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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 22, 2024
PROLOGIS,
INC.
PROLOGIS,
L.P.
(Exact name of registrant
as specified in charter)
Maryland
(Prologis, Inc.) |
|
001-13545
(Prologis, Inc.) |
|
94-3281941
(Prologis, Inc.) |
Delaware
(Prologis, L.P.) |
|
001-14245
(Prologis, L.P.) |
|
94-3285362
(Prologis, L.P.) |
(State
or other jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer Identification
No.) |
Pier
1, Bay
1, San
Francisco, California |
|
94111 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrants’ Telephone Number, including
Area Code: (415) 394-9000
N/A
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name of Each Exchange on Which
Registered |
Prologis, Inc. |
|
Common Stock, $0.01 par value |
|
PLD |
|
New York Stock Exchange |
Prologis, L.P. |
|
3.000% Notes due 2026 |
|
PLD/26 |
|
New York Stock Exchange |
Prologis, L.P. |
|
2.250% Notes due 2029 |
|
PLD/29 |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Co-Registrant CIK |
0001045610 |
Co-Registrant Amendment Flag |
false |
Co-Registrant Form Type |
8-K |
Co-Registrant DocumentPeriodEndDate |
2024-02-22 |
Co-Registrant Written Communications |
false |
Co-Registrant Solicitating Materials |
false |
Co-Registrant PreCommencement Tender Offer |
false |
Co-Registrant PreCommencement Issuer Tender Offer |
false |
Co-Registrant Entity Emerging Growth Company |
false |
Co-Registrant AddressLine1 |
Pier 1 |
Co-Registrant AddressLine2 |
Bay 1 |
Co-Registrant City |
San Francisco |
Co-Registrant State |
California |
Co-Registrant ZipCode |
94111 |
Co-Registrant CityAreaCode |
415 |
Co-Registrant LocalPhoneNumber |
394-9000 |
Item 2.03. Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
Prologis, L.P. (the “Operating Partnership”)
expects that it will close the issuance and sale of the Notes (defined below) on March 1, 2024. The information under Item 8.01 is incorporated
herein by reference.
Item 8.01 Other Events.
On February 22, 2024, the Operating Partnership
priced an offering of C$550,000,000 aggregate principal amount of its 4.700% Notes due 2029 (the “Notes”). In connection with
the offering, the Operating Partnership entered into an Underwriting Agreement, dated February 22, 2024 (the “Underwriting Agreement”),
with Scotia Capital Inc. and TD Securities Inc., as the underwriters (the “Underwriters”), pursuant to which the Operating
Partnership agreed to sell and the Underwriters agreed to purchase the Notes, subject to and upon the terms and conditions set forth therein.
A copy of the Underwriting Agreement has been filed as an exhibit to this Current Report and is incorporated herein by reference.
The Notes are being issued under an indenture,
dated as of June 8, 2011 (the “Base Indenture”), among Prologis, Inc. (the “Parent”), the Operating Partnership
and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, as supplemented
by the fifth supplemental indenture, dated as of August 15, 2013 and the ninth supplemental indenture, dated as of November 3, 2022
(the Base Indenture, as supplemented by the fifth supplemental indenture and ninth supplemental indenture, the “Indenture”).
The net proceeds to the Operating Partnership from
the sale of the Notes, after the Underwriter’s discount and offering expenses, are estimated to be approximately C$545.3 million.
The Operating Partnership intends to use the net proceeds of the offering for
general corporate purposes, including the repayment of borrowings under its global lines of credit.
The Notes will bear interest at a rate
of 4.700% per annum and mature on March 1, 2029. The Notes will be senior unsecured obligations
of the Operating Partnership.
At any time prior to February 1, 2029 (the “Par
Call Date”), the Notes will be redeemable in whole at any time or in part from time to time, at the option of the Operating Partnership,
at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of interest (not including any portion of the payments of interest accrued as of the
date of redemption) and principal on the Notes to be redeemed from the redemption date to the Par Call Date using as a discount rate the
sum of the Government of Canada Yield Rate plus 27.5 basis points. In addition, on or after the Par Call Date, the Notes will be redeemable
in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to 100% of
the principal amount of the Notes to be redeemed. In each case, accrued and unpaid interest, if any, will be paid on the Notes being redeemed
to, but excluding, the redemption date.
The Indenture governing the Notes restricts, among
other things, the Operating Partnership’s and its subsidiaries ability to incur additional indebtedness and to merge or consolidate
with any other person or sell, assign, transfer, lease, convey or otherwise dispose of substantially all of its assets.
The Notes are being issued pursuant to the Registration
Statement (File No. 333-267431) that the Operating Partnership, the Parent and certain of their wholly-owned subsidiaries filed with the
Securities and Exchange Commission (the “SEC”) relating to the public offering from time to time of securities of the Operating
Partnership, the Parent and certain of their wholly-owned subsidiaries pursuant to Rule 415 of the Securities Act of 1933, as amended.
In connection with filing with the SEC a definitive prospectus supplement, dated February 22, 2024, and base prospectus, dated September
15, 2022, relating to the public offering of the Notes, the Operating Partnership is filing the Underwriting Agreement, the form of the
Notes and certain other exhibits with this Current Report on Form 8-K as exhibits to such Registration Statement. See “Item 9.01
– Financial Statements and Exhibits.”
This Current Report does not constitute an offer
to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following
documents have been filed as exhibits to this report and are incorporated by reference herein as described above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
PROLOGIS, INC. |
|
|
Date: March 1, 2024 |
By: |
/s/ Michael T. Blair |
|
|
Name: |
Michael T. Blair |
|
|
Title: |
Assistant Secretary and Managing Director, Deputy General Counsel |
|
|
|
|
PROLOGIS, L.P. |
|
By: Prologis, Inc., |
|
its General Partner |
|
|
Date: March 1, 2024 |
By: |
/s/ Michael T. Blair |
|
|
Name: |
Michael T. Blair |
|
|
Title: |
Assistant Secretary and Managing Director, Deputy General Counsel |
Exhibit 1.1
PROLOGIS, L.P., as Issuer
C$550,000,000 4.700% Notes
due 2029
Underwriting
Agreement
Dated February 22,
2024
Scotia Capital Inc.
TD Securities Inc.
Prologis, L.P.
Underwriting Agreement
February 22, 2024
Scotia Capital Inc.
40 Temperance Street, 4th Floor
Toronto, ON M5H 0B4
TD Securities Inc.
TD Tower
66 Wellington Street West, 9th Floor
Toronto, Ontario M5K 1A2
Ladies and Gentlemen:
Introductory.
Prologis, L.P., a Delaware limited partnership (the “Issuer”), proposes to issue and sell to the several underwriters
named in Schedule A hereto (the “Underwriters,” which term shall also include any underwriter substituted as hereinafter
provided in Section 10 hereof), acting severally and not jointly, the respective amounts set forth in Schedule A hereto of C$550,000,000
aggregate principal amount of the Issuer’s 4.700% Notes due 2029 (the “Securities”). Scotia Capital Inc. and
TD Securities Inc. have agreed to act as representatives of the several Underwriters (in such capacity, the “Representatives”)
in connection with the offering and sale of the Securities.
The Securities will be issued
pursuant to an indenture, dated as of June 8, 2011 (the “Base Indenture”), among the Issuer, Prologis, Inc.,
a Maryland corporation and the parent company of the Issuer (“Prologis”), and U.S. Bank Trust Company, National Association,
as trustee (the “Trustee”), as supplemented by the fifth supplemental indenture, dated as of August 15, 2013
(the “Fifth Supplemental Indenture”), as supplemented by the ninth supplemental indenture, dated as of November 3,
2022 (the “Ninth Supplemental Indenture” and together with the Base Indenture and the Fifth Supplemental Indenture,
the “Indenture”), providing for the issuance of debt securities in one or more series. The Securities will be issued
in book-entry form and registered in the name of CDS & Co., as nominee of CDS Clearing and Depository Services Inc. (the “CDS”).
Prologis and the Issuer have
prepared and filed with the Securities and Exchange Commission (the “Commission”) an automatic shelf registration
statement on Form S-3 (File No. 333-267431), including any amendments thereto, which contains a base prospectus, dated September 15,
2022 (the “Base Prospectus”), to be used in connection with the public offering and sale of debt securities and guarantees,
including the Securities, debt securities of the Issuer, Prologis Euro Finance LLC, Prologis Sterling Finance LLC and Prologis Yen Finance
LLC and other securities of Prologis under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder
(collectively, the “Securities Act”), and the offering thereof from time to time in accordance with Rule 415
under the Securities Act. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto,
in the form in which it became effective under the Securities Act, including the documents incorporated by reference therein, and any
required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430B under the Securities Act is
called the “Registration Statement.” The term “Prospectus” shall mean the final prospectus supplement
relating to the Securities, together with the Base Prospectus, that is first filed pursuant to Rule 424(b) after the date and
time that this Agreement is executed and delivered by the parties hereto. The term “Preliminary Prospectus” shall
mean the most recent preliminary prospectus supplement relating to the Securities, together with the Base Prospectus, that is distributed
to investors prior to the Initial Sale Time (as defined below) and filed with the Commission pursuant to Rule 424(b). Any reference
herein to the Registration Statement, the Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents
that are or are deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act prior to
2:25 p.m. (New York City time) on February 22, 2024 (the “Initial Sale Time”). All references in this Agreement
to the Registration Statement, the Preliminary Prospectus, the Prospectus, or any amendments or supplements to any of the foregoing,
shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”).
References to “Canadian
Securities Laws” shall mean all applicable securities laws in each of the provinces and territories of Canada, and the respective
regulations and rules under such laws together with applicable published rules, policy statements, blanket rulings and orders, instruments,
rulings and notices of the regulatory authorities in such provinces or territories. The Issuer has prepared a preliminary Canadian offering
memorandum dated February 22, 2024 relating to the Securities (the “Preliminary Canadian Offering Memorandum”), and
the Issuer agrees to prepare a Canadian offering memorandum dated February 22, 2024 relating to the Securities (the “Canadian
Offering Memorandum”).
All references in this Agreement
to financial statements and schedules and other information which is “disclosed,” “contained,” “included”
or “stated” (or other references of like import) in the Registration Statement, Preliminary Prospectus, Prospectus, Preliminary
Canadian Offering Memorandum or Canadian Offering Memorandum shall be deemed to mean and include all such financial statements and schedules
and other information which is or is deemed to be incorporated by reference in the Registration Statement, Preliminary Prospectus, Prospectus,
Preliminary Canadian Offering Memorandum or Canadian Offering Memorandum, as the case may be, prior to the Initial Sale Time; and all
references in this Agreement to amendments or supplements to the Registration Statement, Preliminary Prospectus, Prospectus, Preliminary
Canadian Offering Memorandum or Canadian Offering Memorandum shall be deemed to include the filing of any document under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), which is or is deemed to be incorporated by reference in the
Registration Statement, Preliminary Prospectus, Prospectus, Preliminary Canadian Offering Memorandum or Canadian Offering Memorandum,
as the case may be, after the Initial Sale Time.
The Issuer hereby confirms
its agreements with the Underwriters as follows:
Section 1.
Representations and Warranties. The Issuer, hereby represents, warrants and covenants to each Underwriter as of the date
hereof, as of the Initial Sale Time and as of the Closing Date (in each case, a “Representation Date”), as follows:
(a) Compliance
with Registration Requirements. Prologis and the Issuer meet the requirements for use of Form S-3 under the Securities Act.
The Registration Statement has become effective under the Securities Act and no stop order suspending the effectiveness of the Registration
Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted or are pending or, to the
knowledge of the Issuer, are contemplated or threatened by the Commission, and any request on the part of the Commission for additional
or supplemental information has been complied with. In addition, the Indenture has been duly qualified under the Trust Indenture Act
of 1939, as amended (the “Trust Indenture Act”).
At the respective times the
Registration Statement and any post-effective amendments thereto (including the filing of Prologis’ and the Issuer’s most
recent jointly-filed Annual Report on Form 10-K with the Commission (the “Annual Report on Form 10-K”))
became effective and at each Representation Date, the Registration Statement and any amendments thereto (i) complied and will comply
in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission thereunder
(the “Securities Act Regulations”) and the Trust Indenture Act and the rules and regulations of the Commission
thereunder, and (ii) did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, or contain a “misrepresentation” as defined
under applicable Canadian Securities Laws. At the date of the Prospectus and the Canadian Offering Memorandum and at the Closing Date
(and with regards to the Preliminary Prospectus and the Preliminary Canadian Offering Memorandum, as of their respective dates), neither
the Preliminary Prospectus, the Preliminary Canadian Offering Memorandum, the Prospectus nor the Canadian Offering Memorandum nor any
amendments or supplements thereto included or will include an untrue statement of a material fact or omitted or will omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or contain a “misrepresentation” as defined under applicable Canadian Securities Laws. Notwithstanding the foregoing, the
representations and warranties in this subsection shall not apply to (i) that part of the Registration Statement which constitutes
the Statement of Eligibility on Form T-1 of the Trustee under the Trust Indenture Act (the “Form T-1”) and
(ii) statements in or omissions from the Registration Statement or any post-effective amendment or the Prospectus, the Preliminary
Canadian Offering Memorandum or the Canadian Offering Memorandum or any amendments or supplements thereto, made in reliance upon and
in conformity with information furnished to the Issuer in writing by any Underwriter through the Representatives expressly for use therein,
it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such
in Section 8(b) hereof (the “Underwriter Information”).
Each preliminary prospectus
and prospectus filed as part of the Registration Statement, as originally filed or as part of any amendment thereto, or filed pursuant
to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act Regulations and the
Preliminary Prospectus and the Prospectus delivered to the Underwriters for use in connection with the offering of the Securities will,
at the time of such delivery, be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T.
(b) Disclosure
Package. The term “Disclosure Package” shall mean (i) the Preliminary Prospectus, (ii) the Preliminary
Canadian Offering Memorandum, (iii) the issuer free writing prospectuses as defined in Rule 433 of the Securities Act (each,
an “Issuer Free Writing Prospectus”), if any, identified in Annex I hereto and (iv) any other Issuer Free Writing
Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Initial
Sale Time, (i) the Disclosure Package did not, and (ii) each Issuer Free Writing Prospectus listed in Annex II hereof, taken
together with the Disclosure Package, did not, contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or contain a “misrepresentation”
as defined under applicable Canadian Securities Laws. The preceding sentence does not apply to statements in or omissions from the Disclosure
Package based upon and in conformity with any Underwriter Information.
(c) Incorporated
Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Preliminary Prospectus,
the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum (i) at the time they were or hereafter
are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act and the rules and
regulations of the Commission thereunder (the “Exchange Act Regulations”) and (ii) when read together with the
other information in the Disclosure Package, at the Initial Sale Time, and when read together with the other information in the Prospectus
and the Canadian Offering Memorandum, at the date of the Prospectus and the Canadian Offering Memorandum and at the Closing Date, did
not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or contain a “misrepresentation” as
defined under applicable Canadian Securities Laws.
(d) Prologis
and the Issuer are each a Well-Known Seasoned Issuer. (i) At the time of filing the Registration Statement, (ii) at the
time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether
such amendment was by post-effective amendment, incorporated report filed pursuant to Sections 13 or 15(d) of the Exchange Act or
form of prospectus), (iii) at the time the Issuer or any person acting on the Issuer’s behalf (within the meaning, for this
clause only, of Rule 163(c) of the Securities Act) made any offer relating to the Securities in reliance on the exemption of
Rule 163 of the Securities Act, and (iv) as of the date hereof (the “Execution Time”), each of Prologis
and the Issuer was and is a “well known seasoned issuer” as defined in Rule 405 of the Securities Act. The Registration
Statement is an “automatic shelf registration statement,” as defined in Rule 405 of the Securities Act, that initially
became effective within three years of the Execution Time; neither Prologis nor the Issuer has received from the Commission any notice
pursuant to Rule 401(g)(2) of the Securities Act objecting to use of the automatic shelf registration statement form; and neither
Prologis nor the Issuer has otherwise ceased to be eligible to use the automatic shelf registration statement form.
