Document:

Exhibit 10.24

UDR, INC. 
1999 LONG-TERM INCENTIVE PLAN
NOTICE OF CLASS 2 PERFORMANCE LTIP UNIT AWARD
(Short-Term Incentive Program)
Grantee’s Name and Address:
​
​
In consideration of the agreement by the Grantee named above (the “Grantee”) to provide services to or for the benefit of United Dominion Realty, L.P. (the “Partnership”), the Partnership hereby grants to the Grantee an award of Class 2 Performance LTIP Units (the “Award”), subject to the terms and conditions of this Notice of Class 2 Performance LTIP Unit Award (Short-Term Incentive Program) (the “Notice”), the UDR, Inc. (the “Company”) 1999 Long-Term Incentive Plan, as amended from time to time, including the amendment and restatement (the “Restated Plan”) to be submitted for approval of the shareholders of the Company at the annual meeting in 2021  (the “Plan”), the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P., as amended from time to time (the “Partnership Agreement”), and the Class 2 Performance LTIP Unit Agreement (Short-Term Incentive Program) (including Appendix A thereto) attached hereto (the “Agreement”).  Unless otherwise provided herein, the capitalized terms in this Notice shall have the same meaning as those defined in the Plan, the Partnership Agreement and/or the Agreement, as applicable. 
Award Number ​ ​​ ​
Date of Award ​ ​[Date]​ ​
Total Number of Class 2 Performance 
LTIP Units Awarded
(the “Class 2 Performance LTIP Units”)​ ​​ ​
​
Vesting Schedule:
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Subject to the Grantee’s continuing employment, except as set forth below, and other limitations set forth in this Notice, the Agreement, the Partnership Agreement and the Plan, the Class 2 Performance LTIP Units will vest only to the extent set forth in the Agreement.  If the Grantee would become vested in a fraction of a Class 2 Performance LTIP Unit, such Class 2 Performance LTIP Unit shall not vest until the Grantee becomes vested in the entire Class 2 Performance LTIP Unit.
The 20__ Short-Term Incentive Program STI Awards will vest on the date the Committee determines performance, including with respect to the metrics set forth in the Agreement (the “Determination Date”), in January or February 20__.  Employment through the vesting date is generally required except as otherwise provided in the Plan (except for Section 14.9 thereof), the applicable award agreement or as determined by the Committee, in its sole discretion.
Except as otherwise determined by the Committee, in its sole discretion, vesting shall cease upon the date the Grantee’s employment is terminated for any reason other than a termination (i) due to the Grantee’s death or Disability or (ii) if the Restated Plan is approved by shareholders, (x) by the Company or any Parent or Subsidiary (or any successors thereof) without Cause (as defined in the Restated Plan) or 

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(y) by the Grantee for Good Reason (as defined in the Restated Plan) in either case, on or within 12 months following the date of a Change of Control (such termination described in (i) or (ii), a “Qualifying Termination”), and no Class 2 Performance LTIP Unit that has not vested (an “Unvested Unit”) shall thereafter become vested. If a Qualifying Termination occurs prior to the Determination Date all outstanding Unvested Units will vest at target levels on the date of the Qualifying Termination.  In the event the Grantee’s employment is terminated for any reason other than a Qualifying Termination, and the Class 2 Performance LTIP Units do not otherwise vest, then all Unvested Units held by the Grantee immediately upon such termination of the Grantee’s employment shall automatically and without any further action thereupon be cancelled and forfeited without payment of any consideration therefor, and the Grantee shall have no further right, title or interest in or to the Unvested Units.  Section 14.9 (Acceleration Upon Retirement) of the Plan shall not apply to the Units.  
If (and only if) the Restated Plan is not approved by shareholders, pursuant to Section 14.10 of the Existing Plan, upon the occurrence of a Change of Control all outstanding Unvested Units will vest at target levels.  If the Restated Plan is approved by shareholders, the Unvested Units will not vest solely due to a Change of Control pursuant to Section 14.10 of the Existing Plan, but the Units will be eligible to vest pursuant to Section 14.10 of the Restated Plan due to a Qualifying Termination, as described in the preceding paragraph. 
IN WITNESS WHEREOF, the Company, the Partnership and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, the Partnership Agreement and the Agreement.
UDR, Inc.,
a Maryland corporation
By: 
Title:
Date: [Date]
​
United Dominion Realty, L.P.,
a Delaware limited partnership
By:   UDR, Inc., a Maryland corporation
By: 
Title:    
Date: [Date]
​

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THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE CLASS 2 PERFORMANCE LTIP UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S EMPLOYMENT OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED THIS AWARD).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, THE PARTNERSHIP AGREEMENT NOR IN THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S EMPLOYMENT, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.
Grantee:
​
_________________________________
[Name]
​
​

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Award Number:  __________________
UDR, INC. 
1999 LONG-TERM INCENTIVE PLAN
​
CLASS 2 PERFORMANCE LTIP UNIT AGREEMENT
​
(Short-Term Incentive Program)
1.Issuance of Class 2 LTIP Units.  In consideration of the agreement by the Grantee to provide services to or for the benefit of the Partnership, the Partnership hereby (a) issues to the Grantee an award (the “Award”) of the Total Number of Class 2 Performance LTIP Units set forth in the Notice of Class 2 Performance LTIP Unit Award (the “Notice”) to which this Class 2 Performance LTIP Unit Agreement (Short-Term Incentive Program) (this “Agreement”) is attached (the “Class 2 Performance LTIP Units”), subject to the terms and provisions of the Notice, this Agreement, the Partnership Agreement and the Plan, and (b) if not already a Partner, admits the Grantee as a Partner of the Partnership on the terms and conditions set forth in the Notice, this Agreement, the Partnership Agreement and the Plan.  The Partnership and the Grantee acknowledge and agree that the Class 2 LTIP Units are hereby issued to the Grantee for the performance of services to or for the benefit of the Partnership in his or her capacity as a Partner or in anticipation of the Grantee becoming a Partner.  To the extent not an existing Partner, the Grantee shall be admitted to the Partnership as an additional Limited Partner with respect to the Class 2 Performance LTIP Units only upon the satisfactory completion of the applicable requirements set forth in the Partnership Agreement, including the requirements set forth in Section 4 of Exhibit H to the Partnership Agreement.  At the request of the Partnership, the Grantee shall execute the Partnership Agreement or a joinder or counterpart signature page thereto.  The Grantee acknowledges that the Partnership may from time to time issue or cancel (or otherwise modify) LTIP Units in accordance with the terms of the Partnership Agreement.  The Class 2 Performance LTIP Units shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth in the Notice, this Agreement, the Plan and the Partnership Agreement.
2.Units Earned.  (a) ___percent (___%) of the Total Number of Class 2 Performance Units constituting the Award shall be earned based upon the Committee’s subjective determination, in their sole discretion, of the Grantee’s performance with respect to the Grantee’s individual performance objectives.  
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(b) An aggregate of ___percent (___%), in the percentages set forth below, of the Total Number of Class 2 Performance LTIP Units constituting the Award shall be earned based upon the indicated metric.
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	1-Year FFO as Adjusted
	Transaction
Volume
	Transaction FFOA
	Operating Platform Execution
	Same Stores Wins
	​
ESG/DEI
	Associate Engagement

	___%
	___%
	___%
	___%
	___%
	___%
	___%

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3.Definitions.  For purposes of this Agreement, the following terms shall have the meanings set forth below.  All capitalized terms used but not otherwise defined herein shall have the meanings 

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ascribed to such terms in the Notice, the Plan, the Partnership Agreement and/or Appendix A, as applicable.
		(a)	Associate Engagement Metric: 

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	(i)		“Associate Engagement” means the Company’s “Overall Health of UDR Workforce” score as calculated in the annual Human Capital Scorecard for 20__ provided by the Company’s human resources department, using the most recent available date prior to the end of calendar year 20__.

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	(ii)		“Associate Engagement Metric” means a percentage of ___% of the target award will be earned based on the Company’s Associate Engagement as follows:

	Associate Engagement
	Percentage of_    % Earned*

	___ (“threshold”)
	50%

	___ (“target”)
	100%

	___ (“maximum”)
	200%

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*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of 7% of the target award earned will be determined by linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(iii)		“Associate Engagement Metric Base Units” means the number of Base Units designated as Associate Engagement Metric Base Units on Appendix A attached hereto.

	(iv)		“Associate Engagement Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(a)(ii) above. 

	(v)		“Associate Engagement Metric Vested Base Units” means the product of (A) the total number of Associate Engagement Metric Base Units, and (B) the Associate Engagement Metric Performance Vesting Percentage.

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		(b)	“Base Units” means the number of Class 2 Performance LTIP Units designated as Base Units on Appendix A attached hereto.

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		(c)	  ESG/DEI Metric: 

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	(i)		“ESG/DEI” means the Company’s ESG/DEI score based on a three metric index consisting of absolute GRESB score, GRESB score relative to the GRESB average and the absolute GRESB Social score as weighted and described in Exhibit 1.

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	(ii)		“ESG/DEI Metric” means a percentage of ___% of the target award will be earned based on the Company’s 20__ ESG/DEI as follows:

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	ESG/DEI
	Percentage of      % Earned*

	___% (“threshold”)
	50%

	___% (“target”)
	100%

	___% (“maximum”)
	200%

​
*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned will be determined by linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(iii)		“ESG/DEI Base Units” means the number of Base Units designated as ESG/DEI Base Units on Appendix A attached hereto.

	(iv)		“ESG/DEI Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(c)(ii) above. 

	(v)		“ESG/DEI Metric Vested Base Units” means the product of (A) the total number of ESG/DEI Metric Base Units, and (B) the ESG/DEI Metric Performance Vesting Percentage.

		(d)	FFO as Adjusted Metric: 

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	(i)		“FFO as Adjusted” means the Company’s 20__ Funds From Operations as reported in Attachment 2, Funds From Operations (unaudited) of the Earnings Press Release Supplement, excluding the impact of acquisition-related costs and adjusted for other non-recurring items, including, but not limited to, prepayment costs/benefits associated with early debt retirement, gains on sales of marketable securities and taxable REIT subsidiary property, severance costs, joint venture promotes, disposition fee income, NOI on the sale of non-depreciated real estate owned, casualty related recoveries/charges and legal costs.

	(ii)		“FFO as Adjusted Metric” means a percentage of ___% of the target award will be earned based on the Company’s FFO as Adjusted as follows:

	1-Year FFO as Adjusted
	Percentage of     % Earned*

	$___ (“threshold”)
	50%

	$___ (“target”)
	100%

	$___ (“maximum”)
	200%

​
*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned will be determined by linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
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	(iii)		“FFO as Adjusted Metric Base Units” means the number of Base Units designated as FFO as Adjusted Metric Base Units on Appendix A attached hereto.

	(iv)		“FFO as Adjusted Metric Performance Vesting Percentage” means the percentage determined using the calculation as set forth on Exhibit 1 attached hereto, which is a function of the Company FFO as Adjusted during the Performance Period. 

	(v)		“FFO as Adjusted Metric Vested Base Units” means the product of (A) the total number of FFO as Adjusted Metric Base Units, and (B) the applicable FFO as Adjusted Metric Performance Vesting Percentage.

		(e)	Individual Performance Objective:

	(i)		“Individual Performance Objective Base Units” means the number of Base Units designated as Individual Performance Objective Base Units on Appendix A attached hereto.

	(ii)		“Individual Performance Objective Vesting Percentage” means the percentage determined by the Committee in their sole discretion. 

	(iii)		“Individual Performance Objective Vested Base Units” means the product of (A) the total number of Individual Performance Objective Base Units, and (B) the Individual Performance Objective Vesting Percentage.

		(f)	Operating Platform Execution Metric: 

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	(i)		“Operating Platform Execution Metric” means a percentage of ___% of the target award will be earned based on the Company’s performance with respect to its Operating Platform relative to the Platform Execution Scorecard described in Exhibit 1 attached hereto:

	Operating Platform Execution
	Percentage of___% Earned*

	___% (“threshold”)
	50%

	___% (“target”)
	100%

	___%(“maximum”)
	200%

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*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned will be determined by linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(ii)		“Operating Platform Execution Metric Base Units” means the number of Base Units designated as Operating Platform Execution Metric Base Units on Appendix A attached hereto.

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	(iii)		“Operating Platform Execution Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(f)(ii) above. 

	(iv)		“Operating Platform Execution Metric Vested Base Units” means the product of (A) the total number of Operating Platform Execution Metric Base Units, and (B) the Operating Platform Execution Metric Performance Vesting Percentage.

		(g)	“Performance Period” Means January 1, 20__ to December 31, 20__.

