Document:

Exhibit 10.11

 

AERSALE
CORPORATION

2020
EMPLOYEE STOCK PURCHASE
PLAN

 

ARTICLE
I.

PURPOSE, SCOPE and administration OF THE PLAN

 

1.1       Purpose
and Scope. The purpose of the AerSale Corporation 2020 Employee Stock Purchase Plan, as it may be amended from time to time,
(the “Plan”) is to assist employees of AerSale Corporation, a Delaware corporation (the “Company”),
and its Designated Subsidiaries in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to
qualify as an “employee stock purchase plan” under Section 423 of the Code and to help such employees provide for
their future security and to encourage them to remain in the employment of the Company and its Designated Subsidiaries.

 

ARTICLE
II.

Definitions

 

Whenever
the following terms are used in the Plan, they shall have the meaning specified below unless the context clearly indicates to
the contrary. The singular pronoun shall include the plural where the context so indicates.

 

2.1       “Agent”
means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized
to act as the agent of the Company or an Employee with regard to the Plan.

 

2.2       “Administrator”
means the entity that conducts the general administration of the Plan as provided for in Article VII. The term “Administrator”
shall refer to the Committee, or such individuals to which authority to administer the Plan has been delegated under Section 7.1
hereof, unless the Board has assumed the authority for administration of the Plan.

 

2.3       
 “Applicable Law” means any applicable law, including without limitation: (a) provisions of the Code, the Securities
Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules,
requirements or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange or automated quotation
system on which the shares of the Common Stock are listed, quoted or traded.

 

2.4       “Board”
means the Board of Directors of the Company.

 

2.5       “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code
shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor
provisions to such section, regulations, or guidance.

 

2.6       “Committee”
means the Compensation Committee of the Board.

 

     

     

    

 

2.7       “Common
Stock” means the common stock of the Company, par value $0.0001 per share (and any stock or other securities into which
such Common Stock may be converted or into which it may be exchanged).

 

2.8       “Company”
shall have such meaning as set forth in Section 1.1 hereof.

 

2.9       “Compensation”
of an Employee shall mean, unless otherwise specified by the Administrator in an Offering Document, the regular straight-time
earnings or base salary, bonuses and commissions, paid to the Employee from the Company on each Payday as compensation for services
to the Company or any Designated Subsidiary, before deduction for any salary deferral contributions made by the Employee to any
tax-qualified or nonqualified deferred compensation plan, including overtime, shift differentials, vacation pay, salaried production
schedule premiums, holiday pay, jury duty pay, funeral leave pay, paid time off, military pay, prior week adjustments and weekly
bonus, but excluding education or tuition reimbursements, imputed income arising under any group insurance or benefit program,
travel expenses, business and moving reimbursements, income received in connection with any stock options, restricted stock, restricted
stock units or other compensatory equity awards and all contributions made by the Company or any Designated Subsidiary for the
Employee’s benefit under any employee benefit plan now or hereafter established. Such Compensation shall be calculated before
deduction of any required income or employment tax withholdings.

 

2.10     “Designated
Subsidiary” means each Subsidiary that has been designated by the Board or Committee from time to time in its
sole discretion as eligible to participate in the Plan, including any Subsidiary in existence on the Effective Date and any Subsidiary
formed or acquired following the Effective Date, in accordance with Section 7.2 hereof.

 

2.11     “Effective
Date” means the date on which the transactions contemplated by that certain Amended and Restated Agreement and Plan
of Merger, by and among Monocle Acquisition Corporation, Monocle Merger Sub 1 Inc., Monocle Holdings Inc., Monocle Merger Sub
2 LLC, AerSale Corp., and, solely in its capacity as the Holder Representative, Leonard Green & Partners, L.P., dated as of
September 8, 2020 as amended from time to time, are consummated, provided that the Board has adopted the Plan prior to
or on such date, subject to approval of the Plan by the Company’s stockholders.

 

2.12     “Eligible
Employee” means an Employee who after the granting of the Option would not be deemed for purposes of Section 423(b)(3)
of the Code to possess five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company
or any Subsidiary. For purposes of the foregoing sentence, the rules of Section 424(d) of the Code with regard to the attribution
of stock ownership shall apply in determining the stock ownership of an individual, and stock which an Employee may purchase under
outstanding options shall be treated as stock owned by the Employee. Notwithstanding the foregoing, the Administrator may provide
in an Offering Document that an Employee is excluded from participation in the Plan in an Offering Period if (i) such Employee
is a “highly compensated employee” of the Company or any Designated Subsidiary (within the meaning of Section 414(q)
of the Code), or is such a “highly compensated employee” (A) with compensation above a specified level, (B) who is
an officer and/or (C) is subject to the disclosure requirements of Section 16(a) of the Exchange Act; (ii) such Employee has not
met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement
may not exceed two years), (iii) such Employee is customarily scheduled to work less than twenty (20) hours per week, (iv) such
Employee’s customary employment is for less than five months in any calendar year and/or (v) such Employee is a citizen
or resident of a foreign jurisdiction (without regard to whether they are also a citizen of the United States or a resident alien
(within the meaning of Section 7701(b)(1)(A) of the Code)) if either (a) the grant of the Option is prohibited under the laws
of the jurisdiction governing such Employee, or (b) compliance with the laws of the foreign jurisdiction would cause the Plan
or the Option to violate the requirements of Section 423 of the Code; provided that any exclusion in clauses (i), (ii),
(iii), (iv) or (v) shall be applied in an identical manner under each Offering Period to all Employees of the Company and all
Designated Subsidiaries, in accordance with Treasury Regulation Section 1.423-2(e).

 

     

     

    

 

2.13     “Employee”
means any person who renders services to the Company or a Designated Subsidiary in the status of an employee within the meaning
of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or a Designated Subsidiary
who does not render services to the Company or a Designated Subsidiary in the status of an employee within the meaning of Section
3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual
is on military leave, sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements
of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period specified
in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to reemployment is not guaranteed either by statute
or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three
(3)-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2).

 

2.14     “Enrollment
Date” means the first date of each Offering Period.

 

2.15     “Exercise
Date” means the last Trading Day of each Offering Period, except as provided in Section 5.2 hereof.

 

2.16     “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any
section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative
guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations, or guidance.

 

2.17     “Fair
Market Value” means, on a given date: (i) if the Common Stock is listed on a national securities exchange, the closing
sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date,
or, if there are no such sales on that date, then on the last preceding date on which such sales were reported; (ii) if the Common
Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis,
the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then
on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange
or quoted in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in good faith to be
the fair market value of the Common Stock.

 

2.18       “Grant
Date” means the first Trading Day of an Offering Period.

 

     

     

    

 

2.19     “New
Exercise Date” shall have such meaning as set forth in Section 5.2(b) hereof.

 

2.20     “Offering
Document” shall have the meaning given to such term in Section 3.2.

 

2.21     “Offering
Period” means such period of time commencing on such date(s) as determined by the Administrator, in its sole discretion,
and with respect to which Options shall be granted to Participants, following the Effective Date, except as otherwise provided
under Section 5.3 hereof. The duration and timing of Offering Periods may be changed by the Board or Committee, in its sole discretion.
Notwithstanding the foregoing, in no event may an Offering Period exceed twenty-seven (27) months.

 

2.22     “Option”
means the right to purchase shares of Common Stock pursuant to the Plan during each Offering Period.

 

2.23     “Option
Price” means the purchase price of a share of Common Stock hereunder as provided in Section 4.2 hereof.

 

2.24     “Organizational
Documents” means, collectively, (a) the Company’s articles of incorporation, certificate of incorporation, bylaws
or other similar organizational documents relating to the creation and governance of the Company, and (b) the Committee’s
charter or other similar organizational documentation relating to the creation and governance of the Committee.

 

2.25     “Parent”
means any entity that is a parent corporation of the Company within the meaning of Section 424 of the Code and the Treasury Regulations
thereunder.

 

2.26     “Participant”
means any Eligible Employee who elects to participate in the Plan.

 

2.27     “Payday”
means the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary.

 

2.28     “Plan”
shall have such meaning as set forth in Section 1.1 hereof.

 

2.29     “Plan
Account” means a bookkeeping account established and maintained by the Company in the name of each Participant.

 

2.30     “Section
423 Option” shall have such meaning as set forth in Section 3.1(b) hereof.

 

2.31     “Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of
(or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, or other interpretative guidance
under such section or rule, and any amendments or successor provisions to such section, rules, regulations, or guidance.

 

     

     

    

 

2.32     
 “Subsidiary” means any entity that is a subsidiary corporation of the Company within the meaning of Section
424 of the Code and the Treasury Regulations thereunder. In addition, with respect to any sub-plans adopted under Section 7.1(d)
hereof which are designed to be outside the scope of Section 423 of the Code, Subsidiary shall include any corporate or noncorporate
entity in which the Company has a direct or indirect equity interest or significant business relationship.

 

2.33     “Trading
Day” means a day on which the principal securities exchange on which the Common Stock is listed is open for trading
or, if the Common Stock is not listed on a securities exchange, shall mean a business day, as determined by the Administrator
in good faith.

 

2.34     “Withdrawal
Election” shall have such meaning as set forth in Section 6.1(a) hereof.

