

          The Indenture contains provisions for defeasance of (i) the entire indebtedness of the Notes
or (ii) certain covenants and Events of Default with respect to the Notes, in each case upon
compliance with certain conditions set forth therein, which provisions apply to the Notes.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority of the aggregate principal amount of all Securities issued
under the Indenture at the time Outstanding and affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority of the aggregate principal amount of
the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by
the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture
permit the Holders of not less than a majority of the aggregate principal amount of the Outstanding
Securities of any series, in certain instances, to waive, on behalf of all of the Holders of
Securities of such series, certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and other Notes issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note.

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

          As provided in the Indenture and subject to certain limitations therein and herein set forth,
the transfer of this Note is registrable in the Security Register of the Company upon surrender of
this Note for registration of transfer at the office or agency of the Company in any place where
the principal of, premium, if any, and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

          As provided in the Indenture and subject to certain limitations therein and herein set forth,
this Note is exchangeable for a like aggregate principal amount of Notes of different

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authorized denominations but otherwise having the same terms and conditions, as requested by
the Holder hereof surrendering the same.

          The Notes are issuable only in registered form without coupons in denominations of $1,000 and
any integral multiple thereof.

          No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

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

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

A-7Exhibit 10.1

Exhibit 10.1

 

FIRST AMENDMENT

to the

COMPOSITE LEASE AGREEMENT

By and Between

MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY

and

FEDERAL EXPRESS CORPORATION

Effective as of September 1, 2008

 

 

 

 

FIRST AMENDMENT

TO THE COMPOSITE LEASE AGREEMENT

This First Amendment, effective on the 1st of September, 2008 (the “Effective
Date”), by and between MEMPHIS-SHELBY COUNTY AIRPORT AUTHORITY (herein sometimes referred to as
“Authority”), a body politic organized and existing under the laws of the State of Tennessee, and
FEDERAL EXPRESS CORPORATION (herein sometimes referred to as “Tenant”), a corporation duly
organized and existing under the laws of the State of Delaware and qualified to do business in the
State of Tennessee (Authority and Tenant are collectively referred to as “Parties”.),

W I T N E S S E T H:

WHEREAS Authority and Tenant executed an instrument entitled “Composite Lease Agreement” with
an effective date of January 1, 2007 (that instrument being herein called the “Composite Lease
Agreement”); and

WHEREAS Authority and Tenant intended the Composite Lease Agreement to represent each of 23
separate lease agreements between the Parties and to show the differences among the 23 lease
agreements by attaching a schedule as Exhibit A to the Composite Lease Agreement that
identified each parcel of real property Authority leased to Tenant, the portion of the Term (as
defined in the Composite Lease Agreement) during which the lease of each parcel will be in effect,
and the rent that Tenant pays to Authority for each parcel; and

WHEREAS one of the parcels included in the Composite Lease Agreement was “Parcel 13” (herein
so called); and

 

2

 

WHEREAS Authority and Tenant wish to modify the boundaries of Parcel 13 as of the Effective
Date, which results in a reduction of leased space of approximately 2,127 square feet of land; and,

NOW THEREFORE, for and in consideration of the promises, the covenants and agreements
hereinafter contained to be kept and performed by the parties hereto and upon the provisions and
conditions hereinafter set forth, Authority and Tenant do hereby covenant and agree, and each for
itself does hereby covenant and agree, as follows:

SECTION 1. Definitions. Except as otherwise provided herein, and unless the context
shall clearly require otherwise, all words and terms used in this First Amendment that are defined
in the Composite Lease Agreement shall, for all purposes of this First Amendment, have the
respective meanings given to them in the Composite Lease Agreement.

SECTION 2. Modification of Composite Lease Agreement. As of the Effective Date, the
Parties substitute the table attached to this Amendment for the table included as part of Exhibit
“A” to the Composite Lease Agreement. As of the Effective Date, the Parties substitute the
description and aerial photograph attached to this First Amendment for the description and
aerial photograph of Parcel 13 appearing as part of Exhibit “A” to the Composite Lease Agreement.

