Document:

Exhibit 10.12

 

 

Description of Post-Retirement Life Insurance Equivalent

 

Certain
senior executives of the Registrant, including all executive officers, are
entitled to receive a lump sum payment equal to one year’s salary plus a gross
up for applicable taxes upon retirement or at age 55.  This benefit was adopted by the Registrant in
1996 in lieu of providing post-retirement life insurance.Exhibit 4.1

 

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated as of February 22, 2008,
among Duke Realty Corporation, an Indiana corporation (the “Company”), and
American Stock Transfer & Trust Company, a New York banking
corporation ( the “Depositary”), and all holders from time to time of Receipts
(as hereinafter defined) issued hereunder.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, it is desired to provide, as hereinafter set
forth in this Deposit Agreement, for the deposit of the Company’s Preferred
Shares (as hereinafter defined) with the Depositary for the purposes set forth
in this Deposit Agreement and for the issuance hereunder of the Receipts
evidencing Depositary Shares representing a fractional interest in the
Preferred Shares deposited; and

 

WHEREAS, the Receipts are to be substantially in the
form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided in this
Deposit Agreement.

 

NOW, THEREFORE, in consideration of the premises
contained herein, it is agreed by and among the parties hereto as follows:

 

ARTICLE I

 

DEFINITIONS

 

The following definitions shall apply to the
respective terms (in the singular and plural forms of such terms) used in this
Deposit Agreement and the Receipts:

 

SECTION 1.1.                                               “Articles of Incorporation” shall
mean the Third Amended and Restated Articles of Incorporation, as amended from
time to time, of the Company.

 

SECTION 1.2.                                               “Company” shall mean Duke Realty
Corporation, an Indiana corporation, and its successors.

 

SECTION 1.3.                                               “Corporate Office” shall mean the
corporate office of the Depositary at which at any particular time its business
in respect of matters governed by this Deposit Agreement shall be administered,
which at the date of this Deposit Agreement is located at 59 Maiden Lane, New
York, New York 10038.

 

SECTION 1.4.                                               “Deposit Agreement” shall mean
this agreement, as the same may be amended, modified or supplemented from time
to time.

 

SECTION 1.5.                                               “Depositary” shall mean American
Stock Transfer & Trust Company, a company having its principal office
in the United States and having a combined capital and surplus of at least
$10,000,000, and any successor as depositary hereunder.

 

 

SECTION 1.6.                                               “Depositary Share” shall mean a
fractional interest equal to 1/10 of a Preferred Share deposited with the
Depositary hereunder and the same proportionate interest in any and all other
property received by the Depositary in respect of such Preferred Share and held
under this Deposit Agreement, all as evidenced by the Receipts issued
hereunder.  Subject to the terms of this
Deposit Agreement, each owner of a Depositary Share is entitled,
proportionately, to all the rights, preferences and privileges of the Preferred
Share represented by such Depositary Share, including the dividend, voting,
redemption, conversion and liquidation rights contained in the Designating
Amendment.

 

SECTION 1.7.                                               “Depositary’s Agent” shall mean an
agent appointed by the Depositary as provided, and for the purposes specified,
in Section 7.5.

 

SECTION 1.8.                                               “Designating Amendment” shall mean
the amendment to the Articles of Incorporation filed with the Secretary of
State of the State of Indiana establishing the Preferred Shares as a series of
preferred shares of the Company.

 

SECTION 1.9.                                               “Preferred Shares” shall mean the
Company’s 8.375% Series O Cumulative Redeemable Preferred Shares, par
value $0.01 per share, heretofore validly issued, fully paid and nonassessable.

 

SECTION 1.10.                                         “Receipt” shall mean a Depositary
Receipt issued hereunder to evidence one or more Depositary Shares, whether in
definitive or temporary form, substantially in the form set forth as Exhibit A
hereto.

 

SECTION 1.11.                                         “record date” shall mean the date
fixed pursuant to Section 4.4.

 

SECTION 1.12.                                         “record holder” or “holder” as
applied to a Receipt shall mean the person in whose name a Receipt is
registered on the books maintained by the Depositary for such purpose.

 

SECTION 1.13.                                         “Registrar” shall mean American
Stock Transfer & Trust Company. or any bank or trust company appointed
to register ownership and transfers of Receipts or the deposited Preferred
Shares, as the case may be, as herein provided.

 

SECTION 1.14.                                         “Securities Act” shall mean the
Securities Act of 1933, as amended.

 

SECTION 1.15.                                         “Transfer Agent” shall mean American
Stock Transfer & Trust Company or any bank or trust company appointed
to transfer the Receipts or the deposited Preferred Shares, as the case may be,
as herein provided.

 

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ARTICLE II

 

FORM OF RECEIPTS, DEPOSIT OF
PREFERRED SHARES,

EXECUTION AND DELIVERY, TRANSFER,

SURRENDER AND REDEMPTION OF
RECEIPTS

 

SECTION 2.1.                                               Form and Transferability of Receipts. 
Definitive Receipts shall be engraved or printed or lithographed and
shall be substantially in the form set forth in Exhibit A annexed to this
Deposit Agreement, with appropriate insertions, modifications and omissions, as
hereinafter provided.  Pending the
preparation of definitive Receipts, the Depositary, upon the written order of
the Company, delivered in compliance with Section 2.2, shall execute and
deliver temporary Receipts which may be printed, lithographed, typewritten,
mimeographed or otherwise substantially of the tenor of the definitive Receipts
in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the persons executing such
Receipts may determine, as evidenced by their execution of such Receipts.  If temporary Receipts are issued, the Company
and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay.  After the
preparation of definitive Receipts, the temporary Receipts shall be
exchangeable for definitive Receipts upon surrender of the temporary Receipts
at the Corporate Office or such other offices, if any, as the Depositary may
designate, without charge to the holder. 
Upon surrender for cancellation of any one or more temporary Receipts,
the Depositary shall execute and deliver in exchange therefor definitive
Receipts representing the same number of Depositary Shares as represented by
the surrendered temporary Receipt or Receipts. 
Such exchange shall be made at the Company’s expense and without any
charge therefor.  Until so exchanged, the
temporary Receipts shall in all respects be entitled to the same benefits under
this Deposit Agreement, and with respect to the Preferred Shares deposited, as
definitive Receipts.

 

Receipts shall be executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary,
provided that if a Registrar (other than the Depositary) shall have been
appointed then such Receipts shall also be countersigned by manual signature of
a duly authorized signatory of the Registrar. 
No Receipt shall be entitled to any benefits under this Deposit
Agreement or be valid or obligatory for any purpose unless it shall have been
executed as provided in the preceding sentence. 
The Depositary shall record on its books each Receipt executed as
provided above and delivered as hereinafter provided.

 

Except as the Depositary may otherwise determine,
Receipts shall be in denominations of any number of whole Depositary
Shares.  All Receipts shall be dated the
date of their issuance.

 

Receipts may be endorsed with or have incorporated in
the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary or
required to comply with any applicable law or regulation or with the rules and
regulations of any securities exchange upon which the Preferred Shares, the
Depositary Shares or the Receipts may be listed or to conform with any usage
with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject.

 

3

 

 

Title to any Receipt (and to the Depositary Shares
evidenced by such Receipt), that is properly endorsed or accompanied by a
properly executed instrument of transfer or endorsement, shall be transferable
by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of the
Depositary as provided in Section 2.4, the Depositary may, notwithstanding
any notice to the contrary, treat the record holder thereof at such time as the
absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions, the exercise of any
conversion rights or to any notice provided for in this Deposit Agreement and
for all other purposes.