 

ARTICLE
III.

PARTICIPATION

 

3.1       Eligibility.

 

(a)       Any
Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period
shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles IV and V hereof,
and the limitations imposed by Section 423(b) of the Code and the Treasury Regulations thereunder.

 

(b)       No
Eligible Employee shall be granted an Option under the Plan which permits the Participant’s rights to purchase shares of
Common Stock under the Plan, and to purchase stock under all other employee stock purchase plans of the Company, any Parent or
any Subsidiary subject to Section 423 of the Code (any such Option or other option, a “Section 423 Option”),
to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the Section 423 Option
is granted) for each calendar year in which any Section 423 Option granted to the Participant is outstanding at any time. For
purposes of the limitation imposed by this subsection,

 

(i)        the
right to purchase stock under a Section 423 Option accrues when the Section 423 Option (or any portion thereof) first becomes
exercisable during the calendar year,

 

(ii)       the
right to purchase stock under a Section 423 Option accrues at the rate provided in the Section 423 Option, but in no case may
such rate exceed $25,000 of fair market value of such stock (determined at the time such option is granted) for any one calendar
year, and

 

(iii)      a
right to purchase stock which has accrued under a Section 423 Option may not be carried over to any other Section 423 Option;
provided that Participants may carry forward amounts so accrued that represent a fractional share of stock and were withheld
but not applied towards the purchase of Common Stock under an earlier Offering Period, and may apply such amounts towards the
purchase of additional shares of Common Stock under a subsequent Offering Period.

 

     

     

    

 

The
limitation under this Section 3.1(b) shall be applied in accordance with Section 423(b)(8) of the Code and the Treasury Regulations
thereunder.

 

3.2       Offering
Document. The terms and conditions applicable to each Offering Period shall be set forth in an “Offering Document”
adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the
Administrator shall deem appropriate and shall be incorporated by reference into and made part of the Plan and shall be attached
hereto as part of the Plan. The provisions of separate Offering Periods under the Plan need not be identical. Each Offering Document
with respect to an Offering Period shall specify (through incorporation of the provisions of this Plan by reference or otherwise):
(i) the length of the Offering Period, which period shall not exceed twenty-seven months; (ii) the maximum number of Shares that
may be purchased by any Eligible Employee during such Offering Period, which, in the absence of a contrary designation by the
Administrator, shall be 2,500 Shares; and (iii) such other provisions as the Administrator determines are appropriate, subject
to the Plan.

 

3.3       Election
to Participate; Payroll Deductions

 

(a)       Except
as provided in Section 3.4 hereof, an Eligible Employee may become a Participant in the Plan only by means of payroll deduction.
Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate in such
Offering Period and the Plan by delivering to the Company a payroll deduction authorization no later such period of time prior
to the applicable Enrollment Date as determined by the Administrator, in its sole discretion.

 

(b)       Subject
to Section 3.1(b) hereof, payroll deductions (i) shall be equal to at least one percent (1%) of the Participant’s Compensation
as of each Payday of the Offering Period following the Enrollment Date, but not more than the lesser of fifteen percent (15%)
of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date or $25,000 per
Offering Period; and (ii) may be expressed either as (A) a whole number percentage, or (B) a fixed dollar amount. Amounts deducted
from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.3 shall be deducted each
Payday through payroll deduction and credited to the Participant’s Plan Account.

 

(c)       Following
at least one (1) payroll deduction, a Participant may decrease (to as low as zero) the amount deducted from such Participant’s
Compensation only once during an Offering Period upon ten (10) calendar days’ prior written notice to the Company. A Participant
may not increase the amount deducted from such Participant’s Compensation during an Offering Period.

 

(d)       Notwithstanding
the foregoing, upon the termination of an Offering Period, each Participant in such Offering Period shall automatically participate
in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of the prior
Offering Period, unless such Participant delivers to the Company a different election with respect to the successive Offering
Period in accordance with Section 3.1(a) hereof, or unless such Participant becomes ineligible for participation in the Plan.

 

3.4       Leave
of Absence. During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2)
under the Code, a Participant may continue participation in the Plan by making cash payments to the Company on his or her normal
payday equal to his or her authorized payroll deduction.

 

     

     

    

 

3.5       Foreign
Employees. In order to facilitate participation in the Plan, the Administrator may provide for such special terms applicable
to Participants who are citizens or residents of a foreign jurisdiction, or who are employed by a Designated Subsidiary outside
of the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax
policy or custom. Such special terms may not be more favorable than the terms of rights granted under the Plan to Eligible Employees
who are residents of the United States. Moreover, the Administrator may approve such supplements to, or amendments, restatements
or alternative versions of, this Plan as it may consider necessary or appropriate for such purposes without thereby affecting
the terms of this Plan as in effect for any other purpose. No such special terms, supplements, amendments or restatements shall
include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended
to eliminate such inconsistency without further approval by the stockholders of the Company.

 

ARTICLE
IV.

PURCHASE OF SHARES

 

4.1       Grant
of Option. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date. Subject
to the limitations of Section 3.1(b) hereof, the number of shares of Common Stock subject to a Participant’s Option shall
be determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Exercise Date and retained
in the Participant’s Plan Account on such Exercise Date by (b) the applicable Option Price; provided that in no event
shall a Participant be permitted to purchase during each Offering Period more than 2,500 shares of Common Stock (subject to any
adjustment pursuant to Section 5.2 hereof). The Administrator may, for future Offering Periods, increase or decrease, in its absolute
discretion, the maximum number of shares of Common Stock that a Participant may purchase during such future Offering Periods.
Each Option shall expire on the Exercise Date for the applicable Offering Period immediately after the automatic exercise of the
Option in accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Article 6 hereof.

 

4.2       Option
Price. The Option Price per share of Common Stock to be paid by a Participant upon exercise of the Participant’s Option
on the applicable Exercise Date for an Offering Period shall be designated by the Administrator in the applicable Offering Document
(which Option Price shall not be less than eighty five percent (85%) of the Fair Market Value of a share of Common Stock on the
applicable Enrollment Date or on the Exercise Date, whichever is lower); provided, however, that, in the event no Option Price
is designated by the Administrator in the applicable Offering Document, the Option Price for the Offering Periods covered by such
Offering Document shall be equal to eighty five percent (85%) of the Fair Market Value of a share of Common Stock on the applicable
Enrollment Date or on the Exercise Date, whichever is lower; provided further that in no event shall the Option Price per
share of Common Stock be less than the par value per share of the Common Stock.

 

     

     

    

 

4.3       Purchase
of Shares.

 

(a)       On
the applicable Exercise Date for an Offering Period, each Participant shall automatically and without any action on such Participant’s
part be deemed to have exercised his or her Option to purchase at the applicable Option Price the largest number of whole shares
of Common Stock which can be purchased with the amount in the Participant’s Plan Account. Any balance less than the Option
Price per share of Common Stock as of such Exercise Date shall be carried forward to the next Offering Period, unless the Participant
has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has
ceased to be an Eligible Employee. Any balance not carried forward to the next Offering Period in accordance with the prior sentence
promptly shall be refunded to the applicable Participant.

 

(b)       As
soon as practicable following the applicable Exercise Date, the number of shares of Common Stock purchased by such Participant
pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s
sole discretion, to either (i) the Participant or (ii) an account established in the Participant’s name at a stock brokerage
or other financial services firm designated by the Company. If the Company is required to obtain from any commission or agency
authority to issue any such shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company
to obtain from any such commission or agency authority that counsel for the Company deems necessary for the lawful issuance of
any such shares shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s
Plan Account balance, without interest thereon.

 

4.4       Transferability
of Rights.

 

(a)       An
Option granted under the Plan shall not be transferable, other than by will or the Applicable Laws of descent and distribution,
and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to the Option
shall be available to pay off any debts, contracts or engagements of the Participant or his or her successors in interest or shall
be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempt at disposition of the option shall have no effect.

 

(b)       Unless
otherwise determined by the Administrator, there shall be no holding period for the shares of Common Stock issued pursuant to
the exercise of an Option. Any holding period determined by the Administrator shall be subject to Sections 5.2(b) and 5.2(c) below.

 

ARTICLE
V.

PROVISIONS RELATING TO COMMON STOCK

 

5.1       Common
Stock Reserved. Subject to adjustment as provided in Section 5.2 hereof, the maximum number of shares of Common Stock that
shall be made available for sale under the Plan shall be 500,000 shares of Common Stock. Shares of Common Stock made available
for sale under the Plan may be authorized but unissued shares, treasury shares of Common Stock, or reacquired shares reserved
for issuance under the Plan.

 

     

     

    

 

5.2       Adjustments
Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale.

 

(a)       Changes
in Capitalization. Subject to any required action by the stockholders of the Company, the number of shares of Common Stock
which have been authorized for issuance under the Plan but not yet placed under Option, as well as the price per share and the
number of shares of Common Stock covered by each Option under the Plan which has not yet been exercised shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of
shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion
of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price
of shares of Common Stock subject to an Option.

 

(b)       Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress
shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately
prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New
Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify
each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the
Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised
automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided
in Section 6.1 hereof.