SECTION 3. Rental Reconciliation. The modification of the boundaries of Parcel 13 that
the parties accomplished by virtue of Section 2 above reduced the area of Parcel 13 and
correspondingly reduced the rental payable with respect to Parcel 13. As a result, Tenant has
overpaid rent for Parcel 13 since the Effective Date. Accordingly, Tenant will receive a credit
against the installment of rent next becoming due under the terms of the Composite Lease Agreement
after the date the Parties execute and deliver this Amendment (as distinguished from its Effective
Date) in the aggregate amount of the overpayment.

 

3

 

During the term, Tenant shall pay rent to Authority for the premises known as Parcel 13 as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-380 Ramp	 	Rate Per Sq. Ft.	 	 	Monthly Rent	 	 	Annual Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	1,897,879 Sq. Ft.
	 	$	0.1220	 	 	$	19,295.10	 	 	$	231,541.24	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	A-380 GSE Ramp	 	Rate Per Sq. Ft.	 	 	Monthly Rent	 	 	Annual Rent	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	319,113 Sq. Ft.
	 	$	0.1906	 	 	$	5,068.58	 	 	$	60,822.94	 

The rental rate for this Parcel 13 shall adjust upward as provided in the Composite Lease
Agreement.

SECTION 4. _Remainder of Composite Lease Agreement in Effect. All other terms,
provisions, conditions, covenants and agreements of the Composite Lease Agreement shall continue in
full force and effect.

SECTION 5. Effective Date of this First Amendment. This First Amendment shall become
effective September 1, 2008.

 

4

 

IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute
this First Amendment to the Composite Lease Agreement.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	WITNESS:	 	MEMPHIS-SHELBY COUNTY AIRPORT

AUTHORITY
	 
	 	 	 	 	 	 
	/s/ ANNETTE LECROIX	 	BY:	 	/s/ SCOTT A. BROCKMAN
	 	 	 	 	 
	 
	 	 	 	 	 	 
	TITLE: Paralegal

	 	 	 	TITLE:
	 	EVP/COO
	 
	 	 	 	 	 	 
	DATE: December 29, 2009	 	 	 	DATE: December 29, 2009
	 
	 	 	 	 	 	 
	Approved as to Form and Legality:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ SARA L. HALL
 

Sara L. Hall, Vice President
& General Counsel

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	WITNESS:	 	FEDERAL EXPRESS CORPORATION

A Delaware Corporation
	 
	 	 	 	 	 	 
	/s/ MICHELLE WHITAKER	 	BY:	 	/s/ WILEY JOHNSON, JR.
	 	 	 	 	 
	 
	 	 	 	 	 	 
	TITLE: Project Coordinator

	 	 	 	TITLE:
	 	Managing Director, Real Estate and
Airport Development
	 
	 	 	 	 	 	 
	DATE: October 26, 2009	 	 	 	DATE: October 26, 2009

 

5

 

REAL ESTATE APPRAISERS & LAND SURVEYORS

Parcel 13

(Revised May 5, 2008)

Supplemental Agreement 23 & 25 (A-380 Hangar Ramp)

Description of a ground lease area being a portion of the Memphis-Shelby County Airport
Authority Property as recorded in Special Warranty deed F5-5925, Parcel 1 and located on the
north side of Winchester Road and west of Tchulahoma Road in Memphis, Shelby County,
Tennessee.