		(h)	Same-Store Wins Metric:

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	(i)		“Same-Store Wins Metric” means a percentage of ___% of the target award will be earned based on the percentage of markets in which the Company’s same-store revenue is at or above the median in the market compared to peers as follows:

	Same-Store Win Percentage
​
	​
Percentage of ___% Earned*

	___% (“threshold”)
	50%

	___% (“target”
	100%

	___% (“maximum”)
	200%

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*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned shall be based on linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(ii)		 “Same-Store Win Metric Base Units” means the number of Base Units designated as Acquisition NOI Metric Base Units on Appendix A attached hereto.

	(iii)		“Same-Store Win Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(h)(i) above.

	(iv)		“Same-Store Win Metric Vested Base Units” means the product of (A) the total number of Same-Store Win Metric Base Units, and (B) the applicable Same-Store Win Metric Performance Vesting Percentage.

		(i)	Transaction FFOA Metric:

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	(i)		“Transaction FFOA” means the net 20__ FFO as Adjusted from transactional sources and uses, including acquisitions, developer capital program, and buybacks less dispositions, developer capital program maturities, and equity issuances.

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	(ii)		“Transaction FFOA Metric” means a percentage of ___% of the target award will be earned based on the Company’s Transaction FFOA during the Performance Period as follows:

	Transaction Volume
​
	​
Percentage of __% Earned*

	$___ Million (“threshold”)
	50%

	$___ Million (“target”)
	100%

	$___ Million (“maximum”)
	200%

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*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned shall be based on linear interpolation.  If achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(iii)		 “Transaction FFOA Metric Base Units” means the number of Base Units designated as Transaction Volume Metric Base Units on Appendix A attached hereto.

	(iv)		“Transaction FFOA Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(i)(ii) above.

	(v)		“Transaction FFOA Metric Vested Base Units” means the product of (i) the total number of Transaction FFOA Metric Base Units, and (ii) the Transaction FFOA Metric Performance Vesting Percentage.

		(j)	Transaction Volume Metric:

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	(i)		“Transaction Volume” means the sum of total acquisitions, including land, development and redevelopment spend, new Developer Capital Program commitments, total dispositions and equity issuances, in each case at the Company’s ownership share, if applicable, and during the Performance Period.

	(ii)		“Transaction Volume Metric” means a percentage of ___% of the target award will be earned based on the Company’s Transaction Volume during the Performance Period as follows:

	​
​

	*
​

	Transaction Volume
​
	​
Percentage of __% Earned*

	$___ Million (“threshold”)
	50%

	$___ Million (“target”)
	100%

	$___ Million (“maximum”)
	200%

​
*If achievement is greater than the threshold and falls between any two points on the chart above, the percentage of ___% of the target award earned shall be based on linear interpolation.  If 

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achievement is less than the threshold no award will be earned and if achievement is greater than maximum the award will be made at maximum.
	(iii)		 “Transaction Volume Metric Base Units” means the number of Base Units designated as Transaction Volume Metric Base Units on Appendix A attached hereto.

	(iv)		“Transaction Volume Metric Performance Vesting Percentage” means the percentage determined as set forth in the table in Section 3(j)(ii) above.

	(v)		“Transaction Volume Metric Vested Base Units” means the product of (i) the total number of Transaction Volume Metric Base Units, and (ii) the Transaction Volume Metric Performance Vesting Percentage.

		(k)	“Restrictions” means the exposure to forfeiture set forth in the Notice and this Agreement, and the restrictions on sale or other transfer set forth in Section 4 hereof.

		(l)	 “Unvested Unit” means any Class 2 Performance LTIP Unit that has not become fully vested pursuant to Section 4 hereof and remains subject to the Restrictions.

4.Class 2 Performance LTIP Units Subject to Partnership Agreement; Transfer Restrictions.  The Class 2 Performance LTIP Units are subject to the terms of the Plan and the terms of the Partnership Agreement, including, without limitation, the restrictions on transfer of Units (including, without limitation, Class 2 Performance LTIP Units) set forth in Article 9 of the Partnership Agreement.  Any permitted transferee of the Class 2 Performance LTIP Units shall take such Class 2 Performance LTIP Units subject to the terms of the Plan, this Agreement, the Notice and the Partnership Agreement.  Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the Partnership Agreement, the Notice and this Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Company may reasonably require.  Any sale, transfer, exchange, redemption, assignment, pledge, hypothecation or other encumbrance (each, a “Transfer”) of the Class 2 Performance LTIP Units which is not made in compliance with the Plan, the Partnership Agreement, the Notice and this Agreement shall be null and void and of no effect.  Notwithstanding any other provision of this Agreement, without the consent of the Committee (which it may give or withhold in its sole discretion), the Grantee shall not convert the Class 2 Performance LTIP Units (or any Class 2 LTIP Units into which the Class 2 Performance LTIP Units convert) into Partnership Common Units, or Transfer (including by means of a redemption but excluding any conversion of Class 2 Performance LTIP Units to Class 2 LTIP Units)  the Class 2 Performance LTIP Units or any corresponding Class 2 LTIP Units into which the Class 2 Performance LTIP Units convert, in each case whether vested or unvested,  until the earlier of (i) the occurrence of, and in connection with, a Change of Control (or such earlier time as is necessary in order for the Grantee to participate in such Change of Control transaction with respect to the Class 2 Performance LTIP Units and receive the consideration payable with respect thereto in connection with such Change of Control) and (ii) the expiration of the two (2) year period following the Date of Award set forth in the Notice, other than by will or the laws of descent and distribution.
5.Vesting. As soon as reasonably practicable (but in no event more than 60 days) following the completion of the Performance Period, the Committee shall determine the Company’s performance with respect to Associate Engagement, the ESG/DEI Metric, FFO as Adjusted, the Operating Platform 

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Execution Metric, the Same-Store Wins Metric, Transaction FFOA and Transaction Volume and determine Grantee’s Individual Performance Objective Vesting Percentage, and the number of Class 2 LTIP Units granted hereby that have become Associate Engagement Metric Vested Base Units, ESG/DEI Metric Vested Base Units, FFO as Adjusted Metric Vested Base Units, Individual Performance Objective Vested Base Units, Operating Platform Execution Metric Vested Base Units, Same-Store Wins Metric Vested Base Units, Transaction FFOA Metric Vested Base Units and Transaction Volume Metric Vested Base Units, in each case as of the completion of the Performance Period.  Upon such determination by the Committee (the “Determination Date”), the Restrictions shall lapse with respect to the Associate Engagement Metric Vested Base Units, ESG/DEI Metric Vested Base Units, FFO as Adjusted Metric Vested Base Units, Individual Performance Objective Vested Base Units, Operating Platform Execution Metric Vested Base Units, Same-Store Wins Metric Vested Base Units, Transaction FFOA Metric Vested Base Units and Transaction Volume Metric Vested Base Units, except as provided in the Plan, except Section 14.9 thereof, this Agreement or as otherwise determined by the Committee, in its sole discretion.  Any Base Units granted hereby which have not become Associate Engagement Metric Vested Base Units, ESG/DEI Metric Vested Base Units, FFO as Adjusted Metric Vested Base Units, Individual Performance Objective Vested Base Units, Operating Platform Execution Metric Vested Base Units, Same-Store Wins Metric Vested Base Units, Transaction FFOA Metric Vested Base Units and Transaction Volume Metric Vested Base Units as of the  Determination Date will automatically be cancelled and forfeited without payment of any consideration therefor, and the Grantee shall have no further right to or interest in such  Base Units.
6.Partnership Call Right.  Any Class 2 Performance LTIP Unit granted hereunder, upon becoming an Expired Performance LTIP Unit under the Partnership Agreement, shall be subject to purchase by the Partnership or its designee under this Section 6 (such repurchase right, the “Partnership Call Right”).  A Partnership Call Right may be exercised with respect to any Expired Performance LTIP Unit by (a) the delivery of a notice (a “Partnership Call Right Notice”) in the form attached hereto as Appendix C to the holder of the applicable Class 2 Performance LTIP Units no more than thirty (30) days prior to the Call Date specified in such Partnership Call Right Notice, and (b) the payment of the applicable purchase price no later than the applicable Call Date.  The purchase price for any Expired Performance LTIP Unit being purchased under the Partnership Call Right will be the fair market value of such Units as of the applicable Call Date, as determined by the General Partner in its sole discretion.  The General Partner may, in its sole discretion, permit any Partnership Call Right to be exercised by the Partnership or its designee, and the purchase price payable in respect of any Partnership Call Right may be paid in any combination of immediately available funds and REIT Shares (valued using the REIT Share Value as of the applicable Call Date), as determined by the General Partner in its sole discretion.  Each Partnership Call Right Notice shall be provided in the manner provided in Section 12.01 of the Partnership Agreement.  Section 5(b) of Exhibit H of the Partnership Agreement shall not apply to any LTIP Unit purchased pursuant to a Partnership Call Right unless the purchasing party is the Partnership.  
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7.Delivery of Units.   The Class 2 Performance LTIP Units will be registered in the name of the Grantee and may be held by the Company or the Partnership prior to the vesting of such Class 2 Performance LTIP Units as provided in the Notice and this Agreement (the “Restricted Period”).  Any certificate for Class 2 Performance LTIP Units issued during the Restricted Period shall be registered in the name of the Grantee and shall bear a legend in substantially the following form:
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THIS CERTIFICATE AND THE CLASS 2 PERFORMANCE LTIP UNITS REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN A NOTICE OF CLASS 2 PERFORMANCE LTIP UNIT AWARD AND CLASS 2 LTIP UNIT AGREEMENT DATED [DATE] BETWEEN THE REGISTERED OWNER OF THE CLASS 2 PERFORMANCE LTIP UNITS REPRESENTED HEREBY, UDR, INC. AND UNITED DOMINION REALTY, L.P.  RELEASE FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF SUCH AGREEMENTS, COPIES OF WHICH ARE ON FILE IN THE OFFICE OF UDR, INC.
At the Company’s or the Partnership’s request, the Grantee hereby agrees to promptly execute, deliver and return to the Partnership any and all documents or certificates that the Company or the Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the Unvested Units, or to effectuate the transfer or surrender of such Unvested Units to the Partnership.  In addition, if requested, the Grantee shall deposit with the Company or the Partnership, a stock/unit power, or powers, executed in blank and sufficient to re-convey the Unvested Units to the Company or the Partnership upon termination of the Grantee’s service during the Restricted Period, in accordance with the provisions of the Notice and this Agreement.  
8.Determinations by Committee.  Notwithstanding anything contained herein, all determinations, interpretations and assumptions relating to the vesting of the Award shall be made by the Committee and shall be applied consistently and uniformly to all similar Awards granted under the Plan (including, without limitation, similar awards which provide for payment in the form of cash or shares of Stock).  In making such determinations, the Committee may employ attorneys, consultants, accountants, appraisers, brokers, or other persons, and the Committee, the Board, the Company, the Partnership and their officers and directors shall be entitled to rely upon the advice, opinions or the valuations of any such persons.  All actions taken, and all interpretations and determinations made by the Committee in good faith and absent manifest error shall be final and binding upon the Grantee, the Company and all other interested persons. In addition, the Committee, in its discretion, may adjust or modify the methodology for calculations relating to the vesting of the Award, as necessary or desirable to account for events affecting the value of the Stock or Company FFO as Adjusted which, in the discretion of the Committee, are not considered indicative of Company performance, which may include events such as the issuance of new stock, stock repurchases, stock splits, issuances and/or exercises of stock grants or stock options, and similar events, all in order to properly reflect the Company’s intent with respect to the performance objectives underlying the Award or to prevent dilution or enlargement of the benefits or potential benefits intended to be made available with respect to the Award.
9.Covenants, Representations and Warranties.   The Grantee hereby represents, warrants, covenants, acknowledges and agrees on behalf of the Grantee and his or her spouse, if applicable, that:
(a)Investment.  The Grantee is holding the Class 2 Performance LTIP Units for the Grantee’s own account, and not for the account of any other person or entity.  The Grantee is holding the Class 2 Performance LTIP Units for investment and not with a view to distribution or resale thereof except in compliance with applicable laws regulating securities.
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(b)Relation to the Partnership.  The Grantee is presently an executive officer of the Company, which is the sole general partner of the Partnership, or is otherwise providing services to or 

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for the benefit of the Partnership, and in such capacity has become personally familiar with the business of the Partnership.
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(c)Access to Information.  The Grantee has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions, and results of operations of the Partnership.
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(d)Registration.  The Grantee understands that the Class 2 Performance LTIP Units have not been registered under the 1933 Act, and the Class 2 Performance LTIP Units cannot be transferred by the Grantee unless such transfer is registered under the 1933 Act or an exemption from such registration is available.  The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the Class 2 Performance LTIP Units under the 1933 Act.  The Partnership has made no representations, warranties, or covenants whatsoever as to whether any exemption from the 1933 Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the 1933 Act, will be available.  If an exemption under Rule 144 is available at all, it will not be available until at least six (6) months after the grant of the Class 2 Performance LTIP Units and then not unless the terms and conditions of Rule 144 have been satisfied.
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(e)Public Trading.  None of the Partnership’s securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.
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(f)Tax Advice.  The Partnership has made no warranties or representations to the Grantee with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code), and the Grantee is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences.  Grantee hereby recognizes that the Internal Revenue Service has proposed regulations under Sections 83, 704 and 704 of the Code that may affect the proper treatment of the Class 2 Performance LTIP Units for federal income tax purposes.  If those proposed regulations or similar regulations become final or temporary regulations, the Grantee hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be required, to conform to such regulations.  Further, Congress recently enacted, and proposed Treasury Regulations were recently issued under, Section 1061 of the Code, which materially alters the taxation of “profits interests” issued in connection with the provision of services.  The Grantee is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her ownership of the Class 2 Performance LTIP Units.
​
10.Capital Account.   The Grantee shall make no contribution of capital to the Partnership in connection with the issuance of the Class 2 Performance LTIP Units and, as a result, the Grantee’s Capital Account balance in the Partnership immediately after his or her receipt of the Class 2 Performance LTIP Units shall be equal to zero, unless the Grantee was a Partner in the Partnership prior to such issuance, in which case the Grantee’s Capital Account balance shall not be increased as a result of his or her receipt of the Class 2 Performance LTIP Units.

