Document:

Exhibit

Exhibit 10.4

TRANSITION AGREEMENT
This Transition Agreement (this “Agreement”) is entered into as of July 22, 2019, by and between Tim Hockey (the “Executive”) and TD Ameritrade Holding Corporation (the “Company”) (each of the Executive and the Company, a “Party” and, together, the “Parties”).
RECITALS
WHEREAS, the Executive is employed as the President and Chief Executive Officer of the Company pursuant to the terms of an Executive Employment Agreement dated as of November 9, 2015 (the “Employment Agreement”);
WHEREAS, the Executive shall continue to serve as President and Chief Executive Officer of the Company until a new Chief Executive Officer commences employment with the Company or such other date as provided herein; and
WHEREAS, the Parties desire to set forth their respective rights and obligations with respect to the Executive’s separation of employment and the consulting arrangement being entered into in connection therewith.
NOW THEREFORE,  in consideration of the mutual covenants and agreements contained herein, and for the monetary and other consideration set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
I.Continued Service.  The Executive shall remain employed by the Company until the earlier of (i) February 29, 2020, or (ii) the date the Executive’s employment is terminated by the Company for Cause (as defined in the Employment Agreement) or the Executive’s employment terminates due to his resignation other than for Good Reason (as defined in the Employment Agreement), death or Disability (as defined in the Employment Agreement) (the date of such termination, the “Termination Date”).  The period from July 22, 2019 through the Termination Date is referred to herein as the “Transition Period”.  
During the Transition Period until a new Chief Executive Officer commences employment with the Company, the Executive shall continue to serve as the President and Chief Executive Officer of the Company, and a member of the board of directors of the Company.  For any remaining portion of the Transition Period the Executive shall serve as a senior advisor to the Company and provide reasonable transition services to the new Chief Executive Officer at such times as reasonably requested by the new Chief Executive Officer.  Effective as of the date a new Chief Executive Officer commences employment with the Company, the Executive hereby resigns as a member of the board of directors of the Company and from all other positions with the Company and its affiliates other than as a senior advisor pursuant hereto, and the Executive agrees to take all actions reasonably requested by the Company to effect such resignations.  The Executive acknowledges and agrees that none of the actions taken pursuant to this Agreement (including, for the avoidance of doubt, the Executive transitioning to the senior advisor position) constitute “Good Reason” for the Executive to resign pursuant to the Employment Agreement or otherwise.

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II.Compensation During Transition Period.  The Executive shall be compensated by the Company as follows during the Transition Period, provided that the Transition Period does not terminate due to the Company’s termination of the Executive for Cause or the Executive’s resignation other than for Good Reason or termination due to his death or Disability:
A.    Through the end of the fiscal year ending September 30, 2019 (“FY 2019”), the Company shall continue to pay the Executive his base salary (rate of $1,000,000 per year).  In addition, for FY 2019, the Executive (i) shall be paid an annual cash bonus in the ordinary course, with the payment determined based on actual performance relative to the performance goals (provided that the individual/subjective performance goal shall be treated as satisfied in full) and such amount to be paid to the Executive at the same time such annual bonuses are paid to active executives for such fiscal year (and in no event later than March 15, 2020), and (ii) shall receive a grant of performance share units, with the amount of the grant determined based on actual performance relative to the performance goals (provided that the individual/subjective performance goal shall be treated as satisfied in full for all purposes), with such grant made at the same time grants are made to other executive officers in November 2019 and subject to the same terms and conditions as such grants; provided further that for the avoidance of doubt, the terms and conditions of any post-employment covenants relating to such grant shall be consistent with Section IV below.
B.    From the period from October 1, 2019 through the end of the Transition Period, the Company shall continue to pay the Executive his base salary (rate of $1,000,000 per year).  In addition, the Company shall pay the Executive a cash lump sum transition payment of $3,540,000, with such amount to be paid to the Executive in calendar year 2020 within five (5) business days following the effectiveness of the Release of Claims specified in Section III below.
In addition, through the Termination Date, the Executive shall continue to be eligible to participate in the Company’s employee benefit plans pursuant to applicable plan terms.  Except to the extent specifically modified hereby, the Executive’s rights and obligations under the Employment Agreement shall remain in full force and effect.  
The Company shall reimburse Executive for all employment-related tax advice provided by KPMG for Canada and the United States for preparing Executive’s tax returns for tax years 2019 and 2020.  The Company shall also reimburse the Executive for legal fees incurred by the Executive relating to separation and/or transition issues, subject to a cap of $75,000, with all such reimbursements to be paid following the Executive providing appropriate supporting documentation and no later than March 15, 2020.  For the avoidance of doubt, such tax and legal services shall be treated as nontaxable reimbursements to the extent provided by applicable law (and, for the avoidance of doubt, Executive shall be responsible for the taxes thereon to the extent such benefits are taxable).  With respect to any reimbursement of expenses as specified under this Agreement, such reimbursement shall be subject to the following conditions:  (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the 