Commencing at the intersection of the projected centerline of Runway 27 and the west right-of-
way line of Tchulahoma Road (106 foot wide right-of-way) with state plane coordinates of
approximately N: 287511.24152 & E: 786451.50317;

Thence North 85 degrees 42 minutes 12 seconds West, along the projected and centerline of
Runway 27, a distance of 3,114.22 feet to a point;

Thence southwestwardly being perpendicular to the centerline of Runway 27, South 4 degrees 17
minutes 48 seconds West, a distance of 795.47 feet to a set nail in cap being the TRUE POINT
OF BEGINNING being the northwest corner of the following lease area,

Thence South 85 degrees 39 minutes 44 second East, along a white line, a distance of 1,440.61
feet to an angle point,

Thence South 77 degrees 28 minutes 04 seconds East, a along a white line, a distance of 85.88
feet to an angle point,

Thence South 81 degrees 32 minutes 35 seconds East, a along a white line, a distance of 182.03
feet to an angle point;

Thence South 86 degrees 12 minutes 07 seconds East, along a white line, a distance of 28.39
feet to an angle point,

Thence South 89 degrees 10 minutes 15 seconds East, along a white line, a distance of 224.60
feet to an angle point,

Thence North 88 degrees 53 minutes 48 seconds East, along a white line, a distance of 84.65
feet to an angle point,

Thence North 85 degrees 12 minutes 25 seconds East, along a white line, a distance of 68.00
feet to an angle point,

Thence North 79 degrees 00 minutes 12 seconds East, along a white line, a distance of 72.33
feet to set nail in washer being the northeast corner of said lease area,

 

6

 

REAL ESTATE APPRAISERS & LAND SURVEYORS

Thence South 15 degrees 54 minutes 51 seconds East, a distance of 13.30 feet to a fence post,

Thence north 84 degrees 31 minutes 22 seconds East, a distance of 16.21 feet to a fence post,

Thence South 40 degrees 16 minutes 16 seconds East, a distance of 9.86 feet to a fence post,

Thence South 21 degrees 24 minutes 57 seconds East, a distance of 17.52 feet to a fence post,

Thence South 7 degrees 10 minutes 25 seconds East, a distance of 139.04 feet to a fence post,

Thence South 89 degrees 28 minutes 31 seconds East, a distance of 8.78 feet to a fence post,

Thence South 22 degrees 41 minutes 44 seconds West, a distance of 38.79 feet to a fence post,

Thence South 49 degrees 14 minutes 44 seconds West, a distance of 281.11 feet to a fence post,

Thence South 40 degrees 17 minutes 27 seconds East, a distance of 47.05 feet to a fence post,

Thence South 04 degrees 06 minutes 13 seconds West, a distance of 61.58 feet to a set iron pin
with cap,

Thence North 85 degrees 53 minutes 47 seconds West, a distance of 8.00 feet to a set iron pin
with cap,

Thence South 04 degrees 06 minutes 13 seconds West, a distance of 195.00 feet to a set iron
pin with cap,

Thence North 85 degrees 54 minutes 53 seconds West, a distance of 113.85 feet to a set iron
pin with cap,

Thence South 04 degrees 05 minutes 07 seconds West, a distance of 167.53 feet to a set iron
pin with cap,

Thence South 85 degrees 49 minutes 37 seconds East, a distance of 193.24 feet to a fence post,

Thence South 02 degrees 36 minutes 06 seconds West, a distance of 292.03 feet to a set iron
pin with cap being the southeast corner of said lease area in the north line of Winchester
Road having a 99 foot wide right-of-way,

Thence northwestwardly along the north line of Winchester Road, North 86 degrees 13 minutes 33
seconds West, a distance of 83.14 feet to an angle point,

Thence continuing along said north line, North 85 degrees 19 minutes 38 seconds West, a
distance of 414.78 feet to an angle point,

Thence continuing along said north line, North 85 degrees 50 minutes 15 seconds West, a
distance of 479.66 feet to an angle point,

Thence continuing along said north line, North 85 degrees 40 minutes 54 seconds West, a
distance of 814.69 feet to an angle point,

 

7

 

REAL ESTATE APPRAISERS & LAND SURVEYORS

Thence continuing along said north line, North 84 degrees 40 minutes 49 seconds West, a
distance of 261.48 feet to the southwest corner of said lease area and being the southeast
corner of Fed-Ex Hangar 11 & 12,

