Document:

Exhibit

EXHIBIT 10.47

AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT

This AMENDMENT TO AMENDED AND RESTATED CONSULTING AGREEMENT (the “Amendment”) is made and entered into this 25th day of October, 2017, and amends the Amended and Restated Consulting Agreement by and between RESTAURANT BRANDS INTERNATIONAL INC. ("RBI") and Marc Caira, dated March 31, 2015 (the “Agreement”).  Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Agreement.

RECITALS

WHEREAS, Consultant and the Company have entered into the Agreement; and

WHEREAS, Consultant and the Company desire to enter into this Amendment in order to extend the term of the Agreement.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1.Extension.  Section 2(a) of the Agreement, titled “Term,” is hereby amended to extend the Termination Date from December 31, 2017 to December 31, 2018, subject to earlier termination in accordance with Section 2(b) of the Agreement.  All references in this Amendment and the Agreement to the “Termination Date” shall mean December 31, 2018.  The remainder of Section 2 remains unchanged.

2.Services.  Section 1 of Exhibit “A” to the Agreement is hereby amended to add the following paragraph to the end of Section 1:

“In 2018, Consultant shall continue to provide assistance and deliverables, as reasonably requested, to the Chief Executive Officer and the functional leader within RBI or any of its Affiliates charged with responsibility for the general business of Tim Hortons® restaurants and the global expansion thereof around the world, including but not limited to the assessment of competitive, economic, regulatory and other conditions necessary or desirable to determine the suitability of expansion in those territories identified from time to time by the Chief Executive Officer of RBI.”  

3.Fees.  Section 2(a) of Exhibit “A” to the Agreement, titled “Fees,” is hereby amended to provide that the fees payable to Consultant for Year 4 of the Agreement (2018) will be US$100,000, payable in four (4) equal installments on or before March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively.  Each installment payment shall be made by direct deposit into a United States bank account designated by Consultant.  

4.Miscellaneous. Except as set forth herein, all other terms and conditions of the Agreement and all Exhibits thereto shall remain unchanged and in full force and effect, and are hereby ratified and confirmed.  This Amendment may be executed in any number of counterparts each of which shall be an original and all of which when taken to together shall constitute one (1) agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

                                
RESTAURANT BRANDS INTERNATIONAL, INC.

By:  /s/ Daniel Schwartz                                        
                    
Print Name:     Daniel Schwartz                           
Print Title:    Chief Executive Officer                   

CONSULTANT:

 /s/ Marc Caira                                                         
Marc CairaExhibit

Exhibit 10.16

AMENDMENT TO CERTAIN EQUITY AWARD AGREEMENTS
THIS AMENDMENT is made to those certain (i) Restricted Share Unit Agreements (the “RSU Agreements”) and (ii) Long-Term Performance Share Unit Award Agreements (the “PSU Agreements” and, collectively with the RSU Agreements, the “Agreements”) granted under the W. P. Carey 2009 Share Incentive Plan (the “Plan”) and identified on Exhibit A, by and between W. P. Carey Inc. (the “Company”) and Mark J. DeCesaris (the “Awardee”).  

WHEREAS, the Awardee is currently employed by the Company and is scheduled to retire from the Company on February 28, 2018 (the “Retirement Date”); 
WHEREAS, under the terms of the Agreements, the Awardee is not entitled to the vesting of any awards or extended post-termination performance periods upon his termination of employment with the Company on the Retirement Date; 
WHEREAS, the Company desires to amend certain provisions of the Agreements to provide certain benefits to the Awardee, which amendments are materially consistent with the previously disclosed terms of the Plan and have been approved by the Company’s Compensation Committee pursuant to their authority under the Plan;
NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the Company and the Awardee agree to amend the Agreements effective immediately prior to, and contingent upon Awardee’s termination of employment upon, his retirement from the Company on the Retirement Date as follows:
1.RSU Agreements.  Section 2 of each of the RSU Agreements is hereby amended to add the following sentence to the end thereof:  
Notwithstanding the foregoing, the Grantee’s rights hereunder shall automatically become fully vested on the Retirement Date.  
2.    PSU Agreements.  Section 7(a) of each of the PSU Agreements is hereby amended to add the following sentence to the end thereof: 
Pursuant to the foregoing, the Committee has determined, prior to the Retirement Date, that none of the unvested Performance Share Units (or Distribution Reinvestment Shares, Shares or Deferred Shares) shall be cancelled and forfeited upon the Retirement Date, which unvested units and shares shall continue to vest pursuant to the terms of this Agreement as if the Participant were still employed.  
3.    Integration; Entire Agreement.  This amendment is hereby integrated into the Agreements and there are no representations, conditions, promises, or agreements pertaining to the subjects of this amendment or other equity award agreements that are not set forth in writing herein.  The Agreements, as amended by this amendment, together constitute all of the representations, conditions, promises, or agreements that have been made between the parties 

    

relating to the subject matter hereof and supersede all other prior agreements.  Capitalized terms that are not otherwise defined herein have the same meaning as provided in the Agreements.  