10
​

11.Restrictions on Public Sale by the Grantee.   To the extent not inconsistent with applicable law, the Grantee agrees not to effect any sale or distribution of the Class 2 Performance LTIP Units or any similar security of the Company or the Partnership, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the 1933 Act, during the fourteen (14) days prior to, and for a period of up to 180-days beginning on, the date of the pricing of any public or private debt or equity securities offering by the Company or the Partnership (except as part of such offering), if and to the extent requested in writing by the Partnership or the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Partnership or the Company, which consent may be given or withheld in the Partnership’s or the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, the Partnership, managing underwriter or underwriters, or initial purchaser or purchasers as the case may be).
12.Conformity to Securities Laws.   The Grantee acknowledges that the Plan, the Notice and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not limited to, the 1933 Act and the 1934 Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3 of the 1934 Act) and to such approvals by any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Partnership or the Company, be necessary or advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the award of Class 2 Performance LTIP Units is made, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan, this Agreement and this award of Class 2 Performance LTIP Units shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
13.Taxes.
(a)Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Class 2 Performance LTIP Units, the subsequent sale of any Class 2 Performance LTIP Units and the receipt of any Partnership distributions.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.  For purposes of this Award, “Related Entity” shall mean a Parent or Subsidiary.
(b)Payment of Withholding Taxes.  Prior to any event in connection with the Award that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company.

11
​

(c)Section 83(b) Election.  The Grantee covenants that the Grantee shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Grantee’s residence) with respect to the Class 2 Performance LTIP Units, and the Partnership hereby consents to the making of such election(s).  In connection with such election, the Grantee and the Grantee’s spouse, if applicable, shall promptly provide a copy of such election to the Partnership.  A form of election under Section 83(b) of the Code is attached hereto as Appendix B.  The Grantee represents that the Grantee has consulted any tax advisor(s) that the Grantee deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions. The Grantee acknowledges that it is the Grantee’s sole responsibility and not the Company’s or the Partnership’s to timely file an election under Section 83(b) of the Code (and any comparable state election), even if the Grantee requests that the Company, the Partnership or any representative thereof make such filing on the Grantee’s behalf. The Grantee should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence.
14.Profits Interests.   The Partnership and the Grantee intend that (i) the Class 2 Performance LTIP Units be treated as “profits interests” as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (ii) the issuance of such units not be a taxable event to the Partnership or the Grantee as provided in such revenue procedures, and (iii) the Partnership Agreement, the Plan, the Notice and this Agreement be interpreted consistently with such intent. In furtherance of such intent, effective immediately prior to the issuance of the Class 2 Performance LTIP Units, the Partnership may revalue all Partnership assets to their respective gross fair market values (as determined for purposes of Treasury Regulations Section 1.704.1), and make the resulting adjustments to the Capital Accounts of the Partners, in each case, as set forth in the Partnership Agreement. 
15.Ownership Information.   The Grantee hereby covenants that so long as the Grantee holds any Class 2 Performance LTIP Units, at the request of the Partnership, the Grantee shall disclose to the Partnership in writing such information relating to the Grantee’s ownership of the Class 2 Performance LTIP Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.
16.Entire Agreement; Governing Law.  The Notice, the Plan, the Partnership Agreement and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company, the Partnership and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company, the Partnership and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Maryland without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Maryland to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
17.Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall 

12
​

include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
18.Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan, the Partnership Agreement or this Agreement shall be submitted by the Grantee, the Partnership or the Company to the Committee.  The resolution of such question or dispute by the Committee shall be final and binding on all persons.  
19.Venue and Jurisdiction.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan, the Partnership Agreement or this Agreement shall be brought exclusively in the United States District Court for Colorado (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Colorado state court) and that the parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  If any one or more provisions of this Section 19 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.
20.Plan Controls.   The terms contained in the Plan are incorporated into and made a part of the Notice and this Agreement, and the Notice and this Agreement shall be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of the Notice and this Agreement, the provisions of the Plan shall be controlling and determinative.
21.Successors.   The Notice and this Agreement shall be binding upon any successor of the Company or the Partnership, in accordance with the terms of the Notice, this Agreement and the Plan.
22.Severability.   If any one or more of the provisions contained in the Notice or this Agreement is invalid, illegal or unenforceable, the other provisions of the Notice and this Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.
23.Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
24.Amendment.   The Committee may amend, modify or terminate this Agreement without approval of the Grantee; provided, however, that such amendment, modification or termination shall not, without the Grantee’s consent, reduce or diminish the value of this award determined as if it had been fully vested on the date of such amendment or termination.
25.Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by any Treasury regulations or 

13
​

guidance from the Internal Revenue Service as the Company deems appropriate or advisable.  In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code.
END OF AGREEMENT
​
​
​

14
​

APPENDIX A
Definitions
Capitalized terms not defined herein shall have the meanings set forth in the Class 2 Performance LTIP Unit Agreement to which this Appendix is attached.
“Associate Engagement Metric Base Units” means ________ Base Units.
​
“Base Units” means _______ Class 2 LTIP Units.
​
“ESG/DEI Base Units” means ___________ Base Units.
​
“FFO as Adjusted Metric Base Units” means _______ Base Units.
​
“Individual Performance Objective Base Units” means _______ Base Units.
​
“Operating Platform Execution Metric Base Units” means ____________ Base Units.
​
“Same-Store Win Metric Base Units” means ________ Base Units.
​
“Transaction FFOA Metric Base Units” means __________ Base Units.
​
“Transaction Volume Metric Base Units” means _____ Base Units.
​

A-1
​

​
​
APPENDIX B
FORM OF SECTION 83(b) ELECTION
[Attached]
​

B-1
​

ELECTION PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE 
The undersigned hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in the undersigned’s gross income for the taxable year in which the property was transferred the excess (if any) of the fair market value of the property described below, over the amount the undersigned paid for such property, if any, and supplies herewith the following information in accordance with the Treasury regulations promulgated under Section 83(b):
1.The name, taxpayer identification number and address of the undersigned, and the taxable year for which this election is being made, are:
TAXPAYER’S NAME: ​ ​

TAXPAYER’S SOCIAL SECURITY NUMBER: ​ ​
ADDRESS: ​ ​​ ​
TAXABLE YEAR: ​ ​
The name, taxpayer identification number and address of the undersigned’s spouse are (complete if applicable):
SPOUSE’S NAME: ​ ​

SPOUSE’S SOCIAL SECURITY NUMBER: ​ ​
ADDRESS: ​ ​​ ​
2.The property which is the subject of this election is <LTIPS_GRANTED> Class 2 Performance LTIP Units (the “Units”) of United Dominion Realty, L.P. (the “Company”), representing an interest in the future profits, losses and distributions of the Company.
3.The date on which the above property was transferred to the undersigned was <DATE>. 
4.The above property is subject to the following restrictions: The Units are subject to forfeiture to the extent unvested upon a termination of service with the Company under certain circumstances and/or to the extent that certain performance conditions are not satisfied. These restrictions lapse upon the satisfaction of certain conditions as set forth in an agreement between the taxpayer and the Company.  In addition, the Units are subject to certain transfer restrictions pursuant to such agreement and the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P., as amended (or amended and restated) from time to time, should the taxpayer wish to transfer the Units.
5.The fair market value of the above property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in § 1.83-3(h) of the Income Tax Regulations) was $0.
6.The amount paid for the above property by the undersigned was $0.

1
​

7.The amount to include in gross income is $0.
The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property.  A copy of this election will be furnished to the person for whom the services were performed.  Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred.  The undersigned is the person performing the services in connection with which the property was transferred.
​
	Dated: _________________ 
	____________________________________ 
<GRANTEE NAME>
​

	Dated: _________________ 
	____________________________________ 
<SPOUSE NAME>
​

​
​
​
​

2
​

Appendix C
​
PARTNERSHIP CALL RIGHT NOTICE
​
United Dominion Realty, L.P. (the “Partnership”) hereby irrevocably elects, in accordance with the terms of Section 66 of that certain Class 2 Performance LTIP Unit Award Agreement dated as of [Date] by and between the Partnership and [Grantee] (the “Award Agreement”), to exercise the Partnership Call Right with respect to certain Expired Performance LTIP Units that were issued under such agreement (the “Expired Class 2 Performance LTIP Units”).  The Call Date applicable to such exercise and the subject Expired Class 2 Performance LTIP Units are set forth below.  In accordance with the terms of the Award Agreement, you will be paid the fair market value of such Class 2 Performance LTIP Units as of the Call Date, as determined in the sole discretion of the General Partner of the Partnership, which price the General Partner subsequently will provide on the Call Date if not stated below.  Such amount may be paid in cash or in stock of UDR, Inc., a Maryland corporation, or in any combination thereof, as determined by the General Partner in its sole discretion.
Name of Expired Class 2 Performance LTIP Unit Holder: ​ ​​ ​
Name as Registered with Partnership
​
Number of Expired Class 2 Performance LTIP Units to be Purchased:​ ​​ ​
​
Date of Award of Expired Class 2 Performance LTIP Units to be Purchased:​ ​​ ​
​
Call Date:​ ​​ ​
​
Aggregate Purchase Price:​ ​​ ​

C-1
​Exhibit 4.2

 

	DATED AS OF FEBRUARY 18, 2021
	 
	 
	
        ALEXANDRIA
        REAL ESTATE EQUITIES, INC.,

        as Issuer,

         

        Alexandria
        Real Estate Equities, L.P.

        as Guarantor,

         

        and

         

        TRUIST
        BANK,

        as Trustee

         

	SUPPLEMENTAL INDENTURE NO. 14
 $900,000,000
 2.000% SENIOR NOTES DUE 2032
	 	 	 

 

     

     

    

 

	Contents
	Clause	Page

 

	Article I	RELATION TO BASE INDENTURE	3

 

	Section 1.1.	Relation to Base Indenture	3

 

	Article II	DEFINITIONS	4

 

	Section 2.1.	Definitions	4

 

	Article III	THE SERIES OF NOTES	10

 

	Section 3.1.	Title of the Securities	10

 

	Section 3.2.	Price	10

 

	Section 3.3.	Issuance	10

 

	Section 3.4.	Limitation on Aggregate Principal Amount	10

 

	Section 3.5.	Interest and Interest Rates; Maturity Date of Notes	10

 

	Section 3.6.	Method of Payment	11

 

	Section 3.7.	Currency	12

 

	Section 3.8.	No Sinking Fund	12

 

	Section 3.9.	No Conversion or Exchange Rights	12

 

	Section 3.10.	No Personal Liability of Directors, Officers, Employees and Stockholders	12

 

	Section 3.11.	Registered Securities; Global Form	12

 

	Section 3.12.	Transfer and Exchange	13

 

	Section 3.13.	General Provisions
Relating to Transfers and Exchanges	16

 

	Article IV	REDEMPTION	17

 

	Section 4.1.	Optional Redemption	17

 

	Section 4.2.	Notice of Optional Redemption; Selection of Notes	17

 

	Section 4.3.	Payment of Notes Called for Redemption by the Company	18

 

	Article V	GUARANTEE	19

 

	Section 5.1.	Guarantee	19

 

	Section 5.2.	Execution and Delivery of Guarantee.	20

 

	Section 5.3.	Limitation of
Guarantor’s Liability; Certain Bankruptcy Events	21

 

	Section 5.4.	Application of
Certain Terms and Provisions to the Guarantor	21

 

	Article VI	ADDITIONAL COVENANTS	22

 