(e) The
Issuer is not an Ineligible Issuer. (i) At the earliest time after the filing of the Registration Statement when a bona fide
offer (as used in Rule 164(h)(2) of the Securities Act Regulations) of the Securities is first made by the Issuer or any other
offering participant, and (ii) as of the Execution Time, the Issuer was or is not an Ineligible Issuer (as defined in Rule 405
of the Securities Act).
(f) Issuer
Free Writing Prospectuses. Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion
of the public offer and sale of the Securities or until any earlier date of which the Issuer notified or notifies the Representatives,
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement, the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian
Offering Memorandum, including any document incorporated by reference therein that has not been superseded or modified. The foregoing
sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with any Underwriter
Information.
(g) Distribution
of Offering Material by the Issuer. The Issuer has not distributed, and will not distribute, prior to the later of the Closing Date,
and the completion of the Underwriters’ distribution of the Securities, any offering material in connection with the offering and
sale of the Securities other than the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum, the Canadian
Offering Memorandum and any Issuer Free Writing Prospectus reviewed and consented to by the Representatives and identified in Annex I
and Annex II hereto.
(h) The
Underwriting Agreement. This Agreement has been duly authorized, executed and delivered by the Issuer.
(i) Authorization
of the Base Indenture and Certain Supplemental Indentures. Each of the Base Indenture, the Fifth Supplemental Indenture and the Ninth
Supplemental Indenture have been duly authorized, executed and delivered by each of Prologis and the Issuer and constitutes a valid and
binding agreement of Prologis and the Issuer, enforceable against each of Prologis and the Issuer in accordance with its terms, except
as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar
laws relating to or affecting the rights and remedies of creditors or by general equitable principles.
(j) Authorization
of the Securities. The Securities to be purchased by the Underwriters from the Issuer are in the form contemplated by the Indenture,
have been duly authorized for issuance and sale pursuant to this Agreement and the Indenture and, at the Closing Date, will have been
duly executed by the Issuer and, when authenticated in the manner provided for in the Indenture and delivered against payment of the
purchase price therefor, will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with
their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles, and will be entitled
to the benefits of the Indenture.
(k) [Reserved].
(l) Description
of the Securities and the Indenture. The Securities and the Indenture conform in all material respects to the descriptions thereof
contained in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum.
(m) No
Material Adverse Change. Except as otherwise disclosed in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum,
subsequent to the respective dates as of which information is given in the Disclosure Package, the Prospectus and the Canadian Offering
Memorandum: (i) there has been no material adverse change, or any development involving Prologis or its subsidiaries, the Issuer
or the subsidiaries of the Issuer that could reasonably be expected to result in a material adverse change, in the condition, financial
or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course
of business of the Issuer and its consolidated subsidiaries, considered as one entity (any such change is called a “Material
Adverse Change”); (ii) the Issuer and the subsidiaries of the Issuer, considered as one entity, have not incurred any
material liability or obligation, indirect, direct or contingent, not in the ordinary course of business or entered into any material
transaction or agreement not in the ordinary course of business; and (iii) except for regular quarterly dividends on the common
stock or shares or preferred stock or shares in amounts per share that are consistent with past practice, there has been no dividend
or distribution of any kind declared, paid or made by the Issuer or, except for dividends paid to the Issuer or subsidiaries of the Issuer,
any subsidiaries of the Issuer on any class of capital stock or shares or repurchase or redemption by the Issuer or any of the subsidiaries
of the Issuer of any class of capital stock or shares.
(n) Independent
Accountants. KPMG LLP, who have expressed their opinion with respect to the audited financial statements of (1) Prologis and
its consolidated subsidiaries and (2) the Issuer and its consolidated subsidiaries, in each case as of December 31, 2023 and
2022 and for the fiscal years ended December 31, 2023, 2022 and 2021, all incorporated by reference in the Registration Statement,
the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum and the Canadian Offering Memorandum, are independent
public or certified public accountants within the meaning of Regulation S-X under the Securities Act and the Exchange Act and a registered
public accounting firm within the meaning of the Sarbanes-Oxley Act of 2002, as amended.
(o) Preparation
of the Financial Statements. The audited consolidated financial statements for the fiscal years ended December 31, 2023, 2022
and 2021 of Prologis and the Issuer, together with the related notes thereto and related schedules incorporated by reference in
the Registration Statement, the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum and the Canadian
Offering Memorandum, present fairly the consolidated financial position of Prologis, or the consolidated financial position of the Issuer,
as applicable, as of and at the dates indicated and the results of their respective operations and cash flows for the periods specified.
Such financial statements and related schedules have been prepared in conformity with generally accepted accounting principles as applied
in the United States and applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related
notes thereto. The summary financial information included in the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering
Memorandum and the Canadian Offering Memorandum present fairly in all material respects the information shown therein and have been compiled
on a basis consistent with that of the audited financial statements incorporated by reference in the Registration Statement, the Preliminary
Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum and the Canadian Offering Memorandum. No other financial statements
or supporting schedules are required to be included or incorporated by reference in the Registration Statement.
(p) [Reserved].
(q) Organization
and Good Standing of the Issuer. The Issuer has been duly formed and is validly existing as a limited partnership in good standing
under the laws of the State of Delaware, with partnership power and authority to own, lease and operate its properties, to conduct the
business in which it is engaged or proposes to engage as described in the Disclosure Package, the Prospectus and the Canadian Offering
Memorandum and to enter into and perform its obligations under this Agreement, the Indenture and the Securities. The Issuer is duly qualified
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to be in good standing
would not, individually or in the aggregate, result in a Material Adverse Change. Prologis is the sole general partner of the Issuer
and owns the percentage interest in the Issuer as set forth or incorporated by reference in the Disclosure Package, the Prospectus and
the Canadian Offering Memorandum.
(r) Incorporation
and Good Standing of Significant Subsidiaries. Each subsidiary and joint venture of the Issuer listed on Schedule B hereto (collectively,
the “Significant Subsidiaries”) has been duly incorporated or organized, as the case may be, and is validly existing
as a corporation, trust, partnership, limited liability company or other entity, as the case may be, and (except as to any general partnership)
in good standing under the laws of the jurisdiction of its incorporation or organization, as the case may be, and has the power (corporate
or other) and authority to own, lease and operate its properties and to conduct its business as described in the Disclosure Package,
the Prospectus and the Canadian Offering Memorandum. Each Significant Subsidiary is duly qualified as a foreign corporation, trust, partnership,
limited liability company or other entity to transact business and is in good standing in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where
the failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change.
All of the issued and outstanding capital stock and other equity interests of each Significant Subsidiary have been duly authorized and
validly issued, and are fully paid and (except for general partnership interests and directors’ qualifying shares) non-assessable;
and all shares of outstanding capital stock and other equity interests of each Significant Subsidiary held by the Issuer, directly or
through subsidiaries, are owned free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim, except for the
pledge of such capital stock or other interests to secure borrowings of the Issuer or one of its wholly owned subsidiaries.
(s) Capital
Stock Matters. All of the issued and outstanding shares of capital stock of Prologis have been duly authorized and validly issued,
are fully paid and non-assessable and have been issued in compliance with federal and state securities laws.
(t) Capitalization.
The Issuer has an authorized capitalization as set forth in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum
under the heading “Capitalization”; there are no outstanding options to purchase, or any rights or warrants to subscribe
for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any shares of common stock,
any shares of capital stock of any subsidiary, or any such warrants, convertible securities or obligations, except as set forth in the
Disclosure Package, the Prospectus and the Canadian Offering Memorandum and except for options granted under, or contracts or commitments
pursuant to, the previous or currently existing option and other similar officer, director, trustee or employee benefit plans of the
Issuer or any of the subsidiaries of the Issuer; and there are no contracts, commitments, agreements, arrangements, understandings or
undertakings of any kind to which the Issuer is a party, or by which either of them is bound, granting to any person the right to require
Prologis or the Issuer to file a registration statement under the Securities Act with respect to any securities of the Issuer or requiring
the Issuer to include such securities with the Securities registered pursuant to any registration statement, except as set forth in the
Disclosure Package, the Prospectus and the Canadian Offering Memorandum.
(u) Partnership
Units of the Issuer. All of the issued and outstanding partnership units of the Issuer (the “Units”) have been
duly and validly authorized and issued and conform to the description thereof contained or incorporated by reference in the Disclosure
Package, the Prospectus and the Canadian Offering Memorandum. The Units owned by Prologis are owned directly by Prologis, free and clear
of any security interest, mortgage, pledge, lien, encumbrance or claim.
(v) Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required. None of the Issuer nor any of the subsidiaries of the Issuer
is in violation of its charter or by-laws or other similar constitutive documents, except, in the case of subsidiaries of the Issuer,
for such violations as would not, individually or in the aggregate, result in a Material Adverse Change. None of Prologis, the Issuer
nor any of the subsidiaries of the Issuer is in default (or, with the giving of notice or lapse of time or both, would be in default)
(“Default”) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument
to which Prologis, the Issuer or any of the subsidiaries of the Issuer is a party or by which it or any of them may be bound, or to which
any of the property or assets of Prologis, the Issuer or any of the subsidiaries of the Issuer is subject (each, an “Existing
Instrument”), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change.
The Issuer’s execution, delivery and performance of this Agreement and the Indenture, and the respective execution, issuance and
delivery of the Securities, the consummation of the transactions contemplated hereby, by the Indenture and by the Disclosure Package,
the Prospectus and the Canadian Offering Memorandum (i) have been duly authorized by all necessary corporate or other action, as
the case may be, and will not result in any violation of the provisions of the charter or by-laws or other similar constitutive documents
of the Issuer or any of the subsidiaries of the Issuer, except, in the case of subsidiaries of the Issuer that are not Significant Subsidiaries,
for such violations as would not, individually or in the aggregate, materially adversely affect the Issuer’s ability to consummate
the transactions contemplated by this Agreement or the Indenture, (ii) will not conflict with or constitute a breach of, or Default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Issuer or any of
the subsidiaries of the Issuer pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts,
breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material Adverse Change
or materially adversely affect the Issuer’s ability to consummate the transactions contemplated by this Agreement or the Indenture
and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to
the Issuer or any of the subsidiaries of the Issuer, except for such violation as would not, individually or in the aggregate, result
in a Material Adverse Change or materially adversely affect the Issuer’s ability to consummate the transactions contemplated by
this Agreement or the Indenture. No consent, approval, authorization or other order of, or registration or filing with, any court or
other governmental or regulatory authority or agency, is required for the Issuer’s execution, delivery and performance of this
Agreement or the Indenture, or the execution, issuance and delivery of the Securities or the consummation of the transactions contemplated
hereby or thereby and by the Disclosure Package, the Prospectus and the Canadian Offering Memorandum, except such as have been obtained
or made by the Issuer and are in full force and effect under the Securities Act, the Trust Indenture Act and applicable state securities
or blue sky laws and from the Financial Industry Regulatory Authority (“FINRA”) or the failure of which to obtain
would not have a material adverse effect on the consummation of the transactions contemplated by this Agreement or the Indenture and
except as may be required under applicable Canadian Securities Laws in connection with the purchase and resale of the Securities and
the filing of a report of exempt distribution under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”)
with payment of applicable filing fees to, and if applicable, delivery of the Canadian Offering Memorandum with (as applicable), the
securities regulatory authority in each jurisdiction of Canada in which sales of the Securities are made and such delivery is required.
(w) No
Material Actions or Proceedings. Except as otherwise disclosed in the Disclosure Package, the Prospectus and the Canadian Offering
Memorandum, there are no legal or governmental actions, suits or proceedings pending or, to the best of the Issuer’s knowledge,
threatened (i) against or affecting the Issuer or any of the subsidiaries of the Issuer, (ii) which has as the subject thereof
any officer, director of, or property owned or leased by, the Issuer or any of the subsidiaries of the Issuer or (iii) relating
to environmental or discrimination matters, where in any such case (A) there is a reasonable possibility that such action, suit
or proceeding might be determined adversely to the Issuer or such subsidiary and (B) any such action, suit or proceeding, if so
determined adversely, would reasonably be expected to result in a Material Adverse Change or materially adversely affect the consummation
of the transactions contemplated by this Agreement or the Indenture.
(x) Labor
Matters. No material labor dispute with the employees of the Issuer or any of the subsidiaries of the Issuer exists or, to the best
of the Issuer’s knowledge, is threatened or imminent, except for such disputes as would not, individually or in the aggregate,
result in a Material Adverse Change.
(y) Intellectual
Property Rights. The Issuer and the subsidiaries of the Issuer own or possess sufficient trademarks, trade names, patent rights,
copyrights, domain names, licenses, approvals, trade secrets and other similar rights (collectively, “Intellectual Property
Rights”) reasonably necessary to conduct their businesses as now conducted, except as would not result in a Material Adverse
Change; and the expected expiration of any of such Intellectual Property Rights would not result in a Material Adverse Change. None of
the Issuer nor any of the subsidiaries of the Issuer has received any notice of infringement or conflict with asserted Intellectual Property
Rights of others, which infringement or conflict, if the subject of an unfavorable decision, would result in a Material Adverse Change.
The Issuer is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any
other person or entity that are required to be set forth in the Registration Statement, the Preliminary Prospectus, the Prospectus, the
Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum, and that are not described in all material respects in
such documents. None of the technology employed by the Issuer has been obtained or is being used by the Issuer in violation of any contractual
obligation binding on the Issuer or, to the knowledge of the Issuer, any of its officers, directors or employees or otherwise in violation
of the rights of any persons, except for such violations as would not, individually or in the aggregate, result in a Material Adverse
Change.
(z) All
Necessary Permits, etc. The Issuer and each of the subsidiaries of the Issuer possess such valid and current certificates, authorizations,
permits, licenses, approvals, consents and other authorizations issued by the appropriate state, federal or foreign regulatory agencies
or bodies necessary to conduct their respective businesses, except for such certificates, authorizations, permits, licenses, approvals,
consents and other authorizations as would not, individually or in the aggregate, result in a Material Adverse Change, and none of the
Issuer nor any of the subsidiaries of the Issuer has received any notice of proceedings relating to the revocation or modification of,
or non-compliance with, any such certificate, authorization, permit, license, approval, consent or other authorization which, singly
or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change.
(aa) Title
to Properties. Except as otherwise disclosed in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum, the
Issuer and each of the subsidiaries of the Issuer has good and marketable title to all the properties and assets reflected as owned in
the financial statements referred to in Section 1(p) above (or elsewhere in the Disclosure Package, the Prospectus and the
Canadian Offering Memorandum), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims
and other defects, except such as do not materially and adversely affect the value of such property and do not materially interfere with
the use made or proposed to be made of such property by the Issuer or such subsidiary. The real property, improvements, equipment and
personal property held under lease by the Issuer or any of the subsidiaries of the Issuer are held under valid and enforceable leases,
with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property,
improvements, equipment or personal property by the Issuer or the subsidiaries of the Issuer.