 

SECTION 2.2.                                               Deposit of Preferred Shares; Execution
and Delivery of Receipts in Respect Thereof.  Concurrently
with the execution of this Deposit Agreement, the Company is delivering to the
Depositary a certificate or certificates, registered in the name of the
Depositary and evidencing 1,100,000 Preferred Shares (or 1,265,000 Preferred
Shares if the Underwriters exercised their over-allotment option), properly
endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary,
together with (i) all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and (ii) a
written order of the Company directing the Depositary to execute and deliver
to, or upon the written order of, the person or persons stated in such order a
Receipt or Receipts for the Depositary Shares representing such deposited
Preferred Shares.  The Depositary acknowledges
receipt of the deposited Preferred Shares and related documentation and agrees
to hold such deposited Preferred Shares in an account to be established by the
Depositary at the Corporate Office or at such other office as the Depositary
shall determine.  The Company hereby
appoints the Depositary as the Registrar and Transfer Agent for Preferred
Shares deposited hereunder and the Depositary hereby accepts such appointment
and, as such, will reflect changes in the number of shares (including any
fractional shares) of deposited Preferred Shares held by it by notation,
book-entry or other appropriate method.

 

If required by the Depositary, Preferred Shares
presented for deposit by the Company at any time, whether or not the register
of shareholders of the Company is closed, shall also be accompanied by an
agreement or assignment, or other instrument satisfactory to the Depositary,
that will provide for the prompt transfer to the Depositary or its nominee of
any dividend or right to subscribe for additional Preferred Shares or to
receive other property that any person in whose name the Preferred Shares is or
has been registered may thereafter receive upon or in respect of such deposited
Preferred Shares, or in lieu thereof such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary.

 

Upon receipt by the Depositary of a certificate or
certificates for Preferred Shares deposited hereunder, together with the other
documents specified above, and upon registering such Preferred Shares in the
name of the Depositary, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver to, or upon the order of, the
person or persons named in the written order delivered to the Depositary
referred to in the first paragraph of this Section 2.2, a Receipt or
Receipts for the number of whole Depositary Shares representing the Preferred
Shares so deposited and registered in such name or names as may be requested by
such person or persons.  The Depositary
shall execute and deliver such Receipt or Receipts at the Corporate Office,
except that, at the request, risk and expense of any person 

 

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requesting such delivery,
such delivery may be made at such other place as may be designated by such
person.

 

Other than in the case of splits, combinations or
other reclassifications affecting the Preferred Shares, or in the case of
dividends or other distributions of Preferred Shares, if any, there shall be
deposited hereunder not more than the number of shares constituting the
Preferred Shares as set forth in the Designating Amendment, as such may be
amended.

 

The Company shall deliver to the Depositary from time
to time such quantities of Receipts as the Depositary may request to enable the
Depositary to perform its obligations under this Deposit Agreement.

 

SECTION 2.3.                                               Optional Redemption of Preferred Shares
for Cash.  Whenever the Company shall elect to redeem
deposited Preferred Shares for cash in accordance with the provisions of the
Designating Amendment, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 60 days’ prior written notice of
the date of such proposed redemption and of the number of such Preferred Shares
held by the Depositary to be redeemed and the applicable redemption price, as
set forth in the Designating Amendment, including the amount, if any, of
accrued and unpaid dividends to the date of such redemption.  The Depositary shall mail, first-class postage
prepaid, notice of the redemption of Preferred Shares and the proposed
simultaneous redemption of the Depositary Shares representing the Preferred
Shares to be redeemed, not less than 30 and not more than 60 days prior to the
date fixed for redemption of such Preferred Shares and Depositary Shares (the “cash
redemption date”), to the holders of record on the record date fixed for such
redemption pursuant to Section 4.4 hereof of the Receipts evidencing the
Depositary Shares to be so redeemed, at the addresses of such holders as the
same appear on the records of the Depositary; but neither failure to mail any
such notice to one or more such holders nor any defect in any such notice shall
affect the sufficiency of the proceedings for redemption as to other holders.  The Company shall provide the Depositary with
such notice, and each such notice shall state: 
the cash redemption date; the cash redemption price; the number of
deposited Preferred Shares and Depositary Shares to be redeemed; if fewer than
all the Depositary Shares held by any holder are to be redeemed, the number of
such Depositary Shares held by such holder to be so redeemed; the place or
places where Receipts evidencing Depositary Shares to be redeemed are to be
surrendered for payment of the cash redemption price; and that from and after
the cash redemption date dividends in respect of the Preferred Shares
represented by the Depositary Shares to be redeemed will cease to accrue.  If fewer than all the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be redeemed shall be
selected pro rata (as nearly as may be practicable without creating fractional
Depositary Shares) or by any other equitable method determined by the Company.

 

In the event that notice of redemption has been made
as described in the immediately preceding paragraph and the Company shall then
have paid in full to the Depositary the cash redemption price (determined
pursuant to the Designating Amendment) of the Preferred Shares deposited with
the Depositary to be redeemed (including any accrued and unpaid dividends to
the date of redemption), the Depositary shall redeem the number of Depositary
Shares representing such Preferred Shares so called for redemption by the
Company and from and after the cash redemption date (unless the Company shall have
failed to redeem the Preferred Shares to be redeemed by it as set forth in the
Company’s notice provided for in the preceding 

 

5

 

paragraph), all dividends
in respect of the Preferred Shares called for redemption shall cease to accrue,
the Depositary Shares called for redemption shall be deemed no longer to be
outstanding and all rights of the holders of Receipts evidencing such
Depositary Shares (except the right to receive the cash redemption price and any
money or other property to which holders of such Receipts were entitled upon
such redemption) shall, to the extent of such Depositary Shares, cease and
terminate.  Upon surrender in accordance
with said notice of the Receipts evidencing such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary shall so require), such
Depositary Shares shall be redeemed at a cash redemption price of $25.00 per
Depositary Share plus any other money and other property payable in respect of
such Preferred Shares.  The foregoing
shall be further subject to the terms and conditions of the Designating
Amendment.

 

If fewer than all of the Depositary Shares evidenced
by a Receipt are called for redemption, the Depositary will deliver to the
holder of such Receipt upon its surrender to the Depositary, together with
payment of the cash redemption price for and all other amounts payable in
respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called
for redemption.

 

SECTION 2.4.                                               Registration of Transfers of Receipts. 
The Company hereby appoints the Depositary as the Registrar and Transfer
Agent for the Receipts and the Depositary hereby accepts such appointment and,
as such, shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the holder in person or by a duly authorized
attorney, properly endorsed or accompanied by a properly executed instrument of
transfer or endorsement, together with evidence of the payment of any transfer
taxes as may be required by law.  Upon
such surrender, the Depositary shall execute a new Receipt or Receipts and
deliver the same to or upon the order of the person entitled thereto evidencing
the same aggregate number of Depositary Shares evidenced by the Receipt or
Receipts surrendered.

 

SECTION 2.5.                                               Combinations and Split-ups of Receipts. 
Upon surrender of a Receipt or Receipts at the Corporate Office or such
other office as the Depositary may designate for the purpose of effecting a
split-up or combination of Receipts, subject to the terms and conditions of
this Deposit Agreement, the Depositary shall execute and deliver a new Receipt
or Receipts in the authorized denominations requested evidencing the same
aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered.