 

(c)       Merger
or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, the merger of the
Company with or into another corporation, or other transaction as set forth by the Administrator in an Offering Document, each
outstanding Option shall be assumed or an equivalent Option substituted by the successor corporation or a Parent or Subsidiary
of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Option, any
Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods then in progress
shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger.
The Administrator shall notify each Participant in writing (or electronically if determined by the Administrator), at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed
to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless
prior to such date the Participant has withdrawn from the Offering Period as provided in Section 6.1 hereof.

 

5.3       Insufficient
Shares. If the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect
to which Options are to be exercised may exceed the number of shares of Common Stock remaining available for sale under the Plan
on such Exercise Date, the Administrator shall make a pro rata allocation of the shares of Common Stock available for issuance
on such Exercise Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable
among all Participants exercising Options to purchase Common Stock on such Exercise Date, and unless additional shares are authorized
for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5
hereof. If an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account
which has not been applied to the purchase of shares of Common Stock shall be paid to such Participant in one lump sum in cash
within thirty (30) days after such Exercise Date, without any interest thereon.

 

     

     

    

 

5.4       Rights
as Stockholders. With respect to shares of Common Stock subject to an Option, a Participant shall not be deemed to be a stockholder
of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges
of a stockholder of the Company when, but not until, shares of Common Stock have been deposited in the designated brokerage account
following exercise of his or her Option.

 

ARTICLE
VI.

TERMINATION OF PARTICIPATION

 

6.1       Cessation
of Contributions; Voluntary Withdrawal.

 

(a)       A
Participant may cease payroll deductions during an Offering Period and elect to withdraw from the Plan by delivering written notice
of such election to the Company in such form and at such time prior to the Exercise Date for such Offering Period as may be established
by the Administrator (a “Withdrawal Election”). A Participant electing to withdraw from the Plan may elect
to either (i) withdraw all of the funds then credited to the Participant’s Plan Account as of the date on which the Withdrawal
Election is received by the Company, in which case amounts credited to such Plan Account shall be returned to the Participant
in one (1) lump-sum payment in cash within thirty (30) days after such election is received by the Company, without any interest
thereon, and the Participant shall cease to participate in the Plan and the Participant’s Option for such Offering Period
shall terminate; or (ii) exercise the Option for the maximum number of whole shares of Common Stock on the applicable Exercise
Date with any remaining Plan Account balance returned to the Participant in one (1) lump-sum payment in cash within thirty (30)
days after such Exercise Date, without any interest thereon, and after such exercise cease to participate in the Plan. Upon receipt
of a Withdrawal Election, the Participant’s payroll deduction authorization and his or her Option to purchase under the
Plan shall terminate.

 

(b)       A
participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to participate in any similar
plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the
Offering Period from which the Participant withdraws.

 

(c)       A
Participant who ceases contributions to the Plan during any Offering Period shall not be permitted to resume contributions to
the Plan during that Offering Period.

 

6.2       Termination
of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, such Participant’s Option
for the applicable Offering Period shall automatically terminate, he or she shall be deemed to have elected to withdraw from the
Plan, and such Participant’s Plan Account shall be paid to such Participant or, in the case of his or her death, to the
person or persons entitled thereto pursuant to Applicable Law, within thirty (30) days after such cessation of being an Eligible
Employee, without any interest thereon.

 

     

     

    

 

ARTICLE
VII.

GENERAL PROVISIONS

 

7.1       Administration.

 

(a)       The
Plan shall be administered by the Committee, which shall be composed of members of the Board. The Committee may delegate administrative
tasks under the Plan to the services of an Agent and/or Employees to assist in the administration of the Plan, including establishing
and maintaining an individual securities account under the Plan for each Participant.

 

(b)       It
shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the provisions of
the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)        To
establish Offering Periods;

 

(ii)       To
determine when and how Options shall be granted and the provisions and terms of each Offering Period (which need not be identical);

 

(iii)      To
select Designated Subsidiaries in accordance with Section 7.2 hereof; and

 

(iv)      To
construe and interpret the Plan, the terms of any Offering Period and the terms of the Options and to adopt such rules for the
administration, interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any
such rules. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, any
Offering Period or any Option, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effect,
subject to Section 423 of the Code and the Treasury Regulations thereunder.

 

(c)       The
Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific
requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically
authorized to adopt rules and procedures regarding handling of participation elections, payroll deductions, payment of interest,
conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements.
In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator
under the Plan.

 

(d)       The
Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed
to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions of this
Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions
of this Plan shall govern the operation of such sub-plan.

 

     

     

    

 

(e)       All
expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the
Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers
or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions
or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good
faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Board or
Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the
Plan or the options, and all members of the Board or Administrator shall be fully protected by the Company in respect to any such
action, determination, or interpretation.

 

To
the extent permitted under Applicable Law and the Organizational Documents, each member of the Administrator shall be indemnified
and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by
such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in
which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all
amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided
he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled pursuant to the Organizational Documents, as a matter of law, or otherwise, or any power
that the Company may have to indemnify them or hold them harmless.

 

7.2       Designation
of Subsidiaries. The Board or Committee shall designate from among the Subsidiaries, as determined from time to time, the
Subsidiary or Subsidiaries that shall constitute Designated Subsidiaries. The Board or Committee may designate a Subsidiary, or
terminate the designation of a Subsidiary, without the approval of the stockholders of the Company.

 

7.3       Reports.
Individual accounts shall be maintained for each Participant in the Plan. Statements of Plan Accounts shall be given to Participants
at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares
purchased and the remaining cash balance, if any.

 

7.4       No
Right to Employment. Nothing in the Plan shall be construed to give any person (including any Participant) the right to remain
in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to
terminate the employment of any person (including any Participant) at any time, with or without cause, which right is expressly
reserved.

 

7.5       Amendment
and Termination of the Plan.

 

(a)       The
Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and from time to time; provided, however,
that without approval of the Company’s stockholders given within twelve (12) months before or after action by the Board,
the Plan may not be amended to increase the maximum number of shares of Common Stock subject to the Plan or change the designation
or class of Eligible Employees; and provided, further that without approval of the Company’s stockholders,
the Plan may not be amended in any manner that would cause the Plan to no longer be an “employee stock purchase plan”
within the meaning of Section 423(b) of the Code.

 

     

     

    

 

(b)       In
the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences,
the Administrator may, to the extent permitted under Section 423 of the Code, in its discretion and, to the extent necessary or
desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

 

(i)        altering
the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option Price;

 

(ii)       shortening
any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering Period underway at the time
of the Administrator action; and

 

(iii)      allocating
shares of Common Stock.

 

Such
modifications or amendments shall not require stockholder approval or the consent of any Participant.

 

(c)       Upon
termination of the Plan, the balance in each Participant’s Plan Account shall be refunded as soon as practicable after such
termination, without any interest thereon.

 

7.6       Use
of Funds; No Interest Paid. All funds received by the Company by reason of purchase of Common Stock under the Plan shall be
included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose.
No interest shall be paid to any Participant or credited under the Plan.

 

7.7       Term;
Approval by Stockholders. Subject to approval by the stockholders of the Company in accordance with this Section 7.7, the
Plan shall terminate on the tenth (10th) anniversary of the date of its initial approval by the stockholder(s) of the
Company, unless earlier terminated in accordance with Sections 5.3 or 7.5 hereof. No Option may be granted during any period of
suspension of the Plan or after termination of the Plan. The Plan shall be submitted for the approval of the Company’s stockholder(s)
within twelve (12) months after the date of the Board’s initial adoption of the Plan. Options may be granted prior to such
stockholder approval; provided, however, that such Options shall not be exercisable prior to the time when the Plan
is approved by the stockholders; provided, further that if such approval has not been obtained by the end of said
twelve (12)-month period, all Options previously granted under the Plan shall thereupon terminate and be canceled and become null
and void without being exercised.

 

7.8       Effect
Upon Other Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company,
any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company, any Parent or any Subsidiary
(a) to establish any other forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary, or
(b) to grant or assume Options otherwise than under the Plan in connection with any proper corporate purpose, including, but not
by way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, consolidation
or otherwise, of the business, stock or assets of any corporation, firm or association.

 

     

     

    

 

7.9       Conformity
to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation in the Plan by any individual
who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable
exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by Applicable Law, the Plan shall be deemed amended to the
extent necessary to conform to such applicable exemptive rule.

 

7.10     Notice
of Disposition of Shares. Each Participant shall, if requested by the Company, give the Company prompt notice of any disposition
or other transfer of any shares of Common Stock, acquired pursuant to the exercise of an Option, if such disposition or transfer
is made (a) within two (2) years after the applicable Grant Date or (b) within one (1) year after the transfer of such shares
of Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares
acquired pursuant to the Plan refer to such requirement.

 

7.11     Tax
Withholding. The Company or any Parent or any Subsidiary shall be entitled to require payment in cash or deduction from other
compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to
any purchase of shares of Common Stock under the Plan or any sale of such shares.

 

7.12     Governing
Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with the laws of the
State of Delaware.

 

7.13     Notices.
All notices or other communications by a participant to the Company under or in connection with the Plan shall be deemed to have
been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company
for the receipt thereof.