(bb) Tax
Law Compliance. The Issuer and the subsidiaries of the Issuer have filed all material federal, state and foreign income and franchise
tax returns or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and
payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith
and by appropriate proceedings. Each of Prologis and the Issuer has made adequate charges, accruals and reserves in the applicable financial
statements referred to in Section 1(p) above in respect of all federal, state and foreign income and franchise taxes for all
periods as to which the tax liability of the Issuer or any of the subsidiaries of the Issuer has not been finally determined. With respect
to all tax periods in respect of which the Internal Revenue Service is or will be entitled to any claim, Prologis has met the requirements
for qualification as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended,
and the regulations and published interpretations thereunder (the “Internal Revenue Code”) and Prologis’ present
and contemplated organizational ownership, method of operation, assets and income are such that Prologis will continue to meet such requirements.
(cc) The
Issuer is not an “Investment Company.” The Issuer is not, and after receipt of payment for the Securities and the application
of the proceeds as described in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum under “Use of Proceeds”
will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment
Company Act”).
(dd) Insurance.
The Issuer and the subsidiaries of the Issuer taken as a whole carry or are covered by insurance in such amounts covering such risks
as are generally deemed adequate and customary for their businesses. The Issuer has no reason to believe that it or any of the subsidiaries
of the Issuer will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain
comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost
that would not result in a Material Adverse Change.
(ee) No
Price Stabilization or Manipulation. The Issuer has not taken and will not take, directly or indirectly, any action designed to or
that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Issuer to facilitate
the sale or resale of the Securities.
(ff) Foreign
Corrupt Practices. None of Prologis, the Issuer nor any of their respective subsidiaries nor, to the knowledge of the Issuer, any
director, officer, agent, employee or affiliate of Prologis, the Issuer or any of the subsidiaries of the Issuer is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of (i) the Foreign Corrupt Practices Act of
1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making
use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of
value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof
or any candidate for foreign political office, in contravention of the FCPA or (ii) the Bribery Act 2010 of the United Kingdom;
and Prologis, the Issuer, the subsidiaries of the Issuer and, to the knowledge of the Issuer, their respective affiliates have conducted
their businesses in compliance with the FCPA and have instituted and maintain policies and procedures reasonably designed to ensure,
and which are reasonably expected to continue to ensure, continued compliance therewith.
(gg) Money
Laundering. The operations of Prologis, the Issuer and their respective subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving Prologis, the Issuer or any of the subsidiaries of the Issuer with respect to the
Money Laundering Laws is pending or, to the best knowledge of the Issuer, threatened.
(hh) OFAC.
Neither Prologis, the Issuer nor any of their respective subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent,
employee or affiliate of Prologis, the Issuer or any of the subsidiaries of the Issuer is currently subject to any sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and Prologis and the Issuer will
not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds, to any subsidiary,
joint venture partner or other person or entity for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.
(ii) Compliance
with Environmental Laws. Except as would not, individually or in the aggregate, result in a Material Adverse Change, (i) none
of the Issuer nor any of the subsidiaries of the Issuer is in violation of any federal, state, local or foreign law or regulation relating
to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges,
releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and
petroleum products (collectively, “Materials of Environmental Concern”), or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively,
“Environmental Laws”), which violation includes, but is not limited to, noncompliance with any permits or other governmental
authorizations required for the operation of the business of the Issuer or the subsidiaries of the Issuer under applicable Environmental
Laws, or noncompliance with the terms and conditions thereof, nor has any of the Issuer or the subsidiaries of the Issuer received any
written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Issuer or
any of the subsidiaries of the Issuer is in violation of any Environmental Law; (ii) there is no claim, action or cause of action
filed with a court or governmental authority with respect to which the Issuer or any of the subsidiaries of the Issuer has received written
notice, no investigation with respect to which the Issuer has received written notice, and no written notice by any person or entity
alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property
damages, personal injuries, attorneys’ fees or penalties arising out of, based on or resulting from the presence, or release into
the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Issuer or any of the subsidiaries
of the Issuer, now or in the past (collectively, “Environmental Claims”), pending or, to the best of the Issuer’s
knowledge, threatened against the Issuer or any of the subsidiaries of the Issuer or any person or entity whose liability for any Environmental
Claim the Issuer or any of the subsidiaries of the Issuer has retained or assumed either contractually or by operation of law; and (iii) to
the best of the Issuer’s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents,
including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that
reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Issuer
or any of the subsidiaries of the Issuer or against any person or entity whose liability for any Environmental Claim the Issuer
or any of the subsidiaries of the Issuer has retained or assumed either contractually or by operation of law.
(jj) ERISA
Compliance. The Issuer and the subsidiaries of the Issuer and any “employee benefit plan” (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
“ERISA”)) established or maintained by the Issuer and the subsidiaries of the Issuer or their “ERISA Affiliates”
(as defined below) are in compliance in all material respects with ERISA. “ERISA Affiliate” means, with respect to
any person or any subsidiary of such person, any member of any group of organizations described in Sections 414(b), (c), (m) or
(o) of the Internal Revenue Code, of which such person or such subsidiary is a member. No “reportable event” (as defined
under ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan” established or maintained
by the Issuer and the subsidiaries of the Issuer or any of their ERISA Affiliates. No “employee benefit plan” established
or maintained by the Issuer, its subsidiaries or any of their ERISA Affiliates, if such “employee benefit plan” were terminated,
would have any “amount of unfunded benefit liabilities” (as defined under ERISA). None of the Issuer or any of the subsidiaries
of the Issuer nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of
ERISA with respect to termination of, or withdrawal from, any “employee benefit plan,” (ii) Sections 412, 4971 or 4975
of the Internal Revenue Code, or (iii) Section 4980B of the Internal Revenue Code with respect to the excise tax imposed thereunder.
Each “employee benefit plan” established or maintained by the Issuer or any of the subsidiaries of the Issuer or any of their
ERISA Affiliates that is intended to be qualified under Section 401(a) of the Internal Revenue Code has received a favorable
determination letter from the Internal Revenue Service and nothing has occurred, whether by action or failure to act, which is reasonably
likely to cause disqualification of any such employee benefit plan under Section 401(a) of the Internal Revenue Code.
(kk) Accounting
Systems. Prologis, the Issuer and the subsidiaries of the Issuer maintain effective internal control over financial reporting, as
such term is defined in Rule 13a-15(f) under the Exchange Act.
(ll) Disclosure
Controls and Procedures. Prologis and the Issuer established and maintain disclosure controls and procedures (as such term is defined
in Rules 13a-15 and 15d-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material
information relating to Prologis and the Issuer and the subsidiaries of the Issuer is made known to the respective chief executive officer
and chief financial officer of Prologis and the Issuer by others within Prologis and the Issuer or any of the subsidiaries of the Issuer,
and such disclosure controls and procedures are reasonably effective to perform the functions for which they were established subject
to the limitations of any such control system; Prologis’ and the Issuer’s auditors and the audit committee of the board of
directors of Prologis have been advised of: (i) any significant deficiencies or material weaknesses in the design or operation of
internal controls which could adversely affect the ability of Prologis or the Issuer to record, process, summarize, and report financial
data; and (ii) any fraud, whether or not material, that involves management or other employees who have a role in the internal controls
of Prologis or the Issuer; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been
no significant changes in internal controls or in other factors that could materially affect internal controls, including any corrective
actions with regard to significant deficiencies and material weaknesses.
(mm) Cybersecurity;
Data Protection. The Issuer and the subsidiaries of the Issuer’s information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate for,
and operate and perform in all material respects as required in connection with the operation of the business of the Issuer and the subsidiaries
of the Issuer as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other
corruptants. The Issuer and the subsidiaries of the Issuer have implemented and maintained commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their material confidential information and the integrity, redundancy and security
of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal
Data”)) used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses
of or accesses to same, except for those that have been remedied without material cost or liability, nor any incidents under internal
review or investigations relating to the same. The Issuer and the subsidiaries of the Issuer are presently in material compliance with
all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory
authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to
the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.
(nn) EXtensible
Business Reporting Language. The interactive data in eXtensible Business Reporting Language included or incorporated by reference
in the Registration Statement, the Preliminary Prospectus and the Prospectus fairly presents the information called for in all
material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto.
Any certificate signed by
any officer of the Issuer or any of the subsidiaries of the Issuer and delivered to the Representatives or to counsel for the Underwriters
in connection with the offering of the Securities shall be deemed a representation and warranty by the Issuer to each Underwriter as
to the matters set forth therein on the date of such certificate and, unless subsequently amended or supplemented, at each Representation
Date subsequent thereto.
The Issuer acknowledges that
the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 5 hereof, counsel for the Issuer and the
Underwriters will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.
Section 2.
Purchase, Sale and Delivery of the Securities.
(a) The
Securities. On the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the
conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase from the Issuer the aggregate principal amount
of the Securities set forth opposite their names on Schedule A at a purchase price of 99.461% of the principal amount of the Securities,
thereof payable on the Closing Date (as defined below).
(b) The
Closing Date. Delivery of certificates for the Securities in global form to be purchased by the Underwriters and payment therefor
shall be made at the offices of Sidley Austin LLP (or such other place as may be agreed to by Issuer and the Representatives) at 9:00
a.m., New York City time, on March 1, 2024 or such other time not later than ten business days after the time and date the Representatives
shall designate by notice to the Issuer (the time and date of such closing are called the “Closing Date”).
(c) Public
Offering of the Securities. The Underwriters hereby advise the Issuer that they intend to offer their respective portions of the
Securities for sale to the public, as described in the Disclosure Package and the Prospectus as soon after this Agreement has been executed
as the Underwriters, in their sole judgment, have determined is advisable and practicable (provided that it is understood and agreed
that the offering of the Securities in Canada by the Underwriters as contemplated herein shall be made in Canada on a private placement
basis in accordance with applicable exemptions from the prospectus requirements of applicable Canadian Securities Laws).
(d) Payment
for the Securities. Payment for the Securities as provided herein shall be made at the Closing Date, by wire transfer of immediately
available funds to the order of the Issuer. It is understood that the Representatives have been authorized, for their own account and
the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the purchase price for, the Securities
the Underwriters have agreed to purchase. Either Scotia Capital Inc. or TD Securities Inc., individually and not as the Representative
of the Underwriters, may (but shall not be obligated to) make payment for the Securities, if any, to be purchased by any Underwriter
whose funds shall not have been received by the Representatives by the Closing Date, for the account of such Underwriter, but any such
payment shall not relieve such Underwriter from any of its obligations under this Agreement.
(e) Delivery
of the Securities. The Issuer shall deliver, or cause to be delivered, to the Underwriters the Securities at the Closing Date, against
the irrevocable release of a wire transfer of immediately available funds for the amount of the purchase price therefor. The Securities
shall be in such denominations and registered in such names and denominations as the Representatives shall have requested at least two
full business days prior to the Closing Date, and shall be made available for inspection on the business day preceding the Closing Date,
at a location in New York City, as the Representatives may designate. Delivery of the Securities shall be made through the facilities
of CDS unless the Representatives shall otherwise instruct. Time shall be of the essence, and delivery at the time and place specified
in this Agreement is a further condition to the obligations of the Underwriters.
Section 3.
Additional Covenants. The Issuer further covenants and agrees with each Underwriter as follows:
(a) Compliance
with Securities Regulations and Commission Requests. The Issuer, subject to Section 3(b), will comply with the requirements
of Rule 430B of the Securities Act Regulations, and will promptly notify the Representatives, and confirm the notice in writing,
of (i) the effectiveness of any post-effective amendment to the Registration Statement or the filing of any supplement or amendment
to the Preliminary Prospectus or the Prospectus, (ii) the receipt of any comments from the Commission during the Prospectus Delivery
Period (defined below), (iii) any request by the Commission for any amendment to the Registration Statement or any amendment or
supplement to the Preliminary Prospectus or the Prospectus or for additional information, (iv) the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of
the Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any
jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or pursuant to Section 8A of the Securities
Act and (v) the issuance of any order, ruling or decision of any Canadian federal or provincial court or securities regulatory authority
restricting or ceasing trading in any of the securities of the Issuer or suspending or preventing the use of the Preliminary Canadian
Offering Memorandum or the Canadian Offering Memorandum or the receipt of any notification from any Canadian federal or provincial court
or securities regulatory authority of the institution or threatening of any proceeding for such purpose. The Issuer will promptly effect
the filings necessary pursuant to Rule 424 and will take such steps as it deems necessary to ascertain promptly whether the Preliminary
Prospectus and the Prospectus transmitted for filing under Rule 424 was received for filing by the Commission and, in the event
that it was not, it will promptly file such document. The Issuer will use its best efforts to prevent the issuance of any stop order
and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.
(b) Filing
of Amendments. During such period beginning on the date of this Agreement and ending on the later of the Closing Date or such date
as, in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to be delivered in connection with sales
of the Securities by an Underwriter or dealer, including in circumstances where such requirement may be satisfied pursuant to Rule 172
or any similar rule of the Securities Act Regulations (the “Prospectus Delivery Period”), the Issuer will give
the Representatives notice of its intention to file or prepare any amendment to the Registration Statement (including any filing under
Rule 462(b) of the Securities Act Regulations), or any amendment, supplement or revision to the Disclosure Package or the Prospectus,
whether pursuant to the Securities Act, the Exchange Act or otherwise, will furnish the Representatives with copies of any such documents
a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which
the Representatives or counsel for the Underwriters shall reasonably object. Provided that the Underwriters comply with Section 7(2)(h) hereof,
the Issuer will cause to be provided or filed all documents required to be provided to or filed with the applicable Canadian securities
regulatory authorities in connection with the offering of Securities in Canada in accordance with applicable Canadian Securities Laws,
including, without limitation, any offering memorandum (under applicable Canadian Securities Laws) and any reports of trade on Form 45-106F1
prescribed by NI 45-106, as applicable.
(c) Delivery
of Registration Statements. The Issuer will deliver to the Underwriters and counsel for the Underwriters, without charge, as such
Underwriter or counsel for the Underwriters may reasonably request, signed copies of the Registration Statement as originally filed and
of each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed
to be incorporated by reference therein) and signed copies of all consents and certificates of experts. The Registration Statement and
each amendment thereto furnished to the Underwriters will be identical to any electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.
(d) Delivery
of Prospectuses and Offering Memorandums. The Issuer will deliver to each Underwriter, without charge, as many copies of the Preliminary
Prospectus and the Preliminary Canadian Offering Memorandum as such Underwriter may reasonably request, and the Issuer hereby consents
to the use of such copies for purposes of offering the Securities. The Issuer will furnish to each Underwriter, without charge, during
the Prospectus Delivery Period, such number of copies of the Prospectus and the Canadian Offering Memorandum as such Underwriter may
reasonably request. The Preliminary Prospectus and the Prospectus and any amendments or supplements thereto furnished to the Underwriters
will be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.