 

SECTION 2.6.                                               Surrender of Receipts and Withdrawal of
Preferred Shares.  Any holder of a Receipt or Receipts may
withdraw any or all of the deposited Preferred Shares represented by the
Depositary Shares evidenced by such Receipt or Receipts and all money and other
property, if any, represented by such Depositary Shares by surrendering such
Receipt or Receipts at the Corporate Office or at such office as the Depositary
may designate for such withdrawals, provided that a holder of a Receipt
or Receipts may not withdraw such Preferred Shares (or money and other
property, if any, represented thereby) which has previously been called for
redemption.  After such surrender,
without unreasonable delay, the Depositary shall deliver to such holder, or to
the person or persons designated by such holder as hereinafter provided, the
number of whole or fractional shares of such Preferred Shares and all such
money and other property, if any, represented by the Depositary Shares
evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders
of such whole or fractional Preferred Shares 

 

6

 

will not thereafter be
entitled to deposit such Preferred Shares hereunder or to receive Depositary
Shares therefor.  If the Receipt or
Receipts delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the number of whole or fractional shares of
deposited Preferred Shares to be withdrawn, the Depositary shall at the same
time, in addition to such number of whole or fractional Preferred Shares and
such money and other property, if any, to be withdrawn, deliver to such holder,
or (subject to Section 2.4) upon his order, a new Receipt or Receipts
evidencing such excess number of Depositary Shares.  Delivery of such Preferred Shares and such
money and other property being withdrawn may be made by the delivery of such
certificates, documents of title and other instruments as the Depositary may
deem appropriate, which, if required by the Depositary, shall be properly
endorsed or accompanied by proper instruments of transfer.

 

If the deposited Preferred Shares and the money and
other property being withdrawn are to be delivered to a person or persons other
than the record holder of the Receipt or Receipts being surrendered for
withdrawal of Preferred Shares, such holder shall execute and deliver to the
Depositary a written order so directing the Depositary and the Depositary may
require that the Receipt or Receipts surrendered by such holder for withdrawal
of such Preferred Shares be properly endorsed in blank or accompanied by a
properly executed instrument of transfer or endorsement in blank.

 

The Depositary shall deliver the deposited Preferred
Shares and the money and other property, if any, represented by the Depositary
Shares evidenced by Receipts surrendered for withdrawal at the Corporate
Office, except that, at the request, risk and expense of the holder
surrendering such Receipt or Receipts and for the account of the holder
thereof, such delivery may be made at such other place as may be designated by
such holder.

 

SECTION 2.7.                                               Limitations on Execution and Delivery,
Transfer, Split-up, Combination, Surrender and Exchange of Receipts. 
As a condition precedent to the execution and delivery, transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary,
any of the Depositary’s Agents or the Company may require any or all of the
following: (i) payment to it of a sum sufficient for the payment (or, in
the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any tax or other governmental charge with respect
thereto (including any such tax or charge with respect to the Preferred Shares
being deposited or withdrawn); (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature (or the authority of
any signature); and (iii) compliance with such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement as may be required by any securities exchange upon which the
deposited Preferred Shares, the Depositary Shares or the Receipts may be
included for quotation or listed.

 

The deposit of Preferred Shares may be refused, the
delivery of Receipts against Preferred Shares may be suspended, the transfer of
Receipts may be refused, and the transfer, split-up, combination, surrender,
exchange or redemption of outstanding Receipts may be suspended (i) during
any period when the register of shareholders of the Company is closed or (ii) if
any such action is deemed reasonably necessary or advisable by the Depositary,
any of the Depositary’s Agents or the Company at any time or from time to time
because of any 

 

7

 

requirement of law or of
any government or governmental body or commission, or under Article X of
the Articles of Incorporation or under any provision of this Deposit Agreement.

 

SECTION 2.8.                                               Lost Receipts, etc.  In
case any Receipt shall be mutilated or destroyed or lost or stolen, the
Depositary, in its discretion, may execute and deliver a Receipt of like form
and tenor in exchange and substitution for such mutilated Receipt or in lieu of
and in substitution for such destroyed, lost or stolen Receipt, provided
that the holder thereof provides the Depositary with (i) evidence
reasonably satisfactory to the Depositary of such destruction, loss or theft of
such Receipt, of the authenticity thereof and of his ownership thereof and (ii) reasonable
indemnification satisfactory to the Depositary and the Company.

 

SECTION 2.9.                                               Cancellation and Destruction of
Surrendered Receipts.  All Receipts surrendered to the Depositary or
any Depositary’s Agent shall be cancelled by the Depositary.  Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy such Receipts so cancelled.

 

ARTICLE III

 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

 

SECTION 3.1.                                               Filing Proofs, Certificates and Other
Information.  Any person presenting Preferred Shares for
deposit or any holder of a Receipt may be required from time to time to file
such proof of residence or other information, to execute such certificates and
to make such representations and warranties as the Depositary or the Company
may reasonably deem necessary or proper. 
The Depositary or the Company may withhold or delay the delivery of any
Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of
the deposited Preferred Shares represented by the Depositary Shares evidenced
by any Receipt, the distribution of any dividend or other distribution or the
sale of any rights or of the proceeds thereof, until such proof or other
information is filed, such certificates are executed or such representations
and warranties are made.

 

SECTION 3.2.                                               Payment of Fees and Expenses. 
Holders of Receipts shall be obligated to make payments to the
Depositary of certain fees and expenses, as provided in Section 5.7, or
provide evidence reasonably satisfactory to the Depositary that such fees and
expenses have been paid.  Until such
payment is made, transfer of any Receipt or any withdrawal of the Preferred
Shares or money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused, any dividend or other distribution
may be withheld, and any part or all of the Preferred Shares or other property
represented by the Depositary Shares evidenced by such Receipt may be sold for
the account of the holder thereof (after attempting by reasonable means to
notify such holder a reasonable number of days prior to such sale).  Any dividend or other distribution so
withheld and the proceeds of any such sale may be applied to any payment of
such fees or expenses, the holder of such Receipt remaining liable for any
deficiency.

 

SECTION 3.3.                                               Representations and Warranties as to
Preferred Shares.  In the case of the initial deposit of the
Preferred Shares hereunder, the Company and, in the case of subsequent deposits
thereof, each person so depositing Preferred Shares under this Deposit
Agreement shall

 

8

 

be deemed thereby to
represent and warrant that such Preferred Shares and each certificate therefor
are valid and that the person making such deposit is duly authorized to do
so.  The Company hereby further represents
and warrants that such Preferred Shares, when issued, will be validly issued,
fully paid and nonassessable.  Such
representations and warranties shall survive the deposit of the Preferred
Shares and the issuance of Receipts.

 

SECTION 3.4.                                               Representation and Warranty as to
Receipts and Depositary Shares.  The Company
hereby represents and warrants that the Receipts, when issued, will evidence
legal and valid interests in the Depositary Shares and each Depositary Share
will represent a legal and valid 1/10 fractional interest in a deposited
Preferred Share.  Such representation and
warranty shall survive the deposit of the Preferred Shares and the issuance of
Receipts evidencing the Depositary Shares.

 

ARTICLE IV

 

THE PREFERRED SHARES; NOTICES

 

SECTION 4.1.                                               Cash Distributions. 
Whenever the Depositary shall receive any cash dividend or other cash
distribution on the deposited Preferred Shares, including any cash received
upon redemption of any Preferred Shares pursuant to Section 2.3, the
Depositary shall, subject to Section 3.2, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.4 such amounts of
such sum as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such holders; provided,
however, that in case the Company or the Depositary shall be required to
and shall withhold from any cash dividend or other cash distribution in respect
of the Preferred Shares represented by the Receipts held by any holder an
amount on account of taxes, the amount made available for distribution or
distributed in respect of Depositary Shares represented by such Receipts
subject to such withholding shall be reduced accordingly.  The Depositary shall distribute or make
available for distribution, as the case may be, only such amount, however, as
can be distributed without attributing to any holder of Receipts a fraction of
one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to record
holders of Receipts then outstanding.

