Document:

Exhibit 10.1 (xi)

 

ELEVENTH
AMENDMENT TO

SECOND AMENDED AND
RESTATED AGREEMENT

OF LIMITED PARTNERSHIP OF

DUKE REALTY LIMITED PARTNERSHIP

 

The undersigned, as the
General Partner of Duke Realty Limited Partnership (the “Partnership”), hereby
amends the Partnership’s Second Amended and Restated Agreement of Limited
Partnership, as heretofore amended (the “Partnership Agreement”), pursuant to
Sections 4.02(a) and 9.05(a)(v) of the Partnership Agreement, to (a) de-designate
all series of preferred units that were designated as Series B Cumulative
Step-Up Premium Rate Preferred Units, and (b) delete those exhibits
designating and setting forth the rights of the Partnership’s previously issued
Series B Cumulative Step-Up Premium Rate Preferred Units, which series has
since been redeemed in full and no units of which series are any longer
outstanding.  In all other respects, the
Partnership Agreement shall continue in full force and effect as amended
hereby.  Any capitalized terms used in
this Amendment and not defined herein have the meanings given to them in the
Partnership Agreement.

 

 

[SIGNATURE PAGE TO
ELEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

 

OF DUKE REALTY
LIMITED PARTNERSHIP]

 

 

 

 

 

 

 

	
  Dated:
  October 4, 2007

  	
  DUKE REALTY
  LIMITED PARTNERSHIP, an Indiana

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DUKE REALTY CORPORATION, an Indiana 

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard L. Feinsand

  
	
   

  	
   

  	
  Howard L. Feinsand

  	
   

  
	
   

  	
   

  	
  Executive Vice
  President, General

  	
   

  
	
   

  	
   

  	
  Counsel and Corporate SecretaryExhibit 10.23

DUKE
REALTY CORPORATION LETTERHEAD

 

                      ,
20

 

Mr. or
Ms.

 

 

 

Re:
Executive Severance

 

Dear         ,

 

The Board of Directors of
Duke Realty Corporation (which, together with its subsidiaries, predecessors
and affiliates, is referred to as the “Company”) is pleased to offer you, as a
senior officer of the Company, the severance benefits described below in
exchange for your agreement to protect the legitimate business interests of the
Company following your separation from employment.

 

Benefits

 

Upon your separation from employment by the Company
and your compliance with the obligations set forth below, you will be entitled
to receive certain separation benefits. These benefits, which differ depending
upon the circumstances of your separation, are:

 

A.           If you voluntarily terminate your employment by the
Company, you will be entitled to separation payments totaling an amount equal
to your annual base pay in effect on the last day of the calendar year
immediately preceding the calendar year in which your employment is terminated
(the “Compensation Year”).  The amount of
any cash bonus, performance bonus, or equity-based or long-term incentive bonus
received by you during or with respect to the Compensation Year will not be
included as base pay. For example, if on December 31 of the Compensation
Year you were being paid a base salary at the annual rate of $150,000, and in February of
the year your employment terminated you received a cash bonus of $50,000 for
the Compensation Year, your separation payments would total $150,000. These
payments will be made to you in equal monthly installments over twelve (12)
months beginning not later than sixty (60) days following your separation. The
Company will withhold from any amounts payable to you all legally required
federal, state, city and local taxes.

 

 

B.  If the Company terminates your employment For
Cause, you will be entitled to separation payments totaling ten thousand
dollars ($10,000.00). “For Cause” means any of the following, as determined
solely in the discretion of the Board of Directors or a committee designated by
the Board of Directors: (i) your willful and continued failure to perform
your required duties as an officer or employee of the Company, (ii) any
action by you which involves willful misfeasance or gross negligence, (iii) the
requirement of, or direction by, a federal or state regulatory agency which has
jurisdiction over the Company to terminate your employment, (iv) any
conduct, action or inaction by you which causes embarrassment, diminished good
will, or otherwise is deemed substantially harmful or contrary to the interests
of the Company, (v) your conviction of any criminal offense which involves
dishonesty or breach of trust, or (vi) any intentional breach or violation
by you of a material term, condition, or covenant of any agreement between you
and the Company or condition of your employment, including the Company’s Code
of Conduct.  Before terminating your
employment For Cause, the Company must provide to you written notice of the
grounds warranting For Cause termination and give you at least ten (10) days
after such notice to cure and remedy your conduct to the satisfaction of the
Company.  These payments will be made to
you in equal monthly installments over two (2) months beginning not later
than sixty (60) days following your separation. The Company will withhold from
any amounts payable to you all legally required federal, state, city and local
taxes.

