Document:

EX-10.5

 Exhibit 10.5 
 CONSENT AND AGREEMENT 
 This CONSENT AND AGREEMENT (this
“Consent”), dated as of July 31 , 2012, among Gavilon, LLC, a Delaware limited liability company, Gavilon Ingredients, LLC, a Delaware limited liability company (“Gavilon Ingredients” and, together with
Gavilon, LLC, the “Consenting Parties”), ABE South Dakota, LLC (f/k/a Heartland Grain Fuels, L.P.), a Delaware limited liability company (the “Borrower”), and Portigon AG, New York Branch (f/k/a WestLB AG, New York
Branch), as collateral agent (together with its successors in such capacity, the “Collateral Agent”) for the lenders that are or from time to time may become a party to the Credit Agreement (collectively, the
“Lenders”) and for the other senior secured parties referred to in the Credit Agreement. 
 RECITALS 

WHEREAS, the Borrower owns and operates two ethanol production facilities located in Aberdeen, South Dakota, one with a nameplate
capacity of approximately nine million gallons-per-year (the “Aberdeen I Plant”) and one with a nameplate capacity of approximately forty million gallons-per-year which also includes a corn oil extraction system (such system, the
“COES Project”; such facility, the “Aberdeen II Plant”), and one ethanol production facility located in Huron, South Dakota with a nameplate capacity of approximately thirty million gallons-per-year (the
“Huron Plant” and, together with the Aberdeen I Plant and the Aberdeen II Plant, the “Project”); 
 WHEREAS, pursuant to that certain Amended and Restated Senior Credit Agreement, dated as of June 16, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrower, each of the Lenders from time to time party thereto (the “Lenders”), Portigon AG, New York Branch (f/k/a WestLB AG, New York Branch), as administrative agent (together with
its successors in such capacity, the “Administrative Agent”) and the Collateral Agent, the Lenders have made loans to, and for the benefit of, the Project (the “Loans”); 

WHEREAS, Gavilon, LLC and the Borrower have entered into (a) that certain Ethanol Marketing Agreement, dated as of May 4, 2012
(as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the (“Ethanol Marketing Agreement”), (b) that certain Rail Car Sublease Agreement, dated September 23, 2010
(as amended by the First Amendment of Rail Car Sublease, dated as of January 25, 2012, and as further amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Original Railcar
Sublease”) and (c) that certain Rail Car Sublease Agreement, dated May 4, 2012 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “New Railcar
Sublease” and, together with the Original Railcar Sublease, the “Railcar Subleases”); 
 WHEREAS,
Gavilon Ingredients and the Borrower have entered into that certain Distiller’s Grains Marketing Agreement, dated as of May 4, 2012 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms
hereof, the “Distiller’s Grains Marketing Agreement” and, together with the Ethanol Marketing Agreement and the Railcar Subleases, the “Assigned Agreements”); 

  
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 WHEREAS, as security for the Loans and all other obligations under the Credit Agreement, the
Borrower has assigned all of its right, title and interest in, to and under, and granted a security interest in, the Assigned Agreements to the Collateral Agent pursuant to the Amended and Restated Assignment and Security Agreement, dated as of
June 16, 2010, between the Borrower and Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”); and 

WHEREAS, as security for the Loans and all other obligations under the Credit Agreement, ABE Heartland, LLC has collaterally assigned all
of its right, title and interest in the Borrower, and all of the Equity Interests of the Borrower related thereto, to the Collateral Agent pursuant to the Amended and Restated Pledge and Security Agreement, dated as of June 16, 2010, between
the Borrower and Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”); and 
 WHEREAS, it is a requirement under the Credit Agreement that the Consenting Parties execute and deliver this Consent. 
 NOW, THEREFORE, in consideration of good and valuable consideration, the receipt of which is hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows: 

 

	1.	CONSENT TO ASSIGNMENT, ETC.  

 (a) Consent to Assignment. The Consenting Parties (i) acknowledge that Collateral Agent and the Lenders have entered into the Credit Agreement and have made the Loans (ii) consent in all
respects to the pledge and assignment to Collateral Agent of all of the Borrower’s right, title and interest (subject to Borrower’s obligations) in, to and under the Assigned Agreements pursuant to the Security Agreement and the pledge and
collateral assignment of shares in the Borrower pursuant to the Pledge Agreement and (iii) acknowledge the right, but not the obligation, of Collateral Agent or Collateral Agent’s designee, in the exercise of Collateral Agent’s rights
and remedies under the Security Agreement, to make all demands, give all notices, take all actions and exercise all rights of the Borrower (subject to Borrower’s obligations) in accordance with the Assigned Agreements, and agree that in such
event the Consenting Parties shall continue to perform their respective obligations under the Assigned Agreements. 
 (b)
Substitute Owner. The Consenting Parties agree that, if Collateral Agent notifies the Consenting Parties that an event of default under the Credit Agreement has occurred and is continuing and that Collateral Agent has exercised its rights
(i) to have itself or its designee, reasonably acceptable to Consenting Party, substituted for the Borrower under one or more of the Assigned Agreements or (ii) to sell, assign, transfer or otherwise dispose of one or more of the Assigned
Agreements to a third party, reasonably acceptable to each Consenting Party party thereto, then Collateral Agent, Collateral Agent’s designee or such third party (a “Substitute Owner”) shall be substituted for the Borrower
under each such Assigned Agreement and, in such 

