Document:

[ EXHIBIT 4.1 - INSTRUMENT DEFINING THE RIGHTS OF SECURITY HOLDERS]

                              THE 2004 BENEFIT PLAN
                                       OF
                           MOLLER INTERNATIONAL, INC.

Moller International, Inc., a California corporation (the "Company"), hereby
adopts The 2004 Benefit Plan of Moller International, Inc. (the "Plan") this
21st day of January 2004. Under the Plan, the Company may issue stock, or grant
options to acquire the Company's common stock, par value $0.0001 (the "Stock"),
from time to time to employees of the Company or its subsidiaries, all on the
terms and conditions set forth herein ("Benefits"). In addition, at the
discretion of the Board of Directors, Benefits may from time to time be granted
under this Plan to other individuals, including consultants or advisors, who
contribute to the success of the Company or its subsidiaries but are not
employees of the Company or its subsidiaries, provided that bona fide services
shall be rendered by consultants and advisors and such services must not be in
connection with the offer or sale of securities in a capital-raising
transaction. Furthermore, no stock may be issued, or option granted, under the
benefit plan to consultants, advisors, or other persons who directly or
indirectly promote or maintain a market for the Company's securities.

1. Purpose of the Plan. The Plan is intended to aid the Company in maintaining
and developing a management team, attracting qualified officers, employees,
consultants and key advisors capable of contributing the future success of the
Company, and rewarding those individuals who have contributed to the success of
the Company. The Company has designed this Plan to aid it in retaining the
services of executives and employees and in attracting new personnel when needed
for future operations and growth and to provide such personnel with an incentive
to remain employees of the Company, to use their best efforts to promote the
success of the Company's business, and to provide them with an opportunity to
obtain or increase a proprietary interest in the Company. It is also designed to
permit the Company to reward those individuals who are not employees of the
Company but who management perceives to have contributed to the success of the
Company or who are important to the continued business and operations of the
Company. The above goals will be achieved through the granting of Benefits.

2. Administration. The Plan shall be administered by the Board of Directors of
the Company (the 'Board') which shall keep the minutes of its proceedings with
regard to the Plan and all records, documents, and data pertaining to its
administration of the Plan. A majority of the members of the Board shall
constitute a quorum for the transaction of business, and the vote of a majority
of those members present at any meeting shall decide any question brought before
that meeting. In addition, the Board may take any action otherwise proper under
the Plan by the affirmative vote, taken without a meeting, of a majority of its
members. Any decision or determination reduced to writing and signed by a

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<PAGE>

majority of the members shall be as effective as if it had been made by a
majority vote at a meeting properly called and held. All questions of
interpretation and application of the Plan shall be subject to the determination
of the Board. The actions of the Board in exercising all of the rights, powers
and authorities set out in this Plan, when performed in good faith and in its
sole judgment, shall be final, conclusive, and binding on the parties.

3. Shares of Stock Subject to this Plan. A total of seven million five hundred
thousand (7,500,000) Shares of Common Stock may be subject to, or issued
pursuant to, Benefits granted under this Plan. If any right to acquire Stock
granted under this Plan is exercised by the delivery of shares of Stock or the
relinquishment of rights to shares of Stock, only the net shares of Stock issued
(the shares of stock issued less the shares of Stock surrendered) shall count
against the total number of shares reserved for issuance under the terms of this
Plan.

4. Reservation of Stock on Granting of Option. At the time any Option is granted
under the terms of this Plan, the Company will reserve for issuance the number
of shares of Stock subject to such Option until it is exercised or expires. The
Company may reserve either authorized but unissued shares or issued shares
reacquired by the Company (treasury stock).

5. Eligibility. The Plan Administrators may grant Benefits to employees,
officers, and directors of the Company and its subsidiaries, as may be existing
from time to time, and to other individuals who are not employees of the Company
or its subsidiaries, including consultants and advisors, provided that such
consultants and advisors render bona fide services to the Company or its
subsidiaries and such services are not rendered in connection with the offer or
sale of securities in a capital-raising transaction, or for establishing,
maintaining or promoting a public market for the Company's securities. In any
case, the Plan Administrators shall determine, based on the foregoing
limitations and the Company's best interests, which employees, officers,
directors, consultants and advisors are eligible to participate in this Plan.
Benefits shall be in the amounts, and shall have the rights and be subject to
the restrictions, as may be determined by the Plan Administrators, all as may be
within the provisions of this Plan.

