Document:

Share Purchase Agreement dated as of July 23, 2012

 Exhibit 10.2 

SHARE PURCHASE AGREEMENT 
 THIS SHARE PURCHASE AGREEMENT dated as of July 23, 2012 (this “Agreement”), is made and entered into by and among the Estate of William Polk Carey (the
“Estate”) and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate (“HoldCo,” and collectively with the Estate, the “Sellers”), W. P. Carey & Co. LLC, a Delaware
limited liability company (“W. P. Carey”), and, upon the completion of the W. P. Carey Conversion (as hereinafter defined), W. P. Carey Inc., a Maryland corporation and a wholly-owned subsidiary of W. P. Carey (“NewCo
REIT,” together with W. P. Carey, the “Purchaser,” and collectively with Sellers, the “Parties”). 
 RECITALS 
 WHEREAS, W. P. Carey and NewCo REIT have entered
into an Agreement and Plan of Merger (as the same may be amended from time to time, the “Conversion Agreement”), providing for, among other things, the merger of W. P. Carey with and into NewCo REIT (the “W. P. Carey
Conversion”), with NewCo REIT succeeding to and continuing to operate the existing business of W. P. Carey; 

WHEREAS, W. P. Carey, NewCo REIT, Corporate Property Associates 15 Incorporated, a Maryland corporation
(“CPA15”), CPA 15 Holdco, Inc., a Maryland corporation and wholly-owned subsidiary of CPA15 (“CPA 15 Holdco”), CPA 15 Merger Sub Inc., an indirect subsidiary of NewCo REIT (“Merger Sub”), and, for
the limited purposes set forth therein, Carey Asset Management Corp. and W. P. Carey & Co. B.V., each a subsidiary of W. P. Carey, have entered into an Agreement and Plan of Merger (as the same may be amended from time to time, the
“Merger Agreement”), providing for, among other things, the merger (the “Merger,” and together with the W. P. Carey Conversion, the “Transactions”) of CPA 15 Holdco with and into Merger Sub, with
Merger Sub surviving the merger as an indirect subsidiary of NewCo REIT and CPA15 being a direct subsidiary of Merger Sub; 

WHEREAS, the consummation of the Transactions is subject to certain conditions, including approval by the shareholders of W. P.
Carey of the Transactions; 
 WHEREAS, Sellers collectively own an aggregate amount of 11,666,169 (the “Sellers
Shares”) listed shares, no par value, of W. P. Carey (“W. P. Carey Listed Shares”); 
 WHEREAS,
the Estate is the beneficial owner and owner of record of 4,551,434 of the Sellers Shares (the “Estate Shares”) and HoldCo is the beneficial owner and owner of record of 7,114,735 of the Sellers Shares (the “HoldCo
Shares”); and 
 WHEREAS, Sellers desire to sell, and in exchange for, among other things, Sellers agreeing to
vote all of the Sellers Shares in favor of the Transactions, Purchaser has agreed to purchase up to an aggregate amount of Eighty-Five Million Dollars ($85,000,000) of Sellers Shares upon the terms and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the covenants and conditions set forth herein and
for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I  
 SALE AND PURCHASE OF SHARES 

1.1 First Sale Option. Subject to the terms and conditions of this Agreement, including without limitation Section 4.2, prior
to the date of the first dissemination of the joint proxy statement/prospectus (the “Joint Proxy”) in connection with the proposed Transactions (the “First Sale Option Expiration Date”), Sellers shall have
collectively a one-time option to sell, assign, transfer, convey and deliver to Purchaser, and Purchaser shall purchase, acquire and accept from Sellers, at the Purchase Price, up to an aggregate amount of Twenty-Five Million Dollars ($25,000,000)
of W. P. Carey Listed Shares (the “First Sale Option”) free and clear of all Encumbrances. The Parties agree that the First Sale Option (or any portion thereof) will not be exercisable at any time on or following the First Sale
Option Expiration Date. “Encumbrances” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other
restrictions on title or transfer of any nature whatsoever, other than the Voting Agreement (the “Voting Agreement”) and the Registration Rights Agreement (the “Registration Rights Agreement,” and together with this
Agreement and the Voting Agreement, the “Transaction Agreements”) entered into by the Parties on the date hereof. 
 1.2 Second Sale Option. Subject to the terms and conditions of this Agreement, at any time following the consummation of the Merger, but on or before the later of (a) December 31, 2012,
and (b) thirty (30) calendar days after the consummation of the Merger (the “Second Sale Option Expiration Date”), Sellers shall have collectively a one-time option to sell, assign, transfer, convey and deliver to
Purchaser, and Purchaser shall purchase, acquire and accept from Sellers, at the Purchase Price, up to an aggregate amount of Twenty Million Dollars ($20,000,000) of shares of common stock, par value $0.001 per share of NewCo REIT, which shares
shall be specifically identified and labeled as “REIT II Holdings Merger Shares” (“NewCo (REIT II Holdings) Common Stock” and together with W. P. Carey Listed Shares, “Company Common Stock”) (the
“Second Sale Option”) free and clear of all Encumbrances. The Parties agree that the Second Sale Option (or any portion thereof) will not be exercisable at any time on or following the Second Sale Option Expiration Date. 

1.3 Third Sale Option. Subject to the terms and conditions of this Agreement, at any time on or following January 1, 2013,
but on or before the later of (a) March 31, 2013, and (b) the date that is six (6) months following the date of the consummation of the Merger (the “Third Sale Option Expiration Date”), Sellers shall have
collectively a one-time option to sell assign, transfer, convey and deliver to Purchaser, and Purchaser shall purchase, acquire and accept from Sellers, at the Purchase Price, up to an aggregate amount of Forty Million Dollars ($40,000,000) of NewCo
(REIT II Holdings) Common Stock (the “Third Sale Option,” and with the First Sale Option and the Second Sale Option, each a “Sale Option”) free and clear of all Encumbrances. The Parties agree that (i) there
will be no Third Sale Option in the event that the Merger is not consummated, and (ii) the Third Sale Option (or any portion thereof) will not be exercisable at any time on or following the Third Sale Option Expiration Date. 