 

SECTION 4.2.                                               Distributions Other Than Cash. 
Whenever the Depositary shall receive any distribution other than cash
on the deposited Preferred Shares, the Depositary shall, subject to Section 3.2,
distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4
such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders, in any manner that the
Depositary and the Company may deem equitable and practicable for accomplishing
such distribution.  If, in the opinion of
the Depositary after consultation with the Company, such distribution cannot be
made proportionately among such record holders, or if for any other reason
(including any requirement that the Company or the Depositary withhold an amount
on account of taxes), the Depositary deems, after consultation with the
Company, such distribution not to be feasible, the Depositary may, with the
approval of the Company, adopt such method as it deems equitable and
practicable

 

9

 

for the purpose of
effecting such distribution, including the sale (at public or private sale) of
the securities or property thus received or any part thereof, at such place or
places and upon such terms as it may deem proper.  The net proceeds of any such sale shall,
subject to Section 3.2, be distributed or made available for distribution,
as the case may be, by the Depositary to record holders of Receipts as provided
by Section 4.1 in the case of a distribution received in cash.  The Company shall not make any distribution
of such securities or property to the holders of Receipts unless the Company
shall have provided to the Depositary an opinion of counsel stating that such
securities or property have been registered under the Securities Act or do not
need to be registered.

 

SECTION 4.3.                                               Subscription Rights, Preferences or
Privileges.  If the Company shall at any time offer or
cause to be offered to the persons in whose names deposited Preferred Shares
are registered on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or
privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts in such manner as the Company shall instruct
(including by the issue to such record holders of warrants representing such
rights, preferences or privileges); provided, however, that (a) if
at the time of issue or offer of any such rights, preferences or privileges the
Company determines upon advice of its legal counsel that it is not lawful or
feasible to make such rights, preferences or privileges available to the
holders of Receipts (by the issue of warrants or otherwise) or (b) if and
to the extent instructed by holders of Receipts who do not desire to exercise
such rights, preferences or privileges, the Depositary shall then, if so
instructed by the Company, and if applicable laws or the terms of such rights,
preferences or privileges so permit, sell such rights, preferences or
privileges of such holders at public or private sale, at such place or places
and upon such terms as it may deem proper. 
The net proceeds of any such sale shall, subject to Section 3.1 and
Section 3.2, be distributed by the Depositary to the record holders of
Receipts entitled thereto as provided by Section 4.1 in the case of a
distribution received in cash.  The
Company shall not make any distribution of such rights, preferences or privileges,
unless the Company shall have provided to the Depositary an opinion of counsel
stating that such rights, preferences or privileges have been registered under
the Securities Act or do not need to be registered.

 

If registration under the Securities Act of the
securities to which any rights, preferences or privileges relate is required in
order for holders of Receipts to be offered or sold the securities to which
such rights, preferences or privileges relate, the Company agrees that it will
promptly file a registration statement pursuant to the Securities Act with
respect to such rights, preferences or privileges and securities and use its
best efforts and take all steps available to it to cause such registration
statement to become effective sufficiently in advance of the expiration of such
rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges.  In no
event shall the Depositary make available to the holders of Receipts any right,
preference or privilege to subscribe for or to purchase any securities unless
and until such a registration statement shall have become effective or unless
the offering and sale of such securities to such holders are exempt from
registration under the provisions of the Securities Act and the Company shall
have provided to the Depositary an opinion of counsel to such effect.

 

If any other action under the law of any jurisdiction
or any governmental or administrative authorization, consent or permit is
required in order for such rights, preferences or

 

10

 

privileges to be made
available to holders of Receipts, the Company agrees to use its best efforts to
take such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges to
enable such holders to exercise such rights, preferences or privileges.

 

SECTION 4.4.                                               Notice of Dividends; Fixing of Record
Date for Holders of Receipts.  Whenever any
cash dividend or other cash distribution shall become payable, any distribution
other than cash shall be made, or any rights, preferences or privileges shall
at any time be offered, with respect to the deposited Preferred Shares, or
whenever the Depositary shall receive notice of (i) any meeting at which
holders of such Preferred Shares are entitled to vote or of which holders of
such Preferred Shares are entitled to notice or (ii) any election on the
part of the Company to redeem any such Preferred Shares, the Depositary shall
in each such instance fix a record date (which shall be the same date as the
record date fixed by the Company with respect to the Preferred Shares) for the
determination of the holders of Receipts who shall be entitled to receive such
dividend, distribution, rights, preferences or privileges or the net proceeds
of the sale thereof, to give instructions for the exercise of voting rights at
any such meeting or to receive notice of such meeting or whose Depositary
Shares are to be so redeemed.

 

SECTION 4.5.                                               Voting Rights. 
Upon receipt of notice of any meeting at which the holders of deposited
Preferred Shares are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which
shall be provided by the Company and which shall contain (i) such
information as is contained in such notice of meeting, (ii) a statement
that the holders of Receipts at the close of business on a specified record
date fixed pursuant to Section 4.4 will be entitled, subject to any
applicable provision of law, to instruct the Depositary as to the exercise of
the voting rights pertaining to the amount of Preferred Shares represented by
their respective Depositary Shares and (iii) a brief statement as to the
manner in which such instructions may be given. 
Upon the written request of a holder of a Receipt on such record date,
the Depositary shall vote or cause to be voted the amount of Preferred Shares
represented by the Depositary Shares evidenced by such Receipt in accordance
with the instructions set forth in such request.  To the extent such instructions request the
voting of a fractional interest of a share of deposited Preferred Shares, the
Depositary shall aggregate such interest with all other fractional interests
resulting from requests with the same voting instructions and shall vote the
number of whole votes resulting from such aggregation in accordance with the
instructions received in such requests. 
Each Preferred Share is entitled to 10 votes and, accordingly, each
Depositary Share is entitled to one vote. 
The Company hereby agrees to take all reasonable action that may be
deemed necessary by the Depositary in order to enable the Depositary to vote
such Preferred Shares or cause such Preferred Shares to be voted.  In the absence of specific instructions from
the holder of a Receipt, the Depositary will abstain from voting to the extent
of the Preferred Shares represented by the Depositary Shares evidenced by such
Receipt.  The Depositary shall not be
required to exercise discretion in voting any Preferred Shares represented by
the Depositary Shares evidenced by such Receipt.

