Document:

<PAGE>

            EIGHTH SUPPLEMENTAL INDENTURE, dated as of March 1, 2005, between
LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (the
"Company"), having its principal offices at 500 Chesterfield Parkway, Malvern,
Pennsylvania 19355, and 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 227
West Monroe Street, Chicago, Illinois 60606.

                                    RECITALS

            WHEREAS, the Company executed and delivered its Indenture (the
"Original Indenture"), dated as of October 24, 1997, 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 Company may create one or more series of its debt
securities and establish the form and terms and conditions thereof.

            WHEREAS, the Company intends by this Eighth Supplemental Indenture
to (i) create a series of debt securities to be issued from time to time in an
unlimited principal amount entitled "Liberty Property Limited Partnership 5.125%
Senior Notes due 2015" (the "Notes"); and (ii) establish the forms and the terms
and conditions of such Notes.

            WHEREAS, the Board of Trustees of Liberty Property Trust (the
"Trust"), the general partner of the Company, 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 Eighth Supplemental Indenture is not required, and all other actions
required to be taken under the Original Indenture with respect to this Eighth
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. (a) Capitalized terms used in this Eighth
Supplemental Indenture and not otherwise defined shall have the meanings
ascribed to them in the Original Indenture. In addition, the following
additional terms shall have the following meanings to be equally applicable to
both the singular and the plural forms of the terms defined:

            "CLOSING DATE" means March 1, 2005.

            "GLOBAL NOTE" means a single fully-registered global note in book
entry form, without coupons, substantially in the form of Exhibit A attached
hereto.

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            "INDENTURE" means the Original Indenture as supplemented by this
Eighth Supplemental Indenture

            "INTERCOMPANY DEBT" means Debt to which the only parties are the
Trust, any of its subsidiaries, the Company and any Subsidiary, or Debt owed to
the Trust arising from routine cash management practices, but only so long as
such Debt is held solely by any of the Trust, any of its subsidiaries, the
Company and any Subsidiary.

            "SUBSIDIARY" shall have the meaning provided in the Original
Indenture and shall include Liberty Property Development Corp.-II.

      (b) The following term, which is defined in the Original Indenture, is
amended and restated as follows:

            "REINVESTMENT RATE" means the yield on Treasury securities at a
constant maturity corresponding to the remaining life (as of the date of
redemption, and rounded to the nearest month) to Stated Maturity of the
principal being redeemed (the "Treasury Yield"), plus 0.15%. For purposes
hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields
published in the Statistical Release under the heading "Week Ending" for "U.S.
Government Securities - Treasury Constant Maturities" with a maturity equal to
such remaining life; provided, that if no published maturity exactly corresponds
to such remaining life, then the Treasury Yield shall be interpolated or
extrapolated on a straight-line basis from the arithmetic means of the yields
for the next shortest and next longest published maturities. For 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. If
the format or content of the Statistical Release changes in a manner that
precludes determination of the Treasury Yield in the above manner, then the
Treasury Yield shall be determined in the manner that most closely approximates
the above manner, as reasonably determined by the Company.

      SECTION 1.02 CREATION OF THE DEBT SECURITIES. In accordance with Section
301 of the Original Indenture, the Company 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
$300,000,000.

      The Company may issue, in addition to the Notes originally issued on the
Closing Date, additional Notes. The Notes originally issued on the Closing Date
and any additional Notes originally issued subsequent to the Closing Date shall
be a single series for all purposes under the Indenture.

      SECTION 1.03 FORM OF THE DEBT SECURITIES. The Notes will be represented by
one or more fully-registered global notes 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

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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 by this Eighth Supplemental Indenture, and in particular, the
following provisions shall be the 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 of redemption has been given as provided in the 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 such Notes from and after the
Redemption Date will be to receive payment of the Redemption Price upon
surrender of such Notes in accordance with such notice.

      Notice of any optional redemption of any Notes will be given to Holders at
their addresses, as shown in the security register for the Notes, not more than
60 nor less than 30 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 all or less than all of 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, if less than all of
the Notes are to be redeemed, and their Redemption Date. The Trustee shall
select, in such manner as it shall deem fair and appropriate, no less than 60
days prior to the date of redemption, the Notes to be redeemed in whole or in
part.

      (b) Maturity; Payment of Principal and Interest. The principal amount of
the Notes shall be payable on March 2, 2015, subject to the provisions of the
Indenture and the Notes. Interest will accrue from March 1, 2005. The Notes will
bear interest at 5.125% per annum, payable in the manner and on the dates set
forth in the Notes. 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.
The principal of this Note payable on the Maturity Date will be paid against
presentation and surrender of this Note at the corporate trust office of the
Trustee at 227 West Monroe Street, Chicago, Illinois 60606, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public or private debt.

      (c) Applicability of Defeasance or Covenant Defeasance. The provisions of
Article 14 of the Original Indenture shall apply to the Notes.

                                       3
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                                   ARTICLE TWO
                              ADDITIONAL COVENANTS

      The Notes shall be governed by all the covenants contained in the Original
Indenture, as supplemented by this Eighth Supplemental Indenture. In addition,
this Eighth Supplemental Indenture amends and restates Section 1004 of the
Original Indenture to read as follows:

      "SECTION 1004. Limitations on Incurrence of Debt.

      (a) The Company will not, and will not permit any Subsidiary to, incur any
Debt, other than Intercompany Debt, that is subordinate in right of payment to
the Notes, 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 GAAP is greater than 60% of the sum of (i) the
Company's Adjusted Total Assets as of the end of the most recent fiscal quarter
prior to the incurrence of such additional Debt and (ii) the increase in
Adjusted Total Assets since the end of such quarter (including any increase
resulting from the incurrence of additional Debt).