 

7.14     Conditions
To Issuance of Shares.

 

(a)       Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries
evidencing shares of Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Board or the Committee
has determined, with advice of counsel, that the issuance of such shares of Common Stock is in compliance with all Applicable
Laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation
system on which the shares of Common Stock are listed or traded, and the shares of Common Stock are covered by an effective registration
statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the
Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Board or the Committee,
in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

 

     

     

    

 

(b)       All
certificates for shares of Common Stock delivered pursuant to the Plan and all shares of Common Stock issued pursuant to book
entry procedures are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable
to comply with federal, state, or foreign securities or other laws, rules and regulations and the rules of any securities exchange
or automated quotation system on which the shares of Common Stock are listed, quoted, or traded. The Committee may place legends
on any certificate or book entry evidencing shares of Common Stock to reference restrictions applicable to the shares of Common
Stock.

 

(c)       The
Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the
settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion
of the Committee.

 

(d)       Notwithstanding
any other provision of the Plan, unless otherwise determined by the Committee or required by any Applicable Law, rule or regulation,
the Company may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection
with any Option, record the issuance of shares of Common Stock in the books of the Company (or, as applicable, its transfer agent
or stock plan administrator).

 

7.15     Equal
Rights and Privileges. Except with respect to sub-plans designed to be outside the scope of Section 423 of the Code, all Eligible
Employees of the Company (or of any Designated Subsidiary) shall have equal rights and privileges under this Plan to the extent
required under Section 423 of the Code or the regulations promulgated thereunder so that this Plan qualifies as an “employee
stock purchase plan” within the meaning of Section 423 of the Code or the Treasury Regulations thereunder and all Administrator
actions hereunder shall be interpreted accordingly. Any provision of this Plan that is inconsistent with Section 423 of the Code
or the Treasury Regulations thereunder shall, without further act or amendment by the Company or the Board, be reformed to comply
with the equal rights and privileges requirement of Section 423 of the Code or the Treasury Regulations thereunder.

 

7.16
      Titles and Headings, References to Sections of the Code or Exchange Act. The
titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text
of the Plan, rather than such titles or headings, shall control. References to sections of Applicable Law, including the Code,
the Securities Act or the Exchange Act shall include any amendment or successor thereto.

 

*
* * * * *Exhibit 4.2

 

SIXTH SUPPLEMENTAL INDENTURE

Dated as of October 14, 2020

to

INDENTURE

Dated as of March 14, 2014

Between

W. P. Carey Inc., as Issuer

and

U.S. Bank National Association, as Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE
    ONE DEFINITIONS	1
	 	 
	Section 101 Certain
    Terms Defined in the Indenture	1
	Section 102 Definitions	2
	 	 
	Article
    Two AMENDMENT TO THE ORIGINAL INDENTURE	7
	 	 
	Section 201 Amendment
    to Section 501 Relating to Events of Default	7
	 	 
	ARTICLE THREE CERTAIN
    COVENANTS	8
	 	 
	Section 301 Limitation
    on Incurrence of Debt	8
	Section 302 Limitation
    on the Incurrence of Secured Debt	8
	Section 303 Limitation
    on the Incurrence of Debt Based on Consolidated EBITDA to Annual Debt Service Charge	8
	Section 304 Maintenance
    of Unencumbered Asset Value	9
	Section 305 Reports
    by the Company	9
	 	 
	ARTICLE FOUR POSSIBLE
    FUTURE OPERATING PARTNERSHIP GUARANTEE	10
	 	 
	Section 401 Possible
    Future Operating Partnership Guarantee	10
	Section 402 Ranking	10
	Section 403 Waiver
    of Reimbursement, Indemnity and Subrogation Rights	10
	Section 404 Release
    of any Operating Partnership Guarantee	10
	Section 405 Supplemental
    Indenture	10
	 	 
	ARTICLE FIVE FORM
    AND TERMS OF THE NOTES	11
	 	 
	Section 501 Form
    and Dating	11
	Section 502 Certain
    Terms of the Notes	12
	Section 503 Redemption	13
	 	 
	ARTICLE SIX MISCELLANEOUS	15
	 	 
	Section 601 Relationship
    with Indenture	15
	Section 602 Trust
    Indenture Act Controls	15
	Section 603 Governing
    Law	15
	Section 604 Multiple
    Counterparts	15
	Section 605 Severability	15
	Section 606 Ratification	15
	Section 607 Headings	16
	Section 608 Effectiveness	16
	Section 609 Electronic
    Signatures	16

 

    i 

     

    

 

SIXTH SUPPLEMENTAL INDENTURE

 

This Sixth Supplemental Indenture, dated
as of October 14, 2020 (this “Sixth Supplemental Indenture”), between W. P. Carey Inc., a Maryland corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), supplements
that certain Indenture, dated as of March 14, 2014, by and between the Company and the Trustee (the “Original Indenture”
and, together with this Sixth Supplemental Indenture, the “Indenture”).

 

RECITALS

 

The Company has duly authorized the execution
and delivery of the Indenture to provide for the issuance from time to time of its unsecured and unsubordinated debentures, notes
or other evidences of indebtedness (the “Securities”), unlimited as to principal amount, to bear such fixed
or floating rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions
as provided for in the Indenture;

 

The Indenture provides that the Securities
shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate
or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by the Indenture;

 

The parties are entering into this Sixth
Supplemental Indenture to establish the terms of the Securities created on or after the date of this Sixth Supplemental Indenture;
and

 

The Company has determined to issue and
deliver, and the Trustee shall authenticate, a series of Securities designated as the Company’s “2.400% Senior Notes
due 2031” (hereinafter called the “Notes”), pursuant to the terms of this Sixth Supplemental Indenture
and substantially in the form as herein set forth, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture and this Sixth Supplemental Indenture.

 

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL
INDENTURE WITNESSETH:

 

For and in consideration of the premises
stated herein, the parties hereto hereby enter into this Sixth Supplemental Indenture, for the equal and proportionate benefit
of all Holders of the Notes and, to the extent expressly set forth herein, Future Securities, as follows:

 

Article
One

 

DEFINITIONS

 

Section 101
Certain Terms Defined in the Indenture.

 

For purposes of this Sixth Supplemental
Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Indenture,
as amended and supplemented hereby.

 

     

     

    

 

Section 102 Definitions.

 

For all purposes of this Sixth Supplemental
Indenture:

 

“Acquired Debt” means
Debt of a Person:

 

		(1)	existing at the time such Person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a
Subsidiary of the Company; or

 

		(2)	assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from such Person.

 

Acquired Debt shall be deemed to be incurred
on the date the acquired Person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary
of the Company or the date of the related acquisition, as the case may be.

 

“Annual Debt Service Charge”
means, for any period, the interest expense of the Company and its Subsidiaries on a pro forma basis for such period (determined
on a consolidated basis in accordance with GAAP).

 

“Capitalization Rate”
means 7.50%.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Comparable
Treasury Issue” means, with respect to any Redemption Date for the Notes, the United States Treasury security selected
by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes
to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call
Date).

 

“Comparable
Treasury Price” means, with respect to any Redemption Date for the Notes, (1) the average of three Reference Treasury
Dealer Quotations for such Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge), after
excluding the highest and lowest of five Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Consolidated
EBITDA” means the Net Income (Loss) of the Company and its Subsidiaries on a pro forma basis for the applicable
period, plus (a) the sum of the following amounts of the Company and its Subsidiaries on a pro forma basis for such period
(determined on a consolidated basis in accordance with GAAP) to the extent included in the determination of such Net Income
(Loss): (i) depreciation expense, (ii) amortization expense and other non-cash charges, (iii) interest expense, (iv) income
tax expense, (v) extraordinary losses and other non-recurring charges (and other losses on asset sales not otherwise included
in extraordinary losses and other non-recurring charges), (vi) noncontrolling interests, and (vii) adjustments as a result of
the straight lining of rents, less (b) extraordinary gains (including, without limitation, gains on asset sales and gains
resulting from the early extinguishment of indebtedness, in each case not otherwise included in extraordinary gains) of the
Company and its Subsidiaries on a pro forma basis for such period (determined on a consolidated basis in accordance with
GAAP) to the extent included in the determination of such Net Income (Loss).

 

    2 

     

    

 

“Debt” means, any indebtedness
of the Company or any Subsidiary, whether or not contingent, in respect of:

 

		(1)	borrowed money or evidenced by bonds, notes, debentures, loan agreements or similar instruments;

 

		(2)	indebtedness secured by any Lien on any property or asset owned by the Company or any Subsidiary, but only to the extent of
the lesser of the amount of indebtedness so secured and the fair market value (determined in good faith by the board of directors
of the Company or a duly authorized committee thereof) of the property subject to such Lien;

 

		(3)	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 except any such balance that constitutes an accrued expense
or trade payable; or

 

		(4)	any lease of property by the Company or any Subsidiary as lessee which is required to be reflected on the consolidated balance
sheet of the Company as a finance lease in accordance with GAAP,

 

and also includes, to the extent not otherwise included, any
non-contingent obligation of the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other
than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another Person other
than the Company or any Subsidiary (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary
whenever such Person shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Funded
Debt” means any indebtedness for borrowed money that is (i) in the form of, or represented by, bonds, notes, debentures
or other debt securities and has an aggregate principal amount outstanding of at least $50 million or (ii) incurred pursuant to
a credit agreement or other agreement providing for revolving credit loans, term loans or other debt and has an aggregate principal
amount outstanding or committed of at least $50 million; excluding, in each instance, indebtedness of the Operating Partnership
(as defined below) owed to the Company.