 

SECTION 4.6.                                               Changes Affecting Preferred Shares and
Reclassifications, Recapitalization, etc.  Upon any
change in par or stated value, split-up, combination or any other
reclassification of Preferred Shares, or upon any recapitalization,
reorganization, merger, amalgamation or consolidation affecting the Company or
to which it is a party or sale of all or substantially all of the Company’s
assets, the Depositary shall, upon the instructions of the

 

11

 

Company:  (i) make such adjustments in (a) the
fraction of an interest represented by one Depositary Share in one Preferred
Share and (b) the ratio of the redemption price per Depositary Share to
the redemption price of a Preferred Share, in each case as may be required by
or as is consistent with the provisions of the Designating Amendment to fully
reflect the effects of such change in liquidation value, split-up, combination
or other reclassification of Shares, or of such recapitalization,
reorganization, merger, consolidation or sale and (ii) treat any shares or
other securities or property (including cash) that shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Preferred
Shares as new deposited property under this Deposit Agreement, and Receipts
then outstanding shall thenceforth represent the proportionate interests of
holders thereof or the new deposited property so received in exchange for or
upon conversion or in respect of such Preferred Shares.  In any such case the Depositary may, in its
discretion, with approval of the Company, execute and deliver additional
Receipts, or may call for the surrender of all outstanding Receipts to be
exchanged for new Receipts specifically describing such new deposited
property.  Anything to the contrary
herein notwithstanding, holders of Receipts shall have the right from and after
the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Preferred Shares or any such
recapitalization, reorganization, merger, amalgamation or consolidation or sale
of substantially all the assets of the Company to surrender such Receipts to
the Depositary with instructions to convert, exchange or surrender the
Preferred Shares represented thereby only into or for, as the case may be, the
kind and amount of shares and other securities and property and cash into which
the deposited Preferred Shares evidenced by such Receipts might have been
converted or for which such Preferred Shares might have been exchanged or
surrendered immediately prior to the effective date of such transaction.  The Company shall cause effective provision
to be made in the charter of the resulting or surviving corporation (if other
than the Company) for protection of such rights as may be applicable upon
exchange of the deposited Preferred Shares for securities or property or cash
of the surviving corporation in connection with the transactions set forth
above.  The Company shall cause any such
surviving corporation (if other than the Company) expressly to assume the
obligations of the Company hereunder.

 

SECTION 4.7.                                               Inspection of Reports. 
The Depositary shall make available for inspection by holders of
Receipts at the Corporate Office and at such other places as it may from time
to time deem advisable during normal business hours any reports and
communications received from the Company that are both received by the
Depositary as the holder of deposited Preferred Shares and made generally
available to the holders of the Preferred Shares.  In addition, the Depositary shall transmit
certain notices and reports to the holders of Receipts as provided in Section 5.5.

 

SECTION 4.8.                                               Lists of Receipt Holders. 
Promptly upon request from time to time by the Company, the Depositary
shall furnish to the Company a list, as of a recent date specified by the
Company, of the names, addresses and holdings of Depositary Shares of all
persons in whose names Receipts are registered on the books of the Depositary.

 

SECTION 4.9.                                               Tax and Regulatory Compliance. 
The Depositary shall be responsible for (i) preparation and mailing
of form 1099s for all open and closed accounts, (ii) foreign tax
withholding, (iii) withholding 28% (or any withholding as may be required
at the then applicable rate) of dividends from eligible holders of Receipts if
directed to do so by the Company or required to do so by applicable law, (iv) mailing
W-9 forms to new holders of Receipts without a

 

12

 

certified taxpayer
identification number, (v) processing certified W-9 forms, (vi) preparation
and filing of state information returns and (vii) escheatment services.

 

SECTION 4.10.                                         Withholding. 
Notwithstanding any other provision of this Deposit Agreement, in the
event that the Depositary determines that any distribution in property is
subject to any tax which the Depositary is obligated by law to withhold, the
Depositary may dispose of all or a portion of such property in such amounts and
in such manner as the Depositary deems necessary and practicable to pay such
taxes, by public or private sale, and the Depositary shall distribute the net
proceeds of any such sale or the balance of any such property after deduction
of such taxes to the holders of Receipts entitled thereto in proportion to the
number of Depositary Shares held by them respectively.

 

ARTICLE V

 

THE DEPOSITARY AND THE COMPANY

 

SECTION 5.1.                                               Maintenance of Offices, Agencies and
Transfer Books by the Depositary and the Registrar. 
The Depositary shall maintain at the Corporate Office facilities for the
execution and delivery, transfer, surrender and exchange, split-up, combination
and redemption of Receipts and deposit and withdrawal of Preferred Shares and
at the offices of the Depositary’s Agents, if any, facilities for the delivery,
transfer, surrender and exchange, split-up, combination and redemption of
Receipts and deposit and withdrawal of Preferred Shares, all in accordance with
the provisions of this Deposit Agreement.

 

The Depositary shall keep books at the Corporate
Office for the registration and transfer of Receipts, which books at all
reasonable times shall be open for inspection by the record holders of Receipts
as provided by applicable law.  The
Depositary may close such books, at any time or from time to time, when deemed
expedient by it in connection with the performance of its duties hereunder.

 

If the Receipts or the Depositary Shares evidenced
thereby or the Preferred Shares represented by such Depositary Shares shall be
listed on the New York Stock Exchange, Inc. or any other stock exchange,
the Depositary may, with the approval of the Company, appoint a Registrar
(acceptable to the Company) for registration of such Receipts or Depositary
Shares in accordance with the requirements of such Exchange.  Such Registrar (which may be the Depositary
if so permitted by the requirements of such Exchange) may be removed and a
substitute registrar appointed by the Depositary upon the request or with the
approval of the Company.  If the
Receipts, such Depositary Shares or such Preferred Shares are listed on one or
more other stock exchanges, the Depositary will, at the request and expense of
the Company, arrange such facilities for the delivery, transfer, surrender,
redemption and exchange of such Receipts, such Depositary Shares or such
Preferred Shares as may be required by law or applicable stock exchange
regulations.

 

SECTION 5.2.                                               Prevention or Delay in Performance by the
Depositary, the Depositary’s Agents, the Registrar or the Company.  Neither
the Depositary, any Depositary’s Agent, any Registrar nor the Company shall
incur any liability to any holder of any Receipt, if by

 

13

 

reason of any provision
of any present or future law or regulation thereunder of the United States of
America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any
provision, present or future, of the Articles of Incorporation or the
Designating Amendment or, in the case of the Company, the Depositary, the
Depositary’s Agent or the Registrar, by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary,
the Depositary’s Agent, the Registrar or the Company shall be prevented or
forbidden from doing or performing any act or thing that the terms of this
Deposit Agreement provide shall be done or performed; nor shall the Depositary,
any Depositary’s Agent, any Registrar or the Company incur any liability to any
holder of a Receipt by reason of any nonperformance or delay, caused as
aforesaid, in the performance of any act or thing that the terms of this
Deposit Agreement provide shall or may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement.

 

SECTION 5.3.                                               Obligations of the Depositary, the
Depositary’s Agents, the Registrar and the Company. 
Neither the Depositary, any Depositary’s Agent, any Registrar nor the
Company assumes any obligation or shall be subject to any liability under this
Deposit Agreement or any Receipt to holders of Receipts other than from acts or
omissions arising out of conduct constituting bad faith, negligence (in the
case of any action or inaction with respect to the voting of the deposited
Preferred Shares), gross negligence or willful misconduct in the performance of
such duties as are specifically set forth in this Deposit Agreement.

 

Neither the Depositary, any Depositary’s Agent, any
Registrar nor the Company shall be under any obligation to appear in, prosecute
or defend any action, suit or other proceeding with respect to the deposited
Preferred Shares, Depositary Shares or Receipts that in its reasonable opinion
may involve it in expense or liability unless indemnity reasonably satisfactory
to it against all expense and liability be furnished as often as may be
required.

 

Neither the Depositary, any Depositary’s Agent, any
Registrar nor the Company shall be liable for any action or any failure to act
by it in reliance upon the written advice of legal counsel or accountants, or
information provided by any person presenting Preferred Shares for deposit, any
holder of a Receipt or any other person believed by it in good faith to be
competent to give such information.  The
Depositary, any Depositary’s Agent, any Registrar and the Company may each rely
and shall each be protected in acting upon any written notice, request,
direction or other document believed by it in good faith to be genuine and to
have been signed or presented by the proper party or parties.