  
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event, each Consenting Party party thereto will continue to perform its obligations under each such Assigned Agreement in favor of the Substitute Owner and the Substitute Owner will perform and
fulfill all of the obligations of Borrower under each such Assigned Agreement; provided that any Substitute Owner shall be deemed to be acceptable to each such Consenting Party if such Consenting Party does not object to such proposed
Substitute Owner within fourteen (14) business days following delivery of written notice thereof to such Consenting Party. The proposed Substitute Owner shall promptly provide each such Consenting Party with all financial and commercial
information reasonably requested by such Consenting Party in order to evaluate the proposed Substitute Owner’s ability to perform under the applicable Assigned Agreement(s). The failure of the proposed Substitute Owner to promptly provide each
such Consenting Party with the requested financial and commercial information shall constitute reasonable grounds for such Consenting Party to object to the proposed Substitute Owner. 

(c) Right to Cure. (i) The Consenting Parties shall not claim prevention or interference with performance of their respective
obligations under the Assigned Agreements, nor shall any of the Consenting Parties exercise any right it may have under any of the Assigned Agreements, at law or in equity, to cancel, suspend or terminate such Assigned Agreement or any of its
obligations under such Assigned Agreement, as the result of any default or other action or omission of the Borrower in the performance of any of its obligations under such Assigned Agreement, or upon the occurrence or non-occurrence of any event or
condition under such Assigned Agreement that would immediately or with the passage of any applicable grace period or the giving of notice, or both, enable such Consenting Party to terminate or suspend its obligations or exercise any other right or
remedy under such Assigned Agreement or under applicable law (hereinafter an “Assigned Agreement Default”), until it first gives prompt written notice of such Assigned Agreement Default to the Collateral Agent . The Senior Secured
Parties shall have the same right to cure such Assigned Agreement Default as is available to the Borrower, and such cure period shall commence upon the Collateral Agent’s receipt of notice under this Section 1(c). If such Assigned
Agreement Default is timely cured as required under the applicable Assigned Agreement in accordance with the time period provided for in this Section 1(c), the Consenting Party party to such Assigned Agreement will continue to perform
its obligations under such Assigned Agreement. 
 (i) No cancellation, suspension or termination of an Assigned Agreement by a
Consenting Party, or any other actions taken by a Consenting Party under an Assigned Agreement, shall be binding upon Collateral Agent without the notice and cure period specified in this Section 1(c). Any dispute that may arise under an
Assigned Agreement notwithstanding, the Consenting Party shall continue performance under such Assigned Agreement and resolve any dispute without discontinuing such performance until the lapse of the notice and cure period specified in this
Section 1(c). 
 (d) No Replacement Agreement. In the event that one or more of the Assigned Agreements is
rejected or otherwise terminated as a result of any bankruptcy or insolvency proceeding affecting the Borrower, the Consenting Party party thereto will, at the option of Collateral Agent, enter into a new agreement or agreements (as the case may be)
with Collateral Agent or any Substitute Owner (or its transferee or other nominee that owns or leases the Project) 

  
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having identical commercial terms (with only conforming changes to reflect the new party and other similar details) as such Assigned Agreement(s); provided that (i) the Collateral
Agent or any Substitute Owner (or its transferee or nominee) has been accepted or deemed accepted by such Consenting Party as provided for in Section 1(b) and (ii) the request for each replacement agreement is made within 45 days
following the rejection or termination of the applicable Assigned Agreement. 
 (e) Limitation of Liability. The
Consenting Parties acknowledge and agree that none of Collateral Agent, Collateral Agent’s designee or the Lenders shall have any liability or obligation under the Assigned Agreements as a result of this Consent, the Security Agreement or
otherwise, nor shall Collateral Agent, Collateral Agent’s designee or the Lenders be obligated or required to (i) perform any of the Borrower’s obligations under any of the Assigned Agreements, except, in the case of Collateral Agent
or Collateral Agent’s designee, during any period in which Collateral Agent or Collateral Agent’s designee (A) is taking actions or exercising rights of the Borrower pursuant to Section 1(a) or (B) is a Substitute
Owner pursuant to Section 1(b), whereupon in either case the obligations of such Substitute Owner shall be no more than those of the Borrower under such Assigned Agreement, or (ii) take any action to collect or enforce any claim for
payment assigned under the Security Agreement. 
 (f) Delivery of Notices. Each Consenting Party shall deliver to
Collateral Agent, concurrently with the delivery thereof to the Borrower, a copy of each notice of default given by such Consenting Party pursuant to each of the Assigned Agreements to which it is a party. 

(g) Acknowledgments. Each Consenting Party agrees to execute such acknowledgments or other similar instruments as Collateral Agent
may reasonably request in connection with the transactions contemplated by this Consent. 
  

	2.	PAYMENTS UNDER THE ASSIGNED AGREEMENTS 

 (a) Payments. Each Consenting Party will pay all amounts payable by it (if any) under each Assigned Agreement to which it is a party in lawful money of the United States of America, in immediately
available funds, directly into the account specified on Exhibit A hereto, or to such other person or account as may be specified from time to time by Collateral Agent to such Consenting Party in writing. 