	Section 6.1.	Maintenance of Office or Agency	22

 

	Section 6.2.	Appointments to Fill Vacancies in Trustee’s Office	22

 

     

     

    

 

	Section 6.3.	Limitations on
Incurrence of Debt	22

 

	Section 6.4.	Provision of Financial Reporting Information	24

 

	Article VII	DEFAULTS AND REMEDIES	25

 

	Section 7.1.	Events of Default	25

 

	Section 7.2.	Acceleration of Maturity; Rescission and Annulment	26

 

	Section 7.3.	Limitation on Suits	27

 

	Section 7.4.	Notice of Defaults	27

 

	Article VIII	AMENDMENTS AND WAIVERS	28

 

	Section 8.1.	Without Consent of Holders	28

 

	Article IX	MEETINGS OF HOLDERS OF NOTES	29

 

	Section 9.1.	Purposes for Which Meetings May Be Called	29

 

	Section 9.2.	Call, Notice and
Place of Meetings	29

 

	Section 9.3.	Persons Entitled to Vote at Meetings	29

 

	Section 9.4.	Quorum; Action	30

 

	Section 9.5.	Determination
of Voting Rights; Conduct and Adjournment of Meetings	30

 

	Section 9.6.	Counting Votes and Recording Action of Meetings	31

 

	Article X	MISCELLANEOUS PROVISIONS	31

 

	Section 10.1.	Ratification of Indenture	31

 

	Section 10.2.	Governing Law	31

 

	Section 10.3.	Counterparts	32

 

	Section 10.4.	Notices to Holders	32

 

	Section 10.5.	Successors and Assigns	32

 

	Section 10.6.	Time of the Essence	32

 

	Section 10.7.	Rights of Holders Limited	32

 

	Section 10.8.	Rights and Duties of Trustee	32

 

	Section 10.9.	Notices	33

 

	Section 10.10.	Headings, etc.	33

 

	Section 10.11.	Conflicts	34

 

	Section 10.12.	Trust Indenture Act Controls	34

 

     

     

    

 

SUPPLEMENTAL
INDENTURE NO. 14, dated as of February 18, 2021 (this “Fourteenth Supplemental Indenture”), among
ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation (the “Company”), Alexandria
Real Estate Equities, L.P., a Delaware limited partnership (the “Guarantor”) and TRUIST
BANK (formerly known as Branch Banking and Trust Company), as trustee (the
 “Trustee”).

 

R E C I T A L S

 

WHEREAS, the Company,
the Guarantor and the Trustee have heretofore entered into an Indenture dated as of March 3, 2017 (the “Base Indenture”),
providing for the issuance from time to time of unsecured debentures, notes or other evidences of indebtedness (the “Securities”)
of the Company in one or more series;

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the first supplemental indenture, dated as of March 3, 2017, pursuant to which the
Company issued $350,000,000 in aggregate principal amount of its 3.95% Senior Notes due 2028 on March 3, 2017 (the “2028
Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the second supplemental indenture, dated as of November 20, 2017, pursuant to which
the Company issued $600,000,000 in aggregate principal amount of its 3.45% Senior Notes due 2025 on November 20, 2017 (the
 “2025 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the third supplemental indenture, dated as of June 21, 2018, pursuant to which the
Company issued $450,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2024 on June 21, 2018 (the “Existing
2024 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the fourth supplemental indenture, dated as of June 21, 2018, pursuant
to which the Company issued $450,000,000 in aggregate principal amount of its 4.700% Senior Notes due 2030 on June 21,
2018 (the “4.700% 2030 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the fifth supplemental indenture, dated as of March 21, 2019, pursuant
to which the Company issued $350,000,000 in aggregate principal amount of its 3.800% Senior Notes due 2026 on March 21,
2019 (the “2026 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the sixth supplemental indenture, dated as of March 21, 2019, pursuant
to which the Company issued $300,000,000 in aggregate principal amount of its 4.850% Senior Notes due 2049 on March 21,
2019 (the “2049 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the seventh supplemental indenture, dated as of March 21, 2019, pursuant to which the
Company issued, as part of the Existing 2024 Notes series, $200,000,000 in aggregate principal amount of its 4.000% Senior Notes
due 2024 on March 21, 2019 (the “New 2024 Notes” and collectively, with the Existing 2024 Notes, the “2024
Notes”);

 

    - 1 -

     

    

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the eighth supplemental indenture, dated as of July 15, 2019, pursuant to which the
Company issued $750,000,000 in aggregate principal amount of its 3.375% Senior Notes due 2031 on July 15, 2019 (the “2031
Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the ninth supplemental indenture, dated as of July 15, 2019, pursuant
to which the Company issued $500,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on July 15,
2019 (the “Existing 2050 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the tenth supplemental indenture, dated as of September 12, 2019, pursuant
to which the Company issued $400,000,000 in aggregate principal amount of its 2.750% Senior Notes due 2029 on September 12,
2019 (the “2029 Notes”);

 

WHEREAS,
the Company, the Guarantor and the Trustee executed the eleventh supplemental indenture, dated as of September 12, 2019, pursuant
to which the Company issued $200,000,000 in aggregate principal amount of its 4.000% Senior Notes due 2050 on September 12,
2019 (the “New 2050 Notes”, and collectively, with the Existing 2050 Notes, the “2050 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the twelfth supplemental indenture, dated as of March 26, 2020, pursuant to which the
Company issued $700,000,000 in aggregate principal amount of its 4.900% Senior Notes due 2030 (the “4.900% 2030 Notes”);

 

WHEREAS, the Company,
the Guarantor and the Trustee executed the thirteenth supplemental indenture, dated as of August 5, 2020, pursuant to which
the Company issued $1,000,000,000 in aggregate principal amount of its 1.875% Senior Notes due 2033 (the “2033 Notes”);

 

WHEREAS, concurrently
herewith, the Company, the Guarantor and the Trustee will execute the fifteenth supplemental indenture, dated as of February 18,
2021, pursuant to which the Company will issue $850,000,000 in aggregate principal
amount of its 3.000% Senior Notes due 2051 (the “2051 Notes”);

 

WHEREAS,
Section 9.1(6) and (7) of the Base Indenture provides, among other things, that, without the consent of the
Holders of the Securities, one or more indentures supplemental to the Base Indenture may be entered into (i) to
establish the form or terms of Securities of any series or (ii) to add to, change or eliminate any of the provisions of
the Base Indenture in respect of one or more series of Securities; provided that any such addition, change or
elimination shall become effective only when there is no such Security Outstanding;

 

WHEREAS,
each of the Company and the Guarantor desires to execute this Fourteenth Supplemental Indenture to establish the form and to provide
for the issuance of a series of the Company’s senior notes designated as its 2.000% Senior Notes due 2032 (the “Notes”)
in an initial aggregate principal amount of $900,000,000;

 

    - 2 -

     

    

 

WHEREAS, the Guarantor
will guarantee the due and punctual payment of the principal, premium, if any, and interest on the Notes pursuant to Article V
of this Fourteenth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of the Company (the “Board of Directors”) has duly adopted resolutions authorizing the Company
to create and issue the Notes and to execute and deliver this Fourteenth Supplemental Indenture;

 

WHEREAS, the Board
of Directors of ARE-QRS Corp., as sole general partner of the Guarantor, has duly adopted resolutions authorizing the Guarantor
to execute and deliver this Fourteenth Supplemental Indenture;

 

WHEREAS, concurrently
with the execution hereof, the Company has delivered to the Trustee an Officers’ Certificate and has caused its counsel to
deliver to the Trustee an Opinion of Counsel or a reliance letter upon an Opinion of Counsel satisfying the requirements of Sections 1.2, 3.3
and 9.3 of the Base Indenture; and

 

WHEREAS, all other
conditions and requirements necessary to make this Fourteenth Supplemental Indenture, when duly executed and delivered, a valid
and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

For and in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of
the Company, the Guarantor and the Trustee agrees as follows:

 

Article I

 

RELATION TO BASE INDENTURE

 

Section 1.1.             Relation
to Base Indenture. This Fourteenth Supplemental Indenture constitutes an integral part of the Base Indenture.
Notwithstanding any other provision of this Fourteenth Supplemental Indenture, all provisions of this Fourteenth Supplemental
Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to
apply to any other Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base
Indenture for any purpose other than with respect to the Notes.

 

    - 3 -

     

    

 

Article II

 

DEFINITIONS

 

Section 2.1.            Definitions.
For all purposes of this Fourteenth Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise
requires:

 

(a)             capitalized
terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture;

 

(b)           all
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this
Fourteenth Supplemental Indenture; and

 

(c)             as
used herein the following terms have the following meanings:

 

“2024 Notes”
has the meaning set forth in the recitals hereof.

 

“2025 Notes”
has the meaning set forth in the recitals hereof.

 

“2026 Notes”
has the meaning set forth in the recitals hereof.

 

“2028 Notes”
has the meaning set forth in the recitals hereof.

 

“2029 Notes”
has the meaning set forth in the recitals hereof.

 

“2031 Notes”
has the meaning set forth in the recitals hereof.

 

“2033 Notes”
has the meaning set forth in the recitals hereof.

 

“2049 Notes”
has the meaning set forth in the recitals hereof.

 

“2050
Notes” has the meaning set forth in the recitals hereof.

 

“2051
Notes” has the meaning set forth in the recitals hereof.

 

“4.700% 2030
Notes” has the meaning set forth in the recitals hereof.

 

“4.900% 2030
Notes” has the meaning set forth in the recitals hereof.

 

“Acquired
Debt” means Debt of a person (1) existing at the time such person becomes a Subsidiary or (2) assumed in
connection with the acquisition of assets from such person, in each case, other than Debt incurred in connection with, or in
contemplation of, such person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the
date of the related acquisition of assets from any person or the date the acquired person becomes a Subsidiary.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with Section 3.4
hereof, as part of the same series as the Initial Notes.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

 

    - 4 -

     

    

 

“Benefited
Party” has the meaning set forth in Section 5.1 hereof.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Confidential
Datasite” has the meaning set forth in Section 6.4 hereof.

 

“Consolidated
EBITDA” means, for any period of time, the net income (loss) of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP for such period, before deductions for (without duplication):

 

		(1)	Interest Expense;

 

		(2)	taxes;

 

		(3)	depreciation and amortization (including depreciation and amortization with respect to interests
in joint ventures and partially owned entity investments), amortization of deferred charges, and all other non-cash items, as determined
reasonably and in good faith by the Company;

 

		(4)	impairments, prepayment penalties and all costs or fees incurred in connection with any debt financing
or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction
is completed);

 

		(5)	extraordinary items, the effect of any charge resulting from a change in accounting principles
in determining net income (loss), non-recurring items or other unusual items, as determined reasonably and in good faith by the
Company;

 

		(6)	noncontrolling interests;

 

		(7)	amounts related to swap ineffectiveness or attributable to transactions involving derivative instruments
that do not qualify for hedge accounting in accordance with GAAP; and

 

		(8)	gains or losses on dispositions of real estate investments or property valuation losses.

 

For purposes of calculating
Consolidated EBITDA, GAAP is not applicable with respect to the determination of all non-cash and non-recurring items which shall
be determined reasonably and in good faith by the Company.

 

    - 5 -

     

    

 

“Debt”
means any of the Company’s or any of its Subsidiaries’ indebtedness, whether or not contingent, in respect of (without
duplication) (1) borrowed money evidenced by bonds, notes (including the Notes, the 2024 Notes, the 2025 Notes, the 2026 Notes,
the 2028 Notes, the 2029 Notes, the 4.700% 2030 Notes, the 4.900% 2030 Notes, the 2031 Notes, the 2033 Notes, the 2049 Notes, the
2050 Notes and the 2051 Notes), debentures or similar instruments, (2) obligations secured by any mortgage, pledge,
lien, charge, encumbrance or any security interest existing on property owned by the Company or any of its Subsidiaries, but only
to the extent of the lesser of (a) the amount of obligations so secured and (b) the fair market value (determined in
good faith by the board of directors of such person (as evidenced by an Officers’ Certificate to the Trustee) or, in the
case of the Company or a Subsidiary of the Company, by the Board of Directors (as evidenced by an Officers’ Certificate delivered
to the Trustee) of the property subject to such mortgage, pledge, lien, charge, encumbrance or security interest, (3) the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing
the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an
accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, or (4) any
lease of property by the Company or any of its Subsidiaries as lessee which is reflected on the Company’s consolidated balance
sheet as a capitalized lease (finance lease) in accordance with GAAP; but only to the extent, in the case of items of indebtedness
under (1) through (3) above, that any such items (other than letters of credit) would appear as a liability on the Company’s
consolidated balance sheet in accordance with GAAP. The term “Debt” also includes, to the extent not otherwise included,
any obligation of the Company or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other
than for purposes of collection in the ordinary course of business or for the purposes of guaranteeing the payment of all amounts
due and owing pursuant to leases to which the Company or any of its Subsidiaries are a party and have assigned its or their interest,
provided that such assignee of the Company or its Subsidiary is not in default of any amounts due and owing under such leases),
Debt of another person (other than the Company or any of its Subsidiaries) (it being understood that Debt shall be deemed to be
incurred by the Company or any of its Subsidiaries whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise
become liable in respect thereof).