      (b) The Company will not, and will not permit any Subsidiary to, incur any
Debt if the ratio of Consolidated Income Available for Debt Service to the
Annual Service Charge on the date on which such additional Debt is to be
incurred, on a pro forma basis, after giving effect to the incurrence of such
Debt and to the application of the proceeds thereof would have been less than
1.5 to 1.

      (c) 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 properties of the Company or any Subsidiary
("Secured Debt"), whether owned at the date hereof or hereafter acquired, if,
immediately after giving effect to the incurrence of such Secured Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Secured Debt of the Company and its Subsidiaries on a consolidated
basis is greater than 40% of the sum of (i) the Company's Adjusted Total Assets
as of the end of the most recent fiscal quarter prior to the incurrence of such
additional Debt and (ii) the increase in Adjusted Total Assets since the end of
such quarter (including any increase resulting from the incurrence of additional
Debt).

      (d) The Company will at all time maintain an Unencumbered Total Asset
Value in an amount not less than 150% of the aggregate principal amount of all
outstanding unsecured Debt of the Company and its Subsidiaries on a consolidated
basis.

            For purposes of the foregoing provisions regarding the limitation on
the incurrence of Debt, Debt shall be deemed to be "incurred" by the Company or
a Subsidiary whenever the Company or such Subsidiary shall create, assume,
guarantee or otherwise become liable in respect thereof."

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                                  ARTICLE THREE
                                     TRUSTEE

      SECTION 3.01 TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Eighth
Supplemental Indenture or the due execution thereof by the Company. The recitals
of fact contained herein shall be taken as the statements solely of the Company,
and the Trustee assumes no responsibility for the correctness thereof.

                                  ARTICLE FOUR
                            MISCELLANEOUS PROVISIONS

      SECTION 4.01 RATIFICATION OF ORIGINAL INDENTURE. This Eighth 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 Eighth Supplemental Indenture shall be read, taken and construed as one
and the same instrument.

      SECTION 4.02 EFFECT OF HEADINGS. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.

      SECTION 4.03 SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Eighth Supplemental Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

      SECTION 4.04 SEPARABILITY CLAUSE. In case any one or more of the
provisions contained in this Eighth 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 4.05 GOVERNING LAW. This Eighth Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York.
This Eighth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act, that are required to be part of this Eighth Supplemental
Indenture and shall, to the extent applicable, be governed by such provisions.

      SECTION 4.06 COUNTERPARTS. This Eighth 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.

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      IN WITNESS WHEREOF, the parties hereto have caused this Eighth
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.

                                    LIBERTY PROPERTY LIMITED PARTNERSHIP

                                    By:   Liberty Property Trust,
                                          as its sole General Partner

                                    By: /s/ William P. Hankowsky
                                        --------------------------------------
                                        Name:  William P. Hankowsky
                                        Title: President and Chief
                                               Executive Officer

Attest:

/s/ James J. Bowes
---------------------------
Name:  James J. Bowes
Title: Secretary

                                    J.P. MORGAN TRUST COMPANY,
                                    NATIONAL ASSOCIATION
                                        as Trustee

                                    By: /s/ Renee Johnson
                                        --------------------------------------
                                        Name:  Renee Johnson
                                        Title: Vice President

Attest:

/s/ Janice Ott Rotunno
----- ----------------------
Name:  Janice Ott Rotunno
Title: Assistant Vice President

                                       6
<PAGE>
                                                                       Exhibit A
                                 [FACE OF NOTE]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO. 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. 53117C AJ 1
                                                                    $300,000,000

                      LIBERTY PROPERTY LIMITED PARTNERSHIP

                          5.125% SENIOR NOTES DUE 2015

            Liberty Property Limited Partnership, a Pennsylvania 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 300,000,000 Dollars on March
2, 2015 (the "Maturity Date"), and to pay interest thereon from March 1, 2005
(or from the most recent interest payment date to which interest has been paid
or duly provided for), semi-annually in arrears on June 1 and December 1 of each
year (each, an "Interest Payment Date"), commencing on June 1, 2005, and on the
Maturity Date, at the rate of 5.125% 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

                                       A-1
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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 more than 15
days and not less than 10 days 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 10 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 corporate trust office of
the Trustee at 227 West Monroe Street, Chicago, Illinois 60606, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public or private debt.

            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 March 1, 2005, 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, that is neither
a legal holiday nor a day on which banking institutions in The City of New York
or Chicago are authorized or required by law, regulation or executive order to
close.

            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.

                                      A-2
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            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed manually or by facsimile by its authorized officers.

Dated: March 1, 2005

                              LIBERTY PROPERTY LIMITED PARTNERSHIP,
                                    as Issuer

                              By:   LIBERTY PROPERTY TRUST,
                                       as its sole General Partner

                              By:_____________________________________________
                                   Name:
                                   Title:

                              By:_____________________________________________
                                   Name:
                                   Title:

                                      A-3
<PAGE>
                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                              J.P. MORGAN TRUST COMPANY,
                              NATIONAL ASSOCIATION
                                   as Trustee

                              By:_____________________________________________
                                    Authorized Officer

                                      A-4
<PAGE>
                                [REVERSE OF NOTE]

                      LIBERTY PROPERTY LIMITED PARTNERSHIP

                          5.125% SENIOR NOTES DUE 2015

            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 October 24, 1997
(herein called the "Indenture"), duly executed and delivered by the Issuer to
J.P. Morgan Trust Company, National Association (as successor to the First
National Bank of Chicago), as Trustee (herein 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 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 5.125% Notes due 2015 of the Issuer.