(b) Assignment of Claims. If Collateral Agent makes any payment to a Consenting Party pursuant to this Consent or an Assigned
Agreement originally required to be made by the Borrower, such Consenting Party shall, within ten (10) days after receipt of written request therefor, execute and deliver to Collateral Agent an assignment of such Consenting Party’s claims
against the Borrower for such payment in form and substance reasonably satisfactory to Collateral Agent. 
  

	3.	REPRESENTATIONS AND WARRANTIES OF THE CONSENTING PARTY 

 Each Consenting Party makes the following representations and warranties, which shall survive the execution and delivery of this Consent and each Assigned Agreement to which it is

  
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a party and the consummation of the transactions contemplated hereby and thereby. For purposes of this Section 3, “the best of the Consenting Party’s knowledge” means
the Consenting Party’s knowledge after due inquiry. 
 (a) Organization; Power and Authority. Each Consenting Party
is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, and is duly qualified, authorized to do business and in good standing in every jurisdiction in which the nature of its
business requires it to be so qualified, including South Dakota (i.e., where the failure to be so qualified would result in a material adverse effect on the ability of the Consenting Party to perform its obligations under this Consent or the
Assigned Agreements to which it is a party), and has all requisite power and authority to enter into and to perform its obligations under this Consent and each Assigned Agreement to which it is a party, and to carry out the terms hereof and thereof
and the transactions contemplated hereby and thereby. 
 (b) Authorization. The execution, delivery and performance by
the Consenting Party of this Consent and each Assigned Agreement to which it is a party have been duly authorized by all necessary corporate action on the part of the Consenting Party and do not require any approval or consent of any holder (or any
trustee for any holder) of any indebtedness or other obligation of (i) the Consenting Party or (ii) any other person or entity, except approvals or consents which have previously been obtained or the absence of which will have no material
adverse effect on the Consenting Party’s ability to perform under any of such Assigned Agreements. 
 (c) Execution and
Delivery; Binding Agreements. Each of this Consent and the Assigned Agreements to which it is a party is (with respect to the Consenting Party) in full force and effect, has been duly executed and delivered on behalf of the Consenting Party and
constitutes the legal, valid and binding obligation of the Consenting Party, enforceable against the Consenting Party in accordance with its terms except as the enforceability hereof or thereof may be limited by (i) bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general equitable principles (whether considered in a proceeding in equity or at law). 

(d) Litigation. There is no litigation, action, suit, proceeding or written investigation pending or (to the best of the
Consenting Party’s knowledge) threatened against the Consenting Party which, if adversely determined, individually or in the aggregate, could have a material adverse effect on the ability of the Consenting Party to perform its obligations under
this Consent or the Assigned Agreements to which it is a party. 
 (e) Compliance with Other Instruments, etc. The
execution, delivery and performance by the Consenting Party of this Consent and the Assigned Agreements to which it is a party and the consummation of the transactions contemplated hereby and thereby will not result in any material violation of,
breach of or default under any term of its certificate of incorporation or by laws, or of any contract or agreement to which it is a party or by which it or its property is bound, or of any license, permit, franchise, judgment, writ, injunction,
decree, order, charter, law, ordinance, rule or regulation applicable to it. 

  
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 (f) Government Consent. Except for any STB filings for the Railcar Subleases, no
consent, order, authorization, waiver, registration, declaration or filing with, or any other approval of, any person, board or body, public or private is required to be obtained by the Consenting Party in connection with the execution, delivery or
performance of this Consent and the Assigned Agreements to which it is a party or the consummation of the transactions contemplated thereunder, other than those that have been obtained or the absence of which will have no material adverse effect on
the Consenting Party’s ability to perform under such Assigned Agreements. 
 (g) No Default or Amendment. Neither
the Consenting Party nor, to the best of the Consenting Party’s knowledge, Borrower is in default of any of its obligations under the Assigned Agreements to which they are both parties and no party has claimed force majeure as an excuse for
performance or experienced circumstances that could form the basis for a claim of force majeure. The Consenting Party has no existing counterclaims, offsets or defenses against the Borrower. The Consenting Party and, to the best of the Consenting
Party’s knowledge, Borrower have complied with all conditions precedent to the respective obligations of such party to perform under the Assigned Agreements to which they are both parties. To the best of the Consenting Party’s knowledge,
no event or condition exists that would either immediately or with the passage of any applicable grace period or giving of notice, or both, enable either the Consenting Party or the Borrower to terminate or suspend its obligations (or the
performance of such obligations) under the any of the Assigned Agreements. Except as described in the recitals hereto, the Assigned Agreements to which such Consenting Party is a party have not been amended, modified or supplemented in any manner.

 (h) No Previous Assignments. The Consenting Party has no notice of, and has not consented to, any previous assignment
of all or any part of its right, title or interest in, to or under the Assigned Agreement to which it is a party. 
  

	4.	MISCELLANEOUS 

 (a)
Applicable Law; Submission to Jurisdiction. (i) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF
(OTHER THAN SECTION 5.1401 OF THE GENERAL OBLIGATIONS LAW AND ANY SUCCESSOR STATUTE THERETO). 
 (i) Any legal action or
proceeding with respect to this Consent and any action for enforcement of any judgment in respect thereof may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York, and, by
execution and delivery of this Consent, each of the Consenting Parties, the Borrower and Collateral Agent hereby accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts
and appellate courts from any appeal thereof. 
 (ii) Each of the Consenting Parties and the Borrower irrevocably consents to
the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such Consenting Party or the Borrower, as the case may be, at its
notice address provided pursuant to Section 4(c) hereof. 