  
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 1.4 Purchase Price. Subject to the terms and conditions of this Agreement, in
consideration and as payment in full for the Company Common Stock, Purchaser shall pay a per share purchase price equal to 96% of the volume weighted average price as listed on Bloomberg (or any other authoritative source selected by the Parties) of
one share of Company Common Stock for the ten (10) Business Days immediately prior to the date that any Seller notifies Purchaser of its intention to exercise the applicable Sale Option (the “Per Share Purchase Price”).
“Business Day” shall mean a day that is not a Saturday, Sunday or legal holiday on which banks are authorized or required to be closed in New York, New York. 
 1.5 Exercise of a Sale Option. Any Seller shall exercise the applicable Sale Option by delivering to Purchaser a completed and executed exercise form in the form attached hereto as Exhibit A
(an “Exercise Form”). Each Exercise Form shall indicate, among other things (i) the date on which Seller(s) proposes to effectuate a Repurchase (as hereinafter defined) which, with respect to the First Sale Option only, shall
be no later than four (4) Business Days following the date of delivery by Seller of such Exercise Form, (ii) the Aggregate Purchase Price and (iii) the account to which the payment of the Aggregate Purchase Price by Purchaser to
Seller(s) is to be delivered. “Aggregate Purchase Price” means the aggregate dollar amount of Company Common Stock that Seller(s) desires to sell to Purchaser with respect to the applicable Sale Option. 

1.6 Repurchases. The consummation of the purchase and sale of Company Common Stock hereunder (each a
“Repurchase”) shall take place at the offices of DLA Piper LLP (US) at 1251 Avenue of the Americas, New York, NY 10020, on the Business Day designated by Seller(s) in the Exercise Form, but no earlier than five (5) Business
Days following Purchaser’s receipt of the applicable Exercise Form and, in no event, on a Business Day that is a regular quarterly distribution date of NewCo REIT, unless otherwise agreed to in writing by the Parties, or as otherwise
contemplated by Section 4.2 with respect to the First Sale Option. At the time of each Repurchase, upon the terms and subject to the conditions set forth in this Agreement: 

 

	 	(a)	Seller(s) shall deliver, or cause to be delivered, the Company Common Stock to Purchaser’s DTC account via the DWAC system; and 

 

	 	(b)	Purchaser shall deliver to Seller(s), by wire transfer of immediately available funds to the account set forth in the Exercise Form, an amount equal to the Aggregate
Purchase Price. 

 1.7 Shares. The specific shares of Company Common Stock to be sold pursuant to any Sale
Option shall be at the sole discretion of Sellers, regardless of (i) whether or not such shares are restricted or unrestricted and/or registered or unregistered or (ii) whether the owner of record of such shares is the Estate or HoldCo;
provided, however, the specific shares of NewCo REIT to be sold pursuant to the Second Sale Option and/or the Third Sale Option shall be only shares of common stock, par value $0.001 per share of NewCo REIT that are specifically identified and
labeled as “REIT II Holdings Merger Shares”; and provided, further, in no event shall the Purchaser purchase any share of Company Common Stock that is subject to the Encumbrance set forth on Schedule 2.4. 

  
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 ARTICLE II  

REPRESENTATIONS AND WARRANTIES OF SELLERS 
 Each of the Sellers represents and warrants to Purchaser, as of the date hereof and, if the Sellers exercise a Sale Option, as of the date of consummation of such Repurchase, as follows: 

2.1 Legal Power; Qualification. Each of the Sellers has all requisite power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. 
 2.2 Authorization of Agreement. This Agreement has been duly executed and delivered by each of the Sellers and, assuming due and valid authorization, execution and delivery by Purchaser, this
Agreement constitutes a legal, valid and binding obligation of each of the Sellers, enforceable against each of the Sellers in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally, and (ii) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may
be subject to equitable defenses and would be subject to the discretion of the court before which any proceeding therefor may be brought. 
 2.3 No Conflicts. Neither the execution and delivery of this Agreement nor the consummation by each of the Sellers of the transactions contemplated hereby will result in a violation of, or a
default under, or conflict with, or require any consent, approval or notice under, any material contract, trust, commitment, agreement, obligation, understanding, arrangement or restriction of any kind to which such Seller is a party or by which
such Seller is bound or to which the Estate Shares or the HoldCo Shares, as applicable, are subject. Consummation by each of the Sellers of the transactions contemplated hereby will not violate, or require any consent, approval or notice under, any
provision of any judgment, order, decree, statute, law, rule or regulation applicable to such Seller or the Estate Shares or the HoldCo Shares, as applicable. 
 2.4 Ownership of Shares. Other than as set forth on Schedule 2.4, (i) each of the Sellers has good and valid title to the Estate Shares or the HoldCo Shares, as applicable, beneficially, free
and clear of any and all Encumbrances and has the sole right to transfer all or a portion of such shares to Purchaser and (ii) each of the Sellers represents that other than with respect to the Transaction Agreements, such Seller is not a party
to, or bound by, any agreement, instrument or understanding restricting the transfer of any the Estate Shares or the HoldCo Shares, as applicable, or governing the voting of such shares. 

2.5 Sophisticated Investor. Each of the Sellers represents and warrants to Purchaser that such Seller is a sophisticated investor
with sufficient knowledge and experience in such transactions to properly evaluate the merits of the Sale Options, and that such Seller is able to bear the substantial risks associated therewith. In addition each of the Sellers will independently
and without reliance upon investment advice from Purchaser, and based on such information as such Seller deems appropriate, make its own analysis and decision with respect to the sale of any of the Estate Shares or the HoldCo Shares, as applicable.
Each of the Sellers 

  
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further represents that such Seller is a sophisticated investor which, in matters related to the valuation and purchase or sale of securities, is able to make determinations with respect to
securities based upon the advice and abilities of such Seller’s advisors. 
 2.6 Seller’s Own Account. Each of
the Sellers acknowledges and agrees that such Seller is acting and will act solely for such Seller’s own account and not for any person in any transaction that such Seller may enter into with respect to the sale of any of the Estate Shares or
the HoldCo Shares, as applicable. Each of the Sellers further acknowledges that Purchaser has not conducted and will not conduct any due diligence and does not and will not make representation or warranty whatsoever with respect to (a) the
business, condition (financial or otherwise), properties, prospects, creditworthiness, solvency, status or affairs of Purchaser or any other person provided that each of the Sellers may rely upon information disclosed in the documents filed from
time to time by Purchaser with the United States Securities and Exchange Commission (the “SEC”), or (b) with respect to the value, terms or enforceability of the sale of any of the Estate Shares or the HoldCo Shares.