Thence northeastwardly along the west line of Parcel 13, also being the east line of the
Fed-Ex Hangar 11 & 12, North 4 degrees 40 minutes 00 seconds East, a distance of 623.21 feet
to an angle point,

Thence continuing along said line, North 49 degrees 40 minutes 56 seconds East, a distance of
301.48 feet to an angle point,

Thence continuing along said line, North 40 degrees 19 minutes 04 seconds West, a distance of
407.82 feet to the point of beginning and containing approximately 2,216,992 square feet or
50.8951 acres by calculation.

Van E. Boals,

Public Land Surveyor

Tennessee License No. 613

 

8

 

[Photographs]

 

9

 

EXHIBIT A

FEDERAL EXPRESS CORPORATION

2003 CORPORATE AVENUE-B3

MEMPHIS, TN 38132

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CURRENT	 	 	CURRENT	 	 	PROJECTED RATES	 	 	 	 	 	 	 	 	 	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	 	SQUARE	 	 	CURRENT	 	 	MONTHLY	 	 	ANNUAL	 	 	EFFECTIVE JULY 2008	 	 	7/1/2008	 	 	7/1/2013 (10)	 	 	7/1/2018 (10)	 
	NUMBER	 	NUMBER	 	CURRENT SUPPLEMENTAL	 	USE OR LOCATION	 	DATE	 	 	FEET	 	 	RATE	 	 	BILLING	 	 	BILLING	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION	 	 	ESCALATION	 	 	ESCALATION	 
	1
	 	 	 	N/A	 	TAXIWAY N	 	 	1/1/2009	(1)	 	 	100,035	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	98-0824	 	SUPPLEMENTAL 26	 	AMR FACILITIES/LANDLOCKED PARCELS	 	 	1/1/2007	 	 	 	1,082,446	 	 	Varies (3)	 	$	30,869.35	 	 	$	370,432.20	 	 	$	0.3935	 	 	$	35,497.91	 	 	$	425,974.97	 	 	 	15	%(3)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	 	 	SUPPLEMENTALS	 	WEST RAMP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	80-0204	 	18, 19, 20, 21, 22 & 23	 	UNIMPROVED GROUND	 	 	1/1/2007	 	 	 	3,111,647	 	 	$	0.1525	 	 	$	39,543.85	 	 	$	474,526.17	 	 	$	0.1906	 	 	$	49,423.33	 	 	$	593,079.92	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	22, 24 & 25	 	UNIMPROVED GROUND	 	 	1/1/2007	 	 	 	914,283	 	 	$	0.1525	 	 	$	11,619.01	 	 	$	139,428.16	 	 	$	0.1906	 	 	$	14,521.86	 	 	$	174,262.34	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4
	 	 	 	N/A	 	TAXIWAY C	 	 	1/1/2009	(2)	 	 	731,098	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5
	 	80-0204	 	SUPPLEMENTAL 13	 	UNIMPROVED APRON/GRACELAND RAMP	 	 	1/1/2007	 	 	 	515,496	 	 	$	0.1525	 	 	$	6,551.10	 	 	$	78,613.14	 	 	$	0.1906	 	 	$	8,187.79	 	 	$	78,613.14	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	SUPPLEMENTAL 17	 	UNIMPROVED APRON/SIERRA RAMP	 	 	1/1/2007	 	 	 	 	 	 	$	0.1525	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6
	 	92-0833	 	AGREEMENT #92-0833	 	IRS/AOD	 	 	1/1/2007	 	 	 	2,248,286	 	 	$	0.6650	 	 	$	125,000.00	 	 	$	1,500,000.00	 	 	$	0.6672	 	 	$	125,000.00	 	 	$	1,500,000.00	 	 	 	N/A	 	 	 	15	%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7
	 	90-0242	 	SOUTHWIDE #90-0242	 	GRAEBER ASSIGNMENT	 	 	1/1/2007	 	 	 	427,030	 	 	$	0.1029	 	 	$	2,506.15	 	 	$	30,073.80	 	 	$	0.1029	 	 	$	2,506.15	 	 	$	43,941.39	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8