  
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 (b) Waiver of Trial by Jury. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CONSENT. 
 (c) Notices. All notices and other communications hereunder shall be in writing, shall be deemed given upon receipt thereof by the party or parties to whom such notice is addressed, shall be sent
by first class mail, by personal delivery, by a nationally recognized courier service or by facsimile (subject to electronic confirmation), and shall be directed as follows: 

 

					
	If to Gavilon, LLC:	  	Gavilon, LLC
		  	Eleven ConAgra Drive
		  	Omaha, Nebraska 68102-5011
		  	Attention:	  	Senior Director, Renewable Fuels
		  	Telephone:	  	(402) 889-4300
		  	Fax:	  	(402) 221-0228
		
		  	With a copy to:
		
		  	Gavilon, LLC
		  	Eleven ConAgra Drive, STE 11-160
		  	Omaha, Nebraska 68102
		  	Attention:	  	Legal Department
		  	Telephone:	  	(402) 889-4027
		  	Fax:	  	(402) 221-0228
		
	If to Gavilon Ingredients:	  	Gavilon Ingredients, LLC
		  	Eleven ConAgra Drive
		  	Omaha, Nebraska 68102-5011
		  	Attention:	  	Senior Director, Renewable Fuels
		  	Telephone:	  	(402) 889-4300
		  	Fax:	  	(402) 221-0228
		
		  	With a copy to:
		
		  	Gavilon, LLC
		  	Eleven ConAgra Drive, STE 11-160
		  	Omaha, Nebraska 68102
		  	Attention:	  	Legal Department
		  	Telephone:	  	(402) 889-4027
		  	Fax:	  	(402) 221-0228

  
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	If to the Borrower:	  	ABE South Dakota, LLC
		  	8000 Norman Center Drive, Suite 610
		  	Bloomington, MN 55437
		  	Attention:	  	Richard Peterson
		  	Telephone:	  	(763) 226-2709
		  	Fax:	  	(763) 226-2725
		
		  	With a copy to:
		
		  	Lindquist & Vennum, P.L.L.P.
		  	4200 IDS Center
		  	80 South Eighth Street
		  	Minneapolis, MN 55402
		  	Attention:	  	Stanley J. Duran
		  	Telephone:	  	612-371-3285
		  	Fax:	  	612-371-3207
		
	If to the Collateral Agent:	  	Portigon AG, New York Branch
		  	7 World Trade Center
		  	250 Greenwich Street
		  	New York, NY 10007
		  	Attention:	  	Thomas Brensic
		  	Telephone:	  	(212) 597-1153
		  	Fax:	  	(212) 597-1490

 The above parties may, by notice given hereunder, designate any further or different addresses to which subsequent
notices or other communications shall be sent. 
 (d) Amendment, Waiver. Neither this Consent nor any of the terms hereof
may be terminated, amended, supplemented, waived or modified except by an instrument in writing signed by the Consenting Parties and the Collateral Agent. 
 (e) No Waiver; Remedies Cumulative. The waiver of any right, breach or default under this Consent by any party must be made specifically and in writing. No failure or delay on the part of
Collateral Agent in exercising any right, power or privilege hereunder and no course of dealing between the Consenting Party and Collateral Agent shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other exercise, or the further exercise, of any other right, power or privilege hereunder. No notice to or demand upon any party will entitle such party to any further, subsequent or other notice or demand in similar
or any other circumstances. The rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies that Collateral Agent would otherwise have. 

  
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 (f) Counterparts. This Consent may be executed in any number of counterparts
and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a
signature page of this Consent by telecopy or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Consent. 
 (g) Headings Descriptive. The headings of the several sections and subsections of this Consent are inserted for convenience only and shall not in any way affect the meaning or construction of any
provision of this Consent. 
 (h) Severability. In case any provision in or obligation under this Consent shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired
thereby. 
 (i) Successors and Assigns. This Consent shall be binding upon the parties hereto and their permitted
successors and assigns and shall inure to the benefit of the parties, their designees and their respective permitted successors and assigns; provided, however, that no party or its respective successor or assign shall assign any of its interest in
this Consent except in connection with an assignment of its interest in each of the Assigned Agreements to which it is a party and then only to the same person(s) or entity(ies) to which its interest in such Assigned Agreement(s) is so assigned.

 (j) Survival. All agreements, statements, representations and warranties made by each Consenting Party herein shall be
considered to have been relied upon by Collateral Agent and the Lenders and shall survive the execution and delivery of this Consent. 
 (k) Further Assurances. The parties hereto hereby agree to execute and deliver all such instruments and take all such action as may be necessary to effectuate fully the purposes of this Consent.

 [The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, each of the Consenting Parties, the Borrower and the Collateral Agent
have caused this Consent to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first above written. 