 

“Future Securities” has
the meaning set forth in Section 2.01 of this Sixth Supplemental Indenture.

 

“GAAP” means
generally accepted accounting principles in the United States of America as set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of
the accounting profession in the United States of America, that are applicable to the
circumstances as of the date of determination, consistently applied.

 

    3 

     

    

 

“Global Notes” has the
meaning set forth in Section 501(1) of this Sixth Supplemental Indenture.

 

“Independent
Investment Banker” means one of Wells Fargo Securities, LLC and J.P. Morgan Securities LLC and their respective successors,
appointed by the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by the Company.

 

“Lease” 
means a lease, license, concession agreement or other agreement providing for the use or occupancy of any portion of any Project,
including all amendments, supplements, modifications and assignments thereof and all
side letters or side agreements relating thereto.

 

“Lien” means any mortgage,
deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

 

“Managed
REIT” means a REIT managed or advised by the Company or any of its Subsidiaries.

 

“Management
Contract” means a management contract or advisory agreement under which the Company or any of its Subsidiaries provides
management and advisory services to a third party, consisting of management of properties or provision of advisory services on
property acquisition and dispositions, equity and debt placements and related transactional matters.

 

“Management
Revenues” means, for any period, an amount equal to the aggregate sum of revenues for such period earned by the Company
and its Subsidiaries on a pro forma basis from providing management and advisory services under Management Contracts (determined
on a consolidated basis in accordance with GAAP), including asset management revenue, performance revenue, structuring revenue,
advisor’s participation in cash flow (if any), interest income or any revenue earned as stipulated in a Management Contract
and booked for financial reporting purposes, and distributions received for such period related to the ownership of equity in managed
funds and Managed REITs but excluding revenue related to reimbursed costs; provided, however, that Management Revenues shall exclude
any revenues earned under Management Contracts, or distributions received, by the Company and its Subsidiaries on a pro forma basis
from a current Subsidiary that has not been a Subsidiary for the entirety of such period.

 

“Net Income
(Loss)” means the aggregate of net income (or loss) of the Company and its Subsidiaries on a pro forma basis for
the applicable period (determined on a consolidated basis in accordance with GAAP).

 

“Operating
Partnership” has the meaning set forth in the definition of “UPREIT Reorganization.”

 

    4 

     

    

 

“Operating
Partnership Guarantee” has the meaning set forth in Section 401 of this Sixth Supplemental Indenture.

 

“Par
Call Date” has the meaning set forth in Section 503 of this Sixth Supplemental Indenture.

 

“Project” means
any office, industrial/manufacturing facility, educational facility, retail facility, distribution/warehouse facility, assembly
or production facility, hotel, day care center, storage facility, health care/hospital facility, restaurant, radio or TV station,
broadcasting/communication facility (including any transmission facility), any combination of any of the foregoing, or any land
to be developed into any one or more of the foregoing pursuant to a written agreement with respect to such land for a transaction
involving a Lease (or franchise agreement, in the case of a hotel), in each case owned, directly or indirectly, by any of the Company
or its Subsidiaries.

 

“Property
EBITDA” means, for any period, an amount equal to Consolidated EBITDA plus corporate level general and administrative
expenses less Management Revenues.

 

“Reference Treasury Dealer”
means each of: (i) Wells Fargo Securities, LLC or its successors (or an affiliate that
is a Primary Treasury Dealer); (ii) J.P. Morgan Securities LLC or its successors (or
an affiliate that is a Primary Treasury Dealer); and (iii) three other Primary Treasury Dealers selected by the Company;
provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such notice of Redemption Date (or date of deposit with the Trustee in the case of a satisfaction
and discharge).

 

“REIT” means
a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of Sections 856 et seq.
of the Code.

 

“Subsidiary” means
(1) any Person (as defined in the indenture but excluding an individual), a majority of the outstanding voting stock,
partnership interests, membership interests or other equity interests, as the case may be, of which is owned or controlled,
directly or indirectly, by the Company and/or by one or more other Subsidiaries of the Company, as the case may be, that is
consolidated in the financial statements of the Company in accordance with GAAP and (2) any other Persons that are
consolidated with the Company for purposes of GAAP; provided, however, that calculations with respect to a current Subsidiary
that has not been a Subsidiary for the entire period covered by such calculation applicable to the Notes shall be calculated
on a pro forma basis as if such Subsidiary was a Subsidiary as of the first day of such period. For the purposes of this
definition, “voting stock, partnership interests, membership interests or other equity interests” means stock or
interests having voting power for the election of directors, trustees or managers (or similar members of the governing body
of such Person), as the case may be, whether at all times or only so long as no senior class of stock has such voting power
by reason of any contingency.

 

    5 

     

    

 

“Total Asset Value” means,
as of any date, the sum of, without duplication:

 

		(1)	in respect of Projects owned or ground-leased by the Company and its Subsidiaries for
at least four fiscal quarters (whether or not the applicable Subsidiary of the Company has been a Subsidiary of the Company for
at least four fiscal quarters), the Property EBITDA (excluding any EBITDA attributable to investments in unconsolidated limited
partnerships, unconsolidated limited liability companies and other unconsolidated entities) for such Projects for the previous
four consecutive fiscal quarters divided by the Capitalization Rate; 

 

		(2)	in respect of Projects owned or ground-leased by the Company and its Subsidiaries for
less than four fiscal quarters, the cost (original cost plus capital improvements) of such Projects and related intangibles, before
depreciation and amortization, determined on a consolidated basis in accordance with GAAP; and 

 

		(3)	for all other assets of the Company and its Subsidiaries, excluding accounts receivable
and intangible assets, the value as determined in accordance with GAAP.

 

“Total Unencumbered Asset Value”
means, as of any date, the sum of, without duplication:

 

		(1)	in respect of Projects owned or ground-leased by the Company and its Subsidiaries for
at least four fiscal quarters (whether or not the applicable Subsidiary of the Company has been a Subsidiary of the Company for
at least four fiscal quarters) and which are not subject to a Lien, the Property EBITDA (excluding any EBITDA attributable to investments
in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities) for such
Projects for the previous four consecutive fiscal quarters divided by the Capitalization Rate;

 

		(2)	in respect of Projects owned or ground-leased by the Company and its Subsidiaries for
less than four fiscal quarters and which are not subject to a Lien, the cost (original cost plus capital improvements) of such
Projects and related intangibles, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP;
and 

 

		(3)	for all other assets of the Company and its Subsidiaries not subject to a Lien, excluding
accounts receivable and intangible assets, the value as determined in accordance with GAAP;

 

all determined on a consolidated
basis in accordance with GAAP; provided, however, that, all investments in unconsolidated limited partnerships, unconsolidated
limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Asset Value.

 

    6 

     

    

 

“Treasury
Rate” means (1) the yield, under the heading which represents the average for the immediately preceding week, appearing
in the most recently published statistical release designated “H.15” or any successor publication that is published
weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under the caption “Treasury constant maturities,” for the maturity corresponding
to the Comparable Treasury Issue (provided however, that if no maturity is within three months before or after the remaining life
of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined
and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date
or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such Redemption Date, in each case as calculated on the third Business Day preceding the notice
of Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

“Trustee” has the meaning
set forth in the first paragraph of this Sixth Supplemental Indenture.

 

“Unsecured Debt” means
Debt of the Company or any of its Subsidiaries that is not secured by a Lien on any property or assets of the Company or any of
its Subsidiaries.

 

“UPREIT
Reorganization” means a reorganization of the Company and its subsidiaries into an umbrella partnership real estate investment
trust, including by converting WPC Holdco LLC, a direct wholly-owned subsidiary of the Company that currently owns all or substantially
all of the Company’s assets, into a limited partnership (the “Operating Partnership”), in which the Company
owns all or substantially all of the equity interests, including all of the non-economic equity interests of the general partner
thereof. 

 

Article
Two

 

AMENDMENT TO THE ORIGINAL INDENTURE

 

Section 201
Amendment to Section 501 Relating to Events of Default. Section 501(5) of the Original Indenture is amended and restated,
with respect to the Notes and Securities of each series issued on or subsequent to the date hereof (together, the “Future
Securities”), to read as follows:

 

 

(5)       a
failure by the Company to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand
or otherwise) in respect of any Indebtedness (for purposes of this Article Two, as defined in Article One of the Original
Indenture) of the Company in excess of $50,000,000 principal amount under any bond, debenture, note or other evidence of
Indebtedness, or a default under any such bond, debenture, note or other evidence of Indebtedness by the Company has resulted
in the acceleration prior to the stated maturity of the principal amount thereof in excess of $50,000,000, in each case,
unless such Indebtedness is discharged, or the acceleration of such Indebtedness is rescinded or annulled, in each case
within 30 days after the Company’s failure to pay such Indebtedness or the date of acceleration of the stated maturity
of the principal amount of such Indebtedness, as the case may be;

 

    7 

     

    

 

Article
Three

 

CERTAIN COVENANTS

 

In addition to the covenants set forth in
Sections 1001 through 1004, inclusive, of the Original Indenture, there are established the following covenants for the benefit
of Holders of the Notes and any Future Securities and to which such Notes and Future Securities shall be subject and to which Sections
402(3) and 1005 of the Original Indenture shall apply:

 

Section 301
Limitation on Incurrence of Debt. The Company shall not, and shall not permit any of its Subsidiaries to, incur any
Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a
pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated
basis in accordance with GAAP) is greater than 60% of its and its Subsidiaries’ Total Asset Value.