	 	80-0223	 	SOUTHWIDE ASGMT. #80-0223	 	EQUITABLE LIFE	 	 	1/1/2007	 	 	 	451,370	 	 	$	0.0644	 	 	$	2,340.16	 	 	$	28,081.92	 	 	$	0.0644	 	 	$	2,340.16	 	 	$	29,068.23	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9
	 	80-0204	 	SUPPLEMENTAL 15     (INTERNATIONAL PARK)	 	FEDEX PARKING - TCHULAHOMA	 	 	1/1/2007	 	 	 	833,458	 	 	$	0.2673	 	 	$	18,565.28	 	 	$	222,783.36	 	 	$	0.2673	 	 	$	18,565.28	 	 	$	222,783.32	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10
	 	80-0204	 	SUPPLEMENTAL 16     (INTERNATIONAL PARK)	 	FEDEX CONSTRUCTION STORAGE AREA	 	 	1/1/2007	 	 	 	140,617	 	 	$	0.2673	 	 	$	3,132.24	 	 	$	37,586.92	 	 	$	0.2673	 	 	$	3,132.24	 	 	$	37,586.92	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11
	 	80-0204	 	SUPPLEMENTAL 13	 	UNIMPROVED GROUND/GSE STORAGE	 	 	1/1/2007	 	 	 	187,217	 	 	$	0.1525	 	 	$	2,379.22	 	 	$	28,550.59	 	 	$	0.1906	 	 	$	2,973.63	 	 	$	35,683.56	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12
	 	80-0204	 	SUPPLEMENTAL 27	 	A-380 GSE STORAGE	 	DBO 12/01/07 (4)	 	 	187,618	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	$	0.1525	 	 	$	2,384.31	 	 	$	28,611.75	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13
	 	80-0204	 	SUPPLEMENTAL 23	 	A-380 RAMP	 	 	1/1/2007	 	 	 	1,897,879	 	 	$	0.1220	 	 	$	19,295.10	 	 	$	231,541.24	 	 	$	0.1220	 	 	$	19,295.10	 	 	$	231,541.24	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	SUPPLEMENTAL 25	 	A-380 GSE RAMP	 	 	1/1/2007	 	 	 	319,113	 	 	$	0.1525	 	 	$	4,055.39	 	 	$	48,664.73	 	 	$	0.1906	 	 	$	5,068.58	 	 	$	60,822.94	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14
	 	80-0204	 	SUPPLEMENTAL 14	 	UNIMPROVED APRON/DE-ICING EQUIPMENT STORAGE	 	 	1/1/2007	 	 	 	428,616	 	 	$	0.1525	 	 	$	5,447.00	 	 	$	65,363.94	 	 	$	0.1906	 	 	$	6,807.85	 	 	$	81,694.21	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15
	 	 	 	**N/A	 	SPRANKLE ROAD	 	 	1/1/2007	 	 	 	200,695	 	 	$	0.0000	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	  N/A	 	 	 	  N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16
	 	 	 	**N/A	 	REPUBLIC ROAD	 	 	1/1/2007	 	 	 	113,179	 	 	$	0.0000	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	  N/A	 	 	 	  N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17
	 	 	 	SUPPLEMENTALS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	80-0204	 	1              Parcel 1, 2, 3, 4, 6 & 9    (UNIMP GROUND)	 	 	 	 	1/1/2007	 	 	 	1,662,877	 	 	$	0.1525	 	 	$	21,132.40	 	 	$	253,588.74	 	 	$	0.1906	 	 	$	26,412.03	 	 	$	316,944.36	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	1              Parcel  1, 2, 7, 9                (IMP APRON)	 	 	 	 	1/1/2007	 	 	 	1,908,290	 	 	$	0.1906	 	 	$	30,310.01	 	 	$	363,720.07	 	 	$	0.2383	 	 	$	37,895.46	 	 	$	454,745.51	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	Parcel 5       (INTERNATIONAL