 

			
	 GAVILON, LLC,

as Consenting Party

		
	By:	 	 /s/ Robert Wagner

	Name:	 	Robert Wagner
	Title:	 	VP Risk Control Officer
	
	 GAVILON INGREDIENTS, LLC,
 as Consenting Party

		
	By:	 	 /s/ Robert Wagner

	Name:	 	Robert Wagner
	Title:	 	VP Risk Control Officer
	
	 ABE SOUTH DAKOTA, LLC
 as Borrower

		
	By: 	 	 /s/ Richard Peterson

	Name:	 	Richard Peterson
	Title:	 	CEO
	
	 PORTIGON AG, NEW YORK BRANCH,
 as Collateral Agent

		
	By:	 	 /s/ David Pascual

	Name:	 	David Pascual
	Title:	 	Executive Director
		
	By:	 	 /s/ Lars Lemke

	Name:	 	Lars Lemke
	Title:	 	Managing Director

  
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 Exhibit A 
 to Consent 
 PAYMENT INSTRUCTIONS 

Amarillo National Bank, account no. 129615, entitled Revenue Account, ABA #111300958.Exhibit 4.1

 Exhibit 4.1 
 NATIONAL RETAIL PROPERTIES, INC. 
 as Issuer 

to 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee 
 Eleventh Supplemental Indenture 
 Dated as of August 14, 2012 

 
  

Supplementing the Indenture dated as of March 25, 1998 

 
  

$325,000,000 
 of

 3.80% Notes due 2022 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of August 14, 2012 (this “Eleventh
Supplemental Indenture”), between NATIONAL RETAIL PROPERTIES, INC., a corporation duly organized and existing under the laws of the State of Maryland (herein called the “Company”), and U.S. BANK NATIONAL ASSOCIATION (as successor
trustee to Wachovia Bank, National Association (formerly First Union National Bank)), a national banking association duly organized and existing under the laws of the United States of America, as Trustee (herein called the “Trustee”).

 RECITALS OF THE COMPANY 
 The Company and the Trustee are parties to an Indenture, dated as of March 25, 1998 (the “Original Indenture”), as supplemented by Supplemental Indenture No. 1 dated as of
March 25, 1998, Supplemental Indenture No. 2 dated as of June 21, 1999, Supplemental Indenture No. 3 dated as of September 20, 2000, Supplemental Indenture No. 4 dated as of May 30, 2002, Supplemental Indenture
No. 5 dated as of June 18, 2004, Supplemental Indenture No. 6 dated as of November 17, 2005, the Seventh Supplemental Indenture dated as of September 13, 2006, Supplemental Indenture No. 8 dated as of September 10,
2007, the Ninth Supplemental Indenture dated as of March 4, 2008 and the Tenth Supplemental Indenture dated as of July 6, 2011 (together with the Original Indenture, Supplemental Indenture Nos.1, 2, 3, 4, 5, 6 and 8, the Seventh
Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture and this Eleventh Supplemental Indenture, collectively, the “Indenture”), a form of which has been filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended, as an exhibit to the Company’s Registration Statement on Form S-3 (Registration No. 333-179696), providing for the issuance from time to time of Debt Securities of the Company (the
“Securities”). 
 The Company has heretofore issued, pursuant to the Indenture, (a) $100,000,000 aggregate
principal amount of 7 1/8% Notes due 2008, (b) $100,000,000 aggregate principal amount of 8.125% Notes due 2004, (c) $20,000,000 aggregate principal amount of 8.50% Notes due 2010, (d) $50,000,000 aggregate principal amount of 7.75%
Notes due 2012, (e) $150,000,000 aggregate principal amount of 6.25% Notes due 2014, (f) $150,000,000 aggregate principal amount of 6.15% Notes due 2015, (g) $172,500,000 aggregate principal amount of 3.95% Convertible Senior Notes
due 2026, (h) $250,000,000 aggregate principal amount of 6.875% Notes due 2017, (i) $234,035,000 aggregate principal amount of 5.125% Convertible Senior Notes due 2028 and (j) $300,000,000 aggregate principal amount of 5.500% Notes
due 2021. 
 The Company has commenced an offering of 3.80% Notes due 2022 (the “3.80% Notes”). 

  
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 Section 3.1 of the Original Indenture provides for various matters with respect to any
series of Securities issued under the Indenture to be established in an indenture supplemental to the Indenture. 

Section 9.1(7) of the Original Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the
Original Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 of the Original Indenture. 
 The Pricing Committee of the Board of Directors of the Company has duly adopted resolutions authorizing the Company to execute and deliver this Eleventh Supplemental Indenture. 

All the conditions and requirements necessary to make this Eleventh Supplemental Indenture, when duly executed and delivered, a valid and
legally binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 
 NOW, THEREFORE, THIS ELEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in
consideration of the premises and the purchase of each of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as
follows: 
 ARTICLE ONE 
 RELATION TO INDENTURE; DEFINITIONS 
 SECTION 1.1. Relation to Indenture.

 This Eleventh Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.2. Definitions. 
 For all purposes of this Eleventh Supplemental Indenture, the following terms shall have the meanings specified except as otherwise expressly provided for or unless the context otherwise requires.
Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Original Indenture. All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this Eleventh Supplemental Indenture. 
 “3.80% Notes” has the meaning given in the Recitals of the Company.

  
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 “Acquired Indebtedness” means Indebtedness of a Person (i) existing at the
time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Indebtedness incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or
such acquisition. Acquired Indebtedness shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date on which the acquired Person becomes a Subsidiary. 