(e) Continued
Compliance with Securities Laws. The Issuer will comply with the Securities Act and the Securities Act Regulations and the Exchange
Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement
and in the Registration Statement, the Disclosure Package, the Prospectus and the Canadian Offering Memorandum. If, during the Prospectus
Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package, the Prospectus
or the Canadian Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made
or then prevailing, as the case may be, not misleading, or contain a “misrepresentation” as defined under applicable Canadian
Securities Laws, or if, in the opinion of counsel for the Underwriters or for the Issuer, it shall be necessary to amend or supplement
the Disclosure Package, the Prospectus or the Canadian Offering Memorandum, or to file under the Exchange Act any document incorporated
by reference in the Disclosure Package, the Prospectus or the Canadian Offering Memorandum, in order to make the statements therein,
in the light of the circumstances under which they were made or then prevailing, as the case may be, not misleading, or to correct a
“misrepresentation” as defined under applicable Canadian Securities Laws contained therein, or, if in the opinion
of either such counsel, it is otherwise necessary or advisable to amend or supplement the Registration Statement, the Disclosure Package,
the Prospectus or the Canadian Offering Memorandum, or to file under the Exchange Act any document incorporated by reference in the Disclosure
Package, the Prospectus or the Canadian Offering Memorandum, or to file a new registration statement containing the Prospectus, in order
to comply with law, including in connection with the delivery of the Prospectus or the Canadian Offering Memorandum, the Issuer agrees
to (i) notify the Representatives of any such event or condition and (ii) promptly prepare (subject to Section 3(b) and
3(l) hereof), file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new
registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers in such quantities
as they may reasonably request, amendments or supplements to the Registration Statement, the Disclosure Package, the Prospectus or the
Canadian Offering Memorandum, or any new registration statement, necessary in order to make the statements in the Disclosure Package,
the Prospectus or the Canadian Offering Memorandum as so amended or supplemented, in the light of the circumstances under which they
were made or then prevailing, as the case may be, not misleading, or to correct a “misrepresentation” as defined under applicable
Canadian Securities Laws contained therein, or so that the Registration Statement, the Disclosure Package, the Prospectus or the Canadian
Offering Memorandum, as amended or supplemented, will comply with law.
(f) Blue
Sky Compliance. The Issuer shall cooperate with the Representatives and counsel for the Underwriters to qualify or register the Securities
for sale under (or obtain exemptions from the application of) the state securities or blue sky laws of those jurisdictions designated
by the Representatives, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so
long as required for the distribution of the Securities. The Issuer shall not be required to qualify to transact business or to take
any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where
it would be subject to taxation as a foreign business. The Issuer will advise the Representatives promptly of the suspension of the qualification
or registration of (or any such exemption relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation
or threat of any proceeding for any such purpose or pursuant to Section 8A of the Securities Act, and in the event of the issuance
of any order suspending such qualification, registration or exemption, the Issuer shall use its best efforts to obtain the withdrawal
thereof at the earliest possible moment.
(g) Use
of Proceeds. The Issuer shall apply the net proceeds from the sale of the Securities in the manner described under the caption “Use
of Proceeds” in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum.
(h) Depository.
The Issuer shall cooperate with the Representatives and use its best efforts to permit the Securities to be eligible for clearance and
settlement through the facilities of CDS.
(i) Periodic
Reporting Obligations. During the Prospectus Delivery Period, the Issuer shall file, on a timely basis, with the Commission and the
New York Stock Exchange (“NYSE”) all reports and documents required to be filed under the Exchange Act and the Exchange
Act Regulations.
(j) Agreement
Not to Offer or Sell Similar Securities. During the period commencing on the date hereof and ending on the Closing Date, the Issuer
will not, without the prior written consent of the Representatives (which consent may be withheld at the sole discretion of the Representatives),
directly or indirectly, sell, offer, contract or grant any option to sell, pledge, transfer or establish an open “put equivalent
position” within the meaning of Rule 16a-1(h) under the Exchange Act, or otherwise dispose of or transfer, or announce
the offering of, or file any registration statement under the Securities Act in respect of, any debt securities of the Issuer similar
to the Securities or securities exchangeable for or convertible into debt securities similar to the Securities (other than as contemplated
by this Agreement with respect to the Securities); provided, however, that any debt securities denominated in a currency other than the
currency in which the Securities are denominated shall not be considered “similar” for purposes of this Section 3(j).
(k) Final
Term Sheet. The Issuer will prepare a final term sheet containing only a description of the Securities, and will file such term sheet
pursuant to Rule 433(d) under the Securities Act within the time required by such rule (such term sheet, the “Final
Term Sheet”). Any such Final Term Sheet is an Issuer Free Writing Prospectus for purposes of this Agreement. A form of the
Final Term Sheet for the Securities is attached hereto as Exhibit D.
(l) Permitted
Free Writing Prospectuses. The Issuer represents that it has not made, and agrees that, unless it obtains the prior written consent
of the Representatives, it will not make, any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus
or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 of the Securities Act)
required to be filed by the Issuer with the Commission or retained by the Issuer under Rule 433 of the Securities Act; provided
that the prior written consent of the Underwriters shall be deemed to have been given in respect of any Issuer Free Writing Prospectuses
identified in Annex I and Annex II to this Agreement. Any such free writing prospectus consented to or deemed to be consented to by the
Underwriters is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Issuer agrees that (i) it has
treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has
complied and will comply, as the case may be, with the requirements of Rules 164 and 433 of the Securities Act applicable to any
Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping. The Issuer
consents to the use by any Underwriter of a free writing prospectus that (a) is not an “issuer free writing prospectus”
as defined in Rule 433, and (b) contains only (i) information describing the preliminary terms of the Securities or their
offering or (ii) information that describes the final terms of the Securities or their offering and that is included in the Final
Term Sheet of the Issuer contemplated in Section 3(k); provided that each Underwriter severally covenants with the Issuer not to
take any action without the Issuer’s consent that would result in a free writing prospectus being required to be filed with the
Commission under Rule 433(d) under the Securities Act that otherwise would not be required to be filed by the Issuer thereunder,
but for the action of such Underwriter.
(m) Notice
of Inability to Use Automatic Shelf Registration Statement Form. If at any time, when the Securities remain unsold by the Underwriters,
the Issuer receives from the Commission a notice pursuant to Rule 401(g)(2) or otherwise ceases to be eligible to use the automatic
shelf registration statement form, the Issuer will (i) promptly notify the Representatives, (ii) promptly file a new registration
statement or post-effective amendment on the proper form relating to the Securities, in a form satisfactory to the Representatives, (iii) use
its best efforts to cause such registration statement or post-effective amendment to be declared effective and (iv) promptly notify
the Representatives of such effectiveness. The Issuer will take all other action necessary or appropriate to permit the public offering
and sale of the Securities to continue as contemplated in the registration statement that was the subject of the Rule 401(g)(2) notice
or for which the Issuer has otherwise become ineligible. References herein to the Registration Statement shall include such new registration
statement or post-effective amendment, as the case may be.
(n) Filing
Fees. The Issuer agrees to pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1) of
the Securities Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the
Securities Act.
(o) No
Stabilization. The Issuer will not take, directly or indirectly, any action designed to or that could reasonably be expected to cause
or result in any stabilization or manipulation of the price of the Securities or take any action prohibited by Regulation M under the
Exchange Act in connection with the distribution of the Securities contemplated hereby, provided, the Issuer does not make any covenant
as to any actions which may be taken by the Underwriters.
The Representatives, on behalf
of the several Underwriters may, in their sole discretion, waive in writing the performance by the Issuer of any one or more of the foregoing
covenants or extend the time for their performance.
Section 4.
Payment of Expenses. The Issuer agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses
incident to the issuance and delivery of the Securities (including all printing and engraving costs), (ii) all necessary issue,
transfer and other stamp taxes in connection with the issuance and sale of the Securities to the Underwriters, (iii) all fees and
expenses of the Issuer’s counsel, Prologis’, the Issuer’s independent public or certified public accountants and other
advisors to the Issuer (iv) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution
of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each Issuer
Free Writing Prospectus, the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum and the Canadian Offering
Memorandum and all amendments and supplements thereto, and this Agreement, the Indenture and the Securities, (v) all filing fees,
attorneys’ fees and expenses incurred the Issuer or the Underwriters in connection with qualifying or registering (or obtaining
exemptions from the qualification or registration of) all or any part of the Securities for offer and sale under the state securities
or blue sky laws, and, if requested by the Representatives, preparing a “Blue Sky Survey” or memorandum, and any supplements
thereto, advising the Underwriters of such qualifications, registrations and exemptions, (vi) the filing fees incident to the review
and approval by FINRA of the terms of the sale of the Securities, (vii) the fees and expenses of the Trustee, including the reasonable
fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities, (viii) any fees payable in
connection with the rating of the Securities by the ratings agencies, (ix) all fees and expenses (including reasonable fees and
expenses of counsel) of the Issuer in connection with approval of the Securities by CDS for “book-entry” transfer, (x) all
other fees, costs and expenses referred to in Item 14 of Part II of the Registration Statement, (xi) all fees payable in connection
with the filing of any Form 45-106F1 with applicable Canadian securities regulatory authorities, (xii) fees payable to the
Canadian Investment Regulatory Organization (CIRO) and (xiii) all other fees, costs and expenses incurred in connection with the
performance of the obligations of the Issuer hereunder for which provision is not otherwise made in this Section. Except as provided
in this Section 4, Section 6, Section 8 and Section 9 hereof, the Underwriters shall pay their own expenses, including
the fees and disbursements of their counsel.
Section 5.
Conditions of the Obligations of the Underwriters. The obligations of the several Underwriters to purchase and pay for
the Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part
of the Issuer set forth in Section 1 hereof as of the date hereof, as of the Initial Sale Time, and as of the Closing Date, as though
then made and to the timely performance by the Issuer of its covenants and other obligations hereunder, and to each of the following
additional conditions (provided it is understood and agreed that the offering of the Securities in Canada by the Underwriters as contemplated
herein shall be made in Canada on a private placement basis in accordance with applicable exemptions from the prospectus requirements
of applicable Canadian Securities Laws):
(a) Effectiveness
of Registration Statement. The Registration Statement shall have become effective under the Securities Act and no stop order suspending
the effectiveness of the Registration Statement shall have been issued under the Securities Act and no proceedings for that purpose shall
have been instituted or be pending or threatened by the Commission, any request on the part of the Commission for additional information
shall have been complied with to the reasonable satisfaction of counsel to the Underwriters, and the Issuer, at the Execution Time, shall
not have received from the Commission any notice pursuant to Rule 401(g)(2) of the Securities Act objecting to use of the automatic
shelf registration statement form. The Preliminary Prospectus and the Prospectus shall have been filed with the Commission in accordance
with Rule 424(b)(1), (2), (3), (4), (5) or (8), as applicable (or any required post- effective amendment providing such information
shall have been filed and declared effective in accordance with the requirements of Rule 430A).
(b) Accountants’
Comfort Letter. On the date hereof, the Representatives shall have received from KPMG LLP, independent public or certified public
accountants for Prologis and the Issuer, a letter or letters dated the date hereof addressed to the Underwriters, in form and substance
satisfactory to the Representatives, with respect to the audited financial statements and certain financial information contained in
the Registration Statement, the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum and the Canadian
Offering Memorandum.
(c) Bring-down
Comfort Letter. On the Closing Date, the Representatives shall have received from KPMG LLP, independent public or certified public
accountants for Prologis and the Issuer, a letter or letters dated such date, in form and substance satisfactory to the Representatives,
to the effect that they reaffirm the statements made in the letter or letters furnished by them pursuant to Section 5(b), except
that the specified date referred to therein for KPMG LLP for the carrying out of procedures shall be no more than three business days
prior to the Closing Date.
(d) No
Objection. If the Registration Statement and/or the offering of the Securities has been filed with FINRA for review, FINRA shall
not have raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.
(e) No
Material Adverse Change or Ratings Agency Change. For the period from and after the date of this Agreement and prior to the Closing
Date:
(i) in
the judgment of the Representatives there shall not have occurred any Material Adverse Change; and
(ii) there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review
for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Issuer
or any of the subsidiaries of the Issuer by any “nationally recognized statistical rating organization” as such term is defined
for purposes of Section 3(a)(62) of the Exchange Act.
(f) Opinions
of Counsel for the Issuer. On the Closing Date, the Representatives shall have received the favorable opinions of Mayer Brown LLP,
counsel for the Issuer, dated as of such Closing Date, covering, at a minimum, the opinions the form of which are attached as Exhibit A.
(g) Opinion
of General Counsel of the Issuer. On the Closing Date, the Representatives shall have received the favorable opinion of the General
Counsel or Deputy General Counsel of the Issuer, dated as of such Closing Date, the form of which is attached as Exhibit B.
(h) Opinion
of Counsel for the Underwriters. On the Closing Date, the Representatives shall have received the favorable opinion of Sidley Austin
LLP, counsel for the Underwriters, dated as of such Closing Date, with respect to such matters as may be reasonably requested by the
Representatives.
(i) Opinions
of Canadian Counsel for the Issuer. On the Closing Date, the Representatives shall have received the favorable opinions of Blake,
Cassels & Graydon LLP, Canadian counsel for the Issuer, dated as of such Closing Date, covering, at a minimum, the opinions
the form of which are attached as Exhibit C.
(j) Officers’
Certificate. On the Closing Date, the Representatives shall have received a written certificate executed by the Chief Executive Officer
or General Counsel of Prologis, and the Chief Financial Officer or Chief Accounting Officer of Prologis, dated as of the Closing Date,
to the effect that:
(i) the
Issuer has not received a stop order suspending the effectiveness of the Registration Statement or suspending or preventing the use of
the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum, and no proceedings for such purpose have been instituted
or threatened by the Commission, or any Canadian securities authority or Canadian court;
(ii) the
Issuer has not received from the Commission any notice pursuant to Rule 401(g)(2) of the Securities Act objecting to use of
the automatic shelf registration statement form;
(iii) there
has not occurred any downgrading, and the Issuer has not received any notice of any intended or potential downgrading or of any review
for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the Issuer
or any of the subsidiaries of the Issuer by any “nationally recognized statistical rating organization” as such term is defined
for purposes of Section 3(a)(62) of the Exchange Act;
(iv) for
the period from and after the date of this Agreement and prior to the Closing Date, there has not occurred any Material Adverse Change;
(v) the
representations, warranties and covenants set forth in Section 1 of this Agreement are true and correct with the same force and
effect as though expressly made on and as of the Closing Date; and
(vi) the
Issuer has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder
at or prior to the Closing Date.
(k) [Reserved.]
(l) Additional
Documents. On or before the Closing Date, the Representatives and counsel for the Underwriters shall have received such information,
documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities
as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any
of the conditions or agreements, herein contained.
If any condition specified
in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives
by notice to the Issuer at any time on or prior to the Closing Date, which termination shall be without liability on the part of any
party to any other party, except that Section 4, Section 6, Section 8 and Section 9 shall at all times be effective
and shall survive such termination.
Section 6.
Reimbursement of Underwriters’ Expenses. If this Agreement is terminated by the Representatives pursuant to Section 5
or Section 11, or if the sale to the Underwriters of the Securities on the Closing Date is not consummated because of any refusal,
inability or failure on the part of the Issuer to perform any agreement herein or to comply with any provision hereof, the Issuer agrees
to reimburse the Underwriters (or such Underwriters as have terminated this Agreement with respect to themselves), severally, upon demand
for all out-of-pocket expenses that shall have been reasonably incurred by the Underwriters in connection with the proposed purchase
and the offering and sale of the Securities, including but not limited to reasonable fees and disbursements of counsel, printing expenses,
travel expenses, postage, facsimile and telephone charges.
Section 7.
Offering Restrictions. (1) Each Underwriter represents and agrees that it has not offered, sold or otherwise made
available and will not offer, sell or otherwise make available any Securities to any retail investor in the European Economic Area. For
the purposes of this provision:
(a) the
expression “retail investor” means a person who is one (or more) of the following:
(i) a
retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”);
(ii) a
customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or
(iii) not
a qualified investor as defined in Regulation (EU) 2017/1129, as amended; and
(b) the
expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the
offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities.
Each Underwriter represents
and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Securities
to any retail investor in the United Kingdom. For the purposes of this provision:
(a) the
expression “retail investor” means a person who is one (or more) of the following:
(i) a
retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law in the
United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (the “EUWA”);
(ii) a
customer within the meaning of the provisions of the United Kingdom’s Financial Services and Markets Act 2000, as amended (the
“FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer
would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as
it forms part of domestic law in the United Kingdom by virtue of the EUWA; or
(iii) not
a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom
by virtue of the EUWA; and
(b) the
expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the
offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities.