 

In the event the Depositary shall receive conflicting
claims, requests or instructions from any holders of Receipts, on the one hand,
and the Company, on the other hand, the Depositary shall be entitled to act on
such claims, requests or instructions received from the Company, and shall be
entitled to the full indemnification set forth in Section 5.6 hereof in
connection with any action so taken.

 

The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the deposited Preferred
Shares or for the manner or effect of any such vote made, as long as any such
action or non-action is in good faith and does not result from negligence or
willful misconduct of the Depositary. 
The Depositary undertakes, and any Registrar shall be required to

 

14

 

undertake, to perform
such duties and only such duties as are specifically set forth in this Deposit
Agreement, and no implied covenants or obligations shall be read into this
Agreement against the Depositary or any Registrar.

 

The Depositary, its parent, affiliate, or subsidiaries,
any Depositary’s Agent, and any Registrar may own, buy, sell or deal in any
class of securities of the Company and its affiliates and in Receipts or
Depositary Shares or become pecuniarily interested in any transaction in which
the Company or its affiliates may be interested or contract with or lend money
to or otherwise act as fully or as freely as if it were not the Depositary or
the Depositary’s Agent hereunder.  The
Depositary may also act as transfer agent or registrar of any of the securities
of the Company and its affiliates or act in any other capacity for the Company
or its affiliates.

 

It is intended that neither the Depositary nor any
Depositary’s Agent shall be deemed to be an “issuer” of the securities under
the federal securities laws or applicable state securities laws, it being
expressly understood and agreed that the Depositary and any Depositary’s Agent
are acting only in a ministerial capacity as Depositary for the deposited
Preferred Shares; provided, however, that the Depositary agrees
to comply with all information reporting and withholding requirements
applicable to it under law or this Deposit Agreement in its capacity as
Depositary.

 

The Company agrees that it will register the deposited
Preferred Shares and the Depositary Shares if required by the applicable
securities laws.

 

SECTION 5.4.                                               Resignation and Removal of the
Depositary; Appointment of Successor Depositary.  The
Depositary may at any time resign as Depositary hereunder by notice of its
election to do so delivered to the Company, such resignation to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided.

 

The Depositary may at any time be removed by the
Company by notice of such removal delivered to the Depositary, such removal to
take effect upon the appointment of a successor depositary and its acceptance
of such appointment as hereinafter provided.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall, within 60 days after the
delivery of the notice of resignation or removal, as the case may be, appoint a
successor depositary, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital
and surplus of at least $50,000,000.  If
a successor depositary shall not have been appointed in 60 days, the resigning
Depositary may petition a court of competent jurisdiction to appoint a
successor depositary.  Every successor
depositary shall execute and deliver to its predecessor and to the Company an
instrument in writing accepting its appointment hereunder, and thereupon such
successor depositary, without any further act or deed, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
and for all purposes shall be the Depositary under this Deposit Agreement, and
such predecessor, upon payment of all sums due it and on the written request of
the Company, shall promptly execute and deliver an instrument transferring to
such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all rights, title and interest in the deposited
Preferred Shares and any

 

15

 

moneys or property held
hereunder to such successor and shall deliver to such successor a list of the
record holders of all outstanding Receipts. 
Any successor depositary shall promptly mail notice of its appointment
to the record holders of Receipts.

 

Any corporation into or with which the Depositary may
be merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act.  Such successor depositary may execute the
Receipts either in the name of the predecessor depositary or in the name of the
successor depositary.

 

SECTION 5.5.                                               Notices, Reports and Documents. 
The Company agrees that it will deliver to the Depositary, and the
Depositary will, promptly after receipt thereof, transmit to the record holders
of Receipts, in each case at the address recorded in the Depositary’s books,
copies of all notices and reports (including financial statements) required by
law, by the rules of any national securities exchange upon which the
Preferred Shares, the Depositary Shares or the Receipts are included for
quotation or listed or by the Articles of Incorporation and the Designating
Amendment to be furnished by the Company to holders of the deposited Preferred
Shares and, if requested by the holder of any Receipt, a copy of this Deposit
Agreement, the form of Receipt, the Designating Amendment and the form of
Preferred Shares.  Such transmission will
be at the Company’s expense and the Company will provide the Depositary with
such number of copies of such documents as the Depositary may reasonably
request.  In addition, the Depositary
will transmit to the record holders of Receipts at the Company’s expense such
other documents as may be requested by the Company.

 

SECTION 5.6.                                               Indemnification by the Company. 
The Company agrees to indemnify the Depositary, any Depositary’s Agent
and any Registrar against, and hold each of them harmless from, any liability,
costs and expenses (including reasonable attorneys’ fees) that may arise out
of, or in connection with, its acting as Depositary, Depositary’s Agent or
Registrar, respectively, under this Deposit Agreement and the Receipts, except
for any liability arising out of the willful misconduct, gross negligence,
negligence (in the case of any action or inaction with respect to the voting of
the deposited Preferred Shares) or bad faith on the part of any such person or
persons.  The obligations of the Company
set forth in this Section 5.6 shall survive any succession of any
Depositary, Registrar or Depositary’s Agent or termination of this Deposit
Agreement.

 

SECTION 5.7.                                               Fees, Charges and Expenses. 
No charges and expenses of the Depositary or any Depositary’s Agent
hereunder shall be payable by any person, except as provided in this Section 5.7.  The Company shall pay all transfer and other
taxes and governmental charges arising solely from the existence of this
Deposit Agreement.  The Company shall
also pay all fees and expenses of the Depositary in connection with the initial
deposit of the Preferred Shares and the initial issuance of the Depositary
Shares evidenced by the Receipts, any redemption of the Preferred Shares at the
option of the Company and all withdrawals of the Preferred Shares by holders of
Depositary Shares.  If a holder of
Receipts requests the Depositary to perform duties not required under this
Deposit Agreement, the Depositary shall notify the holder of the cost of the
performance of such duties prior to the performance thereof.  Such holder will be liable for the charges
and expenses related to such performance. 
All other fees and expenses of the Depositary and any Depositary’s Agent
hereunder and of any Registrar (including, in each case, fees and expenses of
counsel) incident to

 

16

 

the performance of their
respective obligations hereunder will be promptly paid as previously agreed
between the Depositary and the Company. 
The Depositary shall present its statement for fees and expenses to the
Company every month or at such other intervals as the Company and the
Depositary may agree.

 

ARTICLE VI

 

AMENDMENT AND TERMINATION

 

SECTION 6.1.                                               Amendment.  The form of
the Receipts and any provision of this Deposit Agreement may at any time and
from time to time be amended by agreement between the Company and the Depositary
in any respect that they may deem necessary or desirable; provided, however,
that no such amendment (other than any change in the fees of any Depositary,
Registrar or Transfer Agent) which (i) shall materially and adversely
alter the rights of the holders of Receipts or (ii) would be materially
and adversely inconsistent with the rights granted to the holders of the
Preferred Shares pursuant to the Designating Amendment shall be effective
unless such amendment shall have been approved by the holders of at least a
majority of the Depositary Shares then outstanding.  In no event shall any amendment impair the
right, subject to the provisions of Section 2.6 and Section 2.7 and Article III,
of any holder of any Depositary Shares to surrender the Receipt evidencing such
Depositary Shares with instructions to the Depositary to deliver to the holder
the deposited Preferred Shares and all money and other property, if any,
represented thereby, except in order to comply with mandatory provisions of
applicable law.  Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by this Deposit Agreement as amended thereby.