            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 from time to time in part, at a redemption price equal to
the sum of (i) the principal amount of this security being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to this security. Notice of any optional redemption of any
Securities will be given to Holders at their addresses, as shown in the security
register for the Securities, not more than 60 nor less than 30 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

                                      A-5
<PAGE>
premium or Make-Whole Amount, if any, on) or any installment of interest on, any
such Security, (ii) reduce the principal amount of, or the rate or amount of
interest on, or any premium payable on redemption of the Notes, or adversely
affect any right of repayment of the Holder of any Securities; (iii) change the
place of payment, or the coin or currency, for payment of principal or premium,
if any, or interest on the Securities; (iv) impair the right to institute suit
for the enforcement of any payment on or with respect to the Securities on or
after the stated maturity of any such Security; (v) reduce the above-stated
percentage in principal amount of outstanding Securities, the extent of whose
Holders is necessary to modify or amend the Indenture, for any waiver with
respect to the Securities or to waive compliance with certain provisions of the
Indenture or certain defaults and consequences thereunder or to reduce the
quorum or voting requirements set forth in the Indenture; or (vi) modify any of
the foregoing provisions or any of the provisions relating to the waiver of
certain past defaults or certain covenants, except to increase the required
percentage to effect such action or to provide that certain other provisions of
the Indenture may not be modified or waived without the consent of the Holder of
each Security. 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 this 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 $1,000 and integral multiples 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
Borough of Manhattan, The City of New York, 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 in The Borough of Manhattan, The City of New
York, 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

                                      A-6
<PAGE>
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.

                                      A-7
<PAGE>
--------------------------------------------------------------------------------

                      LIBERTY PROPERTY LIMITED PARTNERSHIP
                                     ISSUER

                                       TO

                 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
                                     TRUSTEE

                             -----------------------

                          EIGHTH SUPPLEMENTAL INDENTURE

                            DATED AS OF MARCH 1, 2005

                             -----------------------

                          5.125% SENIOR NOTES DUE 2015

                             -----------------------

                          SUPPLEMENT TO INDENTURE,
                      DATED AS OF OCTOBER 24, 1997, BETWEEN
                    LIBERTY PROPERTY LIMITED PARTNERSHIP AND
                 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
              (AS SUCCESSOR TO THE FIRST NATIONAL BANK OF CHICAGO)

--------------------------------------------------------------------------------exv10w09

 

Exhibit 10.09

AGREEMENT AND RELEASE

This is an Agreement, entered into this 1st day of December, 2004, by and between Dr. J.
Michael Fitzpatrick, an adult citizen of the Commonwealth of Pennsylvania, and Rohm and Haas
Company, a Delaware corporation, in which the parties, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, agree as follows:

	A.  	The Parties To This Agreement and Release

     1. “THE EMPLOYEE” means Dr. J. Michael Fitzpatrick, an individual who
lives at [Address deleted]

     2. “Rohm and Haas” means Rohm and Haas Company, a Delaware
corporation with its corporate offices at 100 Independence Mall West,
Philadelphia, Pennsylvania, 19106-2399; its wholly-owned subsidiary,
Morton International, Inc., an Indiana corporation with its corporate offices at
123 North Wacker Drive, Chicago, Illinois, 60606-1743 (“Morton”); and any of the
subsidiaries or affiliates, past and present, direct or indirect predecessors,
successors, parents, subsidiaries, business units or affiliated companies of both
Rohm and Haas and/or Morton.

     3. This Agreement and Release shall hereinafter be referred to as the “Agreement.”

	B.  	Background

     4. THE EMPLOYEE’S service date with Rohm and Haas is August 1, 1975.
THE EMPLOYEE will retire from Rohm and Haas on January 31, 2005. Unless
otherwise indicated in this Agreement, the Last Day of Work (“LDW”) shall be
January 31, 2005.

	C.  	Benefits To Be Paid To THE EMPLOYEE If THE EMPLOYEE Does Not Sign This Agreement Or If THE EMPLOYEE Signs This Agreement And Then
Revokes It

     5. THE EMPLOYEE is free to sign this Agreement or not sign it. If
THE EMPLOYEE chooses not to sign it, or signs it and subsequently revokes it, THE
EMPLOYEE will be eligible to be paid the usual and customary benefits available to
similarly situated Rohm and Haas employees and will be paid for any currently
accrued and unused vacation or floating holiday earned as of
December 31, 2004.

	 	 	 
	December 1, 2004

	 	Page 1

 

 

THE EMPLOYEE expressly waives any entitlement to vacation that would otherwise accrue for
time worked in 2005.

     6. The amounts payable to THE EMPLOYEE under this Section “C.” will be
processed in the normal course.

	D.  	Benefits To Be Paid To THE EMPLOYEE If THE EMPLOYEE Signs This Agreement And Does
Not Revoke It

     7. If THE EMPLOYEE signs this Agreement within the Review Period as
defined in Paragraph 28, below, and does not revoke it, THE EMPLOYEE will
separate from Rohm and Haas on the LDW, and receive a lump-sum payment in the
amount of $1,960,500.00, the equivalent of three years’ salary, less applicable taxes
and withholdings. The funds will be paid to THE EMPLOYEE during one of the
next two payroll cycles after February 1, 2005, but not later
than February 28, 2005.

     8. THE EMPLOYEE will be paid for any currently accrued and unused
vacation or floating holiday earned as of December 31, 2004 during one of the next
two payroll cycles after February 1, 2005, but not later than
February 28, 2005. THE
EMPLOYEE expressly waives any entitlement to vacation that would otherwise
accrue for time worked in 2005.

     9. Rohm
and Haas will accelerate the vesting of all restricted stock owned by
THE EMPLOYEE so that THE EMPLOYEE is fully vested in the restricted stock as of
January 31, 2005, which restricted stock will be administered under the terms and
conditions of the 2004 Amended and Restated Rohm and Haas Company
Stock Plan
(“Stock Plan”). It is THE EMPLOYEE’S responsibility to be familiar with the
pertinent terms and conditions of the Stock Plan. THE EMPLOYEE will be
responsible for the payment of all applicable federal, state and local income taxes
that may become due upon the vesting of restricted stock awards. A description of
THE EMPLOYEE’s restricted stock holdings is included in the Award Statement
attached hereto as Exhibit A.