Each Underwriter further severally
represents and agrees that:
(a) it
has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale
of the Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and
(b) it
has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities
in, from or otherwise involving the United Kingdom.
(2) Each Underwriter represents, covenants
and agrees that:
(a) Such
Underwriter will use commercially reasonable efforts to confirm that each Canadian purchaser: (A) is an “accredited investor”
(as defined in NI 45-106 or Section 73.3 of the Securities Act (Ontario)) that is not an individual unless it is also a “permitted
client” (as such term is defined in National Instrument 31-103—Registration Requirements, Exemptions and Ongoing Registrant
Obligations); (B) is not a person created or being used solely to purchase or hold securities as an accredited investor as described
in paragraph (m) of the definition of “accredited investor” in section 1.1 of NI 45-106; and (C) is purchasing
as principal (or deemed to be purchasing as principal under Canadian Securities Laws); such Underwriter will use commercially reasonable
efforts to obtain and retain relevant information and documentation to evidence the steps taken to verify compliance with the exemption
in accordance with its usual document retention policies and procedures in compliance with applicable laws, and will provide to the Issuer
forthwith upon written request all such information or documentation as the Issuer may reasonably request in good faith and solely for
the purpose of verifying compliance with the exemption, correcting any required filings and responding to regulatory inquiries with respect
thereto.
(b) If
such Underwriter involves any members of any banking, selling or other group in the distribution of Securities, such Underwriter will
use commercially reasonable efforts to cause agreements and acknowledgements substantially the same as the agreements and acknowledgements
contained in the foregoing subparagraph (a) and the subsequent subparagraphs (c), (f) and (g) to be contained in an agreement
with each of the members of such group in favor of the Issuer and shall use its commercially reasonable efforts to cause the members
of such group to comply with Canadian Securities Laws.
(c) Such
Underwriter has not provided and will not provide to any Canadian purchaser any document or other material that would constitute an offering
memorandum (as defined under applicable Canadian Securities Laws) other than (A) the Preliminary Canadian Offering Memorandum, (B) the
Canadian Offering Memorandum, (C) any Issuer Free Writing Prospectus listed on Annex I hereto or (D) any other documentation
forming part of the Disclosure Package.
(d) Such
Underwriter (A) is duly registered as an “investment dealer” or “exempt market dealer” as defined under
applicable Canadian Securities Laws and is in material compliance with the terms and conditions of such registration, and (B) has
offered and will offer for sale and sell the Securities only to such persons and in such manner that, pursuant to applicable Canadian
Securities Laws, no prospectus (as defined under applicable Canadian Securities Laws) need be delivered or filed with any securities
regulatory authority in Canada.
(e) Such
Underwriter will comply with all relevant Canadian Securities Laws concerning any resale of the Securities.
(f) The
offer and sale of the Securities by such Underwriter will not be made through or accompanied by any advertisement of the Securities by
such Underwriter, including, without limitation, in printed media of general and regular paid circulation, radio, television, or telecommunications,
including electronic display or any other form of advertising or as part of a general solicitation by such Underwriter in Canada.
(g) Such
Underwriter has not made and will not make any written or oral representations to any Canadian purchaser: (A) that any person will
resell or repurchase the Securities purchased by such Canadian purchaser; (B) that the Securities will be freely tradeable by the
Canadian purchaser without any restrictions or hold periods; (C) that any person will refund the purchase price of the Securities;
or (D) as to the future price or value of the Securities.
(h) Such
Underwriter will: (A) as soon as practicable and in any event within five business days of the Initial Sale Time, provide to the
Issuer the information pertaining to each such purchaser of the Securities as required to be disclosed in Form 45-106F1 and the
related schedules under Form 45-106F1 and acknowledges, authorizes and consents to the delivery or filing, as applicable, by the
Issuer of the report on Form 45-106F1 under NI 45-106 (and any equivalent report required under Canadian Securities Laws) with the
applicable Canadian securities regulators; and (B) give prompt notice to the Issuer when the distribution of the Securities has
been completed and, to the extent applicable, provide any further information to the Issuer, upon written request, that is required for
the purpose of calculating fees payable to the applicable Canadian securities regulators in connection with the distribution of the Securities
and to allow the Issuer to complete the Form 45-106F1.
Section 8. Indemnification.
(a) Indemnification
of the Underwriters. The Issuer agrees to indemnify and hold harmless each Underwriter, its affiliates, as such term is defined in
Rule 501(b) under the Securities Act (each, an “Affiliate”), its directors, officers and employees, and
each person, if any, who controls any Underwriter within the meaning of the Securities Act and the Exchange Act against any loss, claim,
damage, liability or expense, as incurred, to which such Underwriter or such Affiliate, director, officer, employee or controlling person
may become subject, under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, or at common law
or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Issuer or otherwise
permitted by paragraph (d) below), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated
below) arises out of or is based (i) upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto) or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading; (ii) upon any untrue statement or alleged untrue statement of a material
fact, or “misrepresentation” as defined under applicable Canadian Securities Laws, contained in any Issuer Free Writing Prospectus,
any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act Regulations,
the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum (or any
amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact, in each case, necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; (iii) in whole or in
part upon any inaccuracy in the representations and warranties of the Issuer contained herein; or (iv) in whole or in part upon
any failure of the Issuer to perform its obligations hereunder or under law; and to reimburse each Underwriter and each such Affiliate,
director, officer, employee and controlling person for any and all expenses (including the reasonable fees and disbursements of counsel
chosen by the Underwriters) as such expenses are reasonably incurred by such Underwriter or such Affiliate, director, officer, employee
or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability,
expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability
or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with any Underwriter Information. The indemnity agreement set forth in this
Section 8(a) shall be in addition to any liabilities that the Issuer may otherwise have.
(b) Indemnification
of the Issuer. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Issuer, the directors of the
Issuer (as applicable), the Issuer’s respective officers who signed the Registration Statement and each person, if any, who controls
the Issuer within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred,
to which the Issuer or any such director, officer or controlling person may become subject, under the Securities Act, the Exchange Act,
or other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such
settlement is effected with the written consent of such Underwriter or otherwise permitted by paragraph (d) below), insofar as such
loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based (i) upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto)
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein
not misleading; or (ii) upon any untrue statement or alleged untrue statement of a material fact, or “misrepresentation”
as defined under applicable Canadian Securities Laws, contained in any Issuer Free Writing Prospectus, any “issuer information”
filed or required to be filed pursuant to Rule 433(d) under the Securities Act, the Base Prospectus, the Preliminary Prospectus,
the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum (or any amendment or supplement thereto)
or the omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or misrepresentation or omission or alleged omission was made in the Registration Statement,
any Issuer Free Writing Prospectus, the Preliminary Prospectus, the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian
Offering Memorandum (or any amendment or supplement thereto), in reliance upon and in conformity with written information furnished to
the Issuer by any Underwriter through the Representatives expressly for use therein, it being understood and agreed upon that the only
such information furnished by any Underwriter consists of the following information in the Preliminary Prospectus, the Prospectus, the
Preliminary Canadian Offering Memorandum and the Canadian Offering Memorandum, furnished on behalf of each Underwriter: the information
contained in the third paragraph, the sixth paragraph, and the seventh paragraph under the caption “Underwriting”; and to
reimburse the Issuer, or any such director, officer or controlling person for any legal and other expense reasonably incurred by the
Issuer, or any such director, officer or controlling person in connection with investigating, defending, settling, compromising or paying
any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this Section 8(b) shall be
in addition to any liabilities that each Underwriter may otherwise have.
(c) Notifications
and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8,
notify the indemnifying party in writing of the commencement thereof, but the omission to so notify the indemnifying party will not relieve
it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained
in this Section 8 or to the extent it is not prejudiced (through the forfeiture of substantive rights or defenses) as a proximate
result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends
to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall
elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly
after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory
to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party
and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties
shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action
on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying
party will not be liable to such indemnified party under this Section 8 for any legal or other expenses (other than reasonable costs
of investigation) subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified
party shall have employed separate counsel in accordance with the proviso to the next preceding sentence (it being understood, however,
that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), representing
the indemnified parties who are parties to such action), (ii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the
action or (iii) the indemnifying party shall authorize the indemnified party to employ separate counsel, in each of which cases
the fees and expenses of counsel shall be at the expense of the indemnifying party.
(d) Settlements.
The indemnifying party under this Section 8 shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify
the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by Section 8(c) hereof, the indemnifying party agrees that it shall be liable
for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 days
after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such settlement; provided, that if it is ultimately determined
that an indemnified party was not entitled to indemnification hereunder, such indemnified party shall be responsible for repaying or
reimbursing such amounts to the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding
in respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such
indemnified party, unless such settlement, compromise or consent (i) includes an unconditional release of such indemnified party
from all liability on claims that are the subject matter of such action, suit or proceeding and (ii) does not include a statement
as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.
Section 9.
Contribution. If the indemnification provided for in Section 8 is for any reason held to be unavailable to or otherwise
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein,
then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result
of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect
the relative benefits received by the Issuer, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities
pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the Issuer, on the one hand, and the Underwriters, on the other hand, in connection with the statements or omissions or inaccuracies
in the representations and warranties herein which resulted in such losses, claims, damages, liabilities or expenses, as well as any
other relevant equitable considerations. The relative benefits received by the Issuer, on the one hand, and the Underwriters, on the
other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective
proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received
by the Issuer, and the total underwriting discount received by the Underwriters, in each case as set forth on the front cover page of
the Prospectus, bear to the aggregate initial public offering price of the Securities as set forth on such cover. The relative fault
of the Issuer, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact or any such inaccurate
or alleged inaccurate representation or warranty relates to information supplied by the Issuer, on the one hand, or any Underwriter through
the Representatives, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.
The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in Section 8(c), any legal or other fees or expenses reasonably incurred by such party in connection
with investigating or defending any action or claim. The provisions set forth in Section 8(c) with respect to notice of commencement
of any action shall apply if a claim for contribution is to be made under this Section 9; provided, however, that no additional
notice shall be required with respect to any action for which notice has been given under Section 8(c) for purposes of indemnification.
The Issuer and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 9.
Notwithstanding the provisions
of this Section 9, no Underwriter shall be required to contribute any amount in excess of the underwriting commissions received
by such Underwriter in connection with the Securities underwritten by it and distributed to the public. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to this Section 9
are several, and not joint, in proportion to their respective underwriting commitments as set forth opposite their names in Schedule
A. For purposes of this Section 9, each Affiliate, director, officer, employee and agent of an Underwriter and each person, if any,
who controls an Underwriter within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as such Underwriter, and each director of the Issuer, each officer of the Issuer who signed the Registration Statement, and each person,
if any, who controls the Issuer within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as the Issuer.
Section 10.
Default of One or More of the Several Underwriters. If, on the Closing Date, any one or more of the several Underwriters
shall fail or refuse to purchase Securities that it or they have agreed to purchase hereunder on such date, and the aggregate principal
amount of Securities, which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10%
of the aggregate principal amount of the Securities, to be purchased on such date, the other Underwriters shall be obligated, severally,
in the proportion to the aggregate principal amounts of the Securities set forth opposite their respective names on Schedule A bears
to the aggregate principal amount of the Securities set forth opposite the names of all such non-defaulting Underwriters, or in such
other proportions as may be specified by the Representatives with the consent of the non-defaulting Underwriters, to purchase such Securities
which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the Closing Date, any
one or more of the Underwriters shall fail or refuse to purchase such Securities and the aggregate principal amount of such Securities
with respect to which such default occurs exceeds 10% of the aggregate principal amount of the Securities to be purchased on such date,
and arrangements satisfactory to the Representatives and the Issuer for the purchase of such Securities are not made within 48 hours
after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4,
Section 6, Section 8 and Section 9 shall at all times be effective and shall survive such termination. In any such case
either the Representatives or the Issuer shall have the right to postpone the Closing Date, but in no event for longer than seven days
in order that the required changes, if any, to the Registration Statement, any Issuer Free Writing Prospectus, the Preliminary Prospectus,
the Prospectus, the Preliminary Canadian Offering Memorandum or the Canadian Offering Memorandum or any other documents or arrangements
may be effected.
As used in this Agreement,
the term “Underwriter” shall be deemed to include any person substituted for a defaulting Underwriter under this Section 10.
Any action taken under this Section 10 shall not relieve any defaulting Underwriter from liability in respect of any default of
such Underwriter under this Agreement.
Section 11.
Termination of this Agreement. On or after the Initial Sale Time and prior to the Closing Date, this Agreement may be terminated
by the Representatives by notice given to the Issuer if at any time (i) trading or quotation in any of the Issuer’s securities
shall have been suspended or limited by the Commission or by the NYSE, or trading in securities generally on either the Nasdaq Stock
Market or the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of
such stock exchanges by the Commission or FINRA; (ii) a general banking moratorium shall have been declared by any of Canadian,
U.S. federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities
or any crisis or calamity involving the United States, or any change in the United States or international financial markets, or any
substantial change or development involving a prospective substantial change in United States’ or international political, financial
or economic conditions, as in the judgment of the Representatives is material and adverse and makes it impracticable or inadvisable to
market the Securities in the manner and on the terms described in the Disclosure Package, the Prospectus and the Canadian Offering Memorandum
or to enforce contracts for the sale of securities; (iv) in the judgment of the Representatives there shall have occurred any Material
Adverse Change; or (v) there shall have occurred a material disruption in commercial banking or securities settlement or clearance
services in the United States. Any termination pursuant to this Section 11 shall be without liability on the part of (a) the
Issuer to any Underwriter, except that the Issuer shall be obligated to reimburse the expenses of the Underwriters pursuant to Sections
4 and 6 hereof, (b) any Underwriter to the Issuer, or (c) of any party hereto to any other party except that the provisions
of Section 8 and Section 9 shall at all times be effective and shall survive such termination.
Section 12.
Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations, warranties
and other statements of the Issuer, of its officers and of the several Underwriters set forth in or made pursuant to this Agreement will
remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriters or the Issuer or any of its
partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Securities
sold hereunder and any termination of this Agreement.
Section 13.
Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or emailed and confirmed
to the parties hereto as follows:
If to the Representatives:
Scotia Capital Inc.
40 Temperance Street, 4th Floor,
Toronto, Canada M5H 0B4
Attention: Michal Cegielski
Email: michal.cegielski@scotiabank.com
and
TD Securities Inc.
TD Tower
66 Wellington Street West, 9th Floor
Toronto, Ontario M5K 1A2
Attention: Mark Laing
Email: mark.laing@tdsecurities.com
with a copy to:
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019
Attention: Daniel O’Shea
Email: doshea@sidley.com
If to the Issuer:
Prologis, L.P.
1800 Wazee Street
Denver, Colorado 80202
Attention: General Counsel
Email: legalnotice@prologis.com
with a copy to:
Mayer Brown LLP
71 South Wacker Drive
Chicago, Illinois 60606
Attention: David Malinger
Email: dmalinger@mayerbrown.com
Any party hereto may change
the address for receipt of communications by giving written notice to the others.
Section 14.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, including any substitute
Underwriters pursuant to Section 10 hereof, and to the benefit of the Affiliates, directors, officers, employees and controlling
persons referred to in Section 8 and Section 9, and in each case their respective successors, and no other person will have
any right or obligation hereunder. The term “successors” shall not include any purchaser of the Securities as such from any
of the Underwriters merely by reason of such purchase.
Section 15.
Partial Unenforceability. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.