 2.7 Independent Decision. Each of the Sellers will make its own independent decisions to sell any of the Estate Shares
or the HoldCo Shares, as applicable, and as to whether such sale is appropriate or proper for such Seller based upon such Seller’s own judgment and upon advice from such advisors as such Seller has deemed necessary. Each of the Sellers is not
relying on any communication (written or oral) from Purchaser as investment advice or as a recommendation to sell any of the Estate Shares or the HoldCo Shares, as applicable; it being understood that information and explanation related to the terms
and conditions of the sale of any of the Estate Shares or the HoldCo Shares, as applicable, shall not be considered investment advice or a recommendation to sell such shares. No communication (written or oral) received from Purchaser shall be deemed
to be an assurance or guarantee as to the expected results of the sale of any of the Estate Shares or the HoldCo Shares, as applicable. 
 2.8 Accredited Investor. Each of the Sellers represents that it is an accredited investor (as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”)) and is capable of assessing the merits of and understanding, and understand and accept the terms, conditions and risks of, the sale of the Estate Shares or the HoldCo Shares, as applicable. Each of the Sellers is
also capable of assuming, and assumes, the risks of the sale of the Estate Shares or the HoldCo Shares, as applicable. 
 2.9
Fiduciary. Purchaser is not acting as a fiduciary or an advisor to any of the Sellers in respect of any Seller’s sale of any of the Estate Shares or the HoldCo Shares, as applicable. 

ARTICLE III  
 REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser represents
and warrants to Sellers, as of the date hereof and as of the date of the consummation of each Repurchase, as follows: 
 3.1
Legal Power; Organization; Qualification. Purchaser is (i) prior to the consummation of the W. P. Carey Conversion, a Delaware limited liability company, and (ii)

  
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following the consummation of the W. P. Carey Conversion, a Maryland corporation, in each case duly and validly existing and in good standing under the laws of the state of its formation or
incorporation, as applicable, and has all requisite limited liability company or corporate power and authority, as applicable, to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and has taken all necessary
limited liability company or corporate action, as applicable, to authorize the execution, delivery and performance of this Agreement. 
 3.2 Authorization of Agreement. This Agreement has been duly executed and delivered by Purchaser and, assuming due and valid authorization, execution and delivery by Sellers, this Agreement
constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other
similar laws of general application affecting enforcement of creditors’ rights generally, and (ii) the availability of the remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable defenses
and would be subject to the discretion of the court before which any proceeding therefor may be brought. 
 3.3 No
Conflicts. Neither the execution and delivery of this Agreement nor the consummation by Purchaser of the transactions contemplated hereby will result in a violation of, or a default under, or conflict with, or require any consent, approval or
notice under, any governing or constitutional document or any material contract, trust, commitment, agreement, obligation, understanding, arrangement or restriction of any kind to which Purchaser is a party or by which Purchaser is bound.
Consummation by Purchaser of the transactions contemplated hereby will not violate, or require any consent, approval or notice under, any provision of any judgment, order, decree, statute, law, rule or regulation applicable to Purchaser. 

3.4 Financial Capability. Purchaser has sufficient financial resources available to pay the applicable Aggregate Purchase Price.

 ARTICLE IV  
 OTHER AGREEMENTS OF THE PARTIES 
 4.1 Transfer of Company Common
Stock. Following the consummation of the Merger, in the event that any Seller desires to transfer any shares of NewCo REIT Common Stock to a third party, such Seller shall provide Purchaser with at least five (5) Business Days notice of
such transfer other than transfers pursuant to Rule 144 under the Securities Act or any successor provision of up to one percent (1%) of the outstanding shares of NewCo REIT Common Stock in any three (3) month period, and Purchaser shall
have the right to consent to such transfer in the event that such transfer could reasonably cause Purchaser to lose its status as a real estate investment trust for federal income tax purposes. In connection with a proposed transfer by a Seller of
Company Common Stock after the date hereof, if requested by such Seller, the Company shall provide reasonable cooperation to the proposed purchaser, including making management reasonably available for meetings with, the potential purchaser.

 4.2 Dissemination of Joint Proxy. Purchaser shall provide Sellers with at least six (6) Business Days notice
prior to the first dissemination of the Joint Proxy. In the event any 

  
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Seller exercises the First Sale Option by delivering to Purchaser a completed and executed Exercise Form prior to the First Sale Option Expiration Date, Purchaser shall not disseminate the Joint
Proxy until the earlier of the closing date of the Repurchase set forth in such Exercise Form or five (5) Business Days following Sellers’ receipt of notice of Purchaser’s proposed dissemination of the Joint Proxy. 

4.3 “As Is” Sale. The Parties acknowledge and agree that, subject to the representations and warranties contained
herein, the shares of Company Common Stock being sold hereunder are being sold “as is.” 
 ARTICLE V 

 MISCELLANEOUS  
 5.1 Entire Agreement. This Agreement, together with the Voting Agreement and the Registration Rights Agreement, constitutes the entire agreement among the Parties with respect to the subject matter
hereof, and supersedes any and all prior agreements or understandings among the Parties arising out of or relating to the subject matter hereof. This Agreement may only be amended by written agreement executed by the Parties. 

5.2 Governing Law. This Agreement and all disputes hereunder shall be governed by the laws of the State of New York, without
giving effect to the conflicts of law principles thereof. 
 5.3 Expenses. Each of the Parties shall pay its own costs
incident to the negotiation, preparation, performance, and execution of this Agreement, and all fees and expenses of its counsel, accountants, and other consultants, advisors and representatives for all activities of such persons undertaken in
connection with the negotiation, preparation, performance and execution of this Agreement. 
 5.4 Counterparts. This
Agreement may be executed in multiple counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other party. Copies
of executed counterparts transmitted by telecopy, e-mail or other electronic transmission service shall be considered original executed counterparts, provided receipt of such counterparts is confirmed. 