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right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.
III.Severance Obligations of the Company. In connection with the end of the Transition Period (provided that the Transition Period does not terminate due to the Company’s termination of the Executive for Cause or the Executive’s resignation other than for Good Reason or termination due to his death or Disability, in which cases his termination-related rights shall be as specified in the Employment Agreement), the Executive shall be entitled to the severance payments and benefits specified in section 9 of the Employment Agreement, except that the payment specified in section 9(ii) thereof shall not be paid (i.e., because it is included in the transition payment specified in Section II).  Such payments and benefits are subject to the Executive’s execution (and nonrevocation) of the Release of Claims attached hereto as Exhibit A (the “Release”) on or within 21 days following the Termination Date.
Such payments and benefits are subject to the Executive’s continued compliance with his obligations under Section IV below and, for the avoidance of doubt, the existing forfeiture provision of the Executive’s retained non-qualified pension plan benefits with TD Bank Group will apply as to such benefits if the Executive is not compliant with the non-competition provisions specified therein (and, for the avoidance of doubt, the other provisions of the applicable plan shall continue in effect and are not modified hereby).
The Executive shall have no obligation to mitigate, and none of such severance or other payments and benefits shall be reduced, if the Executive obtains other employment.
In addition, to the extent not previously paid, the Executive shall be entitled to the payments and benefits specified in the first sentence of paragraph 8 of the Employment Agreement, whether or not the Executive enters into this Agreement.  
To the extent that the payments and benefits specified in this Section III are not due and payable, the Executive’s entitlements in connection with his termination of employment shall be as specified in the Employment Agreement, the applicable employee benefit plans of the Company, and the Executive’s equity award grant agreements.
IV.    Covenants.  The Executive agrees that for the period ending July 22, 2021 (and not, as provided in the Employment Agreement, for two (2) years following his date of termination), he will not, directly or indirectly, whether as an associate, agent, employee, broker, consultant, independent contractor, owner, partner or otherwise, (i) solicit for himself or others, or advise or recommend to any other person that that person solicit, divert, accept, or conduct securities sales transactions from or on behalf of any customer of the Company or its direct or indirect subsidiaries (the “Company Group”), for the purpose of obtaining the business of that customer, in competition with the Company Group; or (ii) employ, solicit for employment, or advise or recommend to any other person that that person solicit for employment or employ in competition with the Company Group, any person employed by the Company Group.  For purposes of this paragraph “in competition with the Company” means working for himself, another entity, or a customer of the Company Group, whether as an associate, agent, employee, broker, consultant, independent contractor, owner, partner or otherwise, performing security 

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sales transactions or other services that the Company Group provides on the date time of termination of his employment and that he performed for the Company Group.
The Executive further agrees that, for a period of two (2) years following the date his employment terminates, he will not (without the Board’s express consent) engage or participate in any business within the United States (as an owner, partner, stockholder, holder of any other equity interest, or financially as an investor or lender, or in any capacity calling for the rendition of personal services or acts of management, operation or control) which is engaged in any activities and for any business competitive with any of the primary businesses conducted by the Company Group.  The term “primary businesses” is defined as an on-line brokerage business, including active trader and long term investor client segments, and RIA custodial business, and also includes any such other business formally proposed to be conducted by the Company Group during the 12-month period prior to the date his employment terminates (collectively a “Competitive Business”); provided that this restriction will not restrict the Executive from (i) being employed by The Toronto-Dominion Bank and any successor corporation in any capacity or (ii) consulting with a business, firm, corporation, partnership or other entity that owns or operates an on-line brokerage, provided that (A) the on-line brokerage business is de minimis as compared to its core business in terms of revenue and/or resources, and (B) the Executive’s involvement with the business, firm, corporation, partnership or other entity excludes, directly or indirectly, the on-line brokerage business during the two (2) year non-competition period.  Notwithstanding the foregoing, the Executive may own securities of a Competitive Business so long as the securities of such corporation or other entity are listed on a national securities exchange and the securities owned directly or indirectly by the Executive do not represent more than 2% of the outstanding securities of such corporation or other entity.  
In addition, (i) the Executive agrees that he shall not disparage the Company (or any affiliate) or any director or officer of the Company (or any affiliate) in any way that could adversely affect the goodwill, reputation or business relationships of the Company or the affiliate or the director or officer with the public generally, or with any of the Company’s or any of its affiliates’ customers, vendors or employees, and (ii) the Company agrees that its directors shall not disparage the Executive in any way that could adversely affect the Executive or his reputation or business relationships; provided that nothing in this paragraph restricts the Executive or any other party referred to herein from disclosing truthful information if legally required (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) or in connection with any governmental investigation.
Executive and the Company shall mutually agree to the content and timing of press releases and public statements relating to Executive’s separation from the Company and related transition.
V.    Miscellaneous.  The Executive acknowledges and agrees that:
1.     The payment and/or benefits the Executive is receiving under this Agreement constitute consideration over and above any payments and/or benefits that the Executive might be entitled to receive without executing this Agreement.