Section 16.
Patriot Act. The Underwriters hereby notify the Issuer that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)), they are required to obtain, verify and record information that identifies
the Issuer, including the name and address of the Issuer and other information that will allow the underwriters to identify the Issuer
in accordance with the USA Patriot Act.
Section 17.
Governing Law Provisions. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED IN SUCH STATE.
Section 18.
No Fiduciary Duty. The Issuer acknowledges and agrees that: (i) the purchase and sale of the Securities pursuant to
this Agreement, including the determination of the public offering price of the Securities and any related discounts and commissions,
is an arm’s-length commercial transaction between the Issuer, on the one hand, and the several Underwriters, on the other hand,
and the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process leading to such transaction
each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the Issuer or its
affiliates, stockholders, creditors or employees or any other party; (iii) no Underwriter has assumed or will assume an advisory,
agency or fiduciary responsibility in favor of the Issuer with respect to any of the transactions contemplated hereby or the process
leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Issuer on other matters) and no Underwriter
has any obligation to the Issuer with respect to the offering contemplated hereby except the obligations expressly set forth in this
Agreement; (iv) the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Issuer and that the several Underwriters have no obligation to disclose any of such interests
by virtue of any advisory, agency or fiduciary relationship; and (v) the Underwriters have not provided any legal, accounting, regulatory
or tax advice with respect to the offering contemplated hereby and the Issuer has consulted their own legal, accounting, regulatory and
tax advisors to the extent they deemed appropriate.
This Agreement supersedes
all prior agreements and understandings (whether written or oral) among the Issuer and the several Underwriters, or any of them, with
respect to the subject matter hereof. The Issuer hereby waives and releases to the fullest extent permitted by law, any claims that the
Issuer may have against the several Underwriters with respect to any breach or alleged breach of agency or fiduciary duty.
Section 19.
General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all
prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.
This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes. This Agreement may not be amended or modified unless in
writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party
whom the condition is meant to benefit. The Section headings herein are for the convenience of the parties only and shall not affect
the construction or interpretation of this Agreement.
Each of the parties hereto
acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions
hereof, including, without limitation, the indemnification provisions of Section 8 and the contribution provisions of Section 9,
and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Sections 8 and
9 hereto fairly allocate the risks in light of the ability of the parties to investigate the Issuer, its affairs and its businesses in
order to assure that adequate disclosure has been made in the Registration Statement, the Disclosure Package, the Prospectus and the
Canadian Offering Memorandum (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.
Section 20.
Recognition of the U.S. Special Resolution Regimes. (i) In the event that any Underwriter that is a Covered Entity
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any
interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the
U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States
or a state of the United States. (ii) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such
party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised
against such party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
For purposes of this Section 20
a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in
accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered
FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable. “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated
thereunder.
If the foregoing is in accordance
with your understanding of our agreement, kindly sign and return to the Issuer the enclosed copies hereof, whereupon this instrument,
along with all counterparts hereof, shall become a binding agreement in accordance with its terms.
|
Very
truly yours, |
|
|
|
|
PROLOGIS,
L.P., as Issuer |
|
|
|
|
By:
Prologis, Inc., its general partner |
|
|
|
|
By: |
/s/Michael
T. Blair |
|
|
Name: |
Michael T. Blair |
|
|
Title: |
Deputy General Counsel, Managing Director and Assistant Secretary |
Prologis, L.P. - Underwriting
Agreement Signature Page - Issuer
The foregoing Underwriting
Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.
SCOTIA
CAPITAL INC. |
|
|
|
By:
|
/s/Michal
Cegielski |
|
|
Name:
Michal Cegielski |
|
|
Title:
Managing Director |
|
Acting on behalf of themselves and as the Representatives
of the several Underwriters
Prologis, L.P. –
Underwriting Agreement Signature Page – Underwriters
The foregoing Underwriting
Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.
td
securities inc. |
|
|
|
By:
|
/s/Mark
Laing |
|
|
Name:
Mark Laing |
|
|
Title:
Managing Director |
|
Acting on behalf of themselves and as the Representatives of the several
Underwriters
Prologis, Inc. – Underwriting Agreement
Signature Page – Underwriters
SCHEDULE A
Underwriters |
|
Aggregate
Principal Amount of
Securities to
be Purchased |
|
Scotia Capital Inc. |
|
C$ |
275,000,000 |
|
TD Securities Inc. |
|
|
275,000,000 |
|
Total |
|
C$ |
550,000,000 |
|
SCHEDULE B
LIST OF SIGNIFICANT SUBSIDIARIES
Prologis
Prologis U.S. Logistics Venture, LLC
Prologis Logistics Services Incorporated
PLD International Holding LP
Liberty Property Trust
Liberty Property Limited Partnership
Duke Realty Limited Partnership
Duke Realty LLC
ANNEX I
Prologis, L.P.—Issuer Free Writing Prospectuses
Forming Part of the Disclosure Package
Final
Term Sheet, dated February 22, 2024, for the 4.700% Notes due 2029.
ANNEX II
Prologis, L.P.—Issuer Free Writing Prospectuses
Not Forming Part of the Disclosure Package
EXHIBIT A
[Provided Separately]
EXHIBIT B
[Provided Separately]
EXHIBIT C
[Provided Separately]
EXHIBIT D
Form of Term Sheet
C$550,000,000 4.700% Notes due 2029
(the “Notes”)
FINAL TERM SHEET
February 22, 2024
Issuer: |
Prologis, L.P. |
|
|
Offering Format: |
The Notes will be registered
with the U.S. Securities and Exchange Commission. The Notes are being offered in each of the provinces of Canada on a private placement
basis under a Canadian offering memorandum dated February 22, 2024. |
|
|
Size: |
C$550,000,000 |
|
|
Pricing Date: |
February 22, 2024 |
|
|
Settlement Date:* |
March 1,
2024 (T+6)
|
|
|
Maturity Date: |
March 1, 2029 |
|
|
Form and Denominations: |
Book-entry only through
participants in CDS (global certificate). Minimum denominations of C$2,000 with integral multiples of C$1,000 thereafter. |
|
|
Coupon: |
4.700% per annum, payable
semi-annually in arrears |
|
|
Issue Yield: |
4.743% |
|
|
Interest Payment Dates: |
March 1 and September 1,
commencing September 1, 2024. |
|
|
Following Business Day Convention: |
If not a business day in
New York or Toronto, then payment of a coupon or upon maturity or redemption will be made on the next business day with no adjustment. |
|
|
Day Count Convention: |
Actual/365 (Fixed) when
calculating interest accruals during any partial interest period and 30/360 when calculating amounts due on any interest payment
date. |
|
|
Price to Public: |
99.811% of the principal
amount, plus accrued interest from March 1, 2024, if any |
|
|
Underwriting Discount: |
0.35% |
Net Proceeds, Before Expenses,
to Issuer: |
C$547,035,500 |
|
|
Spread to GoC Benchmark: |
+110 bps vs. CAN 4.00%
March 1, 2029 (priced at C$101.62 to yield 3.643%) |
|
|
Optional Redemption: |
Prior
to February 1, 2029 (1 month prior to their maturity) (the “Par Call Date”),
the Issuer may redeem the Notes in whole at any time, or in part from time to time, at a redemption
price equal to the greater of:
(1) the Canada Yield Price, and
(2) 100% of the principal amount of
the Notes to be redeemed,
plus, in either case, accrued and unpaid
interest, if any, on the principal amount being redeemed to, but excluding, the date of redemption.
“Canada Yield Price” means, in
respect of any Notes being redeemed, the price, in respect of the principal amount of the Notes, calculated by the Issuer as of the
third business day (as defined in the Preliminary Prospectus Supplement) prior to the redemption date of such Notes, equal to the
sum of the present values of the remaining scheduled payments of interest (not including any portion of the payments of interest
accrued as of the date of redemption) and principal on the Notes to be redeemed from the redemption date to the Par Call Date using
as a discount rate the sum of the Government of Canada Yield on such business day plus 27.5 basis points.
“Government of Canada Yield”
means, on any date, the bid-side yield to maturity on such date as determined by the arithmetic average (rounded to three decimal
places) of the yields quoted at 10:00 a.m. (Toronto time) by any two investment dealers in Canada selected by the Issuer, assuming
semi-annual compounding and calculated in accordance with generally accepted financial practice, which a non-callable Government
of Canada bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity
that most closely approximates the remaining term to the Par Call Date.
On or after the Par Call Date, the Issuer
may redeem the Notes at par plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the
date of redemption. |
|
|
Sales Restrictions: |
Available for sale in Canada
to “accredited investors” who, in certain circumstances, are also “permitted clients”, each as defined under
applicable Canadian securities laws. Resales in Canada will be subject to resale restrictions. |
|
|
Use of Proceeds: |
The Issuer
intends to use the net proceeds from the offering of the Notes for general corporate purposes, including the repayment of borrowings
under the Issuer’s global lines of credit. |
|
|
CUSIP/ISIN: |
74340XCL3 / CA74340XCL34 |
|
|
Joint Book-Running Managers: |
Scotia Capital
Inc.
TD Securities Inc. |
*The Issuer expects to deliver the Notes against
payment for the Notes on or about March 1, 2024, which is the sixth business day following the date of the pricing of the Notes.
Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle
in two New York business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes
before the second business day prior to March 1, 2024 will be required to specify alternative settlement arrangements to prevent
a failed settlement.
No PRIIPs or UK PRIIPs KID – No PRIIPs
or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.
The foregoing description of some of the terms
of the Notes is not complete and is subject to, and qualified in its entirely by, reference to the Issuer’s preliminary prospectus
supplement dated February 22, 2024 (the “Preliminary Prospectus Supplement”) and the accompanying prospectus dated September 15,
2022 (the “Prospectus”) or, if you are in Canada, the Issuer’s preliminary Canadian offering memorandum dated February 22,
2024, which includes the Preliminary Prospectus Supplement and the Prospectus (the “Preliminary Canadian Offering Memorandum”),
and the documents incorporated and deemed to be incorporated by reference therein. Capitalized terms used but not defined herein shall
have the meanings ascribed thereto in the Preliminary Prospectus Supplement or the Prospectus or, if you are in Canada, the Preliminary
Canadian Offering Memorandum. Prospective purchasers should review the Preliminary Prospectus Supplement and the Prospectus or, if you
are in Canada, the Preliminary Canadian Offering Memorandum for a more detailed description of some of the terms of the Notes. No person
has been authorized to make any representation in connection with the offering other than as contained or incorporated by reference in
the Preliminary Prospectus Supplement and the Prospectus or, if you are in Canada, the Preliminary Canadian Offering Memorandum, and
the Issuer and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you.
To the extent any underwriter that is not
a U.S. registered broker-dealer intends to effect sales of Notes in the United States, it will do so through one or more U.S. registered
broker-dealers in accordance with the applicable U.S. securities laws and regulations.
The Issuer has filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication
relates. Before you invest, you should read the Prospectus and Preliminary Prospectus Supplement thereto in that registration statement
and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC’s Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer
participating in the offering will arrange to send you the Prospectus if you request it by contacting: Scotia Capital Inc. by telephone
at 1-416-863-7704 or by email at equityprospectus@scotiabank.com or TD Securities Inc. by telephone at 1-855-495-9846.
Exhibit 4.1
PROLOGIS, L.P.
OFFICERS’ CERTIFICATE
March 1, 2024
The undersigned officers
of Prologis, Inc. (“Prologis, Inc.”), general partner of Prologis, L.P. (the “Company”), on behalf
of the Company, acting pursuant to resolutions adopted by the Board of Directors of Prologis, Inc. (the “Board”) on
September 20, 2023 and the Securities Offering Transaction Committee of the Board on February 22, 2024, hereby establish a series of
debt securities by means of this Officers’ Certificate in accordance with the Indenture, dated as of June 8, 2011 (the “Base
Indenture,”), as supplemented by the Fifth Supplemental Indenture (the “Fifth Supplemental Indenture”),
among the Company, Prologis, Inc. and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association,
as trustee (the “Trustee”) and as supplemented by the Ninth Supplemental Indenture (the “Ninth Supplemental
Indenture, and together with the Base Indenture and the Fifth Supplemental Indenture, the “Indenture”), among
the Company, Prologis, Inc. and the Trustee. Capitalized terms used but not defined in this Officers’ Certificate shall have the
meanings ascribed to them in the Indenture.
4.700% Notes due 2029
1.
The series shall be entitled the “4.700% Notes due 2029” (the “Notes”) and shall be a series of
CAD Notes as defined in the Ninth Supplemental Indenture.
2.
The Notes initially shall be limited to an aggregate principal amount of C$550,000,000 (except in each case for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of or within the Series pursuant to Section
304, 305, 306, 906, 1107 or 1305 of the Base Indenture, as supplemented by the Ninth Supplemental Indenture); provided, the Company may
increase such aggregate principal amount upon the action of the Board to do so from time to time.
3.
The Notes shall bear interest at the rate of 4.700% per annum. The aggregate principal amount of the Notes is payable at maturity
on March 1, 2029. The interest on this Series shall accrue from and including March 1, 2024 or from and including the most recent Interest
Payment Date (as defined below) to which interest has been paid or duly provided for. Interest on the Notes shall be payable semi-annually
in arrears in equal installments (other than the first Interest Payment Date) on March 1 and September 1 of each year (each an “Interest
Payment Date”), commencing on September 1, 2024. Interest shall be paid to persons in whose names the Notes are registered
on the February 15 and August 15 preceding the Interest Payment Date, whether or not a Business Day (each a “Regular Record
Date”).
4.
The Notes may be surrendered for registration of transfer or exchange and notices or demands to or upon the Company in respect
of the Notes and the Indenture may be served at the Corporate Trust Office of the Paying Agent, located at 1 York Street, 6th Floor,
Toronto, Ontario, M5J 0B6. The principal of the Notes payable at maturity or upon earlier redemption shall be paid against presentation
and surrender of the Notes at the Corporate Trust Office of the Paying Agent.
5.
At any time prior to the Par Call Date, the Notes will be redeemable in whole at any time or in part from time to time at the
option of the Company, upon notice of not more than 60 nor less than 10 days prior to the Redemption Date, at a Redemption Price calculated
by the Company and equal to the greater of
| · | the
Canada Yield Price, and |
| · | 100%
of the principal amount of such Notes to be redeemed, |
plus, in either case, accrued
and unpaid interest, if any, to, but not including, the Redemption Date.
In addition, on or after
the Par Call Date, the Notes will be redeemable in whole at any time or in part from time to time, at the option of the Company, at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, to, but
not including, the Redemption Date.
The following definitions
apply with respect to the Redemption Price:
“Par Call Date”
means February 1, 2029.
“Canada Yield Price”
means, in respect of any Notes being redeemed, the price, in respect of the principal amount of the Notes, calculated by the Company
as of the third Business Day prior to the Redemption Date of such Notes, equal to the sum of the present values of the remaining scheduled
payments of interest (not including any portion of the payments of interest accrued as of the date of redemption) and principal on the
Notes to be redeemed from the Redemption Date to the Par Call Date using as a discount rate the sum of the Government of Canada Yield
on such business day plus 27.5 basis points.
“Government of Canada
Yield” means, on any date, the bid-side yield to maturity on such date as determined by the arithmetic average (rounded to
three decimal places) of the yields quoted at 10:00 a.m. (Toronto time) by any two investment dealers in Canada selected by the Company,
assuming semi-annual compounding and calculated in accordance with generally accepted financial practice, which a non-callable Government
of Canada bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity
that most closely approximates the remaining term to the Par Call Date.
The Company’s actions
and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.