5.5 No Assignments. None of the Parties may assign any of its respective rights or delegate any of its respective obligations
under this Agreement without the prior written consent of the other party hereto; provided, however, W. P. Carey shall be able to assign its rights and delegate its obligations to NewCo REIT without the prior consent of Sellers in connection with
the consummation of the W. P. Carey Conversion. 
 5.6 Consent to Jurisdiction of Service of Process; Venue. Each party
hereto hereby irrevocably and unconditionally (i) consents to the submission to the exclusive jurisdiction of the courts of the State of New York and of the United States of America located in the County of New York in the State of New York (or
any appeals court thereof), for any action, claim, complaint, investigation, petition, suit or other proceeding, whether civil or criminal, in 

  
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law or equity, or by or before any governmental authority (“Actions”) arising out of or relating to the transactions contemplated hereby, this Agreement or the breach,
termination or validity thereof, (ii) agrees not to commence any Action relating to the transactions contemplated hereby or this Agreement except in such courts and in accordance with the provisions of this Agreement, (iii) agrees that
service of any process, summons, notice, or document by U.S. registered mail or as otherwise provided in this Agreement shall be effective service of process for any Action brought in any such court, (iv) waives any objection to the laying of
venue of any Action arising out of this Agreement or the transactions contemplated hereby in the courts of the State of New York and of the United States of America located in the County of New York in the State of New York (or any appeals courts
thereof) and (v) agrees not to plead or claim in any such court that any such Action brought in any such court has been brought in an inconvenient forum. 
 5.7 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH
SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.7. 

5.8 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given when mailed, delivered
personally, telecopied (which is confirmed) or sent by an overnight courier service, such as Federal Express, to the Parties at the following addresses (or at such other address for a party as shall be specified by such party by like notice):

 If to Purchaser, to: 
 W. P. Carey & Co. LLC 
 50 Rockefeller Plaza 

New York, New York 10020 
 Attn: Chief Executive Officer and Chief Financial Officer 
 Fax:
(212) 492-8922 
 with a copy to: 
 W. P. Carey & Co. LLC 
 50 Rockefeller Plaza 

New York, New York 10020 
 Attn: Paul Marcotrigiano, Esq. 
 Fax: (212) 492-8922 

  
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 with a further copy to: 

DLA Piper LLP (US) 
 1251 Avenue of the Americas 
 New York, New York 10020 

Attn: Christopher P. Giordano, Esq. 
 Fax: (212) 884-8522 
 If to Sellers, to the address or facsimile number set
forth for each Seller on the signature page hereof. 
 with a copy to: 

Milbank, Tweed, Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, New York 10005 

Fax: (212) 530-5219 

			
	Attention:	  	 James S. Sligar, Esq.
 Charles
J. Conroy, Esq.

 5.9 Confidentiality; Press Releases and Public Announcements. The Parties acknowledge and agree
that, without the prior written consent of the other party, such party will not, and it will cause its officers, directors, employees, agents and representatives not to, disclose to any third party this Agreement or any of the terms, conditions or
other facts with respect hereof (including the status hereof). The Parties further agree that any press release or public announcement relating to the transactions contemplated hereunder must be approved in advance by the other party; provided,
however, the Parties may make any and all appropriate disclosures in filings with the SEC, as may be required by their public reporting obligations or otherwise pursuant to the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder (the “Exchange Act”). Furthermore, the Parties acknowledge that, pursuant to the Exchange Act, the Parties may be required to file this Agreement with the SEC. 

5.10 Further Assurances. Each of the Sellers and Purchaser agree, prior to and after the consummation of any Repurchase, to
execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by this
Agreement. 
 (Remainder of this page intentionally left blank.) 

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

			
	W. P. CAREY & CO. LLC
		
	By:	 	 /s/ Mark J. DeCesaris

		 	 Name: Mark J. DeCesaris
 Title:
Chief Financial Officer

	
	W. P. CAREY INC.
		
	By:	 	 /s/ Trevor P. Bond

		 	 Name: Trevor P. Bond
 Title:
Chief Executive Officer

 [Signature Page – Purchase Agreement] 

 
					
	THE ESTATE OF WILLIAM POLK CAREY
		
	By:	 	 /s/ Francis J. Carey

		 	Name:	 	Francis J. Carey, as Co-Executor of the Estate of William Polk Carey
		
	By:	 	 /s/ Jan Kärst

		 	Name:	 	 Jan Kärst, as Co-Executor of the
 Estate of William Polk Carey

	
	 Number of Shares of Company Common Stock:1 4,551,435

Number of Options Beneficially Owned as of the Date of this Agreement: 20,084
 Number of Other Rights Beneficially Owned as of the Date of this Agreement: 36,800 PSU Grants

Street Address: c/o Jan Kärst 40 Sawmill Lane

City/State/Zip Code: Greenwich, CT 06830

Fax:

	
	W. P. CAREY & CO., INC.
		
	By:	 	 /s/ Francis J. Carey

		 	Name:	 	Francis J. Carey, as a Director of W. P. Carey & Co., Inc.
		
	By:	 	 /s/ Jan Kärst

		 	Name:	 	Jan Kärst, as a Director of W. P. Carey & Co., Inc.
	
	 Number of Shares of Company Common Stock:2 7,114,735

Number of Options Beneficially Owned as of the Date of this Agreement: None.
 Number of Other Rights Beneficially Owned as of the Date of this Agreement: None.
 Street Address:
50 Rockefeller Plaza
 City/State/Zip Code: New York, New York 10020
 Fax: (212) 492-8922

  

	1 	 This amount represents the shares of W. P. Carey Listed Shares Beneficially Owned by such Seller as of the date of this Agreement, each of which shall
be converted into one share of NewCo Common Stock upon the effective time of the W. P. Carey Conversion. 

	2 	 This amount represents the shares of W. P. Carey Listed Shares Beneficially Owned by such Seller as of the date of this Agreement, each of which shall
be converted into one share of NewCo Common Stock upon the effective time of the W. P. Carey Conversion. 