     10. Any unvested Stock Options will immediately vest upon THE
EMPLOYEE’s LDW. THE EMPLOYEE may exercise any vested Stock Options in
accordance with the terms and conditions under which those options were granted
except that under the terms of the Stock Plan, unexercised options will expire upon
the earlier of: (i) the scheduled expiration of the term for exercise of each grant; or,
(ii) five years from THE EMPLOYEE’s LDW. Thereafter, all vested but unexercised
stock options will expire. It is THE EMPLOYEE’s responsibility to be familiar with
the pertinent terms and conditions of the plans under which the awards were
granted. THE EMPLOYEE will be responsible for the payment of all applicable
federal, state and local income taxes that may become due upon exercise of vested

	 	 	 
	December 1, 2004

	 	Page 2

 

 

stock options. Through January 31, 2005, THE EMPLOYEE agrees to adhere to requirements
with respect to “black out” dates as defined by the Stock Plan, as amended from time to time.
A description of THE EMPLOYEE’s Stock Options is included in the Award Statement attached
hereto as Exhibit A.

     11. Immediately after the LDW, THE EMPLOYEE will be eligible for the
same retiree medical insurance coverage that Rohm and Haas provides to other
similarly situated retirees, and under the same terms and conditions. Rohm and
Haas expressly reserves the right and ability, at all times and under all
circumstances, to modify, change or eliminate retiree medical insurance benefits at
its sole discretion.

     12. Immediately after the LDW, THE EMPLOYEE will be eligible to continue
existing dental insurance coverage for 18 months under COBRA.

     13. Immediately after the LDW, THE EMPLOYEE will be eligible for the
same life insurance coverage, on the same terms and conditions and under the same
eligibility requirements, as that made available to other similarly situated retirees.
Rohm and Haas expressly reserves the right and ability, at all times and under all
circumstances, to modify, change or eliminate retiree life insurance benefits at its
sole discretion.

     14(a). If the Board of Directors of Rohm and Haas grants awards under the Annual
Incentive Award Plan for the year 2004, THE EMPLOYEE will be eligible for an award; such award
will be determined in accordance with the Terms and Conditions of the Annual Incentive Award
Plan, and said award, if granted, is expected to be paid in or about March 2005. By signing
this Agreement, THE EMPLOYEE expressly acknowledges THE EMPLOYEE’s understanding that no award
will be paid if the Board does not grant an award under the Plan. Should such award be paid,
any amounts paid are considered, for pension purposes, as earned in 2004.

     14(b). Regardless of whether or not the Board of Directors of Rohm and Haas grants awards
under the Annual Incentive Award Plan for each of the years 2005 and 2006, THE EMPLOYEE will
be paid 12/12ths of the target award designated for his position, or $522,800.00 for each of
those two years. Said awards will be paid to THE EMPLOYEE during one of the next two payroll
cycles after February 1, 2005, but not later than February 28, 2005. THE EMPLOYEE expressly
waives the right to any additional Annual Incentive Award for 2005 and 2006, even if the
Board grants, under the Plan, awards higher than 100% of target for
2005 or 2006.

     15(a). Under the terms and conditions of the 2004 Long-Term Performance Shares Plan, THE
EMPLOYEE will receive 3/3rds of the 2000 Long-Term Bonus Plan

	 	 	 
	December 1, 2004

	 	Page 3

 

 

Award for the 2002-2004 Award Cycle; and 2/3rds of the 2000 Long-Term Bonus Plan Award for
the 2003-2005 Award Cycle. These Awards will be paid on the original payment dates specified
in the 2000 Long-Term Bonus Plan. THE EMPLOYEE will not be eligible for an Award for the
remainder of the 2003-2005 Award Cycle beyond December 31, 2004, and expressly waives any
entitlement to be eligible for or participate in the 2003-2005 Award Cycle that might
otherwise apply for time worked in 2005.

     15(b). Further, under the terms and conditions of the 2004 Long-Term Performance Shares
Plan, THE EMPLOYEE will receive 1/3rd of the Long-Term Performance Shares Plan Award for the
2004-2006 Performance Cycle at the Performance Share Target designated for his position as
President and Chief Operating Officer. THE EMPLOYEE will not be eligible for an Award for the
remainder of the 2004-2006 Performance Cycle beyond December 31, 2004, and expressly waives
any entitlement to be eligible for or participate in the 2004-2006 Award Cycle that might
otherwise apply for time worked in 2005.

     15(c). Further, THE EMPLOYEE will not be eligible for any Award under the terms and
conditions of the 2004 Long-Term Performance Shares Plan for the remainder of the 2005-2007
Performance Cycle that would otherwise apply for time worked in 2005, and expressly waives any
entitlement to be eligible for or participate in the 2005-2007 Award Cycle that might
otherwise apply for time worked in 2005.

     16. Rohm and Haas will pay Kelleher Associates to provide outplacement
services to THE EMPLOYEE for a period of one year beginning January 1, 2005, in
an amount not to exceed $40,000 (not to include expenses for interview trips).

     17. If THE EMPLOYEE dies after the effective date, pursuant to Paragraph
30, but before the benefits for which THE EMPLOYEE is eligible as described in
Paragraphs 7 through 15 of this Agreement have been fully paid, any remaining
unpaid benefits described in Paragraphs 7 through 15 of this Agreement, to the
extent payable under the terms of this Agreement shall be paid to THE
EMPLOYEE’S surviving spouse, or if there is no surviving spouse, to THE
EMPLOYEE’S estate.