 

Section 302
Limitation on the Incurrence of Secured Debt. In addition to the limitation set forth in Section 301 above, the Company
shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured
by any Lien on any of its or any of its Subsidiaries’ property or assets if, immediately after giving effect to the incurrence
of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of
its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) secured by a Lien
on any of its or its Subsidiaries’ property or assets is greater than 40% of its and its Subsidiaries’ Total Asset
Value.

 

Section
303 Limitation on the Incurrence of Debt Based on Consolidated EBITDA to Annual Debt Service Charge. In
addition to the limitations set forth in Sections 301 and 302 above, the Company shall not, and shall not permit any of its
Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the
proceeds from such Debt on a pro forma basis, the ratio of Consolidated EBITDA to Annual Debt Service Charge (determined
on a consolidated basis in accordance with GAAP) for the period consisting of the four consecutive fiscal quarters most
recently ended prior to the date on which such Debt is to be incurred (for which consolidated financial statements have been
filed with the Commission on Form 10-K or Form 10-Q, as the case may be, or, if such filing is not permitted under the
Exchange Act, with the Trustee) shall have been less than 1.5:1, calculated on the following assumptions: (1) such Debt and
any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the
first day of such four consecutive fiscal quarterly period had been incurred, and the application of the proceeds from such
Debt (including to repay or retire other Debt) had occurred, on the first day of such period; (2) the repayment or retirement
of any other Debt of the Company or any of its Subsidiaries since the first day of such four consecutive fiscal quarterly
period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any
revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such
Debt during such period); and (3) in the case of any acquisition or disposition by the Company or any of its Subsidiaries of
any asset or group of assets with a fair market value in excess of $1.0 million since the first day of such four consecutive
fiscal quarterly period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition
or disposition 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.

 

    8 

     

    

 

If the Debt giving rise to the need to make
the calculation described above or any other Debt incurred after the first day of the relevant four-quarter period bears interest
at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed
on a pro forma basis by applying the average daily rate which would have been in effect during the entire such four consecutive
fiscal quarterly period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of
such Debt outstanding during such period.

 

Section 304
Maintenance of Unencumbered Asset Value. The Company shall not have at any time Total Unencumbered Asset Value of
less than 150% of the aggregate principal amount of all of its and its Subsidiaries’ outstanding
Unsecured Debt (determined on a consolidated basis in accordance with GAAP).

 

Section 305
Reports by the Company. To the extent there exists any Outstanding Securities, if the Company is subject to Section
13(a) or 15(d) of the Exchange Act or any successor provision, the Company shall deliver to the Trustee the annual reports, quarterly
reports and other documents which it is required to file with the Commission pursuant to Section 13(a) or 15(d) or any successor
provision, within 15 days after the date that the Company files the same with the Commission. If the Company is not subject to
Section 13(a) or 15(d) of the Exchange Act or any successor provision, and for so long as there exist any Outstanding Securities,
the Company shall deliver to the Trustee the quarterly and annual financial statements and accompanying Item 303 of Regulation
S-K (“management’s discussion and analysis of financial condition and results of operations”) disclosure that
would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q required to be filed with the
Commission if the Company was subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, within 15 days
of the filing date that would be applicable to the Company at that time pursuant to applicable Commission rules and regulations.

 

Reports and other documents filed with
the Commission via the EDGAR system shall be deemed to be delivered to the Trustee as of the time of such filing via EDGAR
for purposes of this Section 305; provided, however, that the Trustee shall have no obligation whatsoever to determine
whether or not such information, documents or reports have been filed via EDGAR. Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants relating to the Securities (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates).

 

    9 

     

    

 

Article
Four

 

POSSIBLE FUTURE OPERATING PARTNERSHIP GUARANTEE

 

Section 401
Possible Future Operating Partnership Guarantee.
Upon and following consummation of the UPREIT Reorganization, if the Operating Partnership incurs or assumes any recourse Funded
Debt, or guarantees or otherwise becomes obligated with respect to any other entity’s Funded Debt, then the Company shall
cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee or other action, to (i) execute
and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the Trustee, pursuant to which the Operating
Partnership shall fully, unconditionally and irrevocably guarantee
all of the payment and other obligations under the Notes and any Future Securities in a timely manner on a senior unsecured basis
(the “Operating Partnership Guarantee”) and (ii) deliver to the Trustee an Officer’s Certificate
and an opinion of counsel to the effect that each of such supplemental indenture and such Operating Partnership Guarantee has been
duly authorized, executed and delivered by, and constitutes a valid, legally binding and enforceable obligation of, the Operating
Partnership, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws or by general principles
of equity. Any such Operating Partnership Guarantee shall provide that holders of the Notes and any Future Securities shall be
entitled to proceed directly against the Operating Partnership without exercising their remedies against any other obligor.

 

Section 402
Ranking. Any Operating Partnership Guarantee shall
rank equally and ratably with all other existing and future unsecured and unsubordinated indebtedness of the Operating Partnership,
shall rank senior to any subordinated indebtedness of the Operating Partnership that is not secured, and shall effectively rank
junior to (i) any secured indebtedness of the Operating Partnership to the
extent of the value of the collateral securing such indebtedness and (ii) to all of the indebtedness and other liabilities, whether
secured or unsecured, if any, and any preferred equity of the subsidiaries of the Operating Partnership.

 

Section 403
Waiver of Reimbursement, Indemnity and Subrogation Rights.
If and for so long as the Operating Partnership guarantees the Notes or any Future Securities, it shall agree in the supplemental
indenture that it shall waive and shall not in any manner whatsoever
claim or take the benefit or advantage of any right of reimbursement, indemnity or subrogation or any other right as a result of
any payment by the Operating Partnership under any Operating Partnership Guarantee until the Notes, or such Future Securities,
have been paid in full.

 

Section 404
Release of any Operating Partnership Guarantee.
Any Operating Partnership Guarantee shall be automatically released if (i) the Company exercises its option to discharge its
obligations with respect to this Sixth Supplemental Indenture or the Notes, as applicable, pursuant to Article Four in the Original
Indenture, or (ii) the Operating Partnership is no longer obligated on any other Funded Debt.

 

Section 405 Supplemental
Indenture. The supplemental indenture shall provide that the obligations
of the Operating Partnership under any Operating Partnership Guarantee shall be limited as necessary to prevent such Operating
Partnership Guarantee from constituting a fraudulent conveyance or fraudulent transfer under applicable law. 

 

    10 

     

    

 

 

Article
Five

 

FORM AND TERMS OF THE NOTES

 

This Article Five applies solely to the
Notes and shall not affect the rights under the Original Indenture of the Holders of Securities of any other series.

 

Section 501
Form and Dating.

 

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf
of the Company by two officers of the Company specified in Section 303 of the Original Indenture. The
Notes may have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant
to Original Indenture or this Sixth Supplemental Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently with the Original Indenture, be determined by the officer
of the Company executing the Notes as evidenced by the execution of the Notes.  Each Note shall be dated the date of its
authentication. The Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and integral multiple
of $1,000 in excess thereof.

 

The terms and notations contained in the
Notes shall constitute, and are hereby expressly made, a part of the Original Indenture as supplemented by this Sixth
Supplemental Indenture; and the Company and the Trustee, by their execution and delivery of this Sixth
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby; provided, that, to the extent
of any inconsistency between the terms and provisions in the Original Indenture, as supplemented by this Sixth
Supplemental Indenture, and those contained in the Notes, the Notes shall govern.

 

(1)              
Global Notes. The Notes designated herein shall be issued initially in the form of one or more fully-registered
permanent global Securities (the “Global Notes” and each, a “Global Note”), which shall be
held by the Trustee as custodian for The Depository Trust Company, New York, New York (the “Depositary”), and
registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated by the
Trustee. The aggregate principal amount of outstanding Notes represented by a Global Note may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

    11 

     

    

 

Unless and until the Global
Notes are exchanged in whole or in part for the individual Notes represented thereby pursuant to Section 305 of the Original
Indenture, such Global Notes may not be transferred except as a whole by the Depositary to its nominee or by its nominee to
the Depositary or another nominee of the Depositary or by the Depositary or any of its nominees to a successor depositary or
any nominee of such successor depositary. Upon the occurrence of the events specified in Section 305 of the Original
Indenture in relation thereto, the Company shall execute, and the Trustee shall, upon receipt of a request by the Company for
authentication, authenticate and deliver, Notes in physical, certificated form registered in such names and in such principal
amounts equal to the outstanding aggregate principal amount of the Global Notes in exchange therefor.