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2.     The Company advised the Executive to consult with an attorney prior to executing this Agreement.
3.     The Executive warrants and represents that (a) his decision to accept this Agreement was (i) entirely voluntary on his part; (ii) not made in reliance on any inducement, promise or representation, whether express or implied, other than the inducements, representations and promises expressly set forth in the Employment Agreement or in this Agreement; and (iii) did not result from any threats or other coercive activities to induce acceptance of this Agreement and (b) he fully understands and appreciates the consequence of his signing this Agreement.
Upon its effectiveness, this Agreement and the plans and agreements specifically referenced herein contain the entire agreement and understanding of the Parties relating to the subject matter hereof and supersede and replace all prior and contemporaneous agreements, representations and understandings (whether oral or written) of the Parties regarding the subject matter hereof. Once executed by the Executive, this Agreement may be modified only in a document signed by the Executive and the Company and referring specifically hereto.  If any such portion (other than the general release provisions) cannot be modified to be enforceable, such portion shall become null and void leaving the remainder of this Agreement in full force and effect.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive upon the Executive’s death and (b) any successor of the Company.  None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. The Company’s and the Executive’s responsibilities under the paragraphs of the Employment Agreement entitled “Indemnification”, “Arbitration” and “Confidential Information”, as well as sections A and C of Appendix A thereof, will survive the termination of the Employment Agreement and are incorporated into this Agreement mutatis mutandis.  This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
All payments hereunder are subject to all applicable tax withholdings.  This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended and any regulations and Treasury guidance promulgated thereunder.
This Agreement will be governed by the laws of the State of New York without regard to its conflict of laws provisions.
[Signature page follows]

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IN WITNESS WHEREOF, the Parties have executed this Agreement on this 22nd day of July, 2019.
    
EXECUTIVE:
/s/TIM HOCKEY
Tim Hockey 

TD AMERITRADE HOLDING CORPORATION:
/s/JOSEPH H. MOGLIA 
By: Joseph H. Moglia
Title: Chairman

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EXHIBIT A 
RELEASE OF CLAIMS
This Release of Claims (this “Release”) is entered into as of ________________, by Tim Hockey (the “Executive”) and TD Ameritrade Holding Corporation (the “Company”).
I.    Consideration.  Subject to the Executive’s execution and nonrevocation of this Release, Executive shall receive the lump sum cash payment specified in Section II and the payments and benefits specified in Section III of the Transition Agreement (the “Transition Agreement”) dated as of July 22, 2019 between the Executive and the Company (collectively, the “Severance Benefits”).
II.    Executive Release of Claims and Covenant Not to Sue. Except as otherwise provided herein, in consideration of the Severance Benefits, the Executive, on behalf of himself, and on behalf of his heirs, successors and assigns, hereby knowingly and voluntarily releases and discharges, to the fullest extent permitted by law, the Company and all of their respective past and present subsidiaries, affiliates, predecessors, successors and assigns (“Company Entities”) and, with respect to each and all of the Company Entities, all of their respective directors, officers, employees, agents, each individually and in their representative capacities (“Company Entity Officials”) (Company Entities and Company Entity Officials collectively referred to herein as “Released Parties”) from any and all claims, demands, agreements, obligations, expenses, actions, judgments and liabilities of any kind whatsoever, in law, equity or otherwise, whether known or unknown, suspected or claimed, specifically mentioned herein or not, which the Executive had, has or may have against any of the Released Parties by reason of any actual or alleged act, event, occurrence, omission, practice or other matter whatsoever from the beginning of time up to and including the date that the Executive signs this Release (the “Claims”), including but not limited to Claims arising out of or in any way relating to: (i)  the Executive’s employment with any and all of the Company Entities, including the termination of that employment on the Termination Date; (ii) any common law, public policy, company policy, contract (whether oral or written, express or implied) or tort law having any bearing whatsoever on the terms and conditions of the Executive’s employment; and/or (iii) any federal, state or local law, ordinance or regulation including, but not limited to, the following (each as amended, if applicable): Age Discrimination in Employment Act (including Older Workers Benefit Protection Act); Americans with Disabilities Act; Civil Rights Act of 1866; Civil Rights Act of 1991; Equal Pay Act; Family and Medical Leave Act of 1993; National Labor Relations Act; Title VII of the Civil Rights Act of 1964; Worker Adjustment and Retraining Notification Act; and any other state, federal or local law, ordinance or regulation regarding discrimination or harassment or the terms or conditions of employment.
The Executive agrees that he has entered into this Release as a compromise and in full and final settlement of all Claims, if any, that he has or may have against any and all of the Released Parties up to and including the date that the Executive signs this Release (except as otherwise expressly set forth below).  The Executive also agrees that, although the Executive may hereafter discover Claims presently unknown or unsuspected, or new or additional facts from those which the Executive now knows or believes to be true, the Executive intends to provide a complete waiver of all Claims based on any facts and circumstances, whether known 