6. Authority to Grant Stock Awards. The Board in its discretion and subject to
the provisions of the Plan may, from time to time, grant to eligible individuals
of the Company Stock Awards. The Board may award and issue shares of Common
Stock under the Plan in fulfillment of such Stock Awards. Stock Awards may be
made in lieu of cash compensation or as additional compensation. Stock Awards
may also be made pursuant to performance-based goals established by the Board.

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<PAGE>

Subject only to any applicable limitations set forth in the Plan, the number of
shares of Common Stock covered by any Stock Award shall be determined by the
Board.

7.  Stock Awards.
    ------------

(a) Awards in Lieu of Compensation. The Board may grant Common Stock to an
Eligible Individual under the Plan, without any payment by the individual, in
lieu of certain cash compensation or as additional compensation. The Stock Award
is subject to appropriate tax withholding. After compliance with the tax
withholding requirements, a stock certificate shall be issued to the individual
recipient of the Stock Award. The certificate shall bear such legend, if any, as
the Board determines is reasonably required by applicable law. Prior to receipt
of a Stock Award, the individual must comply with appropriate requests of the
Board to assure compliance with all relevant laws.

(b) Performance Based Awards. The Board may award shares of Common Stock,
without any payment for such shares, to designated individuals if specified
performance goals established by the Board are satisfied. The designation of an
employee eligible for a specific performance-based Stock Award shall be made by
the Board in writing prior to the beginning of the twelve month period for which
the performance is measured. The Board shall establish the number of shares to
be issued to a designated employee if the performance goal is met. The Board
must certify in writing that a performance goal has been met prior to issuance
of any certificate for a performance-based Stock Award to any employee. If the
Board certifies the entitlement of an employee to the performance-based Stock
Award, the certificate shall be issued to the employee as soon as
administratively practicable, and subject to other applicable provisions of the
Plan, including but not limited to, all legal requirements and tax withholding.
Performance goals determined by the Board may be based on specified increases in
net profits, stock price, Company or segment sales, market share, earnings per
share, and/or return on equity.

8. Option Awards

     a. Term of Options issued as Benefits and Certain Limitations on Right to
Exercise.

          i. Each Option issued as a benefit hereunder ("Option") shall have its
     term established by the Plan Administrators at the time the Option is
     granted.

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<PAGE>

          ii. The term of the Option, once it is granted, may be reduced only as
     provided for in this Plan and under the express written provisions of the
     Option.

          iii. Unless otherwise specifically provided by the written provisions
     of the Option or required by applicable disclosure or other legal
     requirements promulgated by the Securities and Exchange Commission ("SEC"),
     no participant of this Plan or his or her legal representative, legatee, or
     distributee will be, or shall be deemed to be, a holder of any shares
     subject to an Option unless and until such participant exercises his or her
     right to acquire all or a portion of the Stock subject to the Option and
     delivers the required consideration to the Company in accordance with the
     terms of this Plan and then only as to the number of shares of Stock
     acquired. Except as specifically provided in this Plan or as otherwise
     specifically provided by the written provisions of the Option, no
     adjustment to the exercise price or the number of shares of Stock subject
     to the Option shall be made for dividends or other rights for which the
     record date is prior to the date on which the Stock subject to the Option
     is acquired by the holder.

          iv. Options shall vest and become exercisable at such time or times
     and on such terms as the Plan Administrators may determine at the time of
     the grant of the Option.

          v. Options may contain such other provisions, including further lawful
     restrictions on the vesting and exercise of the Options as the Plan
     Administrators may deem advisable.

          vi. In no event may an Option be exercised after the expiration of its
     term.

          vii. Options shall be non-transferable, except by the laws of descent
     and distribution.

     b. Exercise Price. The Plan Administrators shall establish the exercise
price payable to the Company for shares to be obtained pursuant to Options,
which exercise price may be amended from time to time as the Plan Administrators
shall determine.

     c. Payment of Exercise Price. The exercise of any Option shall be
contingent on receipt by the Company of the exercise price paid in either cash,
certified check or personal check payable to the Company.

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<PAGE>

     d. Termination of Employment. Upon termination of an Option holder's active
employment with the Corporation and its subsidiaries for any reason (including
illness or disability), the Option and rights thereunder shall terminate on the
date of termination of employment. The Board has the discretion in the event the
Option holder takes a leave of absence from the Corporation and its subsidiaries
for personal reasons or for military service to take such action in respect of
the Option as the Board may deem appropriate, including extending the time
following termination of active employment during which the Option holder is
entitled to purchase the shares of Common Stock subject to his Option. If an
Option holder's employment with the Corporation and its subsidiaries terminates
by reason of death or retirement pursuant to normal Corporation policies, the
retired employee or the personal representative of the deceased employee may
elect to exercise the Option at any time following the termination of the Option
holder's employment. In no event may any Option be exercised after the
expiration of its term.