[Signature Page – Purchase Agreement] 

 Exhibit A 
 Exercise Form 

 [Date] 
 [W. P. Carey & Co. LLC / W. P. Carey Inc.] 
 50 Rockefeller Plaza 

New York, New York 10020 
 Attn: Chief Executive
Officer and Chief Financial Officer 
 Re: Exercise of Sale Option 
 Reference is made to that certain Share Purchase Agreement dated as of [                ], 2012 (the
“Agreement”), by and among the Estate of William Polk Carey (the “Estate”) and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate (“HoldCo,” and collectively with the Estate,
the “Sellers”), W. P. Carey & Co. LLC (“W. P. Carey”), and W. P. Carey Inc. (“NewCo REIT,” together with W. P. Carey, the “Purchaser”). Subject to the terms and conditions
of the Agreement, Sellers hereby elect irrevocably to exercise the one-time [First / Second / Third] Sale Option by selling $[        ] Million Dollars ($[        ])
shares of Company Common Stock to Purchaser. Sellers propose to effectuate the Repurchase on [                ]. 

Sellers hereby direct the payment of the Aggregate Purchase Price by Purchaser to the following account: 

[Account Information] 
 The
undersigned certifies that, on and as of the date first written above, the representations and warranties of Sellers made in the Agreement are true and correct. Capitalized terms used but not defined herein shall have the meaning assigned to them in
the Agreement. 
 (Remainder of this page intentionally left blank.) 

					
	Sincerely,
	
	The Estate of William Polk Carey
		
	By:	 	  

		 	Name:	 	Francis J. Carey, as Co-Executor of the Estate of William Polk Carey
		
	By:	 	  

		 	Name:	 	Jan Kärst, as Co-Executor of the Estate of William Polk Carey
	
	W. P. Carey & Co., Inc.
		
	By:	 	  

		 	Name:	 	Francis J. Carey, as a Director of W. P. Carey & Co., Inc.
		
	By:	 	  

		 	Name:	 	Jan Kärst, as a Director of W. P. Carey & Co., Inc.

 Schedule 2.4 
 Encumbrances 
 The Estate of William Polk Carey has pledged approximately 749,670 W. P. Carey
Listed Shares to Morgan Stanley in connection with a $10 million line of credit.Registration Rights Agreement dated as of July 23, 2012

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT dated as of July 23, 2012 (this “Agreement”), is made and entered into by and among the Estate of William Polk Carey (the
“Estate”) and W. P. Carey & Co., Inc., a wholly-owned company of the Estate (“HoldCo,” and collectively with the Estate, the “Stockholders”), W. P. Carey & Co. LLC, a Delaware
limited liability company (“W. P. Carey”), and, upon the completion of the W. P. Carey Conversion (as hereinafter defined), W. P. Carey Inc., a Maryland corporation and a wholly-owned subsidiary of W. P. Carey (“NewCo
REIT,” together with W. P. Carey, the “Company,” and collectively with the Stockholders, the “Parties”). 
 RECITALS 
 WHEREAS, W. P. Carey and NewCo REIT have entered
into an Agreement and Plan of Merger (as the same may be amended from time to time, the “Conversion Agreement”), providing for, among other things, the merger of W. P. Carey with and into NewCo REIT (the “W. P. Carey
Conversion”), with NewCo REIT succeeding to and continuing to operate the existing business of W. P. Carey; 

WHEREAS, W. P. Carey, NewCo REIT, Corporate Property Associates 15 Incorporated, a Maryland corporation
(“CPA15”), CPA 15 Holdco, Inc., a Maryland corporation and wholly-owned subsidiary of CPA15 (“CPA 15 Holdco”), CPA 15 Merger Sub Inc., an indirect subsidiary of NewCo REIT (“Merger Sub”), and, for
the limited purposes set forth therein, Carey Asset Management Corp. and W. P. Carey & Co. B.V., each a subsidiary of W. P. Carey, have entered into an Agreement and Plan of Merger (as the same may be amended from time to time, the
“Merger Agreement”), providing for, among other things, the merger (the “Merger,” and together with the W. P. Carey Conversion, the “Transactions”) of CPA 15 Holdco with and into Merger Sub, with
Merger Sub surviving the merger as an indirect subsidiary of NewCo REIT and CPA15 being a direct subsidiary of Merger Sub; 

WHEREAS, the consummation of the Transactions is subject to certain conditions, including approval by the shareholders of W. P.
Carey of the Transactions; 
 WHEREAS, the Stockholders collectively own an aggregate amount of 11,666,169 (the
“Stockholder Shares”) listed shares, no par value, of W. P. Carey (“W. P. Carey Listed Shares”); 
 WHEREAS, the Estate is the beneficial owner and owner of record of 4,551,434 Stockholder Shares and HoldCo is the beneficial owner and owner of record of 7,114,735 Stockholder Shares; and

 WHEREAS, in exchange for, among other things, the Stockholders agreeing to vote all of the Stockholder Shares in favor
of the Transactions, the Company has agreed to enter into this Agreement to grant Registration Rights (as hereinafter defined) to the Stockholders. 

  
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 NOW, THEREFORE, in consideration of the covenants and conditions set forth herein and
for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Applicable Securities Law” means the securities law of the United States, including the Exchange Act and the Securities
Act, and any applicable securities law of any state of the United States. 
 “Business Day” means a day that is
not a Saturday, Sunday or legal holiday on which banks are authorized or required to be closed in New York, New York. 

“Commission” means the United States Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act. 
 “Company Common Stock” means W. P. Carey Listed Shares, and following the
consummation of the W. P. Carey Conversion, NewCo Common Stock. 
 “Exchange Act” means the United States
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Form
S-1” means a Registration Statement on Form S-1 promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 
 “Form S-3” means a Registration Statement on Form S-3 promulgated by the Commission under the Securities Act or any substantially similar form then in effect. 