 

C.             If the Company terminates
your employment for any reason other than For Cause, and there has been no
Change of Control as defined below, your termination will be considered a
separation for “Other Than Cause.” You agree that a change in your status or
position or duties with the Company that does not involve either a demotion or
a reduction in base salary or annual incentive bonus targets will not
constitute a termination of your employment by the Company. In the event the
Company terminates your employment for Other Than Cause, you will be entitled
to receive separation payments totaling an amount equal to two (2) times
the sum of (i) your annual base pay in effect on the last day of the
calendar year immediately preceding the calendar year in which your employment
is terminated (the “Compensation Year”), plus (ii) any annual cash
incentive bonus paid or payable to you with respect to services performed in
the Compensation Year.  For example, if
on December 31 of the Compensation Year you were being paid a base salary
at the annual rate of $100,000, and in February of the year your
employment terminated you received a $50,000 annual cash incentive bonus for
services performed in the Compensation Year and a long term incentive bonus
valued at $25,000 for services performed in the Compensation Year, your
separation payments would total $300,000 (($100,000 + $50,000) x 2). These
payments will be made to you in equal monthly installments over twenty-four
(24) months beginning not later than sixty (60) days following your separation.
The Company will withhold from any amounts payable to you all legally required
federal, state, city and local taxes.

 

 

D.            If the Company terminates
your employment within one (1) year of a Change in Control of the Company,
or if you terminate your employment by the Company voluntarily for Good Reason,
you will be entitled to receive separation payments totaling an amount equal to
three (3) times the sum of (i) your annual base pay in effect on the
last day of the calendar year immediately preceding the calendar year in which
your employment is terminated (the “Compensation Year”), plus (ii)  any
annual cash incentive bonus paid or payable to you with respect to services
performed in the Compensation Year.  For
example, if on December 31 of the Compensation Year you were being paid a
base salary at the annual rate of $100,000, and in February of the year
your employment terminated you received a $50,000 annual cash incentive bonus
for services performed in the Compensation Year and a long-term incentive bonus
valued at $25,000 for services performed in the Compensation Year, your
separation payments would total $450,000 (($100,000 + $50,000) x 3). These
payments will be made to you in equal monthly installments over twenty-four
(24) months beginning not later than sixty (60) days following your separation.
The Company will withhold from any amounts payable to you all legally required
federal, state, city and local taxes.

 

“Change
in Control” of the Company means:

 

(a) a “change in control” of the Company of a nature that would be required
to be reported in the Company’s next proxy statement filed under Section 14(a) of
the Securities Exchange Act of 1934, as amended (“1934 Act”);

 

(b) a “person” (as that term is used in Section 14(d)(2) of the
1934 Act), directly or indirectly, after the date of this letter becomes the
beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of
securities representing 25% or more of the combined voting power for election
of directors of the then-outstanding securities of the Company;

 

(c) the individuals who are directors of the Company at the beginning of any
period of two consecutive years or less cease for any reason during that period
to constitute at least a majority of the Board, unless the election or
nomination for election of each new member of
the Board was recommended or approved by vote of at
least two-thirds of the members of the Board then serving who were members of the Board at the beginning of such period;

 

(d)the
shareholders of the Company approve any dissolution or liquidation of the Company or any sale or disposition of 50% or
more of the assets or business of the Company; or

 

(e) the
shareholders of the Company approve a merger or consolidation to which the
Company is a party (other than a merger or consolidation with a wholly-owned
subsidiary of the Company) or a share exchange in which the Company 

 

will exchange Company shares
for shares of another corporation as a result of which the persons who were
shareholders of the Company immediately before the effective date of such
merger, consolidation or share exchange will have beneficial ownership of less
than 50% of the combined voting power for election of directors of the
surviving corporation immediately following the effective date of such merger,
consolidation or share exchange.

 

 “Good Reason” means the occurrence of any of
the following during the one (1) year period of time immediately following
a Change in Control:

 

(a)          a change in your status or
position with the Company that does not represent a promotion from your status
and position in effect immediately prior to a Change in Control of the Company;

 

(b)         a forced move to a location
more than sixty (60) miles from your place of        business immediately prior to a Change
in Control; or

 

(c)          a reduction by the Company
in your base salary and /or a reduction in the your annual incentive bonus
targets as compared to that in effect immediately prior to a Change in Control.
You may not terminate your employment for “Good Reason” without providing the
Company with written notice of the grounds which you believe constitute “Good
Reason” and giving the Company at least ten (10) days after your notice to
cure and remedy its conduct.

 

E.                          In the event
that you die or become disabled before you have received all of your separation
payments, you, your designee in writing or, if none, your estate will receive
the balance of the separation payments otherwise due to you.

 

F.                          If you violate
or fail to comply with any of your obligations as set forth herein, no further
payments will become due or be paid to you (or your surviving spouse, designee
or estate). Any payments otherwise due to you that were delayed pursuant to
paragraph I. below shall still be paid to you.

 

G.                         If you become,
without obtaining advance written consent by the Company, an owner of more than
2% of any business which is substantially similar to or competes with the
Company, no further payments will become due or be paid to you (or your
surviving spouse, designee or estate).

 

H.                        If you become,
without obtaining advance written consent by the Company, employed by, or serve
as an officer, director, consultant, independent contractor, agent or
representative of, any business that is substantially similar to or competes
with Company, no further payments will become due or be paid to you (or your
surviving spouse, designee or estate).