9. Registration. The Company may, but shall not be obligated to, register any
securities covered by a Stock Award, or securities underlying an Option award,
pursuant to the 1933 Act (as now in effect or as hereafter amended) and, in the
event any shares are registered, the Company may remove any legend on
certificates representing these shares. The Company shall not be obligated to
take any other affirmative action in order to cause the Stock Award to comply
with any law or regulation of any governmental authority.

10. Withholding. If the grant of a Benefit hereunder, or exercise of an Option
given as a Benefit is subject to withholding or other trust fund payment
requirements of the Internal Revenue Code of 1986, as amended (the "Code"), or
applicable state or local laws, the Company will initially pay the Grantee's
liability and will be reimbursed by Grantee no later than six months after such
liability arises and Grantee hereby agrees to such reimbursement terms.

11. Dilution or Other Adjustment. The shares of Stock subject to this Plan and
the exercise price of outstanding Options are subject to proportionate
adjustment in the event of a stock dividend on the Stock or a change in the
number of issued and outstanding shares of Stock as a result of a stock split,
consolidation, or other recapitalization. The Company, at its option, may adjust
the Options, issue replacements, or declare Options void.

12. Corporate Transaction or Change in Control. The Administrator shall have the
authority, exercisable either in advance of any actual or anticipated Corporate
Transaction or Change in Control or at the time of an actual Corporate
Transaction or Change in Control and exercisable at the time of the grant of an
Award under the plan or any time while an Award remains outstanding, to provide
for the full or partial automatic vesting and exercisability of one or more
outstanding unvested Awards under the Plan and the release from restrictions on
transfer and repurchase or forfeiture rights of such Awards in connection with a

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<PAGE>

Corporate Transaction or Change in Control, on such terms and conditions as the
Administrator may specify. The Administrator also shall have the authority to
condition any such Award vesting and exercisability or release from such
limitations upon the subsequent termination of the Continuous Service of the
Grantee within a specified period following the effective date of the Corporate
Transaction or Change in Control. The Administrator may provide that any Awards
so vested or released from such limitations in connection with a Change in
Control, shall remain fully exercisable until the expiration or sooner
termination of the Award.

The portion of any Incentive Stock Option accelerated under this Section 12 in
connection with a Corporate Transaction or Change in Control shall remain
exercisable as an Incentive Stock Option under the Code only to the extent the
$100,000 dollar limitation of Section 422(d) of the Code is not exceeded. To the
extent such dollar limitation is exceeded, the accelerated excess portion of
such Option shall be exercisable as a Non-Qualified Stock Option.

For purposes of this Section 12, the terms "Corporate Transaction" and "Change
of Control" shall have the following meanings:

     (a) "Corporate Transaction" means any of the following transactions:

          (i) a merger or consolidation in which the Company is not the
     surviving entity, except for a transaction the principal purpose of which
     is to change the Company's state of domicile;

          (ii) the sale, transfer, or other disposition of all or substantially
     all of the assets of the Company;

          (iii) the complete liquidation or dissolution of the Company;

          (iv) any reverse merger in which the Company is the surviving entity
     but in which securities possessing more than forth percent (40%) of the
     total combined voting power of the Company's outstanding securities are
     transferred to a person or persons different from those who held the
     securities immediately prior to such merger; or

          (v) acquisition in a single transaction or series of related
     transactions by any person or related group of persons (other than the
     Company or by a Company-sponsored employee benefit plan) of beneficial
     ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act
     of 1934, as amended) of securities possessing more than fifty percent (50%)
     of the total combined voting power of the Company's outstanding securities
     but excluding any such transaction or series of related transactions that
     the Administrator determines not to be a Corporate Transaction.