“Form S-3ASR” means a Registration Statement on Form S-3ASR promulgated by the Commission under the Securities Act or
any substantially similar form then in effect. 
 “NewCo Common Stock” means shares of common stock, par value
$0.001 per share of NewCo REIT. 
 “Person” means any natural person, corporation, limited liability company,
joint stock company, joint venture, partnership, enterprise, trust, unincorporated organization or any other entity or organization. 
 “Registration Expenses” means all expenses incurred by the Company incident to the Company’s performance of and compliance with this Agreement, including, without limitation, all
stock exchange, Commission, FINRA and state securities registration, listing and filing fees, printing expenses, fees, expenses and disbursements of counsel for the Company, “blue sky” fees and expenses, and the expense of any special
audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

  
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 “Registrable Securities” means (a) shares of Company Common Stock
owned by the Estate as of the date of this Agreement, (b) shares of Company Common Stock owned by HoldCo as of the date of this Agreement, and (c) any shares of Company Common Stock or other securities of the Company that may be
subsequently issued or issuable with respect to the shares referenced in clauses (a) and (b) as a result of a stock split, dividend, sale, transfer or assignment, in each case, as permitted under this Agreement; provided,
however, that the foregoing definition shall exclude in all cases any securities that (x) are effectively registered under the Securities Act and disposed of in accordance with a Registration Statement covering such securities, or
(y) have been disposed of pursuant to Rule 144 under the Securities Act or any successor provision. 

“Registration Statement” has the meaning ascribed thereto in Section 2.1(a)(vi). 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Selling Expenses” means all (a) underwriting fees, discounts and sales commissions,
(b) any fees, expenses and disbursements of legal counsel to any Stockholder, and (c) any transfer taxes, in each case relating to the sale or disposition of the Registrable Securities by any Stockholder. 

Section 1.2 Other Interpretive Provisions. The words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, references are to this Agreement unless otherwise specified. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. 
 ARTICLE II. 
 REGISTRATION RIGHTS 
 Section 2.1 Registration Rights. The
Stockholders shall be entitled to offer for sale from time to time pursuant to a demand or piggyback Registration Statement the Registrable Securities, subject to the terms and conditions set forth herein (the “Registration
Rights”). 
 (a) Demand Registration. 
 (i) Registration Rights. Subject to Section 2.1(e), at any time following the consummation of the W. P. Carey Conversion, but on or before the third anniversary of the consummation of the W.
P. Carey Conversion, upon the written request of any Stockholder specifying the number of Registrable Securities to be registered (a “Notice of Demand Registration”), the Company shall use its reasonable best efforts to cause, as
promptly as practicable, the Registrable Securities specified in the request to be registered via an underwritten public offering, on a Registration Statement, and to have such Registration 

  
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Statement declared effective by the Commission (such registration being hereinafter referred to as “Demand Registration”); provided, however, the Company shall not
be obligated to effect more than three (3) Demand Registrations under this Agreement with respect to the Registrable Securities. 
 (ii) Selection of Underwriters; Fees and Expenses. The underwriters for such Demand Registrations shall be selected jointly by the Parties, and any and all fees and expenses associated with such
offerings shall be borne and paid by the Company, other than Selling Expenses, which shall be borne and paid by the Stockholders. As of the date hereof, the Parties have acknowledged a preliminary list of mutually acceptable underwriters.

 (iii) Other Registration Rights Holders. The Company shall not, and shall not permit any Person, other than the
Stockholders, who is contractually entitled to demand registration or piggyback registration pursuant to registration rights grants by the Company prior to or after the date hereof (each an “Other Registration Rights Holder”), to
include additional Company Common Stock or other securities convertible into or exchangeable for Company Common Stock in any Demand Registration. The Company shall not include additional Company Common Stock or other securities convertible into or
exchangeable for Company Common Stock in any Demand Registration for sale for its own account. 
 (iv) Effectuation of
Right. A registration requested pursuant to Section 2.1(a)(i) shall not be deemed to be effected for purposes of this Section 2 if it has not been declared effective by the Commission or become effective in accordance with the
Securities Act. 
 (v) Limitations on Demand Registration. Notwithstanding anything herein to the contrary, the Company
shall not be required to honor a request for a Demand Registration if: 
 (A) such request is received by the Company less than
sixty (60) days following the effectiveness of any previous registration statement filed by the Company (other than a Registration Statement on Form S-8 or any successor or similar form that may be adopted by the Commission), regardless of
whether any Stockholder exercised its rights under this Agreement with respect to such registration; or 
 (B) such request is
for a gross amount of (1) less than Fifty Million Dollars ($50,000,000) with respect to one such Demand Registration, at the sole discretion of the Stockholders, and less than Seventy Five Million Dollars ($75,000,000) with respect to the other
two Demand Registrations, or (2) more than Two Hundred and Fifty Million Dollars ($250,000,000) of Registrable Securities (the “Demand Registration Range”). 

(vi) Registration Statement Form. A Demand Registration hereunder may be effected on Forms S-1, S-3, or S-3ASR or similar form
registration statement promulgated by the Commission, and shall permit the disposition of such Registrable Securities (any registration statement of the Company that covers Registrable Securities pursuant to this Agreement and all amendments and
supplements to such registration statement, including any post-effective amendments, is hereinafter referred to as a “Registration Statement”). Promptly following the date hereof but in any event no later than October 1, 2012,
the Company shall 