If (a) as a result of
any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (including of any
political subdivision or taxing authority thereof or therein), or any change in the official application (including a ruling by a court
of competent jurisdiction in the United States) or interpretation of such laws, regulations or rulings, which change or amendment is
announced or becomes effective on or after February 22, 2024, the Company becomes or will become obligated to pay Additional Amounts
on the Notes or (b) any act is taken by a taxing authority of the United States (including of any political subdivision or taxing
authority thereof or therein) on or after February 22, 2024, whether or not such act is taken with respect to the Company or any affiliate
of the Company, that results in a substantial likelihood that the Company will or may be required to pay Additional Amounts on the Notes,
then, the Company may, at its option, redeem the Notes, as a whole but not in part, on not less than 15 nor more than 60 days’
prior notice, at a redemption price (the “Tax Redemption Price”) equal to 100% of the principal amount of the Notes, together
with interest, accrued thereon (and Additional Amounts, if any) to the date fixed for redemption; provided that the Company determines,
in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available
to the Company, not including substitution of the obligor under this Security or any action that would entail a material cost to the
Company. No redemption will be made unless (i) the Company shall have received an opinion of independent counsel to the effect that
the circumstances described in either of the above clauses (a) or (b) exist and (ii) the Company shall have delivered
to the Trustee an Officers’ Certificate, stating that based on such opinion the Company is entitled to redeem the Notes pursuant
to its terms. If the Company redeems the Notes under the circumstances described in this paragraph, then, notwithstanding any provision
to the contrary set forth above in this paragraph, installments of interest on the Notes that are due and payable on any Interest Payment
Date falling on or prior to the Redemption Date for the Notes will be payable to the registered Holder of the Notes (or one or more predecessor
securities) of record at the close of business on the relevant record date, all as provided in the Indenture.
If notice of redemption has
been given as provided in the Base Indenture and the preceding paragraph and funds for the redemption of any Notes called for redemption
shall have been made available on the Redemption Date referred to in such notice, such Notes shall cease to bear interest on the Redemption
Date and the only right of the Holders of the Notes from and after the Redemption Date shall be to receive payment of the Redemption
Price or Tax Redemption Price, as applicable, upon surrender of such Notes in accordance with such notice.
6.
All payments of principal and interest with respect to the Notes will be made without withholding or deduction for, or on account
of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed by the
United States or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by
(i) the laws (or any regulations or rulings promulgated thereunder) of the United States or any political subdivision or taxing
authority thereof or therein or (ii) an official position regarding the application, administration, interpretation or enforcement
of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing
authority in the United States or any political subdivision thereof). If a withholding or deduction is required, the Company will, subject
to certain exceptions and limitations set forth below, pay to a Holder of the Notes that is beneficially owned by a United States Alien
(as defined below), as additional interest, such amounts (“Additional Amounts”) as may be necessary in order that every net
payment on the Notes (including payment of the principal of and interest on the Notes) by the Company or a Paying Agent, after deduction
or withholding for or on account of any Tax imposed upon or as a result of such payment by the United States (or any political subdivision
or taxing authority thereof or therein), will not be less than the amount provided in the Notes to be then due and payable; provided,
however, that the foregoing obligation to pay Additional Amounts will not apply to:
a. any Tax
that would not have been so imposed but for:
·
the existence of any present or former connection between a Holder or beneficial owner of the Notes (or between a fiduciary,
settlor or beneficiary of, or a person holding a power over, such Holder, if such Holder is an estate or a trust, or a member or shareholder
of such Holder, if such Holder is a partnership or corporation) and the United States or any political subdivision or taxing authority
thereof or therein, including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, person holding
a power, member or shareholder) being or having been a citizen or resident of the United States or treated as a resident thereof or being
or having been engaged in a trade or business or present therein or having or having had a permanent establishment therein; or
·
a Holder’s or beneficial owner’s past or present status, as applicable (under prior or current law), as a personal
holding company, foreign personal holding company, foreign private foundation or other foreign tax-exempt organization with respect to
the United States, passive foreign investment company or controlled foreign corporation for United States tax purposes or corporation
that accumulates earnings to avoid United States Federal income tax;
b. any estate,
inheritance, gift, excise, sales, transfer, wealth, capital gains or personal property Tax or any similar Tax;
c. any Tax
that would not have been imposed but for the presentation by a Holder of the Notes for payment more than 30 days after the date
on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;
d. any Tax
that is payable otherwise than by withholding or deduction from a payment on the Notes;
e. any Tax
required to be withheld by any Paying Agent from a payment on the Notes, if such payment could be made without such withholding by any
other Paying Agent;
f. any
Tax that would not have been imposed but for a failure to comply with applicable certification, information, documentation, identification
or other reporting requirements concerning the nationality, residence, identity or connection with the United States of a Holder or beneficial
owner of the Notes or any intermediary of such Holder or beneficial owner if such compliance is required by statute or regulation of
the United States or by an applicable income tax treaty to which the United States is a party as a precondition to relief or exemption
from such Tax (including, for the avoidance of doubt, any backup withholding Tax imposed pursuant to Section 3406 of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”) (or any amended or successor provision));
g. any Tax
imposed on a Holder or beneficial owner that actually or constructively owns 10 percent or more of the combined voting power of
all classes of the Company’s stock or that is a bank receiving interest on an extension of credit made pursuant to a loan agreement
entered into in the ordinary course of its trade or business; or
h. any combination
of items (a), (b), (c), (d), (e), (f) and (g);
nor shall Additional Amounts be paid with respect
to a payment on the Notes to a Holder or beneficial owner that is a fiduciary or partnership or other than the sole beneficial owner
of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner would not have been entitled to Additional Amounts (or payment of Additional Amounts would not have been necessary) had such beneficiary,
settlor, member or beneficial owner been the Holder of the Notes.
Notwithstanding anything
to the contrary in the preceding paragraph, the Company, the Trustee and any person making payments on behalf of the Company shall be
entitled to deduct and withhold as required, and shall not be required to pay any Additional Amounts with respect to any withholding
or deduction imposed on or in respect of the Notes, pursuant to Sections 1471 through 1474 of the Code and applicable U.S. Treasury
Regulations issued thereunder (commonly referred to as “FATCA”) (or any amended or successor provisions), any treaty, law,
regulation or other official guidance enacted by any jurisdiction implementing FATCA, any agreement between the Company or any other
person and the United States or any jurisdiction implementing FATCA, or any law implementing an intergovernmental approach to FATCA.
A “United States Alien”
means any person that, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident
alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or
trust.
The Notes
are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the
Notes. Except as specifically provided under this Paragraph 6, the Company shall not be required to make any payment for any tax, duty,
assessment or governmental charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in
any government or political subdivision.
7.
The Notes shall not provide for any sinking fund or analogous provision. None of the Notes shall be redeemable at the option of
the Holder.
8.
The Notes shall be issuable in registered form substantially in the form set out in Exhibit A of the Ninth Supplemental
Indenture without coupons, in minimum denominations of C$2,000 and any integral multiple of C$1,000 in excess thereof.
9.
The principal amount of, and the Redemption Price or Tax Redemption Price, if any, on, the Notes shall be payable upon declaration
of acceleration pursuant to Section 502 of the Base Indenture.
10.
The Notes shall be denominated in and principal of or interest on the Notes (or Redemption Price or Tax Redemption Price, if applicable)
shall be payable in Canadian dollars (“CAD”). If CAD is unavailable to the Company due to the imposition of exchange controls
or other circumstances beyond the Company’s control or for the settlement of transactions by public institutions of or within the
international banking community, then all payments in respect of the Notes shall be made in U.S. Dollars until CAD is again available
to the Company or so used. In such circumstances, the amount payable on any date in CAD shall be converted into U.S. Dollars on the basis
of the then most recently available market exchange rate for CAD, as determined by the Company in its sole discretion. Any payment in
respect of the Notes so made in U.S. Dollars shall not constitute an Event of Default. Neither the Trustee nor the Paying Agent shall
be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations.
11.
Except as provided in paragraph 5 of this Officers’ Certificate, the amount of payments of principal of or interest on the
Notes (or Redemption Price or Tax Redemption Price, if applicable) shall not be determined with reference to an index or formula.
12.
Except as set forth herein, in the Indenture or in the Notes, none of the principal of or interest on the Notes (or Redemption
Price or Tax Redemption Price, if applicable) shall be payable at the election of the Company or a Holder thereof in a currency or currencies,
currency unit or units or composite currency or currencies other than that in which the Notes are denominated or stated to be payable.
13.
Except as set forth in the Indenture or the Trust Indenture Act, the Notes shall not contain any provisions granting special rights
to the Holders of Notes upon the occurrence of specified events.
14.
The Notes shall not contain any deletions from, modifications of or additions to the Events of Default or covenants of the Company
contained in the Indenture.
15.
Except as set forth herein, in the Indenture or in the Notes, the Notes shall not be issued in the form of bearer Securities or
temporary global Securities.
16.
Sections 1402 and 1403 of the Base Indenture shall be applicable to the Notes.
17.
The Notes shall not be issued upon the exercise of debt warrants.
18.
Article Sixteen of the Base Indenture shall not be applicable to the Notes.
19.
The other terms and conditions of the Notes shall be substantially as set forth in the Indenture, in the Prospectus dated September
15, 2022 (provided the provisions under the heading “Description of Debt Securities of Prologis, L.P.–Guarantees” therein
do not apply to the Notes) and the Prospectus Supplement dated February 22, 2024 relating to the Notes.
[The remainder of this page
intentionally left blank.]
IN WITNESS WHEREOF, the undersigned
have executed this Officers’ Certificate on the date first written above.
|
By: |
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Name: |
Michael T. Blair |
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|
Title: |
Assistant Secretary and Managing Director, Deputy General Counsel |
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By: |
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Name: Jessica
Polgar |
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Title: Assistant
Secretary |
[Signature Page to Officers’
Certificate – 4.700% Notes due 2029]
Exhibit 4.2
[FACE OF GLOBAL NOTE]
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO PROLOGIS, L.P. (THE “COMPANY”) OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CDS & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CDS & CO., HAS AN INTEREST HEREIN.
THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED
IN THE NAME OF CDS & CO., AS NOMINEE OF CDS. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE,
CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY CDS TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO CDS OR
ANOTHER NOMINEE OF CDS OR BY CDS OR A NOMINEE OF CDS TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
EXCEPT IN THE PROVINCE OF MANITOBA, UNLESS PERMITTED
UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THESE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE THE DATE THAT IS 4 MONTHS AND
A DAY AFTER THE LATER OF (I) MARCH 1, 2024 AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.
IN THE PROVINCE OF MANITOBA, UNLESS OTHERWISE
PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION OR WITH THE PRIOR WRITTEN CONSENT OF THE APPLICABLE REGULATORS, THE HOLDER
OF THESE NOTES MUST NOT TRADE THE NOTES BEFORE THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE DATE THE HOLDER ACQUIRED THE NOTE.
All references
to “CAD”, “C$” and “Canadian dollars” in this Security are to the lawful currency of Canada, and all
references in this Security to “U.S. dollars” and “U.S.$” are to the lawful currency of the United States of America.
REGISTERED |
PRINCIPAL AMOUNT |
No. R-1 |
C$550,000,000 |
ISIN No.: CA74340XCL34 |
CUSIP No.: 74340XCL3 |
PROLOGIS, L.P.
4.700% NOTE DUE 2029
PROLOGIS, L.P., a
limited partnership organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CDS & CO., or registered assigns, upon presentation, the principal sum of FIVE HUNDRED FIFTY MILLION Canadian dollars
(C$550,000,000) on March 1, 2029 and to pay interest on the outstanding principal amount thereon at the rate of 4.700% per annum,
until the entire principal hereof is paid or made available for payment. Interest shall accrue from and including March 1, 2024 or
from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, and be payable
semi-annually in arrears in equal installments (other than
the first Interest Payment Date) on March 1 and September 1 of each year, commencing on September 1, 2024. The interest so payable,
and punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest which shall be February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Interest on this Security will be computed on the basis of a 360-day year consisting of twelve 30-day months.
For an interest period that is not a full semi-annual period, interest on this Security shall be computed on the basis of a 365-day
year and the actual number of days in such interest period. If any Interest Payment Date, maturity date or earlier date of
redemption falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made
on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest
Payment Date, that maturity date or that date of redemption, as the case may be, until the next Business Day. For purposes of the
Securities (as defined below), “Business Day” means any day, other than a Saturday or Sunday, which is not a day on
which banking institutions in The City of New York, Los Angeles, California, Toronto, Ontario, or place of payment are authorized or
required by law, regulation or executive order to close. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not more
than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.
Payment of the principal of,
or premium or Redemption Price, if applicable, on, and interest on this Security shall be made at the office or agency maintained for
such purpose in Toronto, Ontario, initially the Corporate Trust Office of the Paying Agent, located at 1 York Street, 6th Floor,
Toronto, Ontario, in CAD.
For
the purposes of disclosure under the Interest Act (Canada), the yearly rate of interest to which the rate used in such computation is
equivalent during any particular period is the rate so used (y) multiplied by the actual number of days in the calendar year in which
the period for which such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such
rate is calculated. The foregoing sentence is for purposes of disclosure under the Interest Act (Canada) only and not for any other purpose
and shall not otherwise affect the terms of the Securities of this series.
Payments of principal
of, premium or Redemption Price, if any, and interest in respect of this Security shall be made by wire transfer of immediately
available funds in CAD. If CAD is unavailable to the Company due to the imposition of exchange controls or other circumstances
beyond the Company’s control or for the settlement of transactions by public institutions of or within the international
banking community, then all payments in respect of the Securities shall be made in U.S. Dollars until CAD is again available to the
Company or so used. In such circumstances, the amount payable on any date in CAD shall be converted into U.S. Dollars on the basis
of the then most recently available market exchange rate for CAD, as determined by the Company in its sole discretion. Any payment
in respect of the Securities so made in U.S. Dollars shall not constitute an event of default under the Indenture (as defined
below). Neither the Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or
otherwise handling redenominations.
Each Security of this series
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of June 8, 2011 (herein called the “Base Indenture”), among the Company, Prologis,
Inc. (herein called the “Parent Guarantor,” which term includes any successor under the Indenture) and U.S. Bank Trust Company,
as successor in interest to U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture with respect to the series of which this Security is a part), as amended by the fifth supplemental
indenture, dated as of August 15, 2013, and as further amended by the ninth supplemental indenture, dated as of November 3, 2022 (together
with the Base Indenture, the “Indenture”), among the Company, the Parent Guarantor and the Trustee, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Parent Guarantor, the Trustee, the Paying Agent and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
first page hereof, initially limited in aggregate principal amount to C$550,000,000, subject to the Company’s right to increase
the aggregate principal amount of such series from time to time.
At any time prior to the Par
Call Date, the Securities of this series may be redeemed in whole at any time or in part from time to time at the option of the Company
at a Redemption Price calculated by the Company and equal to the greater of
(1) the
Canada Yield Price, and
(2) 100%
of the principal amount of such Securities to be redeemed,
plus, in either case, accrued and unpaid interest,
if any, to, but not including, the Redemption Date.
In addition, on or after the
Par Call Date, the Securities of this series may be redeemed in whole at any time or in part from time to time, at the option of the Company,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest, if any,
to, but not including the Redemption Date.
The following definitions
apply with respect to the Redemption Price:
“Par Call Date”
means February 1, 2029.