PARK)	 	 	 	 	1/1/2007	 	 	 	24,000	 	 	$	0.2673	 	 	$	534.60	 	 	$	6,415.20	 	 	$	0.3341	 	 	$	668.25	 	 	$	8,019.00	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	1              Parcel 8       (INTERNATIONAL PARK)	 	FUEL TANKS	 	 	1/1/2007	 	 	 	247,254	 	 	$	0.2673	 	 	$	5,507.58	 	 	$	66,090.99	 	 	$	0.3341	 	 	$	6,884.48	 	 	$	82,613.74	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	1 & 8        Parcel 12     (INETRNATIONAL PARK)	 	ARTC TRAINING BUILDING	 	 	1/1/2007	 	 	 	117,915	 	 	$	0.2673	 	 	$	2,626.56	 	 	$	31,518.68	 	 	$	0.3341	 	 	$	3,283.20	 	 	$	39,398.35	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	1 & 8        Parcel 11     (INTERNATIONAL PARK)	 	GAS STATION	 	 	1/1/2007	 	 	 	45,359	 	 	$	0.2673	 	 	$	1,010.37	 	 	$	12,124.46	 	 	$	0.3341	 	 	$	1,262.96	 	 	$	15,155.58	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	8              Parcel 9       (INTERNATIONAL PARK)	 	SOUTH RAMP, COURTYARD, SOUTHGATES	 	 	1/1/2007	 	 	 	1,586,172	 	 	$	0.2673	 	 	$	35,331.98	 	 	$	423,983.78	 	 	$	0.3341	 	 	$	44,164.98	 	 	$	529,979.72	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	Parcel 10     (INTERNATIONAL PARK)	 	SOUTHEASTERN RAMP, NORTH SECONDARY,	 	 	1/1/2007	 	 	 	70,200	 	 	$	0.2673	 	 	$	1,563.71	 	 	$	18,764.46	 	 	$	0.3341	 	 	$	1,954.63	 	 	$	23,455.58	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	Parcel 17     (INTERNATIONAL PARK)	 	NORTH INPUT, PRIMARY SORT,	 	 	1/1/2007	 	 	 	4,333,659	(9)	 	$	0.2673	 	 	$	96,532.25	 	 	$	1,158,387.00	 	 	$	0.3341	 	 	$	120,665.32	 	 	$	1,447,983.84	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	SMALL PACKAGE SORT SYSTEM,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	INTERNATIONAL INPUT, HEAVY WEIGHT, EAST RAMP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	80-0204	 	 	 	TAB-LINE MAINTENANCE	 	 	1/1/2007	 	 	 	556,334	 	 	$	0.2673	 	 	$	12,392.34	 	 	$	148,708.08	 	 	$	0.3341	 	 	$	15,489.27	 	 	$	185,871.19	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	10            Parcel 27A                              (IMP APRON)	 	PARCEL 27A	 	 	1/1/2007	 	 	 	487,512	 	 	$	0.1906	 	 	$	7,743.32	 	 	$	92,919.79	 	 	$	0.2383	 	 	$	9,681.18	 	 	$	116,174.11	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	11            Parcel A & B West               (UNIMP GROUND)	 	NORTH RAMP	 	 	1/1/2007	 	 	 	527,676	 	 	$	0.1525	 	 	$	6,705.88	 	 	$	80,470.59	 	 	$	0.1906	 	 	$	8,381.25	 	 	$	100,575.05	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	5             Parcel 16     (INTERNATIONAL PARK)	 	 	 	 	1/1/2007	 	 	 	796,312	 	 	$	0.2673	 	 	$	17,737.85	 	 	$	212,854.20	 	 	$	0.3341	 	 	$	22,172.31	 	 	$	266,067.75	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	23	 	GRAEBER ASSIGNMENT/TRUCKING OPERATION	 	 	1/1/2007	 	 	 	261,460	 	 	$	0.1029	 	 	$	2,242.02	 	 	$	26,904.25	 	 	$	0.1286	 	 	$	2,802.53	 	 	$	33,630.32	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%
	 