 

SECTION 6.2.                                               Termination. 
This Deposit Agreement may be terminated by the Company upon not less
than 30 days’ prior written notice to the Depositary if (i) such
termination is necessary to preserve the Company’s status as a real estate
investment trust under the Internal Revenue Code of 1986, as amended (or any
successor provisions) or (ii) the holders of a majority of the Preferred
Shares consent to such termination, whereupon the Depositary shall deliver or
make available to each holder of a Receipt, upon surrender of the Receipt held
by such holder, such number of whole or fractional shares of deposited
Preferred Shares that are represented by the Depositary Shares evidenced by
such Receipt, together with any other property held by the Depositary in
respect of such Receipt.  In the event
that this Deposit Agreement is terminated pursuant to clause (i) of the
immediately preceding sentence, the Company hereby agrees to use its best
efforts to list the Preferred Shares issued upon surrender of the Receipt
evidencing the Depositary Shares represented thereby on a national securities
exchange.  This Deposit Agreement will
automatically terminate if (i) all outstanding Depositary Shares shall
have been redeemed pursuant to Section 2.3 or (ii) there shall have
been made a final distribution in respect of the deposited Preferred Shares in
connection with any liquidation, dissolution or winding up of the Company and
such distribution shall have been distributed to the holders of Receipts
entitled thereto.

 

17

 

 

                Upon the termination of this Deposit Agreement, the
Company shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary, any Depositary’s Agent and any
Registrar under Section 5.6 and Section 5.7.

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.1.                Counterparts.  This Deposit Agreement may be executed in any
number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument. 
Delivery of an executed counterpart of a signature page to this
Deposit Agreement by telecopier shall be effective as delivery of a manually
executed counterpart of this Deposit Agreement. 
Copies of this Deposit Agreement shall be filed with the Depositary and
the Depositary’s Agents and shall be open to inspection during business hours
at the Corporate Office and the respective offices of the Depositary’s Agents,
if any, by any holder of a Receipt.

 

SECTION 7.2.                Exclusive Benefit of Parties.  This Deposit Agreement is for the exclusive
benefit of the parties hereto, and their respective successors hereunder, and
shall not be deemed to give any legal or equitable right, remedy or claim to
any other person whatsoever.

 

SECTION 7.3.                Invalidity of Provisions.  In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality or
enforceability of the remaining provisions contained herein or therein shall in
no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4.                Notices.  Any and all notices to be given to the
Company hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, or by telegram
or facsimile transmission confirmed by letter, addressed to the Company at:

 

DUKE REALTY CORPORATION

600 East 96th Street

Suite 100

Indianapolis, Indiana  46240

Attention:  Matthew A. Cohoat

Telephone No.:  (317) 808-6065

 

or at any other
address of which the Company shall have notified the Depositary in writing.

 

                Any notices to be given to the Depositary hereunder
or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by telegram or telex or
telecopier confirmed by letter, addressed to the Depositary at the Corporate
Office.

 

18

 

                Any notices given to any record holder of a Receipt
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or
telex or telecopier confirmed by letter, addressed to such record holder at the
address of such record holder as it appears on the books of the Depositary or,
if such holder shall have filed with the Depositary in a timely manner a
written request that notices intended for such holder be mailed to some other
address, at the address designated in such request.

 

                Delivery of a notice sent by mail, or by telegram or
telex or telecopier shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of
a telegram or telex or telecopier message) is deposited, postage prepaid, in a
post office letter box.  The Depositary
or the Company may, however, act upon any telegram or telex or telecopier
message received by it from the other or from any holder of a Receipt,
notwithstanding that such telegram or telex or telecopier message shall not
subsequently be confirmed by letter as aforesaid.

 

SECTION 7.5.                Depositary’s Agents.  The Depositary may from time to time appoint
Depositary’s Agents to act in any respect for the Depositary for the purposes
of this Deposit Agreement and may at any time appoint additional Depositary’s
Agents and vary or terminate the appointment of such Depositary’s Agents.  The Depositary will notify the Company of any
such action.

 

SECTION 7.6.                Holders of Receipts Are
Parties.  The holders of Receipts
from time to time shall be deemed to be parties to this Deposit Agreement and
shall be bound by all of the terms and conditions hereof and of the Receipts by
acceptance of delivery thereof.

 

SECTION 7.7.                Governing Law.  This Deposit Agreement and the Receipts and
all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the law of the State of New York
applicable to agreements made and to be performed in said State.

 

SECTION 7.8.                Inspection of Deposit
Agreement and Designating Amendment. 
Copies of this Deposit Agreement and the Designating Amendment shall be
filed with the Depositary and the Depositary’s Agents and shall be open to
inspection during business hours at the Corporate Office and the respective
offices of the Depositary’s Agents, if any, by any holder of any Receipt.

 

SECTION 7.9.                Headings.  The headings of articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A
hereto have been inserted for convenience only and are not to be regarded as
part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

 

19

 

                IN WITNESS WHEREOF, Duke Realty Corporation and
American Stock Transfer & Trust Co. have duly executed this Deposit
Agreement as of the day and year first above set forth and all holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery
of Receipts issued in accordance with the terms hereof.

 

	
   

  	
   

  	
  DUKE REALTY
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard L.
  Feinsand

  
	
  Attest:

  	
   

  	
   

  	
  Howard L.
  Feinsand,

  
	
   

  	
   

  	
   

  	
  Executive Vice
  President, General Counsel

  
	
  /s/ Doug Greer

  	
   

  	
   

  	
  and Corporate
  Secretary

  

 

 

	
   

  	
   

  	
  AMERICAN STOCK
  TRANSFER & TRUST CO.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Herbert J.
  Lemmer

  
	
  Attest:

  	
   

  	
   

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Susan Silber

  	
   

  	
   

  	
   

  
	
  Assistant Secretary

  	
   

  	
   

  	
   

  

 

 

Exhibit A

 

The Depositary Shares evidenced by this Depositary
Receipt are subject to restrictions on ownership and transfer for the purpose
of the Company’s maintenance of its status as a Real Estate Investment Trust
under the Internal Revenue Code of 1986, as amended.  In order to maintain such status, the Company’s
Articles of Amendment designating the terms of the 8.375% Series O
Cumulative Redeemable Preferred Shares imposes limitations on the number of
8.375% Series O Cumulative Redeemable Preferred Shares that may be owned
by any single person or affiliated group. 
All capitalized terms in this legend have the meanings defined in such
Articles of Amendment.  Transfers in violation
of the restrictions described above shall be void ab  initio.

 

The Company will furnish to the holder hereof upon
request and without charge a complete written statement of the terms and
conditions of the 8.375% Series O Cumulative Redeemable Preferred
Shares.  Requests for such statement may
be directed to the Secretary of the Company.

 

[FORM OF FACE
OF RECEIPT]

 

	
  DR-

   

  CUSIP 264411 679

  This Receipt is
  transferable in

  New York City.

  See reverse for
  certain definitions.