  
 4 

 
begin to draft a Registration Statement on the applicable form in connection with a future Demand Registration. For the avoidance of doubt, the immediately preceding sentence shall not be deemed
a Notice of Demand Registration. 
 (vii) Cutbacks. If the managing underwriter advises the Parties in writing that, in
its opinion, the number of securities requested to be included in such registration exceeds the number that can be sold in such offering (a “Cutback Notice”), the Company shall include in any such registration the amount of the
securities that the managing underwriter advises the Parties can be sold in such offering; provided, however, that if such reduction causes the aggregate dollar amount to be offered in such registration to be below the Demand
Registration Range, the Company shall have no obligation to register such Registrable Securities and the Stockholders shall have the right to withdraw the request for registration, and, in the event the Company elects not to proceed with or the
Stockholders withdraw their request for such registration, such demand shall not be counted as a Demand Registration for purposes of Section 2.1(a)(i). 
 (b) Piggyback Registrations. 
 (i) Right to Include Registrable
Securities. Subject to Section 2.1(e) below, if the Company at any time following the consummation of the W. P. Carey Conversion, but on or before the third anniversary of the consummation of the W. P. Carey Conversion, proposes to file a
registration statement under the Securities Act (other than (a) filing a Registration Statement on Form S-8 or any successor or similar form that may be adopted by the Commission, or (b) effectuating a “take-down” of securities
from its existing shelf registration statement on Form S-3 filed with the Commission on June 10, 2011) registering shares of Company Common Stock, or other securities convertible into or exchangeable for shares of Company Common Stock, for sale
for the account of the Company (a “Piggyback Registration”), it will give written notice (a “Notice of Piggyback Registration”) at least fifteen (15) Business Days prior to the anticipated filing date, to the
Stockholders of its intention to do so, and of the Stockholders’ rights under this Section 2.1(b), which Notice of Piggyback Registration shall include a description of the intended method of disposition of such securities. Upon the
written request of any Stockholder made within fifteen (15) Business Days after receipt of a Notice of Piggyback Registration (which request shall specify the number of Registrable Securities intended to be disposed of by such Stockholder), the
Company will use its reasonable best efforts to include in the Registration Statement relating to such Piggyback Registration all Registrable Securities which the Company has been so requested to register by such Stockholder. Notwithstanding the
foregoing, assuming a Stockholder has given notice of its desire to participate in such registration, if, at any time after giving a Notice of Piggyback Registration and prior to the effective date of the Registration Statement filed in connection
with such registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to such Stockholder and, thereupon,
(a) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration, and (b) in the case of a determination to delay registering, shall be
permitted to delay registering any Registrable Securities for the same period as the delay in registering such other securities to be sold for the account of the Company. No registration effected under this Section 2.1(b) shall relieve the
Company of its obligations to effect a Demand Registration under Section 2.1(a). 

  
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 (ii) Priority in Cutbacks. If a Piggyback Registration is to be effected by way of
an underwritten public offering and the managing underwriter advises the Parties in writing that, in its opinion, the number of securities requested to be included in such registration (including securities of the Company that are Registrable
Securities) exceeds the number that can be sold in such offering, the Company shall include in such registration the amount of the securities that the managing underwriter advises the Company can be sold in such offering as follows: 

(A) if such registration as initially proposed by the Company was solely a primary registration of its securities,
(x) first, the securities proposed by the Company to be sold for its own account, and (y) second, securities requested to be included in such registration by any Stockholder and the Other Registration Rights Holders, if any,
pro rata on the basis of the number of securities requested to be included by such Persons; or 
 (B) if such
registration as initially proposed by the Company was in whole or in part requested by an Other Registration Rights Holder, (x) first, such securities held by the Other Registration Rights Holder initiating such registration and, if
applicable, any securities proposed by the Company to be sold for its account, allocated in accordance with the priorities then existing among the Company and such holder, (y) second, securities requested to be included in such
registration by any Stockholder and any Other Registration Rights Holders, pro rata, on the basis of the number of securities requested to be included by such Persons. 
 Any securities so excluded shall be withdrawn from and shall not be included in such Piggyback Registration. 
 (c) Registration Procedures. 
 (i) Providing of Information; Review and
Comment. If any Stockholder has requested inclusion of its Registrable Securities in a Registration Statement, such Stockholder agrees to provide in a timely manner information regarding the proposed distribution by such Stockholder of the
Registrable Securities and such other information reasonably requested by the Company in connection with the preparation of and for inclusion in the Registration Statement. At least five (5) Business Days before filing such Registration
Statement and related prospectus and any amendments and supplements thereto, the Company shall furnish to counsel of the Stockholders copies of such documents proposed to be filed, which documents shall be subject to the review and comment of such
counsel, and in the case of any information contained in such documents directly relating to any Stockholder, approval by such counsel of such information; provided, that the Company shall not have any obligation to modify any information if the
Company reasonably expects that so doing would cause such documents to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

  
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 (ii) Effectiveness of the Registration Statement. If and whenever the Company is
required to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2.1(a) and 2.1(b), the Company will use its reasonable best efforts to effect the registration and sale of such Registrable
Securities. Without limiting the foregoing, the Company in each such case shall, as expeditiously as possible, use its reasonable best efforts to prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such Registration Statement to become effective and keep the Registration Statement effective and free of material misstatements or omissions (including the preparation and filing of any
amendments and supplements necessary for that purposes) until the earlier of: 
 (A) the first date on which the each
Stockholder has consummated the sale of all of Registrable Securities registered under the Registration Statement; or 
 (B)
one hundred twenty (120) days after such Registration Statement becomes effective. 
 (iii) Notice; Copies of
Materials; Withdrawal. The Company agrees (A) to provide written notification to the Stockholders promptly after the Company receives notice that a Registration Statement with respect to Registrable Securities has been declared effective or
a supplement to any prospectus forming a part of such Registration Statement has been filed and (B) to provide to the Stockholders a reasonable number of copies of the final Registration Statement and the related prospectus (including any
preliminary prospectus) and any amendments or supplements thereto. The Company further agrees that it will use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as
reasonably practicable. 
 (d) Offers and Sales. All offers and sales by the Stockholders under any Registration
Statement referred to in Section 2.1(a) or 2.1(b), if any, shall be completed within the period during which such Registration Statement is required to remain effective pursuant to Section 2.1(c)(ii), and, upon expiration of such period,
the Stockholders will not offer or sell any Registrable Securities under such Registration Statement. If directed by the Company, each Stockholder will return all undistributed copies of any prospectus in such Stockholder’s possession upon the
expiration of such period. Each Stockholder shall promptly, but in any event no later that five (5) Business Days after a sale by it of Registrable Securities, notify the Company of any sale or other transfer by such Stockholder of Registrable
Securities and include in such notice the number of Registrable Securities sold or transferred by such Stockholder. 
 (e)
Suspension of Offering. If the Company’s Board of Directors determines in its good faith judgment that the filing of a Registration Statement under Section 2.1(a) or 2.1(b) hereof or the use of any prospectus would
(i) materially impede, delay or interfere with any pending material financing, acquisition or corporate reorganization or other material corporate development involving the Company or any of its subsidiaries, or (ii) require the disclosure
of important information that the Company has a material business purpose for preserving as confidential or the disclosure of which would materially impede the Company’s ability to consummate a significant transaction, then, upon the
Stockholders’ receipt of written 