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or unknown, up to and including the date that the Executive signs this Release (except as otherwise expressly set forth below).
However, notwithstanding the foregoing, the Executive is not releasing, and for the avoidance of doubt Claims do not include, his rights, if any, (i) to payment of compensation as set forth in the Transition Agreement, including but not limited to the Severance Benefits, (ii) under any employee pension or welfare plan or program in which he participates, and (iii) to be indemnified pursuant to paragraph 14 of the Employment Agreement (as defined in the Transition Agreement) or pursuant to other agreements to which the Executive may be entitled to indemnification, or under any director’s and officer’s liability insurance carried by the Company or applicable affiliates.  Furthermore, the Executive is not releasing any rights or claims that may arise after the date on which he signs this Release or that cannot be released by a private settlement agreement (such as statutory claims for worker’s compensation/disability insurance benefits and unemployment compensation).
The Executive represents that he has not assigned or transferred his rights with respect to any Claims covered by this Release and that he has not filed, directly or indirectly any legal proceeding against the Released Parties regarding any such Claims. If he commences (or commenced) or participates in any action or proceeding (including as a member of a class of persons) regarding Claims covered by this Release, the Executive acknowledges and agrees that this Release shall be a complete defense in such action or proceeding and, to the maximum extent permitted by law, the Executive and his heirs, successors and assigns will have no right to obtain or receive, and will not seek or accept, any damages, settlement or relief of any kind (including attorneys’ fees and costs) as a result of such action or proceeding.
III.    Company Release of Claims and Covenant Not to Sue. Except as otherwise provided herein, the Company Entities, on behalf of themselves and their successors and assigns, hereby knowingly and voluntarily release and discharge, to the fullest extent permitted by law, the Executive and his heirs, successors and assigns (the “Executive Parties”), from any and all claims, demands, agreements, obligations, expenses, actions, judgments and liabilities of any kind whatsoever, in law, equity or otherwise, whether known or unknown, suspected or claimed, specifically mentioned herein or not, which the Company Entities had, has or may have against any of the Executive Parties by reason of any actual or alleged act, event, occurrence, omission, practice or other matter whatsoever from the beginning of time up to and including the date that the Company signs this Release (the “Company Claims”).
The Company agrees that it has entered into this Release as a compromise and in full and final settlement of all Company Claims, if any, that a Company Entity has or may have against any and all of the Executive Parties up to and including the date that the Company signs this Release (except as otherwise expressly set forth below).  The Company also agrees that, although the Company Parties may hereafter discover Executive Claims presently unknown or unsuspected, or new or additional facts from those which the Company Entities now know or believe to be true, the Company Entities intend to provide a complete waiver of all Executive Claims based on any facts and circumstances, whether known or unknown, up to and including the date that the Company signs this Release (except as otherwise expressly set forth below).

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However, notwithstanding the foregoing, the Company Entities are not releasing, and for the avoidance of doubt Executive Claims do not include, if any, claims against the Executive Parties relating to fraud, theft, embezzlement, self-dealing or similar acts of malfeasance by the Executive.
The Company represents that the Company Entities have not assigned or transferred their rights with respect to any Executive Claims covered by this Release and that they have not filed, directly or indirectly any legal proceeding against the Executive Parties regarding any such Executive Claims. If any such entity commences (or commenced) or participates in any action or proceeding (including as a member of a class of persons) regarding Executive Claims covered by this Release, the Company acknowledges and agrees that this Release shall be a complete defense in such action or proceeding and, to the maximum extent permitted by law, the Company Entities will have no right to obtain or receive, and will not seek or accept, any damages, settlement or relief of any kind (including attorneys’ fees and costs) as a result of such action or proceeding.
IV.    Executive Covenants.  For the avoidance of doubt, the covenants contained in Section IV of the Transition Agreement, and the covenants in the Employment Agreement that survive the Executive’s termination of employment (as modified by the Transition Agreement) shall continue in effect in accordance with their terms.
V.    Miscellaneous.  The Executive acknowledges and agrees that:
1.     The Severance Benefits constitute consideration over and above any payments and/or benefits that the Executive might be entitled to receive without executing this Release.
2.     The Company advised the Executive to consult with an attorney prior to executing this Release.
3.     The Executive acknowledges that pursuant to the Age Discrimination in Employment Act, he has been provided more than twenty-one (21) days to consider all of the terms of this Release to decide whether to sign this Release.
4.     The Company has advised the Executive of his statutory right to revoke his acceptance of the terms of this Release at any time within seven (7) days of his signing of this Release.  For the avoidance of doubt, if the Executive revokes this Release, he shall not be entitled to receive the Severance Benefits
5.     The Executive warrants and represents that (a) his decision to accept this Release was (i) entirely voluntary on his part; (ii) not made in reliance on any inducement, promise or representation, whether express or implied, other than the inducements, representations and promises expressly set forth in the Employment Agreement or in the Transition Agreement or this Release; and (iii) did not result from any threats or other coercive activities to induce acceptance of this Release and (b) he fully understands and appreciates the consequence of his signing this Release.
In the event the Executive decides to exercise his right to revoke within seven (7) days of his acceptance of this Release, the Executive warrants and represents that he will do the 