	 	80-0204	 	SUPPLEMENTAL 9                           (INTERNATIONAL PARK)	 	PARKING AREA	 	 	1/1/2007	 	 	 	18,933	 	 	$	0.2673	 	 	$	421.73	 	 	$	5,060.79	 	 	$	0.3341	 	 	$	527.17	 	 	$	6,325.99	 	 	 	25	%(5)	 	CPI OR 13%	 	CPI OR 13%

Exhibit A

First Amendment to the Federal Express

Composite Lease Agreement Effective September 1, 2008

 

 

 

EXHIBIT A

FEDERAL EXPRESS CORPORATION

2003 CORPORATE AVENUE-B3

MEMPHIS, TN 38132

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	FEDEX	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CURRENT	 	 	CURRENT	 	 	PROJECTED RATES	 	 	 	 	 	 	 	 	 	 
	PARCEL	 	LEASE	 	 	 	 	 	EFFECTIVE	 	 	SQUARE	 	 	CURRENT	 	 	MONTHLY	 	 	ANNUAL	 	 	EFFECTIVE JULY 2008	 	 	7/1/2008	 	 	7/1/2013 (10)	 	 	7/1/2018 (10)	 
	NUMBER	 	NUMBER	 	CURRENT SUPPLEMENTAL	 	USE OR LOCATION	 	DATE	 	 	FEET	 	 	RATE	 	 	BILLING	 	 	BILLING	 	 	RATES	 	 	MONTHLY	 	 	ANNUAL	 	 	ESCALATION	 	 	ESCALATION	 	 	ESCALATION	 
	18
	 	80-0204	 	SUPPLEMENTAL 8 (INTERNATIONAL PARK)	 	DC-10 HANGAR  (LAND)	 	 	1/1/2007	 	 	 	552,730	 	 	$	0.2673	 	 	$	12,312.06	 	 	$	147,744.73	 	 	$	0.2673	 	 	$	12,312.06	 	 	$	147,744.73	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	?
	 	 	 	THE BUILDING HAVING AN AREA OF 72,378 SQ FT & OTHER IMPROVEMENTS	 	DC-10 HANGAR  (BUILDING)	 	 	9/1/2012	(6)	 	 	 	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	CONSTRUCTED ON PARCEL 18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19
	 	80-0204	 	SUPPLEMENTAL 8 (INTERNATIONAL PARK)	 	ENGINE SHOP	 	 	1/1/2007	 	 	 	418,016	 	 	$	0.2673	 	 	$	9,311.31	 	 	$	111,735.68	 	 	$	0.2673	 	 	$	9,311.31	 	 	$	111,735.68	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20
	 	80-0204	 	SUPPLEMENTAL 27	 	WEST SIDE OF TANG	 	DBO/3/1/08 (7)	 	 	108,051	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	$	0.1525	 	 	$	1,373.15	 	 	$	16,477.78	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	21
	 	80-0204	 	SUPPLEMENTAL 7	 	DEMOCRAT VEHICLE PARKING	 	 	1/1/2007	 	 	 	1,812,363	 	 	$	0.1525	 	 	$	23,032.10	 	 	$	276,385.20	 	 	$	0.19060	 	 	$	28,786.37	 	 	$	345,436.39	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	22
	 	80-0204	 	SUPPLEMENTAL 9	 	DEMOCRAT VEHICLE PARKING	 	 	1/1/2007	 	 	 	491,127	 	 	$	0.1525	 	 	$	6,241.41	 	 	$	74,896.87	 	 	$	0.19060	 	 	$	7,800.73	 	 	$	93,608.81	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	23
	 	 	 	N/A	 	TAXIWAY SIERRA	 	 	1/1/2009	(2)	 	 	248,711	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24
	 	 	 	 	 	SORT FACILITY	 	 	09/01/2009	(9)	 	 	292,000	 	 	 	N/A	 	 	$	0.00	 	 	$	0.00	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	 	N/A	 	 	CPI OR 13%	 	CPI OR 13%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	30,459,161	 	 	 	 	 	 	$	563,993.31	 	 	$	6,767,919.73	 	 	 	 	 	 	$	657,532.82	 	 	$	7,885,607.36	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	Note 1:	 	The Effective Date will be the date on which the term of the Lease Agreement in
effect between the Authority and Tenant with respect to the premises currently occupied by the
“Tennessee Air National Guard” and dated                , 200___, begins. January 1, 2009 is merely an
estimate of when that lease term will commence.
	 