     18. If
THE EMPLOYEE violates or it is discovered that THE EMPLOYEE has
violated the Rohm and Haas Code of Business Conduct and Ethics, or is determined
to have committed an act of intentional wrongdoing against Rohm and Haas or any
of its employees before the LDW, THE EMPLOYEE will separate from employment
with Rohm and Haas at that time and will forfeit all benefits conferred upon THE
EMPLOYEE in paragraphs 7 through 16 of this Agreement, other than those benefits
to which he is otherwise entitled apart from this Agreement. For the purpose of this

	 	 	 
	December 1, 2004

	 	Page 4

 

 

paragraph 18 “intentional wrongdoing” shall mean: (i) defrauding Rohm and Haas; (ii)
willfully embezzling, converting or otherwise illegally or impermissibly obtaining possession
of Rohm and Haas property or funds; or, (iii) willfully disclosing or otherwise using
confidential information, trade secrets or similar material other than for the benefit of
Rohm and Haas or as is required by law. The initial determination of whether an act of
intentional wrongdoing has occurred will be made by the Chief Executive Officer of Rohm and
Haas, but THE EMPLOYEE may appeal the determination to the Executive Compensation Committee
of the Board of Directors.

     19. By signing this Agreement, THE EMPLOYEE expressly waives THE
EMPLOYEE’s eligibility for Rohm and Haas short-term or long-term disability
benefits, beginning on the effective date of this Agreement, pursuant to Paragraph
30.

	E.  	The Release of Claims

     20. In return for the promises and covenants herein, which exceed that to
which THE EMPLOYEE is otherwise entitled under Rohm and Haas’ policies and
practices, THE EMPLOYEE’S representatives, successors, heirs, and assigns do
hereby completely release and forever discharge Rohm and Haas, its past and
present direct or indirect predecessors, successors, parents, subsidiaries, business
units or affiliated companies, its and their respective past and present directors,
officers, attorneys, employees, successors, assigns, insurers and other
representatives (collectively, the “RELEASED PARTIES”), from any and all manner
of claims, demands, actions, causes of action, suits, arbitration proceedings, debts,
costs, judgments, executions, claims and demands of whatsoever nature, direct or
indirect, known or unknown, asserted or unasserted, matured or not matured,
which THE EMPLOYEE or THE EMPLOYEE’s spouse, children, heirs, parents,
siblings, extended family, successors or assigns, or other representatives, either
individually or collectively (“RELEASING PARTIES”), ever had, now or hereinafter
can, shall or may have against the RELEASED PARTIES, from the beginning of time
until, and including, the later of the LDW, or the date of this Agreement arising out
of or in any manner relating to any and all events or circumstances in any way
related to or arising from THE EMPLOYEE’s employment with Rohm and Haas or
any of the RELEASED PARTIES or the termination of that employment. This
Agreement specifically includes, but is not limited to, any and all claims for
wrongful discharge, breach of contract (whether express or implied), claims for
Employee Transition Program benefits, and all forms of employment discrimination
in violation of federal, state or local statute, ordinance, executive order, or common
law (including but not limited to claims for discrimination on the basis of race, color,
religion, sex, national origin, mental or physical disability or for age discrimination
under Title VII of the Civil Rights Act of 1964 [42 U.S.C. 2000e et. seq.], the Age

	 	 	 
	December 1, 2004

	 	Page 5

 

 

Discrimination in Employment Act [42 U.S.C. 621 et. seq.], the Civil Rights Act [42 U.S.C.
1981], the Americans With Disabilities Act [29 U.S.C. S 706,42 U.S.C. 12101 et. seq.], the
Family and Medical Leave Act [29 U.S.C. 2601 et seq.] and any state Human Relations Act or
any other such laws or any and all suits in tort for personal injury or property damage of
any kind as well as any and all claims for damages of whatsoever kind related to or arising
from THE EMPLOYEE’S employment relationship with Rohm and Haas or any of the RELEASED PARTIES
or separation therefrom).

     21. Other than enforcement of this Agreement, THE EMPLOYEE agrees that
THE EMPLOYEE will not seek personal, equitable or monetary relief by filing,
charging, claiming, suing or causing or permitting to be filed any civil action, suit or
legal proceeding in connection with any matter occurring at any time in the past
concerning THE EMPLOYEE’S employment relationship with Rohm and Haas,
including any matters occurring beyond the date of this Agreement, or involving
any continuing effect of any acts or practices which may have arisen or occurred on
or prior to the date of this Agreement, as well as any matters occurring on or before
the LDW. THE EMPLOYEE further agrees that should any person, organization, or
other entity file, charge, claim, sue, or cause or permit to be filed any civil action, suit
or legal proceeding involving any matter occurring at any time in the past,
THE EMPLOYEE will not seek or accept any personal relief in such civil action, suit
or legal proceeding. In addition, this Agreement specifically provides that
Rohm and Haas shall not be liable for payment of any and all claims for costs or
attorneys’ fees, if any, incurred by THE EMPLOYEE in connection with any aspect
of THE EMPLOYEE’S employment relationship with or separation from
employment with Rohm and Haas, or any statements made by Rohm and Haas
employees concerning THE EMPLOYEE or THE EMPLOYEE’S employment at
Rohm and Haas.

	F.  	Claims Not Released

     22. Notwithstanding anything else in this Agreement to the contrary, this
Agreement is not intended to and does not release or prejudice any of THE
EMPLOYEE’s rights (i) to benefits under applicable worker’s compensation statutes;
(ii) to post-separation benefits under any applicable Rohm and Haas retirement or
other benefit plan; (iii) to defense, indemnification and contribution under
applicable statutes, corporate by-laws, insurance policies and common law relating
to any threatened or actual litigation relating to his service as an officer, director or
employee of Rohm and Haas or any of its subsidiaries or affiliates; or, (iv) to enforce
this Agreement.