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following: (1) notify the Company in writing of his intent to revoke his agreement, and (2) simultaneously return in full the Severance Benefits, if any, received from the Company Entities pursuant to the Transition Agreement and which consideration was expressly subject to his signing this Release.
Upon its effectiveness, this Release and the plans and agreements specifically referenced herein contain the entire agreement and understanding of the Parties relating to the subject matter hereof and supersede and replace all prior and contemporaneous agreements, representations and understandings (whether oral or written) regarding the subject matter hereof. Once executed by the Executive and the Company, this Release may be modified only in a document signed by the Executive and the Company and referring specifically hereto.  If any portion of this Release is held to be unenforceable by any court of competent jurisdiction, the Parties intend that such portion be modified to make it enforceable to the maximum extent permitted by law.  If any such portion (other than the general release provisions) cannot be modified to be enforceable, such portion shall become null and void leaving the remainder of this Release in full force and effect.
This Release will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive upon the Executive’s death and (b) any successor of the Company.  None of the rights of the Executive to receive any form of compensation payable pursuant to this Release may be assigned or transferred except by will or the laws of descent and distribution.  The waiver of a breach of any term or provision of this Release (including the provisions of the Transition Agreement referenced herein), which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Release. The Company’s and the Executive’s responsibilities under the paragraphs of the Employment Agreement entitled “Indemnification”, “Arbitration” and “Confidential Information”, as well as sections A and C of Appendix A thereof, will survive the termination of the Employment Agreement and are incorporated into this Release mutatis mutandis.  
Before accepting any monetary payments from the Company hereunder, the Executive shall return to the Released Parties all files, memoranda, documents, records, electronic records, software, copies of the foregoing, credit cards, keys, and any other Released Party property in his possession.  
All payments hereunder are subject to all applicable tax withholdings.
This Release will be governed by the laws of the State of New York without regard to its conflict of laws provisions.
[Signature page follows]

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IN WITNESS WHEREOF, the Parties have executed this Agreement on this ___ day of __________, ____.
    
EXECUTIVE:
_______________________________ 
Tim Hockey 

TD AMERITRADE HOLDING CORPORATION:
_______________________________ 
By: 
Title: 

11EX-4.1

 Exhibit 4.1 
  

 
  

DUKE REALTY LIMITED PARTNERSHIP 

ISSUER 
 TO 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

TRUSTEE 
 SIXTEENTH
SUPPLEMENTAL INDENTURE 
 DATED AS OF NOVEMBER 15, 2019 

$400,000,000 2.875% SENIOR NOTES DUE 2029 

SUPPLEMENT TO INDENTURE, 

DATED AS OF JULY 28, 2006, BETWEEN 

DUKE REALTY LIMITED PARTNERSHIP AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (AS SUCCESSOR TO 

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION) 
  

 
  

 SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of November 15, 2019, between DUKE
REALTY LIMITED PARTNERSHIP, an Indiana limited partnership (the “Issuer”), having its principal offices at 600 East 96th Street, Suite 100, Indianapolis, IN 46240 and THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. (as successor to J.P. MORGAN TRUST COMPANY, National Association), a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”), having its Corporate
Trust Office at 2 N. LaSalle Street, Suite 700, Chicago, Illinois 60602. 
 RECITALS 

WHEREAS, the Issuer executed and delivered its Indenture (the “Original Indenture”), dated as of July 28, 2006, to the
Trustee to issue from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness. 
 WHEREAS, the
Original Indenture provides that by means of a supplemental indenture, the Issuer may create one or more series of its debt securities and establish the form and terms and conditions thereof. 

WHEREAS, the Issuer intends by this Sixteenth Supplemental Indenture to (i) create a series of debt securities, in an initial
aggregate principal amount of $400,000,000, entitled “Duke Realty Limited Partnership 2.875% Senior Notes due 2029”; and (ii) establish the form and the terms and conditions of such Notes. 

WHEREAS, the Board of Directors of Duke Realty Corporation, the general partner of the Issuer, acting through authority delegated to
certain of its executive officers, has approved the creation of the Notes and the form, terms and conditions thereof. 
 WHEREAS, the
consent of Holders to the execution and delivery of this Sixteenth Supplemental Indenture is not required, and all other actions required to be taken under the Original Indenture with respect to this Sixteenth Supplemental Indenture have been taken.