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted
Interest” has the meaning set forth in Section 3.6 hereof.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 3.13
hereof, substantially in the form of Exhibit A hereof except that such Note shall not bear the Global Note legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depository”
means, with respect to the Notes, The Depository Trust Company and any successor thereto.

 

“Dollars”
and “$” means the currency of the United States of America.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Event of
Default” has the meaning set forth in Section 7.1 hereof.

 

“Existing
2024 Notes” has the meaning set forth in the recitals hereof.

 

“Existing
2050 Notes” has the meaning set forth in the recitals hereof.

 

    - 6 -

     

    

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time; provided that if,
as of a particular date as of which compliance with the covenants contained in this Indenture is being determined, there have been
changes in accounting principles generally accepted in the United States of America from those that applied to the Company’s
consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020, the
Company may, in its sole discretion, determine compliance with the covenants contained in this Indenture using accounting principles
generally accepted in the United States of America as in effect as of the end of any calendar quarter selected by the Company,
in the Company’s sole discretion, that is on or after December 31, 2020 and prior to the date as of which compliance
with the covenants in this Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating
the covenants as of such date, “GAAP” shall mean Fixed GAAP.

 

“Global Note”
means, individually and collectively, each of the Notes in the form established pursuant to Section 3.11 issued to the Depository
or its nominee, substantially in the form of Exhibit A.

 

“Guarantee
Obligations” has the meaning set forth in Section 5.1 hereof.

 

“Indenture”
means the Base Indenture, as supplemented, amended or restated, from time to time.

 

“Indirect
Participant” means a person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the first $900,000,000 aggregate principal amount of Notes issued under this Fourteenth Supplemental Indenture on the date
hereof.

 

“Initial Original
Principal Amount” has the meaning set forth in Section 3.4 hereof.

 

“Intercompany
Debt” means Debt to which the only parties are any of the Company, the Guarantor and any Subsidiary of the Company or
the Guarantor; provided, however, that with respect to any such Debt of which the Company or the Guarantor
is the borrower, such Debt is subordinate in right of payment to the Notes.

 

“Interest
Expense” means, for any period of time, the aggregate amount of interest expense determined on a consolidated basis in
accordance with GAAP for such period by the Company and its Subsidiaries, but excluding (i) interest reserves funded
from the proceeds of any loan, (ii) prepayment penalties, (iii) amortization of deferred financing costs, and (iv) swap
ineffectiveness charges or charges attributable to transactions involving derivative instruments that do not qualify for hedge
accounting in accordance with GAAP.

 

“Interest
Payment Date” has the meaning set forth in Section 3.5 hereof.

 

    - 7 -

     

    

 

“Make-Whole
Amount” means, in connection with any optional redemption of the Notes, the excess, if any, as determined by the Company,
of:

 

		(1)	the aggregate present value as of the date of such redemption of each dollar of principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable
in respect of such principal amount through February 18, 2032 as if such redemption or accelerated payment had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined by the Company
on the third Business Day preceding the date a notice of redemption is given) from the respective dates on which such principal
and interest would have been payable (or, in the case of accrued interest as of February 18, 2032, from such date) as if such
redemption or payment had not been made, over

 

		(2)	the aggregate principal amount of the Notes being redeemed or paid.

 

The Trustee shall have no duty
to calculate or verify the Company’s calculations of the Make-Whole Amount.

 

“Maturity
Date” has the meaning set forth in Section 3.5 hereof.

 

“New 2024
Notes” has the meaning set forth in the recitals hereof.

 

“New 2050
Notes” has the meaning set forth in the recitals hereof.

 

“Notes”
has the meaning specified in the seventeenth whereas clause hereof. The Initial Notes and the Additional Notes shall be
treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to
the Notes shall include the Initial Notes and any Additional Notes.

 

“Officer”
means the Executive Chairman, the Chief Executive Officer (or any Co-Chief Executive Officer), the Chief Financial Officer, the
President (or any Co-President), any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary
of the Company.

 

“Participant”
means, with respect to the Depository, Euroclear or Clearstream, a person who has an account with the Depository, Euroclear or
Clearstream, respectively.

 

“Prospectus”
means the base prospectus, dated January 5, 2021, included as part of a registration statement on Form S-3 under Securities
Act, filed by the Company with the Commission on January 5, 2021 (File No. 333-251902), as supplemented by a prospectus
supplement, dated February 3, 2021 filed by the Company with the Commission pursuant to Rule 424(b) under the Securities
Act.

 

“Record Date”
has the meaning set forth in Section 3.5 hereof.

 

“Redemption
Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 4.1
hereof, the date fixed for such redemption in accordance with the provisions of Section 4.1 hereof.

 

“Redemption
Price” has the meaning specified in Section 4.1 hereof.

 

    - 8 -

     

    

 

“Reinvestment
Rate” means 0.15% plus the weekly yield for the most recent week
set forth in the most recent Statistical Release for the constant maturity U.S. Treasury security (rounded to the nearest
month) corresponding to the remaining life to maturity (assuming, for the purposes of this definition, that the Notes mature on
February 18, 2032), as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to
such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant
to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the
most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the
format or content of the Statistical Release changes in a manner that precludes determination of the yield in the above
manner, then the yield will be determined in the manner that most closely approximates the above manner, as the Company reasonably
determines.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect
from time to time.

 

“Significant
Subsidiary” means each Subsidiary that is a “significant subsidiary,” if any, of the Company, as such term
is defined in Regulation S-X under the Securities Act.

 

“Statistical
Release” means that statistical release designated “H.15” or any successor publication that is published
weekly by the Federal Reserve System and that establishes annual yields on actively traded U.S. government securities adjusted
to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture,
then such other reasonably comparable index the Company designates. If the format or content of the Statistical Release changes
in a manner that precludes determination of the Treasury yield in the above manner, then the Treasury yield shall be determined
in the manner that most closely approximates the above manner, as reasonably determined by the Company.

 

“Total Assets”
as of any date means the sum of (1) the Company’s and all of its Subsidiaries’ Undepreciated Real Estate Assets
and (2) all of the Company’s and all of its Subsidiaries’ other assets determined in accordance with GAAP (but
excluding accounts receivable and acquisition intangibles, including goodwill).

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of the Company’s and
its Subsidiaries’ real estate assets on such date, before depreciation and amortization determined on a consolidated basis
in accordance with GAAP.

 

“Unencumbered
Total Asset Value” as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by
any mortgage, lien, charge, pledge or security interest and (2) all of the Company’s and its Subsidiaries’ other
assets on a consolidated basis determined in accordance with GAAP (but excluding accounts receivable and acquisition intangibles,
including goodwill), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided,
however, that in determining Unencumbered Total Asset Value for purposes of this Fourteenth Supplemental Indenture,
all investments by the Company and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships,
unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the
equity method of accounting in accordance with GAAP shall be excluded from Unencumbered Total Asset Value.

 

    - 9 -

     

    

 

Article III

 

THE SERIES OF NOTES

 

Section 3.1.             Title
of the Securities. There shall be a series of Securities designated the 2.000% Senior Notes due 2032.

 

Section 3.2.             Price.
The Initial Notes shall be issued at a public offering price of 99.691% of the principal amount thereof, other than any offering
discounts pursuant to the initial offering and resale of the Notes.

 

Section 3.3.             Issuance.
The Notes will be issued only in fully registered, book-entry form, in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The registered Holder of a Note will be treated as its owner for all purposes.

 

Section 3.4.             Limitation
on Aggregate Principal Amount. The aggregate principal amount of the Notes shall initially be limited to $900,000,000 (the
 “Initial Original Principal Amount”). Notwithstanding the foregoing, the Company, without notice to or the consent
of the Holders of the Notes, by Board Resolutions or indentures supplemental to the Base Indenture from time to time may increase
the principal amount of the Notes by issuing Additional Notes in the future on the same terms and conditions as the Initial Notes
except for any difference in the issue price and interest accrued prior to the issue date of the Additional Notes, and with the
same CUSIP number as the Initial Notes so long as such Additional Notes are fungible for U.S. income tax purposes with the Initial
Notes (as determined by the Company). Except as provided in this Section 3.4, any such Board Resolutions or indentures supplemental
to the Base Indenture and Sections 2.1 and 3.1 of the Base Indenture, the Company shall not execute and the Trustee shall not authenticate
or deliver Notes in excess of the Initial Original Principal Amount.

 

Nothing contained in
this Section 3.4 or elsewhere in this Fourteenth Supplemental Indenture, or in the Notes, is intended to or shall limit execution
by the Company or authentication or delivery by the Trustee of the Notes under the circumstances contemplated in Sections 3.3,
3.4, 3.6 and 11.7 of the Base Indenture.

 

Section 3.5.            Interest
and Interest Rates; Maturity Date of Notes. The Notes will bear interest at a rate of 2.000% per annum from February 18,
2021 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually
in arrears on May 18 and November 18 of each year, commencing May 18, 2021 (each, an “Interest Payment
Date”), to the person in whose name such Note is registered at the close of business on the May 3 or November 3
(whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date (each, a “Record
Date”). Interest will be computed on the basis of a 360-day year composed of twelve 30-day months.

 

    - 10 -

     

    

 

If any Interest Payment
Date, Maturity Date or Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next
Business Day as if it were made 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, Maturity Date or Redemption Date, as the case may be.

 

The Notes will mature
on May 18, 2032 (the “Maturity Date”).

 

Section 3.6.             Method
of Payment. The Company covenants and agrees that it will duly and punctually pay or cause to be paid when due the
principal of (including the Redemption Price upon redemption pursuant to Article IV, if applicable), and interest on
each of the Securities at the places, at the respective times and in the manner provided herein and in the Securities; provided
that the Company may withhold from payments of interest and upon redemption pursuant to Article IV hereof, if
applicable, maturity or otherwise, any amounts the Company is required to withhold by law. Interest shall be payable at the
office of the Company maintained by the Company for such purposes, which shall initially be an office or agency of the
Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the
person entitled thereto as it appears in the register; provided, however, that a Holder of any Notes in
certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the
Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such
notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depository or
its nominee. Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any May 18
or November 18 (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder
registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Company, at its election in
each case, as provided in clause (a) or (b) below:

 

(a)            The
Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at 5:00 p.m.,
New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and
the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee
of such notice), and at the same time the Company shall deposit with the Trustee an amount of monies equal to the aggregate amount
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such monies when deposited to be held in trust for the benefit of the persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days
prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee of the
notice of the proposed payment. The Company shall promptly notify the Trustee of such special record date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date
therefor to be delivered to each Holder at its address as it appears in the register, not less than ten (10) calendar days
prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor
having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m.,
New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of
this Section 3.6.

 

    - 11 -

     

    

 

(b)            The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may
be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Section 3.7.             Currency.
Principal and interest on the Notes shall be payable in Dollars.

 

Section 3.8.             No
Sinking Fund. The provisions of Article XII of the Base Indenture shall not be applicable to the Notes.

 

Section 3.9.             No
Conversion or Exchange Rights. The Notes will not be convertible into or exchangeable for any capital stock of the Company.

 

Section 3.10.           No
Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee or stockholder (past
or present) of the Company or the Guarantor, as such, will have any liability for any of the Company’s or the Guarantor’s
obligations under the Notes, the Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes.

 

Section 3.11.           Registered
Securities; Global Form. The Notes will be issued in the form of one or more fully-registered Global Notes in book-entry form,
which will be deposited with, or on behalf of, the Depository. The Notes shall not be issuable in Definitive Notes except as provided
in Section 3.12 of this Fourteenth Supplemental Indenture. The Notes and the Trustee’s certificate of authentication
shall be substantially in the form attached as Exhibit A hereto. The Company shall execute each Global Note and each Definitive
Note, if any. The Trustee shall, in accordance with Section 3.3 of the Base Indenture, authenticate and hold each Global Note
as custodian for the Depository, and authenticate each Definitive Note, if any. Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made
by the Trustee or a custodian at the direction of the Trustee. The terms and provisions contained in the form of Note attached
as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable,
the Company and the Trustee, by their execution and delivery of this Fourteenth Supplemental Indenture, expressly agree to such
terms and provisions and to be bound thereby.