“Canada Yield
Price” means, in respect of any Securities being redeemed, the price, in respect of the principal amount of the Securities,
calculated by the Company as of the third Business Day prior to the Redemption Date of such Securities, equal to the sum of the
present values of the remaining scheduled payments of interest (not including any portion of the payments of interest accrued as of
the date of redemption) and principal on the Securities to be redeemed from the Redemption Date to the Par Call Date using as a
discount rate the sum of the Government of Canada Yield on such business day plus 27.5 basis points.
“Government of Canada
Yield” means, on any date, the bid-side yield to maturity on such date as determined by the arithmetic average (rounded to three
decimal places) of the yields quoted at 10:00 a.m. (Toronto time) by any two investment dealers in Canada selected by the Company, assuming
semi-annual compounding and calculated in accordance with generally accepted financial practice, which a non-callable Government of Canada
bond would carry if issued in Canadian dollars in Canada at 100% of its principal amount on such date with a term to maturity that most
closely approximates the remaining term to the Par Call Date.
The Company’s actions
and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.
Notice of redemption will
be mailed at least 10 but not more than 60 days before the redemption date to the Holder of record of the Securities of this series to
be redeemed at its registered address.
The Securities
are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the
Securities. Except as specifically provided for herein, the Company shall not be required to make any payment for any tax, duty, assessment
or governmental charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government
or political subdivision.
All payments of principal
and interest with respect to the Securities will be made without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed by the United States or any political
subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by (i) the laws (or any regulations
or rulings promulgated thereunder) of the United States or any political subdivision or taxing authority thereof or therein or (ii) an
official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including,
without limitation, a holding by a court of competent jurisdiction or by a taxing authority in the United States or any political subdivision
thereof). If a withholding or deduction is required, the Company will, subject to certain exceptions and limitations set forth below,
pay to the Holder of this Security that is beneficially owned by a United States Alien (as defined below), as additional interest, such
amounts (“Additional Amounts”) as may be necessary in order that every net payment on this Security (including payment of
the principal of and interest on such Security) by the Company or a Paying Agent, after deduction or withholding for or on account of
any Tax imposed upon or as a result of such payment by the United States (or any political subdivision or taxing authority thereof or
therein), will not be less than the amount provided in this Security to be then due and payable; provided, however, that the foregoing
obligation to pay Additional Amounts will not apply to:
a. any Tax
that would not have been so imposed but for:
·
the existence of any present or former connection between such Holder or beneficial owner of this Security (or between a fiduciary, settlor
or beneficiary of, or a person holding a power over, such Holder, if such Holder is an estate or a trust, or a member or shareholder of
such Holder, if such Holder is a partnership or corporation) and the United States or any political subdivision or taxing authority thereof
or therein, including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, person holding a
power, member or shareholder) being or having been a citizen or resident of the United States or treated as a resident thereof or being
or having been engaged in a trade or business or present therein or having or having had a permanent establishment therein; or
·
such Holder’s or beneficial owner’s past or present status, as applicable (under prior or current law), as a personal holding
company, foreign personal holding company, foreign private foundation or other foreign tax-exempt organization with respect to the United
States, passive foreign investment company or controlled foreign corporation for United States tax purposes or corporation that accumulates
earnings to avoid United States Federal income tax;
b. any estate,
inheritance, gift, excise, sales, transfer, wealth, capital gains or personal property Tax or any similar Tax;
c. any Tax
that would not have been imposed but for the presentation by the Holder of this Security for payment more than 30 days after the
date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;
d. any Tax
that is payable otherwise than by withholding or deduction from a payment on this Security;
e. any Tax
required to be withheld by any Paying Agent from a payment on this Security, if such payment could be made without such withholding by
any other Paying Agent;
f. any Tax
that would not have been imposed but for a failure to comply with applicable certification, information, documentation, identification
or other reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or
beneficial owner of this Security or any intermediary of such Holder or beneficial owner if such compliance is required by statute or
regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to relief
or exemption from such Tax (including, for the avoidance of doubt, any backup withholding Tax imposed pursuant to Section 3406 of
the U.S. Internal Revenue Code of 1986, as amended (the “Code”) (or any amended
or successor provision));
g. any Tax
imposed on a Holder or beneficial owner that actually or constructively owns 10 percent or more of the combined voting power of all
classes of the Company’s stock or that is a bank receiving interest on an extension of credit made pursuant to a loan agreement
entered into in the ordinary course of its trade or business; or
h. any combination
of items (a), (b), (c), (d), (e), (f) and (g);
nor shall Additional Amounts be paid with
respect to a payment on this Security to a Holder or beneficial owner that is a fiduciary or partnership or other than the sole
beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner would not have been entitled to Additional Amounts (or payment of Additional Amounts would not
have been necessary) had such beneficiary, settlor, member or beneficial owner been the Holder of this Security.
Notwithstanding anything to
the contrary in the preceding paragraph, the Company, the Trustee and any person making payments on behalf of the Company shall be entitled
to deduct and withhold as required, and shall not be required to pay any Additional Amounts with respect to any withholding or deduction
imposed on or in respect of this Security, pursuant to Sections 1471 through 1474 of the Code and applicable U.S. Treasury Regulations
issued thereunder (commonly referred to as “FATCA”) (or any amended or successor provisions), any treaty, law, regulation
or other official guidance enacted by any jurisdiction implementing FATCA, any agreement between the Company or any other person and the
United States or any jurisdiction implementing FATCA, or any law implementing an intergovernmental approach to FATCA.
A “United States Alien”
means any person that, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident
alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.
If (a) as a result of
any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (including of any
political subdivision or taxing authority thereof or therein), or any change in the official application (including a ruling by a court
of competent jurisdiction in the United States) or interpretation of such laws, regulations or rulings, which change or amendment is announced
or becomes effective on or after February 22, 2024, the Company becomes or will become obligated to pay Additional Amounts on this Security
or (b) any act is taken by a taxing authority of the United States (including of any political subdivision or taxing authority thereof
or therein) on or after February 22, 2024, whether or not such act is taken with respect to the Company or any affiliate of the Company,
that results in a substantial likelihood that the Company will or may be required to pay Additional Amounts on this Security, then, the
Company may, at its option, redeem this Security, as a whole but not in part, on not less than 15 nor more than 60 days’ prior
notice, at a redemption price equal to 100% of the principal amount hereof, together with interest, accrued thereon (and Additional Amounts,
if any) to the date fixed for redemption; provided that the Company determines, in its business judgment, that the obligation to pay such
Additional Amounts cannot be avoided by the use of reasonable measures available to the Company, not including substitution of the obligor
under this Security or any action that would entail a material cost to the Company. No redemption will be made unless (i) the Company
shall have received an opinion of independent counsel to the effect that the circumstances described in either of the above clauses (a) or
(b) exist and (ii) the Company shall have delivered to the Trustee an Officers’ Certificate, stating that based on such
opinion the Company is entitled to redeem this Security pursuant to its terms. If the Company redeems this Security under the circumstances
described in this paragraph, then, notwithstanding any provision to the contrary set forth above in this paragraph, installments of interest
on this Security that are due and payable on any Interest Payment Date falling on or prior to the Redemption Date for this Security will
be payable to the registered Holder of this Security (or one or more predecessor securities) of record at the close of business on the
relevant record date, all as provided in the Indenture. Unless the Company defaults in the payment of the redemption price, interest on
this Security called for redemption will cease to accrue on the Redemption Date.
The Indenture contains provisions
for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the
related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions
set forth in the Indenture, which provisions apply to this Security.
If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal amount, and premium or Redemption Price, if any, on
all of the Securities of this series at the time Outstanding may be declared due and payable in the manner and with the effect provided
in the Indenture.
As provided in and subject
to the provisions of the Indenture, unless the principal of all of the Securities of this series at the time Outstanding shall already
have become due and payable, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25%
in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any interest on or after the respective due dates expressed herein.
The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Parent Guarantor
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each
series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.
No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium or Redemption Price, if applicable, on, and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed.
As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Registrar, upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of
Payment where the principal of, premium or Redemption Price, if applicable, on, and interest on this Security are payable duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.
The Securities of this series
are issuable only in registered form without coupons in minimum denominations of C$2,000 and any integral multiple of C$1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder
surrendering the same.
No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.
Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee, the Paying Agent and any agent of the Company, the Trustee or the
Paying Agent may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the contrary.
No recourse under or upon
any obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced thereby,
shall be had against any promoter, as such, or against any past, present or future stockholder, partner, director, officer, employee,
agent thereof or trustee, as such, of the Company or any Guarantor or of any successor thereof, either directly or through the Company
or any Guarantor or any successor thereof, under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this
Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series.
All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
THE INDENTURE AND THE SECURITIES,
INCLUDING THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed
on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as to the correctness or
accuracy of such CUSIP numbers as printed on the Securities of this series, and reliance may be placed only on the other identification
numbers printed hereon.
[This space intentionally
left blank.]
Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee or an authenticating agent by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by the undersigned officer.
|
PROLOGIS, L.P. |
|
By: Prologis, Inc., its sole general partner |
|
By: |
|
|
|
Name: |
Michael T. Blair |
|
|
Title: |
Assistant Secretary and Managing Director, Deputy General Counsel |
Attest
By: | |
|
| Name: Jessica Polgar |
|
| Title: Assistant Secretary |
|
Dated: March 1, 2024
[Signature Page to Global Note due 2029 (R-1)]
CERTIFICATE OF AUTHENTICATION:
This is one of the Securities of the
series designated therein referred to in the within- mentioned Indenture.
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee
By: | BNY TRUST COMPANY OF CANADA,as Authenticating Agent |
|
ASSIGNMENT FORM
FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers
unto PLEASE INSERT SOCIAL
SECURITY OR OTHER
IDENTIFYING
NUMBER OF ASSIGNEE
(Please
Print or Typewrite Name and Address
including Zip Code of Assignee)
the
within-mentioned Security of Prologis, L.P. and ______________ hereby does irrevocably constitute and appoint Attorney to transfer said
Security on the books of the within-named Company with full power of substitution in the premises.
NOTICE: The signature
to this assignment must correspond with the name as it appears on the first page of the within-mentioned Security in every particular,
without alteration or enlargement or any change whatever.
Exhibit 5.1
|
Mayer Brown LLP |
71 South Wacker Drive |
Chicago, Illinois 60606-4637 |
|
Main Tel +1 312 782 0600 |
Main Fax +1 312 701 7711 |
www.mayerbrown.com |
March 1, 2024
Board of Directors
Prologis, Inc.
Pier 1, Bay 1
San Francisco, California 94111
Re: |
Registration Statement on |
|
Form S-3 (File No. 333-267431) |
Ladies and Gentlemen:
We have acted as special counsel to Prologis,
Inc., a Maryland corporation (the “Parent”), and its operating partnership, Prologis, L.P., a Delaware limited partnership
(the “Issuer”), in connection with the registration under the Securities Act of 1933, as amended (the “Securities
Act”), of C$550,000,000 aggregate principal amount of the Issuer’s 4.700% Notes due 2029 (the “Notes”),
as described in the prospectus relating to the Notes (the “Prospectus”), as supplemented by the prospectus supplement,
dated as of February 22, 2024 (the “Prospectus Supplement”), contained in the Issuer’s and the Parent’s
Registration Statement on Form S-3 (File No. 333-267431) (the “Registration Statement”). The Notes will be issued under
the Indenture, dated as of June 8, 2011 (the “Base Indenture”), among the Issuer and the Parent and U.S. Bank Trust
Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the “Trustee”),
as supplemented by the fifth supplemental indenture, dated as of August 15, 2013, and as further supplemented by the ninth supplemental
indenture, dated as of November 3, 2022 (the Base Indenture as supplemented by the fifth supplemental indenture and ninth supplemental
indenture, the “Indenture”).
We have also participated in the preparation and
filing with the Securities and Exchange Commission (the “SEC”) under the Securities Act of the Registration Statement,
relating to the debt securities of which the Notes are a part. In rendering our opinions set forth below, we have examined originals or
copies identified to our satisfaction of (i) the Registration Statement, including the Prospectus; (ii) the Prospectus Supplement; (iii)
the Parent’s Articles of Incorporation, as amended and supplemented; (iv) the Parent’s Ninth Amended and Restated Bylaws;
(v) the certificate of limited partnership of the Issuer; (vi) the Thirteenth Amended and Restated Agreement of Limited Partnership, as
amended, of the Issuer; (vii) resolutions of the Parent’s Board of Directors and committees thereof; (viii) the Indenture; (ix)
the form of the Notes; and (x) the Sub-Paying Agency Agreement, dated as of March 1, 2024 (the “Sub-Paying Agency Agreement”),
among the Issuer, the Trustee and BNY Trust Company of Canada (the “Authenticating Agent”). In addition, we have examined
and relied upon other documents, certificates, corporate records, opinions and instruments, obtained from the Issuer and the Parent or
other sources believed by us to be reliable, as we have deemed necessary or appropriate for the purpose of this opinion. In rendering
this opinion, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the
conformity to authentic original documents of all documents submitted to us as copies.
Mayer Brown is a global services provider comprising an association
of legal practices that are separate entities including
Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership)
and Tauil & Chequer Advogados (a Brazilian partnership).
Mayer Brown llp
Board of Directors
Prologis, Inc.
March 1, 2024
Page 2
Based upon and subject to the foregoing and to
the assumptions, conditions and limitations set forth herein, we are of the opinion that the Notes have been duly authorized and, when
executed by the Issuer and authenticated by the Authenticating Agent in the manner provided for in the Indenture and the Sub-Paying Agency
Agreement and delivered against payment therefore, will constitute valid and binding obligations of the Issuer, enforceable in accordance
with their terms, except as (a) the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles and
(b) the enforceability of provisions imposing liquidated damages, penalties or an increase in interest rate upon the occurrence of certain
events may be limited in certain circumstances, and will be entitled to the benefits of the Indenture.
We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to being named in the related Prospectus and Prospectus Supplement under the caption “Legal
Matters” with respect to the matters stated therein. In giving this consent, we do not thereby
admit that we are experts within the meaning of Section 11 of the Securities Act or within the category of persons whose consent
is required under Section 7 of the Securities Act or the rules and regulations of the SEC.
The opinions contained herein
are limited to Federal laws of the United States and the laws of the State of New York, the Delaware Revised Uniform Limited Partnership
Act and the Maryland General Corporation Law. We are not purporting to opine on any matter to the extent that it involves the laws of
any other jurisdiction.
This
opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other
matters relating to the Parent, the Issuer or any other person, or any other document or agreement involved with issues addressed herein.
We assume no obligation to advise you of facts, circumstances, events or developments which hereafter may be brought to our attention
and which may alter, affect or modify the opinions expressed herein.
Sincerely,
/s/ Mayer Brown LLP
Mayer Brown LLP
v3.24.0.1
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|
Feb. 22, 2024 |
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|
Amendment Flag |
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|
Entity File Number |
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|
Entity Registrant Name |
PROLOGIS, INC.
|
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0001045609
|
Entity Tax Identification Number |
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|
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MD
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Pier
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Common Stock [Member] |
|
Entity Information [Line Items] |
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|
Trading Symbol |
PLD
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Security Exchange Name |
NYSE
|
Prologis L P [Member] |
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Entity Information [Line Items] |
|
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8-K
|
Amendment Flag |
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Document Period End Date |
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|
Entity File Number |
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PROLOGIS, L.P.
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0001045610
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Entity Tax Identification Number |
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|
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DE
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Prologis L P [Member] | Notes 3. 000 Percent Due 2026 [Member] |
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Entity Information [Line Items] |
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Title of 12(b) Security |
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|
Trading Symbol |
PLD/26
|
Security Exchange Name |
NYSE
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Prologis L P [Member] | Notes 2. 250 Percent Due 2029 [Member] |
|
Entity Information [Line Items] |
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NYSE
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