	 	 	 
	December 1, 2004

	 	Page 6

 

 

	G.  	Additional Terms of this Agreement

     23. Except as required by law or legal process, THE EMPLOYEE shall keep
the financial terms of this Agreement confidential, including but not limited to the
amount and the number of years of salary, and the annual incentive awards that this
Agreement represents, and shall not disclose or divulge its terms to any persons
other than THE EMPLOYEE’S attorney, financial advisor, or immediate family
members, who shall also keep the terms confidential.

     24. THE EMPLOYEE expressly agrees that, following separation from Rohm
and Haas, THE EMPLOYEE remains legally bound by the obligations set forth in the
Rohm and Haas Worldwide Confidentiality and Employment Agreement
(“Exhibit B”), specifically including the post-separation provisions.
THE EMPLOYEE further agrees that the Departing Employee Notice and
Acknowledgment of Continuing Obligations, and Acknowledgment and Records
Security Statement (“Exhibit C”) shall remain in full force and effect and be
incorporated into this Agreement.

     25. THE EMPLOYEE may name any or all of the following as an employment
reference: Rajiv L. Gupta, Chairman and Chief Executive Officer; Robert A.
Lonergan, Vice President, General Counsel and Corporate Secretary; Sandra O.
Moose, Board Member, Rohm and Haas Company; and James A. Henderson, Board
Member, Rohm and Haas Company. Rohm and Haas may respond to any general
request for a reference concerning THE EMPLOYEE with THE EMPLOYEE’S last job
title and dates of employment with Rohm and Haas.

     26. Nothing in this Agreement shall be deemed an admission of liability to
THE EMPLOYEE by Rohm and Haas. To the contrary, Rohm and Haas expressly
denies any liability or obligation to THE EMPLOYEE except that which is expressly
provided in this Agreement, and maintains that its employment relationship with
THE EMPLOYEE was at all times proper.

     27. THE EMPLOYEE expressly acknowledges and agrees that (i) THE
EMPLOYEE is acting of THE EMPLOYEE’S own free will; (ii) THE EMPLOYEE has
been advised by Rohm and Haas to consult with a private attorney of THE
EMPLOYEE’S choosing at THE EMPLOYEE’S own expense; (iii) THE EMPLOYEE
has had sufficient opportunity to read the terms of this Agreement and consult with
a private attorney; and, (iv) THE EMPLOYEE fully understands all of the provisions
of this Agreement. In addition, THE EMPLOYEE acknowledges and agrees that
neither Rohm and Haas nor any of its employees, agents, representatives or
attorneys has made any promises, representations or reached any other
understanding to or with THE EMPLOYEE concerning the terms or effect of this

	 	 	 
	December 1, 2004

	 	Page 7

 

 

Agreement or the intentions of the parties other than what is expressed in this
Agreement.

     28. THE EMPLOYEE expressly acknowledges that THE EMPLOYEE has a
period of 21 days beginning December 1, 2004, within which to review, seek legal
advice and consider this Agreement (“Review Period”). THE EMPLOYEE may use
all, none or any part of that period without prejudice to THE EMPLOYEE’S ability to
accept the terms of this Agreement. THE EMPLOYEE is free to waive in writing any
portion of the Review Period before accepting the terms of the Agreement. Failure
to sign and return the Agreement to Rohm and Haas before the expiration of the
Review Period will render THE EMPLOYEE ineligible for benefits under this
Agreement.

     29. Rohm and Haas expressly reserves the right and ability, at all times and
under any circumstances, to change, suspend, or terminate in whole or in part the
provision of retiree health care benefits or any other benefit, compensation or stock-related plan, or the contribution amounts. Nothing contained in this Agreement, or
elsewhere, is to be construed as a waiver of that right or ability, nor as a promise or
agreement not to exercise that right or ability in its sole discretion. Furthermore, no
Rohm and Haas employee is or shall be authorized to waive, or promise not to
exercise, that right or ability, and any attempt to do so will not be within their
authority and cannot be relied upon.

     30. Assuming that THE EMPLOYEE has signed and returned the Agreement prior to the
expiration of the Review Period, THE EMPLOYEE may revoke the Agreement in writing within seven
(7) days of the date THE EMPLOYEE signs it, counting the day following the date signed as Day
One. The Agreement shall not become effective or enforceable, nor will the benefits described
above be paid, until the revocation period has expired.

     31. The fact that a provision of this Agreement is found invalid or
unenforceable shall not affect the validity or enforceability of the remainder of this
Agreement, and all other provisions of the Agreement shall remain in full force and
effect.

     32. Rohm and Haas expressly reserves the right to correct any typographical
and clerical errors in this Agreement; THE EMPLOYEE may not rely on any such
typographical and/or clerical errors.

     33. This Agreement constitutes the full and complete understanding and
agreement of the parties regarding the subject matter herein, and any prior
understandings or agreements not expressed herein are null and void. Changes
may only be made in a writing executed by both parties.

	 	 	 
	December 1, 2004

	 	Page 8

 

 

     34. This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania, regardless of the location or locations in which it may be executed,
notwithstanding any Pennsylvania choice of law rules to the contrary.

     35. This Agreement may be executed in counterparts and will be valid even
though the signatures of all parties do not appear on the same page.

	 	 	 
	

	 	/s/ J. Michael Fitzpatrick
	

	 	

	

	 	J. MICHAEL FITZPATRICK
	 
	 	 
	

	 	/s/ Joseph J. Forish
	

	 	

	

	 	JOSEPH J. FORISH
	

	 	FOR ROHM AND HAAS

	 	 	 
	December 1, 2004

	 	Page 9

 

 

Exhibit A

EMPLOYEE’s Award Statement

	 	 	 
	December 1, 2004

	 	Page 10

[Award Statement deleted]

 

 

Exhibit B

WORLDWIDE CONFIDENTIALITY AND EMPLOYMENT AGREEMENT

In consideration of my employment by Rohm and Haas Company and other valuable consideration,
intending to be legally bound, I agree as follows:

I. I have received the Rohm and Haas Company Code of Business Conduct and Ethics and
will comply with it.

II. I will keep all business and trade secrets, including secret processes of manufacture,
research records, personnel records, and all other confidential information owned by or in
the possession of Rohm and Haas as secret and confidential. I will not use such
information other than in an authorized manner in the course of Rohm and Haas’ business.
I will not divulge such information to outsiders or other unauthorized persons either while
employed by Rohm and Haas or afterwards.