“Annual Debt Service Charge” for any period means the aggregate interest expense for such period in respect of, and the
amortization during such period of any original issue discount of, Indebtedness of the Company and its Subsidiaries and the amount of dividends which are payable during such period in respect of any Disqualified Stock. 

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions in the City of New York, New York or in the City of St. Paul, Minnesota are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of such
Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof. 
 “Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which
have been added, for the following (without duplication): (i) interest on Indebtedness of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt
discount, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such
period and (vi) amortization of deferred charges. 
 “Corporate Trust Office” means the office of the Trustee at
which, at any particular time, its corporate trust business for this transaction shall be principally administered, which office at the date hereof is located at 225 Water Street, Seventh Floor, Jacksonville, Florida 32202, and for purposes of the
Place of Payment provisions of Sections 3.5 and 10.2 of the Original Indenture, is located at 60 Livingston Avenue, St. Paul, Minnesota 55107. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or
for which it is exchangeable or exercisable), upon the 

  
 4 

 
happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in
exchange for common stock), (ii) is convertible into or exchangeable or exercisable for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is
redeemable solely in exchange for Capital Stock which is not Disqualified Stock or the redemption price of which may, at the option of such Person, be paid in Capital Stock which is not Disqualified Stock), in each case on or prior to the Stated
Maturity of the 3.80% Notes. 
 “Earnings from Operations” for any period means net earnings excluding gains and
losses on sales of investments, extraordinary items and property valuation losses, net as reflected in the financial statements of the Company and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

 “Encumbrance” means any mortgage, lien, charge, pledge or security interest of any kind. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder by
the Commission. 
 “GAAP” means generally accepted accounting principles as used in the United States applied on a
consistent basis as in effect from time to time; provided that solely for purposes of any calculation required by the financial covenants contained herein, “GAAP” shall mean generally accepted accounting principles as used in the United
States on the date hereof, applied on a consistent basis. 
 “Indebtedness” of the Company or any Subsidiary means any
indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments whether or not such indebtedness is secured by any Encumbrance existing
on property owned by the Company or any Subsidiary, (ii) indebtedness for borrowed money of a Person other than the Company or a Subsidiary which is secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the
extent of the lesser of (x) the amount of indebtedness so secured and (y) the fair market value (as determined in good faith by the Board of Directors of the Company) of the property subject to such Encumbrance, (iii) the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that
constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock, or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with GAAP,
and also includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, 

  
 5 

 
guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Indebtedness of another Person (other than the Company or any Subsidiary) (it being understood
that Indebtedness shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof). 

“Make-Whole Amount” means, in connection with any optional redemption or accelerated payment of any 3.80% Note (except for any
optional redemption occurring 90 days or fewer prior to the Stated Maturity thereof in accordance with Section 2.5), the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each
dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment
had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is
made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate principal amount of the notes being redeemed or paid. 

“Redemption Price” has the meaning specified in Section 2.5 hereof. 

“Reinvestment Rate” means 0.35 percent (0.35%) plus the arithmetic mean of the yields under the respective headings “This
Week” and “Last Week” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment
date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding
sentence, and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For such purposes of calculating the Reinvestment Rate, the most
recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 

“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination of
the Make-Whole Amount, then such other reasonably comparable index which shall be designated by the Company. 

“Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting
power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by such Person. 

  
 6 

 
For the purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors, whether at all times or only so long as no
senior class of security has such voting power by reason of any contingency. 
 “Total Assets” as of any date means
the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles). 

“Total Unencumbered Assets” means the sum of (i) those Undepreciated Real Estate Assets not subject to an Encumbrance for
borrowed money and (ii) all other assets of the Company and its Subsidiaries not subject to an Encumbrance for borrowed money determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles);
provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Indebtedness for purposes of the covenant requiring the Company and its Subsidiaries to maintain Total Unencumbered Assets equal to at least
150% of the aggregate outstanding principal amount of Unsecured Indebtedness on a consolidated basis, all investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other Persons
that are not consolidated for financial reporting purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets. 
 “Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization, determined on a consolidated basis in accordance with GAAP. 
 “Unsecured Indebtedness”
means Indebtedness which is not secured by any Encumbrance upon any of the properties of the Company or any Subsidiary. 

ARTICLE TWO 
 THE
SERIES OF NOTES 
 SECTION 2.1. Title of the Securities. 

There shall be a series of Securities designated the “3.80% Notes due 2022.” 

SECTION 2.2. Limitation on Aggregate Principal Amount. 
 (a) The aggregate principal amount of the 3.80% Notes shall initially have an aggregate principal amount equal to $325,000,000, provided that the Company