 

    - 12 -

     

    

 

Section 3.12.          Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depository to a nominee of the
Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any
such nominee to a successor Depository or a nominee of such successor Depository. All Global Notes will be exchanged by the Company
for Definitive Notes if:

 

(i)            the
Company delivers to the Trustee notice from the Depository that it is unwilling or unable to continue to act as Depository or
that it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), and, in either case, a successor Depository is not appointed by the Company within ninety
(90) days after the date of such notice from the Depository; or

 

(ii)           the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee.

 

Upon the occurrence
of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depository
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4
and 3.6 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 3.12 or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered
in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 3.12(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.12(c) or
(d) hereof.

 

(b)            Legend.
Any Global Note issued under this Fourteenth Supplemental Indenture shall bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITORY (AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE FOURTEENTH SUPPLEMENTAL INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.12 OF THE FOURTEENTH SUPPLEMENTAL INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE
AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

    - 13 -

     

    

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
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.”

 

(c)            Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers
of beneficial interests in the Global Notes will require compliance with either subparagraph (i) or (ii) below,
as applicable:

 

(i)            Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to persons who
take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required
to be delivered to the Security Registrar to effect the transfers described in this Section 3.12(c)(i).

 

(ii)            All
Other Transfers of Beneficial Interests in Global Notes. In connection with all transfers of beneficial interests that are
not subject to Section 3.12(c)(i) above, the transferor of such beneficial interest must deliver to the Security Registrar
both:

 

(A)           a
written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable Procedures
directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(B)            instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase.

 

    - 14 -

     

    

 

Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 3.12(g) hereof.

 

(d)            Transfer
and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial interest in a
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 3.12(c)(ii) hereof and receipt of a Company Order, the Trustee will cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 3.12(g) hereof, and the Company will
execute and the Trustee will authenticate and deliver to the person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 3.12(d) will be registered in such name or names and in such authorized denomination or denominations as
the holder of such beneficial interest requests through instructions to the Security Registrar from or through the Depository
and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names
such Notes are so registered.

 

(e)            Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such
Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the
form of a beneficial interest in a Global Note at any time. Upon receipt of a written request for such an exchange or transfer,
the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of
one of the Global Notes.

 

If any such exchange
or transfer from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global
Note has not yet been issued, the Company will issue and, upon receipt of a Company Order in accordance with Section 3.12
hereof, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

 

(f)            Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 3.12(f), the Security Registrar will register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender to the Security Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar
duly executed by such Holder or by his attorney, duly authorized in writing. A Holder of Definitive Notes may transfer such Notes
to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a written request to register such a transfer,
the Security Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof.

 

    - 15 -

     

    

 

(g)            Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 3.9
of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery
thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and
an endorsement will be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to
reflect such increase.

 

Section 3.13.           General
Provisions Relating to Transfers and Exchanges.

 

(a)            To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 3.12 hereof.

 

(b)            No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 3.4 and 9.6 of the Base Indenture).

 

(c)            The
Security Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part.

 

(d)            All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(e)            Neither
the Security Registrar nor the Company will be required:

 

(i)            to
issue or register the transfer or exchange of any Note during a period beginning at the opening of business fifteen (15) days before
any selection of Notes for redemption under Article IV hereof and ending at the close of business on the earliest date on
which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

 

(ii)            to
register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(iii)            to
register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.

 

    - 16 -

     

    

 

(f)             Prior
to due presentment for the registration of a transfer of any Note, the Trustee and the Company may deem and treat the person
in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of
and interest on such Notes and for all other purposes, and none of the Trustee or the Company shall be affected by notice to
the contrary.

 

(g)           The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.3 of the Base Indenture.

 

(h)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Security Registrar pursuant to this Article III
to effect a registration of transfer or exchange may be submitted by facsimile.

 

Article IV

 

REDEMPTION

 

The provisions of Article XI
of the Base Indenture, as amended by the provisions of this Fourteenth Supplemental Indenture, shall apply to the Notes.

 

Section 4.1.            Optional
Redemption.

 

(a)            At
any time before May 18, 2032, the Company shall have the right to redeem the Notes at its option and in its sole discretion,
in whole or from time to time in part. The redemption price (“Redemption Price”) shall be equal to the sum of
(1) the principal amount of the Notes being redeemed, (2) accrued and unpaid interest thereon to, but excluding, the
Redemption Date, and (3) the Make-Whole Amount, if any (subject to the right of holders of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date). Notwithstanding the foregoing, the Redemption Price for any redemption
of the Notes on or after February 18, 2032 shall be equal to the sum of (1) the principal amount of the Notes being redeemed
and (2) accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

(b)            The
Company shall not redeem the Notes pursuant to Section 4.1(a) hereof on any date if the principal amount of the Notes
has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of
an acceleration resulting from a default by the Company in the payment of the Redemption Price with respect to the Notes to be
redeemed).

 

Section 4.2.             Notice
of Optional Redemption; Selection of Notes. In case the Company shall desire to exercise the right to redeem all or, as
the case may be, any part of the Notes pursuant to Section 4.1 hereof, it shall fix a date for redemption and it or, at
its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time
as may be acceptable to the Trustee) to the date the notice of redemption is to be delivered, the Trustee in the name of and
at the expense of the Company, shall deliver or cause to be delivered a notice of such redemption not fewer than thirty
(30) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Notes so
to be redeemed in whole or in part at its last address as the same appears on the register; provided that if the
Company makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption
Date to the Trustee; provided further that the text of the notice shall be prepared by the Company. The notice, if
delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any
other Note. Any such notice of redemption may, in the Company’s sole discretion, be conditioned on the occurrence of
one or more events, facts and circumstances.

 

    - 17 -

     

    

 

Each such notice of
redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers,
if any, of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price
at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and
surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified
in said notice, and that, unless the Company defaults in the payment of the Redemption Price, on and after said date interest thereon
or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption
shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the
notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after
the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof
will be issued.

 

Whenever any Notes
are to be redeemed, the Company will give the Trustee written notice of the Redemption Date as to the aggregate principal amount
of Notes to be redeemed not fewer than thirty (30) calendar days prior to the Redemption Date.

 

On or prior to the
Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with
the Paying Agent an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or
portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on
the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date.

 

If less than all of
the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Notes
in certificated form to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro
rata basis or such other method the Trustee deems fair and appropriate or is required by the Depository. The Notes (or portions
thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

 

Section 4.3.             Payment
of Notes Called for Redemption by the Company. If notice of redemption has been given as provided in Section 4.2
hereof, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the
Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Company shall
default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the
Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on
and after the Redemption Date, (b) interest on the Notes or portion of Notes so called for redemption shall cease to
accrue on and after the Redemption Date, (c) on and after the Redemption Date (unless the Company shall default in the
payment of the Redemption Price), such Notes will cease to be entitled to any benefit or security under this Indenture, and
(d) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption
Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or
the specified portions thereof shall be paid and redeemed by the Company at the Redemption Price.

 

    - 18 -

     

    

 

 

Upon presentation of
any Note redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to
the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal
to the unredeemed portion of the Notes so presented.

 

Article V

 

GUARANTEE

 

This Article V
shall replace Article XIV of the Base Indenture with respect to the Notes only.

 

Section 5.1.     Guarantee.
By its execution hereof, the Guarantor acknowledges and agrees that the Notes shall be entitled to the benefits of a Guarantee.
Accordingly, subject to the provisions of this Article V, the Guarantor hereby unconditionally guarantees to each Holder of
a Note authenticated and delivered by the Trustee or its successor or assign, and to the Trustee and its successors and assigns
that: (i) the principal of (including the Redemption Price upon redemption pursuant to Article IV hereof), premium, if
any, and interest, if any, on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon
acceleration, upon redemption or otherwise, and interest on overdue principal, premium, if any, and (to the extent permitted by
law) interest on any interest, if any, on the Notes and all other obligations of the Company to the Holders or the Trustee hereunder
or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the
terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and
(ii) above, to the limitations set forth in this Article V (collectively, the “Guarantee Obligations”).

 

Subject to the
provisions of this Article V, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry of any judgment
against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes: (a) any right to require
the Trustee, the Holders or the Company (each, a “Benefited Party”) to proceed against the Company or any
other person or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other
remedy in any secured party’s power before proceeding against the Guarantor; (b) any defense that may arise by
reason of the incapacity, lack of authority, death or disability of any other person or persons or the failure of a Benefited
Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other
person or persons; (c) demand, protest and notice of any kind (except as expressly required by the Indenture), including
but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of
any action or non-action on the part of the Guarantor, any Benefited Party, any creditor of the Guarantor or the Company
or on the part of any other person whomsoever in connection with any obligations the performance of which are hereby
guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an
election to proceed against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law
which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than
that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding
instituted under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Law; and
(g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Law. The
Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee shall not be discharged except by
payment in full of all Guarantee Obligations, including, but not limited to, the principal, premium, if any, and interest on
the Notes and all other costs provided for under the Indenture.

 

    - 19 -

     

    

 

If any Holder or the
Trustee is required by any court or otherwise to return to either the Company or the Guarantor, or any trustee or similar official
acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor to the Trustee or such
Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees
that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby
until payment in full of all such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and
the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article V of the Base Indenture for the purposes hereof, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations
as provided in Article V of the Base Indenture, such Guarantee Obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantor for the purpose of the Guarantee.

 

Section 5.2.     Execution
and Delivery of Guarantee.

 

(a)            To
evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee substantially in
the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this
Fourteenth Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the sole general partner of the
Guarantor.

 

    - 20 -

     

    

 

(b)            The
Guarantor agrees that the Guarantee set forth in this Article V shall remain in full force and effect and apply to all the
Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee.

 

(c)            If
an Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless.

 

(d)            The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Fourteenth Supplemental Indenture on behalf of the Guarantor.

 

Section 5.3.     Limitation
of Guarantor’s Liability; Certain Bankruptcy Events.

 

(a)           The
Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law.
To effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of
the Guarantor under this Article V shall be limited to the maximum amount as shall, after giving effect to all other contingent
and fixed liabilities of the Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting
a fraudulent transfer or conveyance.

 

(b)            The
Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Company, the Guarantor shall not file (or join in any filing of),
or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution
on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362
or 105 of the Bankruptcy Law or otherwise.

 

Section 5.4.     Application
of Certain Terms and Provisions to the Guarantor.

 

(a)             For
purposes of any provision of the Indenture which provides for the delivery by the Guarantor of an Officers’ Certificate
and/or an Opinion of Counsel, the definitions of such terms in Section 2.1 hereof shall apply to the Guarantor as if
references therein to the Company or the Guarantor, as applicable, were references to the Guarantor; provided that, in the case
of any Officers’ Certificate delivered by the Guarantor, the definition of the term “Officer” shall be
deemed to include the general partner of the Guarantor.

 

(b)           Upon
any demand, request or application by the Guarantor to the Trustee to take any action under the Indenture, the Guarantor shall
furnish to the Trustee such certificates and opinions as are required in Section 1.2 of the Base Indenture, as if all references
therein to the Company were references to the Guarantor.

 

    - 21 -

     

    

 

Article VI

 

ADDITIONAL COVENANTS

 

The following additional
covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding.

 

Section 6.1.     Maintenance
of Office or Agency. The Company will maintain an office or agency in the United States where the Notes may be surrendered
for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to or upon
the Company in respect of the Notes and the Indenture may be served. As of the date of the Indenture, such office shall be the
Corporate Trust Office and, at any other time, at such other address as the Trustee may designate from time to time by notice to
the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency not designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office; provided that the Corporate Trust Office shall not be an office for service
of legal process on the Company or any Guarantor.

 

The Company may also
from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Company hereby
initially designates the Trustee as Paying Agent and Security Registrar and the Corporate Trust Office shall be considered as one
such office or agency of the Company for each of the aforesaid purposes.

 

Section 6.2.     Appointments
to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, upon the terms and conditions and otherwise as provided in Section 6.11 of the Base Indenture, a Trustee, so
that there shall at all times be a Trustee hereunder.

 

Section 6.3.     Limitations
on Incurrence of Debt.

 

(a)            The
Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of
Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Company’s
and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP is greater than 60% of
the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission
(or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt
and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce
Debt), by the Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection
with the incurrence of such additional Debt.

 

    - 22 -

     

    

 

(b)            The
Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of
Debt incurred by the Company or its Subsidiaries in compliance with this Indenture, secured by any mortgage, lien, charge, pledge,
encumbrance or security interest of any kind upon any of the Company’s or any of its Subsidiaries’ property if, immediately
after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount
of all of the Company’s and its Subsidiaries’ outstanding Debt on a consolidated basis which is secured by any mortgage,
lien, charge, pledge, encumbrance or security interest on the Company’s or its Subsidiaries’ property is greater than
40% of the sum of (without duplication) (1) Total Assets as of the end of the calendar quarter covered in the Company’s
Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the
Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional
Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities
offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or
used to reduce Debt), by the Company or any of its Subsidiaries since the end of such calendar quarter, including those proceeds
obtained in connection with the incurrence of such additional Debt; provided that for purposes of this limitation, the amount
of obligations under capital leases shown as a liability on the Company’s consolidated balance sheet shall be deducted from
Debt and from Total Assets.