	 	 	When the Effective Date occurs, the parties will calculate rent for Parcel 1 based upon a rental
rate of $0.1906 per square foot of land area.
	 
	Note 2:	 	The Effective Date will be the date on which the term of the Lease Agreement in
effect between the Authority and Tenant with respect to the premises currently occupied by the
“Tennessee Air National Guard” and dated                , 200___, begins. January 1, 2009 is merely an
estimate of when that lease term will commence.
	 
	 	 	When the effective Date occurs, the parties will calculate rent for Parcels 4 and 23 based upon a
rental rate of $0.2400 per square foot of land area.
	 
	Note 3:	 	As of the Effective Date, the monthly and annual rent amounts for Parcel 2 are
$                 and $                 respectively. As of July 1, 2008, the parties will adjust those
amounts to equal the product achieved by multiplying each of those amounts by 1.15.
	 
	Note 4:	 	The Effective Date is the earlier of the date of beneficial occupancy or
December 1, 2007. When the Effective Date occurs, the parties will calculate the rent based upon a
rental rate of $0.1525 per square foot of land area.
	 
	Note 5:	 	The rental rate that becomes effective July 1, 2008, reflects a 25-percent
increase in the rental rate in effect prior to that date.
	 
	Note 6:	 	The Effective Date is subject to the operation and effect of Section1.04(b) of
the foregoing Lease Agreement. When the Effective Date occurs, the parties will calculate rent for
Parcel based upon a rental rate of $1.53 per square foot of building footprint area.
	 
	Note 7:	 	The Effective Date is the earlier of the date of beneficial occupancy or March
1, 2008. When the Effective Date occurs, the parties will calculate the rent based upon a rental
rate of $0.1525 per square foot of land area.
	 
	Note 8:	 	The Effective date is subject to the operation and effect of Section 1.04(b)
of the foregoing Lease Agreement. When the Effective Date occurs, the parties will calculate rent
for Parcel based upon a rental rate of $1.53 per square foot of building footprint area.
That rent is inclusive of rent for the building space comprising Parcel 24 and the land underlying
that space.
	 
	Note 9:	 	When the Effective Date for Parcel 24 occurs, the parties will reduce this
area to 4,041,659 solely for the purpose of calculating the rent payable with respect to this
portion of Parcel 17. The rent specified for the building spacer comprising Parcel 24 is inclusive
of the rent for the land underlying that building space.
	 
	Note 10:	 	Refer to Section 2.03(a) (i) of the foregoing Lease Agreement for a further
description of the rent adjustment summarized in this column.

	 	 	 	 	 	 	 	 	 
	RATE & RATE ESCALATION	 	CURRENT RATES	 	 	7/1/2013	 
	IMPROVED GROUND
	 	$	0.2383	 	 	CPI-U
	 
	 	 	 	 	 	 	 	 
	UNIMPROVED GROUND
	 	$	0.1906	 	 	CPI-U

Exhibit A

First Amendment to the Federal Express

Composite Lease Agreement Effective September 1, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]