III. In order to keep my confidentiality obligations and to avoid conflicts of interest which
might arise, I will do the following: (1) While I am employed by Rohm and Haas Company
I will disclose to any future prospective employers the existence of this Agreement and the
nature of my confidentiality obligations arising from it before I accept any new position of
employment and (2) upon termination of my employment with Rohm and Haas Company
for whatever reason, I will sign a termination statement which will acknowledge my
confidentiality obligations under this employment agreement (Departing Employee Notice
and Acknowledgment of Continuing Obligations - Exhibit C).

IV. During the term of my employment with Rohm and Haas Company, I will not engage
or have an interest in any outside business activities or enter into any consulting
agreements which, in the opinion of Rohm and Haas, conflict with the interests of
Rohm and Haas. Nothing herein, however, shall preclude me from purchasing or owning
stock in any business if such stock is regularly traded on a national securities exchange or
over the counter and if my holdings do not exceed one percent (1%) of the issued and
outstanding capital stock of such company.

V. I will disclose promptly to Rohm and Haas any and all inventions, discoveries, and
improvements, (patentable or not) conceived or made by me and all works of authorship
created by me during the period of my employment and relating to the business or
activities of Rohm and Haas. I assign all of my interest therein to Rohm and Haas or its
nominee and I will execute all documents necessary to enable Rohm and Haas to secure
patents or copyrights of the United States or any foreign country or to otherwise protect
Rohm and Haas interest therein. These obligations shall continue beyond the termination
of my Rohm and Haas employment with respect to inventions, discoveries, and
improvements conceived or made by me during the period of employment.

	 	 	 
	December 1, 2004

	 	Page 11

 

 

VI. I will, on termination of my employment, return to Rohm and Haas all papers, notes, books, or
other documents or property belonging to Rohm and Haas.

	 	 	 
	December 1, 2004

	 	Page 12

 

 

Exhibit C

DEPARTING EMPLOYEE NOTICE AND

ACKNOWLEDGMENT OF CONTINUING OBLIGATIONS

     As you terminate your employment with Rohm and Haas, it is important that you are reminded
of obligations about confidential information learned during your employment. It is in your best
interest, and that of Rohm and Haas, to have this reminder.

Handling of Confidential Information

     Naturally, we will keep all originals and copies of tangible Rohm and Haas property which
was prepared or worked on by you. This includes drawings, memos, reports, forecasts, estimates,
plans, letters, organization charts, pictures, invention records, notebooks, etc. However, some
of the information you necessarily carry away in your memory is also Rohm and Haas property.

     This acknowledgment confirms your obligation not to use or disclose without prior consent
any confidential information as that term is defined in this agreement, and especially “trade
secrets.” This kind of information is of great value to Rohm and Haas, as well as its
competitors. A good general rule is to keep all information about Rohm and Haas’ business
confidential until it has become publicly known. A company’s right to have such Confidential
Information protected from dissemination and/or use without its permission is well recognized and
enforced by the courts since the law includes as a part of every employment relationship an
implied agreement not to use or disclose this information. Thus, when you accepted employment
with Rohm and Haas, just as you would with any other company, you accepted a legal and ethical
obligation not to use or disclose Confidential Information including “trade secret” or other
proprietary information. This obligation continues even after you terminate your employment.

     While it is impossible to mention all items of Confidential Information, a partial list
includes marketing and advertising plans, specific areas of research and development, project work,
product formulation, processing methods, assignments of individual employees, testing and
evaluation procedures, cost figures, construction plans and special techniques or methods of any
kind peculiar to Rohm and Haas, which offer the opportunity for a competitive advantage. More
specifically, Rohm and Haas considers to be Confidential Information any non-public information
which could be used for a competitive advantage that you have acquired during any tenure at Rohm
and Haas. This would include without limitation any and all unpublished information and knowledge
relating to the development, testing, formulation, manufacture and marketing of Rohm and Haas
products, as well as any and all methods, procedures and operations relating to the business of
Rohm and Haas.

	 	 	 
	December 1, 2004

	 	Page 13

 

 

     Particular care may be needed to avoid accidental disclosure of Confidential Information you
have in these areas. Probably the safest course is simply not to discuss Rohm and Haas information
with anyone.

     On the other hand, you can use any general knowledge and skills you have acquired as a Rohm
and Haas employee, so long as you do not use or disclose Confidential Information (including trade
secrets). You may use your general creative talents on projects which differ from those with which
you became familiar at Rohm and Haas or your former employers, provided that you do not draw upon
Confidential Information in doing so. You may solve problems in new projects by drawing upon your
general knowledge and skills.

Assignment of Employee Inventions

     Under the terms of your agreement with Rohm and Haas, Rohm and Haas is legally entitled to all
rights in inventions relating to its business which are made or conceived by you during your
employment. Such inventions include all types of technical, artistic, or commercial creative work,
whether or not they are patentable. They include composition, process and apparatus inventions, as
well as computer programs, sales and promotion plans, copy, art work,
construction plans, etc. Rohm
and Haas is entitled to receive a prompt and full disclosure of such inventions and a worldwide
assignment of rights. Rohm and Haas is also entitled to your complete cooperation in executing
papers required for filing and prosecuting any patent applications and for establishing Rohm and
Haas ownership. If it is necessary for you to do any of these things after termination, we will pay
out-of-pocket expenses and reasonable compensation for time spent in review of papers or other
aspects of such cooperation.