 

(c)            The
Company will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees
of Debt by the Company or its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated EBITDA to Interest
Expense for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be
incurred shall have been less than 1.5 to 1.0, on an unaudited pro forma basis after giving effect to the incurrence of such
additional Debt and to the application of the proceeds therefrom, and calculated on the assumption that: (1) such Debt
and any other Debt incurred by the Company and its Subsidiaries since the first day of such four-quarter period and the
application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period
(except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based on
the average daily balance of such Debt during such period); (2) the repayment or retirement of any other Debt by the
Company and its Subsidiaries since the first day of such four-quarter period had been repaid or retired at the beginning of
such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period); (3) in the case of Acquired Debt or Debt
incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had
occurred as of the first day of such period, with the appropriate adjustments with respect to such acquisition being included
in such unaudited pro forma calculation; and (4) in the case of any acquisition or disposition by the Company or its
Subsidiaries of any asset or group of assets or other placement of any assets in service or removal of any assets from
service by the Company or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock
purchase or sale, or asset purchase or sale, such acquisition, disposition, placement in service or removal from service, or
any related repayment of Debt had occurred as of the first day of such period, with the appropriate adjustments with respect
to such acquisition, disposition, placement in service or removal from service, being included in such unaudited pro forma
calculation and determined reasonably and in good faith by the Company. If the Debt giving rise to the need to make the
foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a
floating rate then, for purposes of calculating the Interest Expense, the interest rate on such Debt shall be computed on a
pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period
had been the applicable rate for the entire such period.

 

    - 23 -

     

    

 

(d)            The
Company, together with its Subsidiaries, will at all times maintain an Unencumbered Total Asset Value in an amount not less than
150% of the aggregate outstanding principal amount of all the Company’s and its Subsidiaries’ unsecured Debt, taken
as a whole.

 

(e)            The
Company will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies
against such risks and in such amounts as is customarily maintained by persons engaged in similar businesses or as may be required
by applicable law.

 

Section 6.4.     Provision
of Financial Reporting Information. For so long as the Notes are outstanding, if at any time the Company is not subject
to the periodic reporting requirements of the Exchange Act for any reason, the Company shall, at its option, (i) post on
a publicly available website, (ii) post on IntraLinks or any comparable password protected online data system requiring
user identification and a confidentiality acknowledgement (any such data system, a “Confidential
Datasite”), or (iii) deliver to the Trustee and the Holders of the Notes, in each case within 15 days of the
filing date that would be applicable to a non-accelerated filer at that time pursuant to applicable SEC rules and
regulations, the quarterly and audited annual financial statements and accompanying “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” that would have been required to be contained in
annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively, had the Company been subject to such
Exchange Act reporting requirements. The Trustee shall have no obligation to determine whether or not such reports,
information, statements or documents have been filed, posted or delivered. Delivery of such reports, information, statements
and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants under the Indenture. If the Company elects to furnish such reports via a
Confidential Datasite, access to the Confidential Datasite will be provided upon request to the Holders and the beneficial
owners of and bona fide potential investors in the Notes.

 

    - 24 -

     

    

 

Article VII

 

DEFAULTS AND REMEDIES

 

Sections 7.1,
7.2, 7.3 and 7.4 hereof shall replace Sections 5.1, 5.2, 5.7, and 6.2 respectively, of the Base Indenture with respect to
the Notes only.

 

Section 7.1.     Events
of Default.

 

“Event of
Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events:

 

(a)           default
in the payment of any interest on the Notes when it becomes due and payable, and continuance of that default for a period of thirty
(30) days (unless the entire amount of the payment is deposited by the Company with the Trustee or with a Paying Agent prior to
the expiration of such 30-day period);

 

(b)            default
in the payment of principal of, premium on or Redemption Price due with respect to, the Notes when the same become due and payable;

 

(c)           failure
to pay any Debt of the Company, the Guarantor or any Significant Subsidiary in an outstanding principal amount in excess of $50,000,000
at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is not discharged, or such
default in payment or acceleration is not cured or rescinded, within sixty (60) calendar days after written notice to the Company
from the Trustee (or to the Company and the Trustee from Holders of at least 25% in aggregate principal amount of the Notes then
outstanding);

 

(d)           except
as permitted by the Indenture and the Notes, the Guarantee by the Guarantor shall cease to be in full force and effect or the Guarantor
shall deny or disaffirm its obligations with respect thereto;

 

(e)           default
in the performance or breach of any other covenant or warranty by the Company or the Guarantor in the Indenture (other than a
covenant or warranty that has been included in the Indenture solely for the benefit of a series of debt securities
other than the Notes), which default continues uncured for a period of ninety (90) calendar days after the Company receives
written notice from the Trustee or the Company and the Trustee receive written notice from the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding; and

 

(f)              the
Company, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

 

(i)            commences
a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or
a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the
Guarantor or a Significant Subsidiary; or

 

    - 25 -

     

    

 

(ii)          consents
to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against the Company, the Guarantor or a Significant Subsidiary; or

 

(iii)            consents
to the appointment of a Custodian of it or for all or substantially of its property; or

 

(iv)            makes
a general assignment for the benefit of creditors; or

 

(v)              generally
is unable to pay its debts as the same become due, or

 

(g)          an
involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the Company, the Guarantor or a Significant Subsidiary or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part
of the property of the Company, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of sixty (60) calendar days; or

 

(h)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that

 

(i)              is
for relief against the Company, the Guarantor or any of Significant Subsidiary in an involuntary case or proceeding;

 

(ii)            appoints
a Custodian of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the
Guarantor or a Significant Subsidiary; or

 

(iii)           orders
the liquidation of the Company, the Guarantor or a Significant Subsidiary; and, in each case in this clause (h), the order
or decree remains unstayed and in effect for sixty (60) calendar days.

 

The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 7.2.     Acceleration
of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes at the time outstanding occurs and
is continuing (other than an Event of Default referred to in Section 7.1 (f), (g) or (h) hereof), then in every
such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may, by a notice in writing
to the Company (and to the Trustee if given by the Holders), declare to be due and payable immediately the principal of, and accrued
and unpaid interest, if any, on all of the Notes, and upon any such declaration such principal amount (or specified amount) and
accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 7.1
(f), (g) or (h) hereof shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if
any, on all outstanding Notes will automatically become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder of outstanding Notes.

 

    - 26 -

     

    

 

At any time after a
declaration of acceleration with respect to Notes has been made, but before a judgment or decree for payment of the money due has
been obtained by the Trustee, the Holders of a majority in principal amount of the outstanding Notes, by written notice to the
Company and the Trustee, may rescind and annul such declaration and the acceleration if all Events of Default, other than the non-payment
of accelerated principal and interest, if any, with respect to the Notes, have been cured or waived as provided in Section 5.13
of the Base Indenture. No such rescission and annulment shall extend to or shall affect any subsequent default or Event of Default,
or shall impair any right consequent thereon.

 

Section 7.3.     Limitation
on Suits. No Holder of the Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to the
Indenture or for the appointment of a receiver or trustee, or for any remedy under the Indenture, unless:

 

(a)            such
Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes;

 

(b)           the
Holders of at least 25% in principal amount of the outstanding Notes shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder,

 

(c)           such
Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(d)           the
Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(e)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
at least 25% in principal amount of the outstanding Notes.

 

Section 7.4.     Notice
of Defaults. If an Event of Default occurs and is continuing with respect to the Notes and if it is actually known to a Responsible
Officer of the Trustee, the Trustee will send to Holders of Notes a notice of the Default or Event of Default within 90 days after
it occurs, unless such default shall have been cured or waived. Except in the case of a Default or Event of Default in payment
of principal of, premium, if any, or interest on the Notes, the Trustee may withhold the notice if and so long as a Responsible
Officer determines that withholding the notice is in the interests of the Holders of the Notes.

 

    - 27 -

     

    

 

Article VIII

 

AMENDMENTS AND WAIVERS

 

Section 8.1 hereof
shall replace Section 9.1 of the Base Indenture with respect to the Notes only.

 

Section 8.1.     Without
Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors, the Guarantor and the Trustee
may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent of the Holders of
the Notes hereto for one or more of the following purposes:

 

(a)           to
cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect the interests
of the Holders of the Notes in any material respect, as determined by the Board of Directors of the Company;

 

(b)         to
evidence a successor to the Company as obligor or to the Guarantor as guarantor in accordance with Section 8.4 of the Base
Indenture;

 

(c)            to
make any change that does not adversely affect the interests of the Holders of any Notes then outstanding;

 

(d)            to
provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture;

 

(e)            to
provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under the Indenture
by more than one Trustee;

 

(f)            to
comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act;

 

(g)            to
reflect the release of the Guarantor as guarantor, in accordance with the Indenture;

 

(h)            to
secure the Notes;

 

(i)            to
add guarantors with respect to the Notes; and

 

(j)        to
conform the text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus
to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such
Guarantee or the Notes (as certified in an Officers’ Certificate).

 

Upon the written request
of the Company, accompanied by a copy of the resolutions of each of the Board of Directors of the Company and the Board of Directors
of the sole general partner of the Guarantor authorizing the execution of any supplemental indenture and the delivery of the documents
required by Section 9.3 of the Base Indenture, the Trustee is hereby authorized to join with the Company and the Guarantor
in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein
contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated
to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities
under the Indenture or otherwise.

 

    - 28 -

     

    

 

Any supplemental indenture
authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the Trustee without the
consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 9.2 of
the Base Indenture.

 

Article IX

 

MEETINGS OF HOLDERS OF NOTES

 

Section 9.1.     Purposes
for Which Meetings May Be Called. A meeting of Holders may be called at any time and from time to time pursuant to this
Article IX to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided
by the Indenture to be made, given or taken by Holders.

 

Section 9.2.     Call,
Notice and Place of Meetings.

 

(a)            The
Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1 hereof, to be held at such time
and at such place as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.6
of the Base Indenture, not less than twenty-one (21) nor more than one hundred eighty (180) days prior to the date fixed for
the meeting.

 

(b)            In
case at any time the Company, the Guarantor or the Holders of at least 25% in principal amount of the outstanding Notes shall have
requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1 hereof, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice
of or made the first publication of the notice of such meeting within twenty-one (21) days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable, or the
Holders in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

 

Section 9.3.     Persons
Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders, a person shall be (1) a Holder of one
or more outstanding Notes, or (2) a person appointed by an instrument in writing as proxy for a Holder or Holders of one or
more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the
Notes or any Affiliate of the Company shall be entitled to vote at any meeting of Holders or be counted for purposes of determining
a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present
or to speak at any meeting of Holders shall be the persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of the Company and
its counsel.

 

    - 29 -

     

    

 

Section 9.4.     Quorum;
Action. The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for
a meeting of Holders; provided, however, that if any action is to be taken at the meeting with respect to
a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding
Notes, the persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute
a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not
less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10) days
as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 9.2 hereof, except that such notice need be given only once not less
than five (5) days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute
a quorum.

 

Except as limited
by Section 9.2 of the Base Indenture, any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal
amount of the outstanding Notes; provided, however, that, except as limited by Section 9.2 of the
Base Indenture, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or
other action which the Indenture expressly provides may be made, given or taken by the Holders of a specified percentage,
which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such
specified percentage in principal amount of the outstanding Notes.

 

Any resolution passed
or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders,
whether or not such Holders were present or represented at the meeting.

 

Section 9.5.     Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)            Notwithstanding
any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall deem appropriate.

 

    - 30 -

     

    

 

(b)            The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders as provided in Section 9.2(b) hereof, in which case the Company, the Guarantor or the Holders
calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding
Notes of such series represented at the meeting.

 

(c)          At
any meeting, each Holder or proxy shall be entitled to one (1) vote for each $1,000 principal amount of Notes held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged
as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right
to vote, except as a Holder or proxy.

 

(d)            Any
meeting of Holders duly called pursuant to Section 9.2 hereof at which a quorum is present may be adjourned from time to time
by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting
may be held as so adjourned without further notice.

 

Section 9.6.     Counting
Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders shall be by
written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the
principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the
meeting shall appoint two (2) inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders shall be
prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 hereof and, if
applicable, Section 9.4 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and
secretary of the meeting and one (1) such copy shall be delivered to the Company and the Guarantor, and another to the
Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

 

Article X

 

MISCELLANEOUS PROVISIONS

 

Section 10.1.     Ratification
of Indenture. Except as expressly modified or amended hereby, the Indenture continues in full force and effect and is in all
respects confirmed and preserved.