 NOW, THEREFORE IT IS AGREED: 

ARTICLE ONE 

Definitions, Creation, Form and Terms and Conditions of the Debt Securities 

SECTION 1.01.    Definitions. Capitalized terms used in this Sixteenth Supplemental Indenture and not
otherwise defined shall have the meanings ascribed to them in the Original Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined: 

“DTC” means The Depository Trust Company. 

“Global Note” means a single fully-registered global note in book-entry form, without coupons, substantially in the form of
Exhibit A attached hereto. 
 “Indenture” means the Original Indenture as supplemented by this Sixteenth
Supplemental Indenture. 

  
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 “Make-Whole Amount” means, in connection with any optional redemption or
accelerated payment of any Note, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of
interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar through August 15, 2029 if such redemption or accelerated payment had been made on August 15, 2029, determined
by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective
dates on which such principal and interest would have been payable if such redemption or accelerated payment had been made on August 15, 2029, over (ii) the aggregate principal amount of the Notes being redeemed or paid. 

“Notes” means the Issuer’s 2.875% Senior Notes due November 15, 2029, a form of which is attached hereto as
Exhibit A. 
 “Redemption Price” means the sum of (i) the principal amount of the Notes being redeemed plus
accrued and unpaid interest thereon to, but excluding, the Redemption Date, and (ii) the Make-Whole Amount, if any, with respect to such Notes; provided, however, that if the Redemption Date is any time on or after August 15, 2029, the
Redemption Price shall mean the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date without any payment of a Make-Whole Amount. The Redemption Price shall be calculated by the
Issuer or such other party appointed by the Issuer. 
 “Reinvestment Rate” means 0.15% plus the arithmetic mean of the
yields under the respective heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining
life to maturity (which maturity shall be deemed to be August 15, 2029), 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 purposes 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. 

“Statistical Release” means the statistical release designated “H.15” or any successor publication which is
published weekly by the Federal Reserve System and which establishes yields on actively traded United States 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 which shall be designated by the Issuer. 
 SECTION
1.02.    Creation of the Debt Securities. In accordance with Section 301 of the Original Indenture, the Issuer hereby creates the Notes as a separate series of its debt securities issued pursuant to the Indenture.
The Notes shall be issued in an aggregate principal amount initially limited to $400,000,000. 

  
 2 

 The Issuer may issue, in addition to the Notes originally issued on the date hereof,
additional Notes. The Notes originally issued on the date hereof and any additional Notes originally issued subsequent to the date hereof shall be a single series for all purposes under the Original Indenture. 

SECTION 1.03.    Form of the Debt Securities. The Notes will be represented by a single fully-registered
global note in book-entry form, without coupons, registered in the name of the nominee of DTC. The Notes shall be in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its
nominee, as the case may be, will be considered the sole owner or holder of the notes represented by such Global Note for all purposes under the Indenture. Ownership of beneficial interests in the Global Note will be shown on, and transfers thereof
will be effected only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

SECTION 1.04.    Terms and Conditions of the Debt Securities. The Notes shall be governed by all the terms
and conditions of the Original Indenture, as supplemented and modified by this Sixteenth Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes: 

(a)    Optional Redemption. The Issuer may redeem the Notes at any time at the option of the Issuer, in whole or
from time to time in part, at a redemption price equal to the Redemption Price. 
 If notice has been given as provided in the Original
Indenture and funds for the redemption of any Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in
such notice and the only right of the Holders of the Notes will be to receive payment of the Redemption Price. 
 Notice of any optional
redemption of any Notes will be given to Holders at their addresses, as shown in the Security Register, not more than 60 nor less than 15 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the
Redemption Price and the principal amount of the Notes held by such Holder to be redeemed. 
 If less than all the Notes are to be redeemed
at the option of the Issuer, the Issuer will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and their
Redemption Date. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 45 days prior to the Redemption Date and in accordance with applicable depositary procedures, the Notes to be redeemed in part. 

(b)    Payment of Principal and Interest. Principal and interest payments on interests represented by a Global Note
will be made to DTC or its nominee, as the case may be, as the registered owner of such Global Note. All payments of principal and interest in respect of the Notes will be made by the Issuer in immediately available funds. 