 

(2)              
Book-Entry Provisions. This Section 501(2) shall apply only to the Global Notes deposited with or on behalf
of the Depositary.

 

The Company shall execute and
the Trustee shall, in accordance with this Section 501(2), authenticate and deliver the Global Notes that shall be registered in
the name of the Depositary or the nominee of the Depositary and shall be held by the Trustee as custodian for the Depositary.

 

Participants of the Depositary
shall have no rights either under the Indenture or with respect to any Global Notes. The Depositary or its nominee, as applicable,
shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such
Global Note for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee,
as applicable, or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary
governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(3)              
Definitive Notes. Notes issued in physical, certificated form, registered in the name of the beneficial owner
thereof, shall be substantially in the form of the Note attached hereto as Exhibit A, but without including the text referred
to therein as applying only to Global Notes. Except as provided above in subsection (1), owners of beneficial interests in the
Global Notes shall not be entitled to receive physical delivery of certificated Notes.

 

(4)              
Transfer and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary, in accordance with the Original Indenture and the procedures of the Depositary therefor.
Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest
in the Global Notes.

 

Section 502
Certain Terms of the Notes.

 

The terms of the Notes are established
as set forth in Article Three of the Original Indenture, this Section, in Section 503 and as further established in the form
of Note attached hereto as Exhibit A. The terms and notations contained in the Notes shall constitute, and are hereby
expressly made, a part of the Original Indenture as supplemented by this Sixth Supplemental
Indenture, and the Company and the Trustee, by their execution and delivery of this Sixth
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

    12 

     

    

 

(1)              
Title. The Notes shall constitute a series of Securities having the title “2.400% Senior Notes due 2031.”

 

(2)              
Principal Amount. The Notes shall initially be limited to an aggregate principal amount of FIVE HUNDRED MILLION
DOLLARS ($500,000,000). The Company may, from time to time, without notice to or the consent of any Holders, create and issue additional
debt securities having the same terms as the Notes in all respects, except for the issue date, public offering price and, under
certain circumstances, the date from which interest begins to accrue and the first payment of interest thereon, provided that (i)
such issuance complies with the covenants set forth in the Indenture and (ii) any additional debt securities must be fungible with
the previously outstanding Notes for U.S. federal income tax purposes. Additional debt securities issued in this manner shall be
consolidated with, and shall form a single series of debt securities under the Indenture with, the Notes. The Notes and any additional
debt securities shall rank equally and ratably in right of payment and shall be treated as a single series of debt securities for
all purposes under the Indenture.

 

(3)              
Maturity Date. The Notes shall mature on February
1, 2031 (the “Stated Maturity Date”) and shall be paid against presentation and surrender thereof at the Corporate
Trust Office of the Trustee, or by electronic means, unless earlier redeemed by the Company at its sole option.

 

(4)              
Interest Rate. Interest on the Notes shall accrue at the
rate of 2.400% per year from, and including, October 14, 2020 or the most
recent interest payment date to which interest has been paid or provided for, as the case may be, and shall be payable semiannually
in arrears on February 1 and August 1 of each year, beginning on February 1, 2021 (each, an “Interest Payment Date”).
The interest so payable shall be paid to each Holder in whose name a Note is registered at the close of business on the January
15 or July 15 (whether or not a New York Business Day) immediately preceding the applicable Interest Payment Date. Interest on
the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

(5)              
Sinking Fund Provisions. The Notes shall not be entitled to the benefits
of, or be subject to, any sinking fund. 

 

Section 503
Redemption.

 

(1)               Optional
Redemption. The Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from time
to time, in each case prior to November 1, 2030 (the “Par Call Date”), for cash, at a Redemption Price
equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) an amount equal to the
sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed that
would be due if the Notes matured on the Par Call Date (exclusive of unpaid interest accrued to, but not including, such
Redemption Date), discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus, in each case, unpaid interest, if any, on the principal
amount of the Notes to be redeemed accrued to, but not including, such Redemption Date.

 

    13 

     

    

 

In addition, at any time on or
after the Par Call Date, the Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from
time to time, for cash, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus
unpaid interest, if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date.
Notwithstanding the foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest
Payment Date falling on or before such Redemption Date.

 

(2)              
Notice of Redemption. The Company (or, at the Company’s request, the Trustee on its behalf) must transmit
a notice of redemption to each Holder of Notes to be redeemed at least 15 days but not more than 60 days prior to the Redemption
Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed, the CUSIP and International Securities
Identification Number (“ISIN”) numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price,
the place or places of payment and that payment shall be made upon presentation and surrender of such Notes. Once notice of redemption
is delivered to Holders, the Notes called for redemption shall become due and payable on the Redemption Date at the Redemption
Price. On or before 10:00 a.m., New York City time, on the Redemption Date, either the Company or the Operating Partnership, if
an Operating Partnership Guarantee has been issued, shall deposit with the Trustee or with one or more paying agents an amount
of money sufficient to redeem on the Redemption Date all the Notes so called for redemption at the Redemption Price.

 

Unless the Company defaults in
payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any portion of
the Notes called for redemption on the Redemption Date.

 

If less than all of the Notes
are to be redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in the case
of Notes in book-entry form, shall be in accordance with the procedures of the Depositary. The Trustee may select Notes and portions
of Notes in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

    14 

     

    

 

 

Article
Six

 

MISCELLANEOUS

 

Section 601
Relationship with Indenture.

 

The terms and provisions contained in the
Original Indenture shall constitute, and are hereby expressly made, a part of this Sixth
Supplemental Indenture. However, to the extent any provision of the Original Indenture conflicts with the express provisions
of this Sixth Supplemental Indenture, the provisions of this Sixth
Supplemental Indenture shall govern and be controlling.

 

Section 602
Trust Indenture Act Controls.

 

If any provision of this Sixth
Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Sixth
Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Sixth
Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded,
the latter provision shall be deemed to apply to this Sixth Supplemental Indenture
as so modified or excluded, as the case may be.

 

Section 603
Governing Law.

 

This Sixth
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York without
regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401.

 

Section 604
Multiple Counterparts.

 

The parties may sign multiple counterparts
of this Sixth Supplemental Indenture. Each signed counterpart shall be deemed an original
but all of them together represent one and the same Sixth Supplemental Indenture.

 

Section 605
Severability.

 

Each provision of this Sixth
Supplemental Indenture shall be considered separable and if for any reason any provision that is not essential to the effectuation
of the basic purpose of this Sixth Supplemental Indenture shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby and a Holder shall have no claim therefor against any party hereto.

 

Section 606
Ratification.

 

The Original Indenture, as
supplemented and amended by this Sixth Supplemental Indenture, is in all
respects ratified and confirmed. The Original Indenture and this Sixth
Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in
this Sixth Supplemental Indenture supersede any conflicting provisions included
in the Original Indenture unless not permitted by law. The Trustee accepts the trusts created by the Original Indenture, as
supplemented by this Sixth Supplemental Indenture, and agrees to perform the
same upon the terms and conditions of the Original Indenture, as supplemented by this Sixth
Supplemental Indenture. The recitals and statement contained herein shall be taken as the statements of the Company,
and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Sixth Supplemental Indenture.

 

    15

     

    

 

Section 607
Headings.

 

The Section headings in this Sixth
Supplemental Indenture are for convenience only and shall not affect the construction thereof.

 

Section 608
Effectiveness.

 

The provisions of this Sixth
Supplemental Indenture shall become effective as of the date hereof.

 

Section 609
Electronic Signatures.

 

The Notes, this Sixth Supplemental Indenture
and any notice or other communication sent to the Trustee hereunder requiring a signature must be signed manually or by way of
a digital signature provided by DocuSign (or such other digital signature provider as specified in writing by the Trustee from
time to time). Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit
communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.

 

[Remainder of Page Intentionally Left
Blank]

 

    16

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Sixth Supplemental Indenture to be duly executed all as of the day and
year first above written.

 

	 	W. P. CAREY INC., as Issuer
	 	 	 
	 	 	By:  	/s/ ToniAnn Sanzone
	 	 	 	Name: ToniAnn Sanzone
	 	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
	 	 	 
	 	 	By:	/s/ Joshua A. Hahn
	 	 	 	Name: Joshua A. Hahn
	 	 	 	Title: Vice President

 

[Signature Page to Sixth Supplemental Indenture]

 

    17

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE & CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE
IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

W. P. CAREY INC.

2.400% Senior Note due 2031

 

	REGISTERED	PRINCIPAL AMOUNT:
    $500,000,000

No. R-1

 

CUSIP: 92936U AG4

ISIN: US92936UAG40

 

W. P. CAREY INC., a Maryland corporation
(the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of FIVE HUNDRED MILLION DOLLARS
($500,000,000) on February 1, 2031 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption
(the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms of this Note and the
Indenture) (the Stated Maturity Date and the Redemption Date are hereinafter referred to as the “Maturity Date”
with respect to the principal repayable on such date) and to pay interest on the outstanding principal amount of this Note from,
and including, October 14, 2020, or from the most recent interest payment date to which interest has been paid or duly provided
for, as applicable, semiannually in arrears on February 1 and August 1 of each year, commencing on February 1, 2021 (each, an “Interest
Payment Date”), and, if applicable, on the Maturity Date, at the rate of 2.400% per annum, until said principal amount
is paid or duly provided for. Interest on this Note shall be computed on the basis of a 360-day year consisting of twelve 30-day
months.