  
 7 

 
may, without the consent of the Holders of any then Outstanding 3.80% Notes, “reopen” this series of Securities so as to increase the aggregate principal amount of 3.80% Notes
Outstanding in compliance with the procedures set forth in the Original Indenture, as supplemented by this Eleventh Supplemental Indenture, including Sections 3.1 and 3.3 thereof, so long as any such additional notes have the same tenor and terms
(including, without limitation, rights to receive accrued and unpaid interest) as the 3.80% Notes then Outstanding. 
 (b)
Nothing contained in this Section 2.2 or elsewhere in this Eleventh Supplemental Indenture, or in the 3.80% Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of 3.80% Notes under the
circumstances contemplated by Sections 3.3, 3.4, 3.5, 3.6, 9.6, 11.7 and 13.5 of the Original Indenture. 
 SECTION 2.3.
Interest and Interest Rates; Maturity Date of 3.80% Notes. 
 (a) The 3.80% Notes will bear interest at a rate of 3.80% per
annum, from August 14, 2012 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears on April 15 and October 15 of each year, commencing
April 15, 2013 (each, an “Interest Payment Date”), to the Person in whose name such 3.80% Note is registered in the Security Register at the close of business on the April 1 or October 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date (each, a “Regular Record Date”). Interest on the 3.80% Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(b) The interest so payable on any 3.80% Note which is not punctually paid or duly provided for on any Interest Payment Date
(“Defaulted Interest”) shall forthwith cease to be payable to the Person in whose name such 3.80% Note is registered on the relevant Regular Record Date, and such Defaulted Interest shall instead be payable either (i) to the Person in
whose name such 3.80% Note is registered on the Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to the Holder of such 3.80% Note not less than 10 days prior to such Special
Record Date or (ii) may be paid at any time in any other lawful manner in accordance with the Indenture. 
 (c) If any
Interest Payment Date or Stated Maturity 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 such payment was due and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or Stated Maturity, as the case may be. 
 (d) The 3.80% Notes will
mature on October 15, 2022. 

  
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 SECTION 2.4. Limitations on Incurrence of Indebtedness. 

(a) The Company will not, and will not permit any Subsidiary to, incur any Indebtedness if, immediately after giving effect to the
incurrence of such additional Indebtedness and the application of the proceeds thereof, the aggregate principal amount of all outstanding Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis in accordance with GAAP)
is greater than 60% of the sum of (without duplication) (i) the Total Assets of the Company and its Subsidiaries as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Indebtedness and (ii) the purchase price of any real estate
assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Company or
any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Indebtedness. 
 (b) In addition to the limitation set forth in subsection (a) of this Section 2.4, the Company will not, and will not permit any Subsidiary to, incur any Indebtedness if the ratio of
Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Indebtedness is to be incurred shall have been less than 1.5:1,
on a pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that (i) such Indebtedness and any other Indebtedness incurred by the Company and its Subsidiaries since the
first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such period; (ii) the repayment or retirement of any other Indebtedness by the
Company and its Subsidiaries since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be
computed based upon the average daily balance of such Indebtedness during such period); (iii) in the case of Acquired Indebtedness or Indebtedness incurred in connection with any acquisition since the first day of such four-quarter period, the
related acquisition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and (iv) in the case of any acquisition or disposition by the
Company or its Subsidiaries of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of
Indebtedness had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

(c) In addition to the limitations set forth in subsections (a) and (b) of this Section 2.4, the Company will not, and
will not permit any Subsidiary to, incur any 

  
 9 

 
Indebtedness secured by any Encumbrance upon any of the property of the Company or any Subsidiary if, immediately after giving effect to the incurrence of such additional Indebtedness and the
application of the proceeds thereof, the aggregate principal amount of all outstanding Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) which is secured by any Encumbrance on property of
the Company or any Subsidiary is greater than 40% of the sum of (without duplication) (i) the Total Assets of the Company and its Subsidiaries as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K or
Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Indebtedness and (ii) the
purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to
reduce Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Indebtedness. 

(d) The Company and its Subsidiaries may not at any time own Total Unencumbered Assets equal to less than 150% of the aggregate
outstanding principal amount of the Unsecured Indebtedness of the Company and its Subsidiaries on a consolidated basis. 
 (e)
For purposes of this Section 2.4, Indebtedness shall be deemed to be “incurred” by the Company or a Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

 SECTION 2.5. Redemption. 
 The 3.80% Notes may be redeemed prior to July 15, 2022 (three months prior to the Stated Maturity), at the option of the Company, at any time in whole or in part from time to time, at a redemption
price equal to the sum of (i) the principal amount of the 3.80% Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such 3.80% Notes; provided,
however, that if the Company redeems the 3.80% Notes on or after July 15, 2022, the redemption price will equal 100% of the principal amount of the 3.80% Notes to be redeemed plus accrued and unpaid interest thereon to the Redemption Date (such
amount computed under this Section 2.5, the “Redemption Price”). 
 SECTION 2.6. Place of Payment. 

The Place of Payment where the 3.80% Notes may be presented or surrendered for payment, where the 3.80% Notes may be surrendered for
registration of transfer or exchange and where notices and demands to and upon the Company in respect of the 3.80% Notes and the Indenture may be served shall be in the City of St. Paul, Minnesota, and the office or agency for such purpose shall
initially be located at U.S. Bank National Association, 60 Livingston Avenue, St. Paul, Minnesota 55107. 

  
 10 

 SECTION 2.7. Method of Payment. 

Payment of the principal of and interest on the 3.80% Notes will be made at the office or agency of the Company maintained for that
purpose (which shall initially be an office or agency of the Trustee), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option
of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at Stated Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within the United States, provided, that such Person owns 3.80% Notes in an aggregate principal amount of at least $1,000,000 and
such Person makes a written request therefor for the appropriate Interest Payment Date. 
 SECTION 2.8. Currency. 

Principal and interest on the 3.80% Notes shall be payable in Dollars. 