     If at any time you have any questions dealing with your rights and obligations in connection
with any of the foregoing, please let us know. Specifically, if you have a question about the
confidentiality of any information, please consult with us before using or disclosing that
information. To help avoid the possibility of any future misunderstanding, please read and sign the
following acknowledgment.

                               ROHM AND HAAS COMPANY

	 	 	 
	December 1, 2004

	 	Page 14

 

 

ACKNOWLEDGMENT AND RECORDS SECURITY STATEMENT

     No later than my last day worked at Rohm and Haas, I will return all documents containing
confidential or trade secret information, including research notebooks, which I have had in my
possession to Rohm and Haas. A list of the types of documents currently in my possession, including
location of such documents, is provided below. I will retain no copies of such documents in my
possession. I have read the Departing Employee Notice and Acknowledgment of Continuing Obligations,
and understand that my obligations continue beyond the separation of my employment, except as
clarified by any clause in this Agreement and Release.

     During my employment with Rohm and Haas, I have worked in the following areas:

     Senior Scientist; Product Manager; Marketing Manager; General Manager; Vice President and
Chief Technology Officer; President and Chief Operating Officer.

     Documents and Location (please use reverse side if additional room is needed):

     None

	 	 	 
	December 1, 2004

	 	Page 15

 

 

ACKNOWLEDGMENT

I hereby acknowledge receipt of an Agreement and Release from Rohm and Haas Company. I
understand that the terms of this Agreement and all exhibits are confidential and, except as
required by law or legal process, I shall not disclose its financial terms, including but
not limited to the amount and the number of years of salary, and the annual incentive awards
that this Agreement represents, to any persons other than my attorney, accountant, or
immediate family members, who shall also keep the terms confidential.

The Agreement provides that I have 21 days to review it and decide whether to accept its
terms. I know that I can take this full period to review the Agreement. I also know that I
may elect to sign the Agreement prior to the expiration of this time period if I so choose
and if I notify Rohm and Haas in writing of my decision to waive the full time period. The
decision is completely mine.

Both Rohm and Haas and I agree that changes to this Agreement, whether material or
immaterial, will not restart the time period stated above.

	 	 	 
	Date: December 1, 2004

	 	/s/ J. Michael Fitzpatrick
	

	 	

	

	 	J. Michael Fitzpatrick
	 
	 	 
	Date: December 1, 2004

	 	/s/ Rohm and Haas Company
	

	 	

	

	 	Rohm and Haas Company
	 
	 	 

	 	 	 
	

	 	I EXPRESSLY WAIVE THE 21 DAYS
	

	 	REVIEW PERIOD.
	 
	 	 
	

	 	/s/ J. Michael Fitzpatrick
	

	 	December 1, 2004

	 	 	 
	December 1, 2004

	 	Page 16

 

 

AMENDMENT NUMBER ONE

TO THE AGREEMENT AND RELEASE OF DECEMBER 1, 2004

BY AND BETWEEN

DR. J. MICHAEL FITZPATRICK AND ROHM AND HAAS COMPANY

	A.  	The Parties to This Amendment Number One to The Agreement
And Release Of December 1, 2004 (“the
Agreement and Release”)

     1. “THE EMPLOYEE” means Dr. J. Michael Fitzpatrick, an individual who lives
at [Address deleted]

     2. “Rohm and Haas” means Rohm and Haas Company, a Delaware corporation
with its corporate offices at 100 Independence Mall West, Philadelphia, Pennsylvania,
19106-2399; its wholly-owned subsidiary, Morton International, Inc., an Indiana
corporation with its corporate offices at 123 North Wacker Drive, Chicago, Illinois,
60606-1743 (“Morton”); and any of the subsidiaries or affiliates, past and present, direct
or indirect predecessors, successors, parents, subsidiaries, business units or affiliated
companies of both Rohm and Haas and/or Morton.

	B.  	Amended Sections of the Agreement and Release

     3. Paragraph 33 of the Agreement and Release states that changes to the
Agreement and Release may only be made in a writing executed by both parties.
Pursuant to that Paragraph 33, and for valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, THE EMPLOYEE and Rohm and Haas
hereby agree as follows:

	 	a.  	The last sentence of Section D, Paragraph 7 of the Agreement and Release
which reads, “The funds will be paid to THE EMPLOYEE during one of
the next two payroll cycles after February 1, 2005, but not later than
February 28, 2005,” is superseded by and replaced with the following
sentence: “The funds will be paid to THE EMPLOYEE no earlier than
March 16, 2005 but not later than March 23, 2005.”
	 
	 	b.  	The second sentence of Section D, Paragraph 14(b), which reads, “Said
awards will be paid to THE EMPLOYEE during one of the next two
payroll cycles after February 1, 2005, but not later than February 28, 2005,”
is superseded by and replaced with the following sentence: “Said awards
will be paid to THE EMPLOYEE no earlier than March 16, 2005 but not
later than March 23, 2005.

February 1, 2005

1

 

	 	c.  	An interest payment, in the amount of $3000.00, will be paid to THE EMPLOYEE in consideration of
the additional time that THE EMPLOYEE has granted Rohm and Haas to pay the funds as outlined in
Paragraphs 3(a) and 3(b) of this Amendment Number One.
	 
	 	d.  	In all other respects The Agreement and Release remains unchanged and in full force and effect.
	 
	 	e.  	The effective date of this Amendment Number One is
February 1, 2005.

	 	 	 
	Date: February 2, 2005

	 	/s/ J. MICHAEL FITZPATRICK
	

	 	

	

	 	J. MICHAEL FITZPATRICK
	 
	 	 
	Date: 2/4/05

	 	/s/ JOSEPH J. FORISH
	

	 	

	

	 	JOSEPH J. FORISH

February 1, 2005

2

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