 

Payment of Interest. 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 Note (or one or more Predecessor Notes) is registered at the close of business on the January
15 or July 15, whether or not a Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest
Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest
Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on such Regular Record
Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture.

 

    18

     

    

 

Optional Redemption. The provisions
of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs.

 

The Notes shall be redeemable, at the Company’s
sole option, in whole at any time or in part from time to time, in each case prior to November 1, 2030 (the “Par Call
Date”), for cash, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Notes
to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal of and
interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of unpaid interest
accrued to, but not including, such Redemption Date), discounted to such Redemption Date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in each case, unpaid interest, if any,
on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date.

 

In addition, at any time on or after the
Par Call Date, the Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from time to
time, for cash, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus unpaid interest,
if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date. Notwithstanding
the foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date
falling on or before such Redemption Date.

 

The following definitions shall apply with
respect to the foregoing:

 

“Comparable Treasury Issue” means, with respect
to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that
the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed
(assuming, for this purpose, that the Notes matured on the Par Call Date).

 

“Comparable Treasury Price” means, with respect
to any Redemption Date for the Notes, (1) the average of three Reference Treasury Dealer Quotations for such Redemption Date (or
date of deposit with the Trustee in the case of a satisfaction and discharge), after excluding the highest and lowest of five Reference
Treasury Dealer Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average
of all such Reference Treasury Dealer Quotations.

 

“Independent Investment Banker” means one
of Wells Fargo Securities, LLC and J.P. Morgan Securities LLC and their respective successors, appointed by the Company or, if
such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national
standing appointed by the Company.

 

“Reference Treasury Dealer” means each of:
(i) Wells Fargo Securities, LLC or its successors (or an affiliate that is a Primary Treasury Dealer, as defined below); (ii) J.P.
Morgan Securities LLC or its successors (or an affiliate that is a Primary Treasury Dealer); and (iii) three other Primary Treasury
Dealers selected by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities
dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means,
with respect to any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such notice of Redemption Date (or date of deposit with the Trustee in the case of a satisfaction
and discharge).

 

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“Treasury Rate” means (1) the yield,
under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15” or any successor publication that is published weekly by the Board of
Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption “Treasury constant maturities,” for the maturity corresponding to
the Comparable Treasury Issue (provided however, that if no maturity is within three months before or after the remaining
life of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall
be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of
the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date, in each case as calculated on the third
Business Day preceding the notice of Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and
discharge).

 

In order to exercise
the Company’s right of optional redemption, the Company (or, at the Company’s request, the Trustee on its behalf) must
deliver a written notice of redemption to each Holder of Notes to be redeemed at least 15 days but not more than 60 days
prior to the Redemption Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed, the CUSIP and
ISIN numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price, the place or places of payment, and that payment
shall be made upon presentation and surrender of such Notes. Once notice of redemption is delivered to Holders, the Notes called
for redemption shall become due and payable on the Redemption Date at the Redemption Price. On or before 10:00 a.m., New York
City time, on the Redemption Date, either the Company or the Operating Partnership, if an

Operating Partnership Guarantee has
been issued, shall deposit with the Trustee or with one or more paying agents an amount of money sufficient to redeem on the Redemption
Date all the Notes so called for redemption at the Redemption Price.

 

Unless the Company defaults in payment
of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any portion of the Notes
called for redemption on the Redemption Date.

 

If less than all of the Notes are to be
redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in the case of Notes in
book-entry form, shall be in accordance with the procedures of The Depository Trust Company. The Trustee may select Notes and portions
of Notes in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

Place of Payment. Either the Company
or the Operating Partnership, if an Operating Partnership Guarantee has been issued, shall make payment of principal of, and premium,
if any, and interest on, this Note in immediately available funds at the Corporate Trust Office of the Trustee or such other Office
or Agency as may be designated by the Company for such purpose in The City of New York, in Dollars.

 

Time of Payment. If an Interest
Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or
the Maturity Date, as the case may be, and no additional interest shall accrue on such payment as a result of payment on such next
succeeding Business Day.

 

General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base
Indenture”), dated as of March 14, 2014, among the Company and U.S. Bank National Association, as trustee (the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a
part), as supplemented by a Sixth Supplemental Indenture thereto, dated as of October 14, 2020 (the “Sixth Supplemental
Indenture,” and together with the Base Indenture, the “Indenture”), among the Company and the Trustee.
Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “2.400%
Senior Notes due 2031” (collectively, the “Notes”), limited, except as specified below, in aggregate principal
amount to FIVE HUNDRED MILLION DOLLARS ($500,000,000). To the extent the terms of this Note conflict with the terms of the Indenture,
the terms of this Note shall govern.

 

Further Issuance. The Company
may, from time to time, without notice to, or the consent of, the Holders of the Notes, increase the principal amount of the
series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and
ratably with, and having the same interest rate, maturity and other terms as, the originally issued Notes (other than the
issue date and, to the extent applicable, issue price, initial Interest Payment Date and initial date of interest accrual).
Any such Additional Securities shall be consolidated, and constitute a single series of Securities, with the originally
issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other
identifying number of any Outstanding Notes must be fungible with such Outstanding Notes for U.S. federal income tax
purposes.

 

    20

     

    

 

Possible
Future Operating Partnership Guarantee. Upon and following consummation of an UPREIT Reorganization, if the Operating Partnership
incurs or assumes any recourse Funded Debt, or guarantees or otherwise becomes obligated with respect to any other entity’s
Funded Debt, then the Company shall cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee
or other action, to (i) execute and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the Trustee,
pursuant to which the Operating Partnership shall fully, unconditionally and irrevocably guarantee all of the payment and other
obligations under the Notes in a timely manner on a senior unsecured basis and (ii) deliver to the Trustee an Officer's Certificate
and an opinion of counsel to the effect that each of such supplemental indenture and such Operating Partnership Guarantee has been
duly authorized, executed and delivered by, and constitutes a valid, legally binding and enforceable obligation of, the Operating
Partnership, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws or by general principles
of equity. Any such Operating Partnership Guarantee shall provide that holders of the Notes shall be entitled to proceed directly
against the Operating Partnership without exercising their remedies against any other obligor.

 

Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared, and in certain
cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not
subject to, or entitled to the benefits of, any sinking fund.

 

Satisfaction and Discharge. The
Indenture contains provisions where, upon the Company’s direction and satisfaction of certain conditions, the Indenture shall
cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture.

 

Legal Defeasance and Covenant Defeasance.
The Indenture contains provisions for legal defeasance of certain obligations of the Company under this Note and the Indenture
and covenant defeasance of certain obligations of the Company under the Indenture.

 

Modification and Waivers; Obligations
of the Company Absolute. 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. Such amendment and modification
may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount
of the Outstanding Securities of any series to waive, on behalf of the Holders of all Outstanding Securities of such series, certain
past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive
and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company and the Operating Partnership,
if an Operating Partnership Guarantee has been issued, which is absolute and unconditional, to pay the principal of, and premium,
if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed.

 

Limitation on Suits. As set
forth in, and subject to, the provisions of the Indenture, no Holder of any Note shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any
remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a written request
to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of
the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no inconsistent
direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount
of the Outstanding Notes. Notwithstanding any other provision of the Indenture, each Holder of a Note shall have the right,
which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note
on the respective due dates therefor and to institute suit for the enforcement therefor, and this right shall not be impaired
without the consent of such Holder.

 

    21

     

    

 

Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess
thereof.

 

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at
the Office or Agency in any Place of Payment, 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 or her attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to
the designated transferee or transferees.

 

As provided in the Indenture and subject
to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of
different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company or the Operating Partnership, if an Operating Partnership Guarantee
has been issued, 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 Note for
registration of transfer, the Company, the Operating Partnership, if an Operating Partnership Guarantee has been issued, the Trustee
and any agent of the Company, the Operating Partnership, if an Operating Partnership Guarantee has been issued, or the Trustee
may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Operating
Partnership, if an Operating Partnership Guarantee has been issued, the Trustee or any such agent shall be affected by notice to
the contrary.

 

Defined Terms. All terms used but
not defined in this Note shall have the meanings assigned to them in the Indenture.

 

Governing Law. The Indenture and
this Note shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts
of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed
on the Notes as a convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such
CUSIP number or the ISIN number printed on the Notes, and reliance may be placed only on the other identification numbers printed
hereon.

 

[Remainder of Page Intentionally
Left Blank]

 

    22

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed by duly authorized signatories.

 

Dated: October 14, 2020

 

	 	W. P. CAREY INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	W. P. CAREY INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    23

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    as Trustee
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

Dated: October 14, 2020

 

    24

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

	 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

 

	 

 

	 

(Please print or typewrite name and address,

including postal zip code, of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

	 
	 

 

to transfer said Note on the books of the Trustee, with full
power of substitution in the premises.

 

	Dated:	       	 	 

NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change
whatsoever.

 

                                                                                             

Signature Guarantee

 

    25

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