  
 3 

 (c)    Applicability of Defeasance or Covenant Defeasance. The
provisions of Article 14 of the Original Indenture shall apply to the Notes. 
 (d)    Definition of Total
Unencumbered Assets. For purposes of the covenant entitled “Maintenance of Total Unencumbered Assets” in Section 1005 of the Original Indenture, the term “Total Unencumbered Assets” shall be defined, solely with respect
to the Notes, as follows: 
 “Total Unencumbered Assets” means the sum of (i) those Undepreciated Real Estate Assets not
subject to an encumbrance and (ii) all other assets of the Issuer and its Subsidiaries not subject to an encumbrance determined in accordance with GAAP (but excluding intangibles and accounts receivable); provided, however, that all investments
by the Issuer and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from the calculation of Total Unencumbered
Assets to the extent that such investments would have otherwise been included. 
 (e)    Cross-Acceleration. For
purposes of the Event of Default provided for in Section 501(5) of the Original Indenture, all references to the amount of $5,000,000 shall be increased to $50,000,000; provided, however, that for so long as any of the securities issued
pursuant to any supplemental indenture to the Original Indenture that preceded this Sixteenth Supplemental Indenture are outstanding and provide for this same Event of Default but for a lower amount of such recourse debt, the reference to
$50,000,000 in this paragraph is replaced by such lower amount. 
 ARTICLE TWO 

Trustee 
 SECTION
2.01.    Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixteenth Supplemental Indenture or the due execution thereof by the Issuer. The
recitals of fact contained herein shall be taken as the statements solely of the Issuer, and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall be entitled to make any withholding or deduction from payments under
the Indenture to the extent necessary to comply with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time). 

ARTICLE THREE 

Miscellaneous Provisions 

SECTION 3.01.    Ratification of Original Indenture. This Sixteenth Supplemental Indenture is executed and
shall be construed as an indenture supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Sixteenth Supplemental
Indenture shall be read, taken and construed as one and the same instrument. Notwithstanding anything herein to the contrary, to the extent any provision of this Sixteenth Supplemental Indenture is inconsistent with any provision of the Original
Indenture, the terms of this Sixteenth Supplemental Indenture shall govern and apply to the Notes. 

  
 4 

 SECTION 3.02.    Effect of Headings. The Article and
Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION
3.03.    Successors and Assigns. All covenants and agreements in this Sixteenth Supplemental Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

SECTION 3.04.    Separability Clause. In case any one or more of the provisions contained in this Sixteenth
Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 3.05.    Governing Law. This Sixteenth Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York. This Sixteenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Sixteenth Supplemental Indenture and shall, to
the extent applicable, be governed by such provisions. 
 SECTION 3.06.    Counterparts. This Sixteenth
Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

  
 5 

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

					
	DUKE REALTY LIMITED PARTNERSHIP as Issuer
		
	By:	 	DUKE REALTY CORPORATION,
		 	its General Partner
			
		 	By:	 	 /s/ Mark A. Denien

		 	Name:	 	Mark A. Denien
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 Attest: 
  

			
	 /s/ Ann C. Dee

	Name:	 	Ann C. Dee
	Title:	 	Executive Vice President, General
	 	 	Counsel and Corporate Secretary

  

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	        By:	 	 /s/ Lawrence M. Kusch

	        Name:	 	Lawrence M. Kusch
	        Title:	 	Vice President

  

  
 [Signature Page to
Sixteenth Supplemental Indenture] 

 EXHIBIT A 

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

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

 

			
	REGISTERED	  	REGISTERED
		
	NO. 1	  	PRINCIPAL AMOUNT
		
	CUSIP NO. 26441Y BC0	  	$400,000,000

 DUKE REALTY LIMITED PARTNERSHIP 

2.875% Senior Notes due 2029 

Duke Realty Limited Partnership, an Indiana limited partnership (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of Four Hundred Million Dollars on November 15, 2029 (the “Maturity Date”), and to pay interest
thereon from and including November 15, 2019 (or from the most recent interest payment date to which interest has been paid or duly provided for) in U.S. dollars semi-annually in arrears on May 15 and November 15 of each year, each,
an “Interest Payment Date”, commencing on May 15, 2020, and on the Maturity Date, at the rate of 2.875% per annum, until payment of said principal sum has been made or duly provided for. 

 The interest so payable and punctually paid or duly provided for on any Interest Payment
Date and on the Maturity Date will be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the “Record Date” for such payment, which will be 15 days (regardless of whether
such day is a Business Day (as defined below)) prior to such payment date or the Maturity Date, as the case may be. Any interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date, and
shall be paid to the Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a subsequent Record Date for the payment of such defaulted interest (which shall be not less than five Business Days (as
defined below) prior to the date of the payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 15 days preceding such subsequent Record Date. Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months. 

The principal of this Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the office or agency
of the Issuer maintained for that purpose. The Issuer hereby initially designates the Corporate Trust Office of the Trustee at Global Corporate Trust, 2. N. LaSalle Street, Suite 700, Chicago, Illinois 60602 as the office to be maintained
by it where Notes may be presented for payment, registration of transfer, or exchange and where notices or demands to or upon the Issuer in respect of the Notes or the Indenture referred to on the reverse hereof may be served. 

Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will be the amount of interest
accrued from and including the immediately preceding Interest Payment Date (or from and including November 15, 2019, in the case of the initial Interest Payment Date) to but excluding the applicable Interest Payment Date or the Maturity Date,
as the case may be. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day (as defined below), the required payment of interest or principal or both, as the case may be, will be made on the next Business Day with
the same force and effect as if it were made on the date such payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. “Business
Day” means any day, other than a Saturday or a Sunday, on which banking institutions in The City of New York are open for business. 

Payments of principal and interest in respect of this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 Reference
is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note shall not be entitled to the benefits of the Indenture referred to on the reverse hereof or be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have been signed by the Trustee under such Indenture. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by
facsimile by its authorized officers. 
 Dated as of: November 15, 2019 

 

			
	DUKE REALTY LIMITED PARTNERSHIP,
	as Issuer
		
	By:	 	DUKE REALTY CORPORATION,
		 	its General Partner
		
	By:	 	  

	Name:	 	Mark A. Denien
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
		
	By:	 	  

	Name:	 	Ann C. Dee
	Title:	 	Executive Vice President, General
		 	Counsel and Corporate Secretary

  

  
 [SIGNATURE
PAGE TO GLOBAL NOTE] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

	 	 	Authorized Officer
		
	Dated:	 	                    , 2019

  

  
 [SIGNATURE
PAGE TO GLOBAL NOTE] 

 [REVERSE OF NOTE] 

DUKE REALTY LIMITED PARTNERSHIP 

2.875% Senior Notes due 2029 

This security is one of a duly authorized issue of debentures, notes, bonds, or other evidences of indebtedness of the Issuer (hereinafter
called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture dated as of July 28, 2006 (hereinafter called the “Indenture”), duly executed and delivered by the
Issuer to The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as Trustee (hereinafter called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which the Indenture and all indentures supplemental thereto relating to this security reference is hereby made for a description of the rights, limitations of rights, obligations,
duties, and immunities thereunder of the Trustee, the Issuer, and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as provided in
the Indenture or any indenture supplemental thereto. This security is one of a series designated as the 2.875% Senior Notes due 2029 of the Issuer, initially limited in aggregate principal amount to $400,000,000. 

In case an Event of Default with respect to this security shall have occurred and be continuing, the principal hereof and Make-Whole Amount,
if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. 

The Issuer may redeem this security at any time at the option of the Issuer, in whole or in part, at a redemption price equal to the sum of
(i) the principal amount of this security being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, and (ii) the Make-Whole Amount, if any, with respect to this security (the “Redemption
Price”); provided, however, that if the Redemption Date is any time on or after August 15, 2029, the Redemption Price shall mean the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding,
the Redemption Date without any payment of a Make-Whole Amount. Notice of any optional redemption of any Securities will be given to Holders at their addresses, as shown in the Security Register, not more than 60 days nor less than 15 days prior to
the date fixed for redemption. The notice of redemption will specify, among other items, the Redemption Price and the principal amount of the Securities held by such Holder to be redeemed.     

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority of the
aggregate principal amount of the Securities at the time outstanding of all series to be affected (voting as one class), evidenced as provided in the Indenture, 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 Securities of each series; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Security so affected, (i) change 

 
the Stated Maturity of the principal of (or premium, if any, on) or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate or amount of
interest thereon or any premium payable upon the redemption thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units
or composite currency or currencies in which, any Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or (ii) reduce
the aforesaid percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, or (iii) reduce the percentage of Securities, the Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults thereunder. It is also provided in the Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any series, the Holders of a majority in
aggregate principal amount outstanding of the Securities of such series (or, in the case of certain defaults or Events of Default, all series of Securities) may on behalf of the Holders of all the Securities of such series (or all of the Securities,
as the case may be) waive any such past default or Event of Default and its consequences, prior to any declaration accelerating the maturity of such Securities, or, subject to certain conditions, may rescind a declaration of acceleration and its
consequences with respect to such Securities. Any such consent or waiver by the Holder of this security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of the
security and any securities that may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this security or such other securities. 

No reference herein to the Indenture and no provision of this security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and any Make-Whole Amount and interest on this security in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

This security is issuable only in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000
in excess thereof. Securities may be exchanged for a like aggregate principal amount of securities of this series of other authorized denominations at the office or agency of the Issuer, in the manner and subject to the limitations provided in the
Indenture, but without the payment of any service charge except for any tax or other governmental charge imposed in connection therewith. 

Upon due presentment for registration of transfer of Securities at the office or agency of the Issuer, one or more new Securities of the same
series of authorized denominations in an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 The Issuer, the Trustee or any authorized agent of the Issuer or the Trustee may deem and treat the
Person in whose name this security is registered as the absolute owner of this security (whether or not this security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of,
or on account of, the principal hereof and Make-Whole Amount, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the
Trustee shall be affected by any notice to the contrary. 

 The Indenture and each Security shall be deemed to be a contract under the laws of the State
of New York, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

Capitalized terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and all
indentures supplemental thereto relating to this security.

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