  	
   

  	
  CERTIFICATE FOR
  NOT MORE THAN 11,000,000 DEPOSITARY SHARES

   

  RECEIPT FOR
  DEPOSITARY SHARES,

  EACH
  REPRESENTING 1/10 OF AN 8.375% SERIES O CUMULATIVE

  REDEEMABLE
  PREFERRED SHARE

   

  DUKE REALTY
  CORPORATION

  (an Indiana
  corporation)

  	
   

  	
   

  

 

American Stock Transfer & Trust Company, as
Depositary (the “Depositary”), hereby certifies that Cede & Co. is the
registered owner of 11,000,000 fully paid and non-assessable DEPOSITARY SHARES (“Depositary
Shares”), each Depositary Share representing 1/10 of one 8.375% Series O
Cumulative Redeemable Preferred Share, $0.01 par value per share (the “Shares”),
of Duke Realty Corporation, an Indiana corporation (the “Company”), on deposit
with the Depositary, subject to the terms and entitled to the benefits of the
Deposit Agreement dated as of February 22, 2008 (the “Deposit Agreement”),
among the Company, the Depositary and the holders from time to time of Receipts
for Depositary Shares.  By accepting this
Receipt, the holder hereof becomes a party to and agrees to be bound by all the
terms and conditions of the Deposit Agreement. 
This Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been
executed by the Depositary by the manual or facsimile signature of a duly
authorized officer or, if a Registrar in respect of the Receipts (other than
the Depositary) shall have been appointed, by the manual signature of a duly
authorized officer of such Registrar.

 

Dated: February 22, 2008

 

	
   

  	
  American Stock
  Transfer & Trust Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

21

 

 

 

[FORM OF
REVERSE RECEIPT]

 

DUKE REALTY CORPORATION WILL FURNISH WITHOUT CHARGE TO
EACH REGISTERED HOLDER OF RECEIPTS WHO SO REQUESTS A COPY OF THE DEPOSIT
AGREEMENT AND A COPY OF THE DESIGNATING AMENDMENT WITH RESPECT TO THE SERIES O
CUMULATIVE REDEEMABLE PREFERRED SHARES OF DUKE REALTY CORPORATION. ANY SUCH
REQUEST SHALL BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

The following abbreviations when used in the
instructions on the face of this receipt shall be construed as though they were
written out in full according to applicable laws or regulations.

 

	
  TEN COM -

  	
   

  	
  as tenant in
  common

  	
   

  	
  UNIF GIFT MIN
  ACT -  

  	
   

  	
  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN ENT -

  	
   

  	
  as tenants by
  the 

  	
   

  	
  Under Uniform
  Gifts to Minors Act 

  	
   

  
	
   

  	
   

  	
  entireties

  	
   

  	
   

  	
  (State)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JT TEN -

  	
   

  	
  as joint tenants
  with right of survivorship and not as tenants in common

  	
   

  	
   

  

 

Additional abbreviations may also be used though not in the above list.

 

ASSIGNMENT

 

For value received,
                        
hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT
SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

PLEASE PRINT OR
TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

                            
Depositary Shares represented by the within Receipt, and do hereby irrevocably
constitute and appoint
                            
Attorney to transfer the said Depositary Shares on the books of the within
named Depositary with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  

 

	
   

  	
  NOTICE:

  	
  The signature to
  the assignment must correspond with the name as written upon the face of this
  Receipt in every particular, without alteration or enlargement or any change
  whatever.

  

 

	
  Signature

  	
   

  	
   

  

 

 

22

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS

  
	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
  “Articles of
  Incorporation”

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.2.

  	
  “Company”

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.3.

  	
  “Corporate Office”

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.4.

  	
  “Deposit Agreement”

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.5.

  	
  “Depositary”

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.6.

  	
  “Depositary Share”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.7.

  	
  “Depositary’s Agent”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.8.

  	
  “Designating Amendment”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.9.

  	
  “Preferred Shares”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.10.

  	
  “Receipt”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.11.

  	
  “record date”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.12.

  	
  “record holder” or
  “holder”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.13.

  	
  “Registrar”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.14.

  	
  “Securities Act”

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.15.

  	
  “Transfer Agent”

  	
  2

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  
	
  FORM OF RECEIPTS,
  DEPOSIT OF PREFERRED SHARES,

  
	
  EXECUTION AND DELIVERY,
  TRANSFER,

  
	
  SURRENDER AND
  REDEMPTION OF RECEIPTS

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Form and
  Transferability of Receipts

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 2.2.

  	
  Deposit of Preferred
  Shares; Execution and Delivery of Receipts in Respect Thereof

  	
  4

  
	
   

  	
   

  	
   

  
	
  Section 2.3.

  	
  Optional Redemption of
  Preferred Shares for Cash

  	
  5

  
	
   

  	
   

  	
   

  
	
  Section 2.4.

  	
  Registration of
  Transfers of Receipts

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.5.

  	
  Combinations and
  Split-ups of Receipts

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.6.

  	
  Surrender of Receipts
  and Withdrawal of Preferred Shares

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.7.

  	
  Limitations on
  Execution and Delivery, Transfer, Split-up, Combination, Surrender and
  Exchange of Receipts

  	
  7

  

 

 

i

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.8.

  	
  Lost Receipts, etc.

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 2.9.

  	
  Cancellation and
  Destruction of Surrendered Receipts

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  
	
  CERTAIN OBLIGATIONS OF
  HOLDERS OF RECEIPTS AND THE COMPANY

  
	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
  Filing Proofs,
  Certificates and Other Information

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 3.2.

  	
  Payment of Fees and
  Expenses

  	
  8

  
	
   

  	
   

  	
   

  
	
  Section 3.3.

  	
  Representations and
  Warranties as to Preferred Shares

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 3.4.

  	
  Representation and
  Warranty as to Receipts and Depositary Shares

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  	
   

  	
   

  
	
  THE PREFERRED SHARES;
  NOTICES

  
	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
  Cash Distributions

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 4.2.

  	
  Distributions Other
  Than Cash

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 4.3.

  	
  Subscription Rights,
  Preferences or Privileges

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 4.4.

  	
  Notice of Dividends;
  Fixing of Record Date for Holders of Receipts

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 4.5.

  	
  Voting Rights

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 4.6.

  	
  Changes Affecting
  Preferred Shares and Reclassifications, Recapitalization, etc.

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 4.7.

  	
  Inspection of Reports

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 4.8.

  	
  Lists of Receipt
  Holders

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 4.9.

  	
  Tax and Regulatory
  Compliance

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 4.10.

  	
  Withholding

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  	
   

  	
   

  
	
  THE DEPOSITARY AND THE
  COMPANY

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Maintenance of Offices,
  Agencies and Transfer Books by the Depositary and the Registrar

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 5.2.

  	
  Prevention or Delay in
  Performance by the Depositary, the Depositary’s Agents, the Registrar or the
  Company

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 5.3.

  	
  Obligations of the
  Depositary, the Depositary’s Agents, the Registrar and the Company

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 5.4.

  	
  Resignation and Removal
  of the Depositary; Appointment of Successor Depositary

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 5.5.

  	
  Notices, Reports and
  Documents

  	
  16

  

 

 

ii

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.6.

  	
  Indemnification by the
  Company

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 5.7.

  	
  Fees, Charges and
  Expenses

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  	
   

  	
   

  
	
  AMENDMENT AND
  TERMINATION

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Amendment

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 6.2.

  	
  Termination

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
  Counterparts

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 7.2.

  	
  Exclusive Benefit of
  Parties

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 7.3.

  	
  Invalidity of
  Provisions

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 7.4.

  	
  Notices

  	
  18

  
	
   

  	
   

  	
   

  
	
  Section 7.5.

  	
  Depositary’s Agents

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.6.

  	
  Holders of Receipts Are
  Parties

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.7.

  	
  Governing Law

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.8.

  	
  Inspection of Deposit
  Agreement and Designating Amendment

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.9.

  	
  Headings

  	
  19

  

 

 

iii

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