 

 

I.                             To the extent
required to comply with Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), as
determined by the Company’s outside counsel, one or more payments described
under A, B, C or D above shall be delayed to the six month anniversary of the
date of your separation from service, within the meaning of Code Section 409A.

 

Obligations

 

In order to receive the separation payments
described above, you must live up to certain obligations. If you fail to do so,
your right to receive separation payments will end immediately. These
obligations are:

 

1.               For a period of two (2) years
following your separation from employment, you may not solicit or attempt to
solicit any then-existing customer of the Company or any potential customer of
the Company with whom the Company is then engaged in discussions regarding one
or more specific possible transactions for purposes of providing, marketing, or
selling products or services competitive with the products and/or services sold
or offered by the Company. If you voluntarily terminate your employment by the
Company for any reason, or if the Company terminates your employment For Cause,
this two (2) year period will be reduced to one (1) year.

 

2.               You may not use or disclose to anyone any
Trade Secret belonging to the Company to which you may have had access while
employed by Company. “Trade Secret” means information including, but not
limited to, technical or non-technical data, a formula, a pattern or design, a
compilation, a program, a device, a method, a technique, a drawing, a process,
financial data, financial plans, product plans, or a list of actual or
potential customers, tenants or suppliers which (a) derives economic
value, actual or potential, from not being generally known to, and not being
readily ascertainable by proper means by, other persons who can obtain economic
value from its disclosure or use; and (b) is the subject of efforts that
are reasonable under the circumstances to maintain its secrecy. “Trade Secret”
does not include information that is or becomes generally known to the public;
or was already known by you prior to your employment by the Company; or that
you obtain from an independent source having a bona fide right to use and
disclose such information; or that the Company approves for unrestricted
release by express authorization.

 

3.               For a period of two (2) years
following your separation from employment, you may not use or disclose to
anyone any Confidential Information belonging to the Company to which you may
have had access while employed by the Company. “Confidential Information” means
any data or information, other than Trade Secrets, that is important to the
Company, is competitively sensitive, and is not generally known by the public.
“Confidential Information” includes, without limitation:  (1) the sales records, profit and
performance records, pricing manuals, 

 

models and related
materials, sales manuals, training manuals, selling and pricing procedures, and
financing methods of the Company; (2) customer and tenant lists, the
special demands of particular customers and tenants, and the current and
anticipated requirements of customers and tenants for the properties, products
and services of the Company; (3) the specifications of any new properties,
products or services under development by the Company; and (4) the
business plans, marketing strategies, and internal financial statements and
projections of the Company. “Confidential Information” does not include information
that is or becomes generally known to the public; or was already known by you
prior to employment by the Company; or that you obtain from an independent
source having a bona fide right to use and disclose such information; or that
the Company approves for unrestricted release by express authorization.

 

4.               Promptly upon your
separation from employment by the Company, you and the Company agree to execute
a General Release of All Claims and Covenant Not to Sue in the form then in
general use by the Company.

 

5.               For a period of one (1) year
following your separation from employment by the Company, you may not, directly
or indirectly, without obtaining prior approval from the Company, encourage or
solicit any then-current employee of the Company to separate from employment by
the Company.

 

6.               Within two (2) days of
your date of separation from employment by the Company, you must return to the
Company all Trade Secrets and Confidential Information or other tangible
things, including all computers, computer disks or other media, files, reports,
financial data, handbooks, training materials, marketing or strategic reports,
policy statements, programs, and other documents or tangible things provided to
you by the Company or acquired by you as a result of your employment by the
Company. You may not retain any copies or remove or participate in removing any
such materials or things from the premises of Company.

 

7.               You understand
and agree that the non-solicitation and non-disclosure obligations described
above are acceptable to you and are reasonable in light of the nature of the
business of Company, your access to information while an employee of the
Company, the opportunities, contacts, and professional development you have
received during your employment by the Company and the Company’s legitimate
need to protect its good will and guard against the disclosure or misuse of its
proprietary information.

 

Once accepted by you, the
terms set forth in this letter may not be amended or terminated by either you
or the Company except in a written document executed by both parties.  This offer, whether or not accepted by you,
will not change your status as an at-will employee of Company. Any action
required of or permitted by the Company under this letter shall be by resolution
of the Board of Directors, by a committee of the Board of Directors, or by a
person or persons authorized by resolution of the Board of Directors or a
committee of the Board of Directors.

 

 

The
terms of, and any dispute arising under, this letter will be governed by the
laws of Indiana. You agree that any litigation arising out of or under this
letter will be commenced and maintained only in the state or federal courts
within the state of Indiana.

 

If
the foregoing is acceptable to you, please so indicate by signing a copy of
this letter where indicated below and returning it to the Company.

 

Very
truly yours,

 

DUKE
REALTY CORPORATION

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Dennis D. Oklak

  	
   

  
	
   

  	
  Chairman and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed
  and accepted this        day of
                      ,
  20

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