SECTION 2.9. Registered Securities; Global Form. 
 The 3.80% Notes shall be issuable and transferable in fully registered form as Registered Securities, without coupons. The 3.80% Notes shall each be issued in the form of one or more permanent Global
Securities. The depository for the 5.500% Notes shall initially be The Depository Trust Company (“DTC”). The 3.80% Notes shall not be issuable in definitive form except as provided in Section 3.5 of the Original Indenture. 

SECTION 2.10. Form of Notes. 
 The 3.80% Notes shall be substantially in the form attached as Exhibit A hereto. 

SECTION 2.11. Registrar and Paying Agent. 
 The Trustee shall initially serve as Registrar and Paying Agent for the 3.80% Notes. 
 SECTION 2.12. Defeasance. 
 The provisions of Sections 14.2 and 14.3 of the
Original Indenture, together with the other provisions of Article XIV of the Original Indenture, shall be applicable to the 3.80% Notes. The provisions of Section 14.3 of the Original Indenture shall apply to the covenants set forth in
Section 2.4 of this Eleventh Supplemental Indenture and to those covenants specified in Section 14.3 of the Original Indenture. 

  
 11 

 SECTION 2.13. Waiver of Certain Covenants. 

Notwithstanding the provisions of Section 10.11 of the Original Indenture, the Company may omit in any particular instance to comply
with any term, provision or condition set forth in Sections 10.4 to 10.8, inclusive, of the Original Indenture, with Section 2.4 of this Eleventh Supplemental Indenture and with any other term, provision or condition with respect to the 3.80%
Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the 3.80% Notes), if before or after the time for such compliance the Holders of at least a majority in principal amount of all
outstanding 3.80% Notes or such series thereof, as applicable, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so expressly waived, and until
such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

SECTION 2.14. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time outstanding occurs and is continuing, then in every such case
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal of, and the Make-Whole Amount, if any, on, all the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable. If an Event of Default with respect
to the Securities of any series set forth in Sections 5.1(1), 5.1(2) and 5.1(6) of the Original Indenture occurs and is continuing, then in every such case all the Securities of that series shall become immediately due and payable, without notice to
the Company, at the principal amount thereof plus accrued interest to the date the Securities of that series are paid plus the Make-Whole Amount, if any, on the Securities of that series. 

SECTION 2.15. Event of Default. 
 (a) If an Event of Default pursuant to Section 5.1(6) or 5.1(7) of the Original Indenture shall have occurred, the principal amount of and the Make-Whole Amount, if any, on all outstanding notes
shall become due and payable without any declaration or other act on the part of the Trustee or of the Holders. 
 (b) For
purposes of the 3.80% Notes, Section 5.1(5) of the Original Indenture is hereby deleted in its entirety. 

  
 12 

 (c) For purposes of the 3.80% Notes, Event of Default shall also include a default under any
bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company (or by any Subsidiary, the repayment of which the Company has
guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), having an aggregate principal amount outstanding of at least $25,000,000, whether such Indebtedness now exists or shall hereafter be created, which
default shall have resulted in such Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such Indebtedness having been discharged, or such acceleration having been
rescinded or annulled, within a period of 10 days after there shall have been given written notice, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount
of the Outstanding Securities represented by the 3.80% Notes a written notice specifying such default and requiring the Company to cause such Indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such
notice is a “Notice of Default” hereunder; provided, however, that for purposes of this Section 2.15(c), $25,000,000 shall be replaced by $10,000,000 for so long as any of the Securities issued pursuant to any of Supplemental
Indenture Nos. 1, 2, 3, 4, 5, 6 and 8, the Seventh Supplemental Indenture, the Ninth Supplemental Indenture and the Tenth Supplemental Indenture to the Original Indenture are Outstanding. 

(d) For purposes of the 3.80% Notes, upon cancellation by the Trustee of all Outstanding Securities issued pursuant to each of
Supplemental Indenture Nos. 1, 2, 3, 4, 5, 6 and 8, the Seventh Supplemental Indenture, the Ninth Supplemental Indenture and the Tenth Supplemental Indenture to the Original Indenture, the provisions of Section 5.1(8) of the Original Indenture
shall cease to exist and shall be of no further effect. 
 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 
 SECTION 3.1. Ratification of Original Indenture. 
 Except as expressly modified or
amended hereby, the Original Indenture continues in full force and effect and is in all respects confirmed and preserved. 

SECTION 3.2. Fiscal Year. 
 The Company shall notify the Trustee of its fiscal year and any change thereof. 

  
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 SECTION 3.3. Governing Law. 

This Eleventh Supplemental Indenture and each 3.80% Note shall be governed by and construed in accordance with the laws of the State of
New York. This Eleventh Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such provisions. 

SECTION 3.4. Counterparts. 
 This Eleventh Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same instrument. 
 [Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental
Indenture to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

			
	NATIONAL RETAIL PROPERTIES, INC.,
	  as Issuer
		
	By:	 	  

		 	Kevin B. Habicht
		 	Executive Vice President,
		 	Chief Financial Officer,
		 	Assistant Secretary and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION
	  as Trustee
		
	By:	 	  

		 	Terence T. Rawlins
		 	Vice President

  
 15 

 Exhibit A 

Form of the 3.80% Notes 

  
 16

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