- 2 -

INTENDING TO BE LEGALLY BOUND, the Company and the Awardee have executed this amendment on the date(s) set forth below.
	
				
	 
	W. P. CAREY INC.
	 
	MARK J. DECESARIS

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Susan C. Hyde
	 
	/s/ Mark J. DeCesaris

	Name:
	Susan C. Hyde
	 
	 

	Title:
	Managing Director and
	 
	 

	 
	Chief Administrative Officer
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	January 30, 2018
	 
	January 29, 2018

	 
	Date
	 
	Date

	 
	 
	 
	 

- 3 -Exhibit

Exhibit 10.18

FIRST AMENDMENT TO AMENDED AND RESTATED ADVISORY AGREEMENT
THIS FIRST AMENDMENT TO THE AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amendment”) dated as of January 30, 2018, is among CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED, a Maryland corporation (“CPA:17”), CPA: 17 LIMITED PARTNERSHIP, a Delaware limited partnership of which CPA 17 is the general partner (the “Operating Partnership”), and CAREY ASSET MANAGEMENT CORP., a Delaware corporate and wholly-owned subsidiary of W. P. Carey Inc. (the “Advisor”).
W I T N E S S E T H:
WHEREAS, CPA:17, the Operating Partnership and the Advisor have entered into that certain Amended and Restated Advisory Agreement, dated as of January 1, 2015 (as amended, modified or supplemented, the “Agreement”); and
WHEREAS, CPA:17, the Operating Partnership and the Advisor have agreed to amend the Agreement in accordance with the terms and conditions set forth herein. 
NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Definitions.  All capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.
2.    Limitations on Expenses.  
a.    Subsection 13(b) is hereby superseded in its entirety by the following:
(b)    In addition to the limitation on Operating Expenses set forth in paragraph (a), CPA:17 and the Operating Partnership shall not be required to reimburse the Advisor for personnel expenses pursuant to Section 10 that exceed: (i) with respect to transactional legal expenses for the Advisor's in-house transaction legal group, the amounts set forth in Schedule C and (ii) with respect to other personnel expenses in any fiscal year beginning January 1, 2018 (or portion thereof, if this Agreement is terminated during a fiscal year), 1.0% of CPA:17's total revenues for each fiscal year (or portion thereof), with total revenues in each case being determined by CPA:17's proportionate share of total revenues of the relevant entities, as determined in accordance with Section 10(a).
3.    No Further Modification.  Except as modified hereby, the Agreement shall remain in full force and effect, and as modified hereby, the Agreement is ratified and confirmed in all respects.
4.    Representations and Warranties.  CPA:17, the Operating Partnership and the Advisor each hereby represent and warrant that it has full right, power and authority to enter into this Amendment and that the person executing this Amendment on behalf of CPA:17, the Operating Partnership and the Advisor, respectively, is duly authorized to do so.  

 

5.    Counterparts; Electronic Signatures.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one and the same instrument.  An executed facsimile or .pdf of this Amendment may be relied upon as having, and shall be deemed to have, the same force and effect as an original.
6.    Governing Law.  This Amendment shall be governed by the laws of the State of New York, without giving effect to any principles regarding conflict of laws.

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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to the Amended and Restated Advisory Agreement as of the day and year first above written.
	
			
	CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED

	 
	 
	 

	 
	 
	 

	By:
	/s/ Mallika Sinha

	 
	Name:
	Mallika Sinha

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	 

	CPA: 17 LIMITED PARTNERSHIP

	 
	 
	 

	By:
	CORPORATE PROPERTY ASSOCIATES

	17 – GLOBAL INCORPORATED, its general partner

	 
	 
	 

	 
	 
	 

	By:
	/s/ Mallika Sinha

	 
	Name:
	Mallika Sinha

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	 

	CAREY ASSET MANAGEMENT CORP.

	 
	 
	 

	 
	 
	 

	By:
	/s/ ToniAnn Sanzone

	 
	Name:
	ToniAnn Sanzone

	 
	Title:
	Managing Director and Chief Financial Officer

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