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<PAGE>

     (b) "Change in Control" means a change in ownership or control of the
Company effected through either of the following transactions:

          (i) the direct or indirect acquisition by any person or related group
     of persons (other than an acquisition by the Company or by a
     Company-sponsored employee benefit plan or by a person that directly or
     indirectly controls, is controlled by, or is under common control with, the
     Company) of beneficial ownership (within the meaning of Rule 13d-3 of the
     Securities Exchange Act of 1934, as amended) of securities possessing more
     than fifty percent (50%) of the total combined voting power of the
     Company's outstanding securities pursuant to a tender or exchange offer
     made directly to the Company's stockholders which a majority of the
     Continuing Directors who are not affiliates or associates of the offeror do
     not recommend such stockholders accept, or

          (ii) a change in the composition of the Board over a period of
     thirty-six (36) months or less such that a majority of the board members
     (rounded up to the next whole number) ceases, by reason of one or more
     contested elections for Board membership, to be comprised of individuals
     who are Continuing Directors.

     "Continuing Directors" are directors who have been Board members
     continuously for period of at least twenty-four (24) months.

13. Employment Obligation. The granting of any Stock Award shall not impose upon
the Company any obligation to employ or continue to employ any grantee; and the
right of the Company to terminate the employment of any officer or other
employee shall not be diminished or affected by reason of the fact that a Stock
Award has been granted to him.

14. Expiration and Termination of this Plan. This Plan may be abandoned or
terminated at any time by the Plan Administrators except with respect to any
Options then outstanding under this Plan. This Plan shall otherwise terminate on
the earlier of the date that is five years from the date first appearing in this
Plan or the date on which the Fifteen Millionth share is issued hereunder.

15. Amendment of this Plan. This Plan may not be amended more than once during
any six month period, other than to comport with changes in the Code or the
Employee Retirement Income Security Act or the rules and regulations promulgated
thereunder. The Plan Administrators may modify and amend this Plan in any
respect.

ATTEST:

/s/ Paul S. Moller
-------------------------
Paul S. Moller, President

                                      -7-Exhibit 4.1

 Exhibit 4.1 
  

[Face of Security] 
  
 FEDERAL REALTY INVESTMENT TRUST 
  
 4.50% Note due 2011 
  

	 CUSIP No.
	 	$75,000,000

  
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  
 UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR OF
THE DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR. 
  
 THIS NOTE WILL BE
ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. 
  
 FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (herein referred to as the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns the principal sum of Seventy-Five Million Dollars on February 15, 2011 (the “Stated Maturity
Date”) or the date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date”), and to pay interest thereon from
             or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on
             and              in each year (each, an “Interest Payment Date”), commencing
            , at the rate of 4.50% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
             or              (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date at the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds to
an account 
  

 maintained by such Holder within the United States. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. 
  
 The principal of this Note payable on the Stated Maturity Date or the principal of, premium, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date will be paid against
presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, 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. 
  
 Interest payable on
this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from
and including             , if no interest has been paid on this Note) to but excluding such Interest Payment Date or the Maturity Date, as the case may be. If any Interest Payment
Date or the Maturity Date falls on a day that is not a Business Day, as defined below, principal, premium, if any, and/or interest payable with respect to such Interest Payment Date or Maturity Date, as the case may be, will be paid on the next
succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity Date, as the case
may be. “Business Day” means any day, other than a Saturday or Sunday, on which banks in the City of New York and the City of Charlotte, State of North Carolina, are not required or authorized by law or executive order to close.

  
 All payments of principal, premium, if any, and interest in
respect of this Note will be made by the Company in immediately available funds. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the Certificate of Authentication hereon has been executed by the
Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  
 This space intentionally left blank] 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated:
             
  

	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	 
	 	

		
	By:	 	 
	 	

  

	 Attest:

	
	  
	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
  
 This is the Note of the series designated therein referred to
in the within-mentioned Indenture. 
  

	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, as Trustee

		
	By:	 	 
	 	

	 	 	 Authorized Signatory
  

  
  

 [Reverse of Security] 
  
 FEDERAL REALTY INVESTMENT TRUST 
  
 4.50% Note due 2011 
  
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of September 1, 1998 (herein called the “Indenture”) between the Company and Wachovia Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of the duly authorized series of Securities designated
as “4.50% Notes due 2011” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such series is initially limited to $75,000,000 (except for Notes authenticated and delivered upon transfer
of, or in exchange for, or in lieu of other Notes). The Company may, without the consent of the Holders of any Securities, create and issue additional notes in the future having the same terms other than the date of original issuance, the issue
price and the date on which interest begins to accrue so as to form a single series with the Notes. The Notes are the unsecured and unsubordinated obligations of the Company and rank equally will all existing and future unsecured and unsubordinated
indebtedness of the Company. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  
 If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the Indenture. 
  