 

Section 10.2.     Governing
Law. This Fourteenth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of
New York. This Fourteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act and shall, to the extent
applicable, be governed by such provisions.

 

    - 31 -

     

    

 

Section 10.3.     Counterparts.
This Fourteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies
of this Fourteenth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Fourteenth Supplemental Indenture as to the parties hereto and may be used in lieu of an original
of this Fourteenth Supplemental Indenture and signature pages for all purposes.

 

Section 10.4.     Notices
to Holders. Except as otherwise provided in the Indenture, notices to Holders of the Notes will be given by mail to the addresses
of Holders of the Notes as they appear in the Note register; provided that notices given to Holders holding Notes in book-entry
form may be given electronically through the facilities of the Depository or any successor depository.

 

Section 10.5.       Successors
and Assigns. This Fourteenth Supplemental Indenture shall be binding upon the Company and each Guarantor, and their respective
successors and assigns and inure to the benefit of the respective successors and assigns of the Trustee and the Holders.

 

Section 10.6.     Time
of the Essence. Time is of the essence with regard to the Company’s and the Guarantors’ performance of their respective
obligations hereunder.

 

Section 10.7.      Rights
of Holders Limited. Notwithstanding anything herein to the contrary, the rights of Holders with respect to this Fourteenth
Supplemental Indenture and the Guarantee shall be limited in the manner and to the extent the rights of Holders are limited under
the Indenture with respect to the Indenture and the Securities.

 

Section 10.8.     Rights
and Duties of Trustee. The rights and duties of the Trustee shall be determined by the express provisions of the Base Indenture
and, except as expressly set forth in this Fourteenth Supplemental Indenture, nothing in this Fourteenth Supplemental Indenture
shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder. The Trustee makes no representation
or warranty, express or implied, as to the validity of this Fourteenth Supplemental Indenture and, except insofar as relates to
the validity hereof with respect to the Trustee specifically, the Trustee shall not be liable in connection therewith. The Trustee
makes no representation or warranty, express or implied, as to the accuracy or completeness of any information contained in any
offering or disclosure document related to the sale of the Notes, except for such information that specifically pertains to the
Trustee itself, or any information incorporated therein by reference as it relates specifically to the Trustee. If and when the
Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in Trust Indenture Act Section 311(b), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture.

 

    - 32 -

     

    

 

Section 10.9.     Notices.
Any notice or communication by the Company, the Guarantor or the Trustee made pursuant to the provisions of the Indenture or the
Notes shall be in writing, including facsimile, and delivered in person, delivered by commercial courier service or mailed by first-class
mail, postage prepaid, addressed as follows:

 

if to the Company or the Guarantor:

 

Alexandria Real Estate Equities, Inc.

26 North Euclid Avenue

Pasadena, California 91101

Attention: General Counsel

Telephone: (626) 578-0777

Facsimile: (626) 578-0770

 

if to the Trustee:

 

Truist Bank, as Trustee

Three Allen Centre

333 Clay Street, Suite 3800

Houston, TX 77002 

Attention: Alexandria Real Estate Equities Administrator

Telephone: (252) 246-2177

Facsimile: (252) 246-4303

 

Any notice or communication
by the Company, the Guarantor or the Trustee to the Company or the Guarantor, or by a Holder of the Notes to the Company or the
Guarantor, shall be deemed given or made as of the date delivered if delivered in the manner provided above. Notwithstanding any
other provision herein, any notice or communication to the Trustee shall only be deemed delivered upon receipt.

 

The Company, the Guarantor
or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Holder of the Notes shall be delivered to his address shown on the register kept by the Security Registrar. Failure to mail
a notice or communication to a Holder of the Notes or any defect in it shall not affect its sufficiency with respect to other Holders
of the Notes or any other series of Securities.

 

If a notice or communication
is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the Holder receives it.
If a notice or communication is delivered in person, by courier or by facsimile transmission (with confirmation of receipt) within
the time prescribed, it is duly given.

 

If the Company or the
Guarantor mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time.

 

Section 10.10.     Headings, etc.
The headings of the Articles and Sections of this Fourteenth Supplemental Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

    - 33 -

     

    

 

Section 10.11.     Conflicts.
In the event of any conflict between the terms of this Fourteenth Supplemental Indenture and the terms of the Indenture, the terms
of this Fourteenth Supplemental Indenture shall control.

 

Section 10.12.     Trust
Indenture Act Controls. If any provision of this Fourteenth Supplemental Indenture limits, qualifies, or conflicts with another
provision that is required or deemed to be included in this Fourteenth Supplemental Indenture by the Trust Indenture Act, such
required or deemed provision shall control.

 

    - 34 -

     

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Fourteenth Supplemental Indenture to be duly executed by their respective officers hereunto
duly authorized, all as of the day and year first written above.

 

		ALEXANDRIA REAL ESTATE EQUITIES, INC., as Issuer

 

		By:	/s/
                                         Dean A. Shigenaga
			Name:
                                         Dean A. Shigenaga
			Title:
                                         President and Chief Financial Officer

 

		ALEXANDRIA
    REAL ESTATE EQUITIES, L.P., as Guarantor

 

		By:	ARE-QRS
                                         Corp.,
			its
                                         General Partner

 

		By:	/s/
                                         Dean A. Shigenaga
			Name:
                                         Dean A. Shigenaga
			Title:
                                         President and Chief Financial Officer

 

		TRUIST
    BANK,as Trustee

 

		By:	/s/
                                         Gregory Yanok
			Name:
                                         Gregory Yanok
			Title:
                                         Vice President

 

[Signature Page
to Fourteenth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

THIS GLOBAL NOTE IS
HELD BY THE DEPOSITORY (AS DEFINED IN THE BASE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.12 OF THE FOURTEENTH SUPPLEMENTAL INDENTURE, (2) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE OR IN PART PURSUANT TO SECTION 3.12 OF THE FOURTEENTH SUPPLEMENTAL INDENTURE,
(3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.9 OF THE BASE INDENTURE
AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY
OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.

 

    A-1 

     

    

 

ALEXANDRIA
REAL ESTATE EQUITIES, INC.

2.000% SENIOR NOTES DUE 2032

 

No. [●]

 

CUSIP No.: 015271 AW9

 

ISIN: US015271AW93

 

$[●]

 

Alexandria
Real Estate Equities, Inc., a Maryland corporation (herein called the “Company,” which term includes any
successor entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede &
Co., or its registered assigns, the principal sum of [●] DOLLARS ($[●]), or such lesser amount as is set forth
in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note, on May 18, 2032 at the office
or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to
pay interest, semi-annually on May 18 and November 18 of each year, commencing May 18, 2021, on said principal
sum at said office or agency, in like coin or currency, at the rate per annum of 2.000%, from the May 18 or November 18,
as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest
has been paid or duly provided for on the Notes, in which case from February 18, 2021 until payment of said principal sum
has been made or duly provided for. The Company shall pay interest to Holders of record of the Notes on the May 3 or November 3
preceding the applicable May 18 or November 18 interest payment date, respectively, in accordance with the terms of the
Indenture. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the person entitled
thereto as it appears in the register; provided, however, that a Holder of any Notes in certificated form
in the aggregate principal amount of more than $2.0 million may specify by written notice to the Company that it pay interest by
wire transfer of immediately available funds to the account specified by the Holder in such notice, or on any Global Note by wire
transfer of immediately available funds to the account of the Depository or its nominee.

 

The Company promises
to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable
law) interest at the rate of 1.0% per annum above the rate borne by the Notes.

 

Reference is made to
the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

This Note shall not
be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by
the Trustee or a duly authorized authenticating agent under the Indenture.

 

    A-2 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed.

 

Dated: February 18, 2021

 

		ALEXANDRIA
    REAL ESTATE EQUITIES, INC.

 

	 	By:	 
			Name:
                                         Dean A. Shigenaga

                                                                   Title:
                                         President and Chief Financial Officer

 

    A-3 

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes described in the
within-named Indenture.

 

Dated: February 18, 2021

 

		Truist
    Bank, as Trustee

 

	 	By:	 
			Authorized
                                         Signatory

 

    A-4 

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

ALEXANDRIA
REAL ESTATE EQUITIES, INC.

2.000% SENIOR NOTES DUE 2032

 

This Note is one of
a duly authorized issue of Securities of the Company, designated as its 2.000% Senior Notes due 2032 (herein called the “Notes”),
issued under and pursuant to an Indenture dated as of March 3, 2017 (herein called the “Base Indenture”),
among the Company, the Guarantor and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee (herein called
the “Trustee”), as supplemented by the Supplemental Indenture No. 14, dated as of February 18, 2021
(herein called the “Fourteenth Supplemental Indenture,” and, together with the Base Indenture, the “Indenture”),
to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes.
Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.
In the event of any conflict between the terms of this Note and the terms of the Indenture, the terms of the Indenture control.

 

If an Event of
Default (other than an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Fourteenth
Supplemental Indenture) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all
Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event
of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the Fourteenth Supplemental Indenture occurs,
the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically
due and payable without necessity of further action.

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of
the Holders of the Notes, subject to exceptions set forth in Section 9.2 of the Base Indenture. Subject to the provisions
of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may,
on behalf of the Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the
Indenture.

 

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

 

Interest on the Notes
shall be computed on the basis of a 360-day year of twelve 30-day months.

 

    A-5 

     

    

 

The Notes are issuable
in fully registered book-entry form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations
provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment
or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged
for a like aggregate principal amount of Notes of any other authorized denominations.

 

The Company shall have
the right to redeem the Notes under certain circumstances as set forth in Article IV of the Fourteenth Supplemental Indenture.

 

The Notes are not subject
to redemption through the operation of any sinking fund.

 

Except as
expressly provided in Article V of the Fourteenth Supplemental Indenture, no recourse for the payment of the principal
of or any premium or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in the Indenture or any supplemental indenture or in any
Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder,
limited partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the
Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through the
Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration
for, the execution of the Indenture and the issue of this Note.

 

    A-6 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or
(we)
 assign and
 transfer this 
 Note to:	

(Insert assignee’s
legal name)

 

	
	(Insert
    assignee’s soc. sec. or tax I.D. no.)
	 
	(Print
    or type assignee’s name, address and zip code)

 

and

irrevocably

	appoint	 

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date:

 

		Your	
		Signature:	

		(Sign
    exactly as your name appears on the face of this Note)

 

Signature Guarantee*:

 

 

 

		*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

 

    A-7 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	
        Date
        of Exchange
	
        Amount
        of decrease in

 principal amount at 

maturity of this Global 

Note
	
        Amount
        of increase in

 principal amount at 

maturity of this Global 

Note
	
        Principal
        amount at

 maturity of this Global 

Note following such decrease (or increase)
	
        Signature
        of authorized

 signatory of Trustee or

 Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    A-8 

     

    

 

EXHIBIT B

 

NOTATION OF GUARANTEE

 

The Guarantor listed
below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture,
dated as of March 3, 2017, among the Guarantor, the Company and Truist Bank (formerly known as Branch Banking and Trust Company),
as trustee (the “Base Indenture”), as supplemented by the Supplemental Indenture No. 14, dated as of the
date hereof (the “Fourteenth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
has fully, unconditionally and absolutely guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1
of the Fourteenth Supplemental Indenture), which include (i) the due and punctual payment of the principal of, premium, if
any, and interest, if any, on the 2.000% Senior Notes due 2032 (the “Notes”) to which this notation is affixed,
whether at maturity, by acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue
principal and premium, if any, and (to the extent permitted by law) interest on any interest on the Notes, and the due and punctual
performance of all other obligations of the Company, to the Holders of the Notes or the Trustee all in accordance with the terms
set forth in Article V of the Fourteenth Supplemental Indenture, and (ii) in case of any extension of time of payment
or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise.

 

The obligations of
such Guarantor to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture
are expressly set forth in Article V of the Fourteenth Supplemental Indenture and reference is hereby made to the Indenture
for the precise terms of the Guarantee.

 

No past, present or
future director, officer, limited partner, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any
such successor entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation.

 

The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company,
any right to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect to the Notes
and all demands whatsoever.

 

This is a
continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and
assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until legally
discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the
Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and
not of collectability.

 

    B-1 

     

    

 

This Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers.

 

The obligations of
the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent
conveyance under applicable law. This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York.

 

THE TERMS OF ARTICLE V
OF THE FOURTEENTH SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized terms used
herein have the same meanings given in the Indenture unless otherwise indicated.

 

		ALEXANDRIA
    REAL ESTATE EQUITIES, L.P.

 

		By:	ARE-QRS
                                         Corp., its general partner

 

	Dated: February 18, 2021	By:	
	 	 	Name:  Dean
    A. Shigenaga
	 	 	Title:  President
    and Chief Financial Officer

 

    B-2

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