 The Notes are subject to redemption at any time, in whole or in part, at the election of the Company, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed, and (2) as determined by the
Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued interest thereon to the Redemption Date; provided,
however, that installments of interest on this Note whose Stated Maturity Date is on or prior to such Redemption Date will be payable to the Holder of this Note, or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the Indenture. 
  
 As used herein: 
  
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable 
  

 Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such notes. 
  
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (2) if the Trustee obtains fewer than three such Reference Treasury Dealer quotations, the average of all such Quotations. 
  
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 
  
 “Reference Treasury Dealer” means (1) each
of Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and one other primary U.S. Government securities dealer in New York City selected by Wachovia Capital Markets, LLC, and their respective successors; provided,
however, that if any of the foregoing cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer
selected by the Company. 
  
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. New York City time, on the third Business Day preceding such Redemption Date, together in the case of any such redemption with
accrued interest to the Redemption Date; provided, however, that installments of interest on this Note whose Stated Maturity Date is on or prior to such Redemption Date will be payable to the Holder of this Note, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. 
  
 Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided
in the Indenture. 
  
 In the event of redemption of this Note in
part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the 
  

 2 

 rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a
majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit
the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 
  
 The Company will not, and will not permit any Subsidiary to, incur any Debt (as defined below) if, immediately after giving
effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted
accounting principles is greater than 60% of the sum of (without duplication) (i) 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 Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, with the Trustee) prior to the incurrence of such additional Debt and (ii) 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 Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 
  
 In addition to the foregoing limitation on the incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any Debt secured by
any mortgage, lien, charge, pledge, encumbrance or security interest of any kind upon any of the property of the Company or any Subsidiary if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds
thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis which is secured by any mortgage, lien, charge, pledge, encumbrance or security interest on property of the Company or any
Subsidiary 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 Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, 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 
  

 3 

 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 Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the occurrence of such additional Debt; provided, however, 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 Total Assets. 
  

Furthermore, the Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service
(as defined below) to the Annual Debt Service Charge (as defined below) 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, on an
unaudited pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that (i) 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; (ii) 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 incurred, 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); (iii) 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 (iv) in the case of any acquisition or disposition by the Company or its Subsidiaries of any asset or group of
assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition 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 or disposition being included in such unaudited pro forma calculation. 
  
 Furthermore, the Company and each of its Subsidiaries taken as a whole, will, at all times maintain an Unencumbered Total Asset Value (as defined below)
in an amount not less than 150% of the aggregate outstanding principal amount of the unsecured Debt of the Company and each of its Subsidiaries, taken as a whole. 
  
 As used herein, 
  
 “Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) 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. 
  
 “Annual Debt Service Charge” as of any date means the maximum amount which is payable in any period for interest on, and
original issue discount of, Debt of the 
  

 4 

 Company and its Subsidiaries and the amount of dividends which are payable in respect of any Disqualified
Stock (as defined below). 
  
 “Capital
Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible
into or exchangeable for corporate stock), warrants or options to purchase any thereof. 
  
 “Consolidated Income Available for Debt Service” for any period means Funds from Operations (as defined below) of the Company
and its Subsidiaries plus amounts which have been deducted for interest on Debt of the Company and its Subsidiaries. 
  
 “Debt” means any indebtedness of the Company, or any Subsidiary, whether or not contingent, in respect of (without duplication)
(i) borrowed money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company or any Subsidiary, (iii)
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, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with generally
accepted accounting principles to the extent, in the case of items of indebtedness under (i) through (iii) 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 generally accepted accounting principles, and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary 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 is a party and has assigned its interest, provided that such assignee of
the Company is not in default of any amounts due and owing under such leases), Debt of another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever
the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof). 
  
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital
Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the 
  

 5 

 holder thereof, in whole or in part, in each case on or prior to the Stated Maturity of the Notes.

  
 “Funds from Operations” for any
period means income available to common shareholders before depreciation and amortization of real estate assets and before extraordinary items less gain on sale of real estate. 
  
 “Total Assets” as of any date means the sum of (i) the Company’s and its Subsidiaries’
Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding goodwill). 
  
 “Undepreciated Real Estate Assets” as of any date
means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting
principles. 
  
 “Unencumbered Total Asset
Value” as of any date means the sum of (i) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated
basis determined in accordance with generally accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest. 
  
 As provided in the Indenture and subject to certain limitations therein and
herein set forth, the transfer of this Note is registrable in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if
any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 As provided in the Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for
a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 
  
 The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. 
  
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  

 6 

 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
  
 The Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 
  

 7

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