  
 7 

 
certification from the Company’s Chief Executive Officer of such determination by the Company’s Board of Directors including a general statement of the reasons for suspension and an
approximation of the period of the anticipated delay, the rights of the Stockholders to offer, sell, or distribute any Registrable Securities pursuant to a Registration Statement or to require the Company to take action with respect to the
registration or sale of any Registrable Securities pursuant to a Registration Statement shall be suspended until the date (which shall be no later than the 90th day following the date of the notice of suspension) upon which the Company notifies the
Stockholders in writing that suspension of such rights for the grounds set forth in this Section 2.1(e) is no longer necessary; provided, however, that the Company shall not exercise the right to suspend an offering pursuant to
this Section 2.1(e) more than once in any twelve (12) month period; and provided further, that that the Company shall not be entitled to suspend an offering pursuant to this Section 2.1(e) unless it shall concurrently
(A) prohibit sales by all other security holders under registration statements covering securities held by such other security holders and (B) forbid the purchases and sales in the open market by directors and executive officers of the
Company in the case of a suspension pursuant to Section 2.1(e)(ii). If the Company shall so suspend the filing of a Registration Statement, the Stockholders shall have the right to withdraw the request for registration by giving written notice
from the Company at any time after receipt of the notice of suspension (and, in the event of such withdrawal, such request shall not be counted for purposes of determining the number of Demand Registrations to which the Stockholders are entitled
pursuant to Section 2.1(a)(i)). 
 Section 2.2 Expenses. Except as set forth in this Section 2.2, all
Registration Expenses incurred in connection with any registration pursuant to Sections 2.1(a) or 2.1(b) (but excluding Selling Expenses) shall be borne by the Company. Each Stockholder shall bear all Selling Expenses or other amounts payable to
underwriter(s) or brokers in connection with any offering or sale of Registrable Securities by such Stockholder. 

Section 2.3 Obligations of the Company. Whenever required under Section 2.1 to effect the registration of any
Registrable Securities, the Company shall as expeditiously as reasonably practicable: 
 (a) Filing of Amendments and
Supplements. Prepare and file with the Commission such amendments (including post-effective amendments) and supplements to the Registration Statement and the prospectus used in connection with the Registration Statement as may be necessary to
keep the Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities and other securities of the Company covered by the Registration Statement at all times
during the period for which the Company is required to maintain the effectiveness of such Registration Statement pursuant to the terms of this Agreement and promptly provide written notification to the Stockholders of the filing thereof. 

(b) Correction and Updating of Registration Statement and Prospectus. Upon the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to such Registration Statement, prospectus or other documents so that, in the case of such Registration 

  
 8 

 
Statement or the prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statement or
a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement or any prospectus will contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly provide written
notification to the Stockholders of the filing thereof. 
 (c) Copies of Documents. Furnish to the Stockholders, without
charge, such number of conformed copies of the Registration Statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such Registration Statement (including
each preliminary prospectus and any summary prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such Registration Statement or prospectus, and such other documents, as the Stockholders
may reasonably request. 
 (d) Opinion and Comfort Letter. Furnish to any applicable underwriter on behalf of any
Stockholder (i) an opinion of counsel, dated the effective date of such Registration Statement (or, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement with respect to
both the effective date of the Registration Statement and the date of the closing under the underwriting agreement), in form and substance as is customarily given by counsel for the issuer to underwriters in an underwritten public offering,
addressed to the underwriters, if any, and (ii) a “cold comfort” letter, dated the effective date of such Registration Statement (and, if such Registration Statement includes an underwritten public offering, dated the date of the
closing under the underwriting agreement) signed by the independent certified public accountants who have certified the Company’s financial statements included in such Registration Statement, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 

(e) “Blue Sky” Qualification. Use reasonable best efforts to register or qualify all Registrable Securities and other
securities covered by such Registration Statement under the securities or blue sky laws of such jurisdictions as any Stockholder (or in an underwritten offering, the managing underwriter) shall reasonably request, and do any and all other acts and
things which may be necessary or advisable to enable such Stockholder to consummate the disposition in such jurisdictions of the Registrable Securities covered by such Registration Statement, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to taxation in any such jurisdiction, or to consent to general service of process in any such
jurisdiction. 
 (f) Notification of Certain Events. As promptly as practicable after becoming aware thereof, notify the
Stockholders of the happening of any event of which the Company has 

  
 9 

 
knowledge, as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare and file with the Commission a supplement or amendment to the Registration
Statement or other appropriate filing with the Commission to correct such untrue statement or omission, and deliver a number of copies of such supplement or amendment to the Stockholders as the Stockholders may reasonably request. 

(g) Inspection Rights. Make available for inspection by any underwriter participating in any disposition pursuant to such
Registration Statement and any attorney, accountant or other agent retained by any underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be reasonably necessary to enable them to exercise
their due diligence responsibilities and provide the Stockholders and their respective advisors copies thereof. 
 (h) SEC
Stop Orders. As promptly as practicable after becoming aware thereof, notify in writing the Stockholders (and, in the event of an underwritten offering, the managing underwriters) of the issuance by the Commission of any notice of effectiveness
or any stop order or other suspension of the effectiveness of the Registration Statement at the earliest possible time. 
 (i)
Listing Requirements. Cause the Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed. 
 (j) Underwriting Agreement; Participation. In the event of any underwritten public offering, (i) enter into and perform its obligations under an underwriting agreement, in usual and customary
form and complying with the provisions of Section 2.5, with the managing underwriter of such offering and (ii) provide for the reasonable participation and cooperation by the management of the Company with respect thereto, including
participation by management in road shows, investor meetings and other customary cooperation. 
 (k) Other Actions. Take
all other reasonable actions necessary to expedite and facilitate disposition by the Stockholders of the Registrable Securities pursuant to the Registration Statement. 
 Section 2.4 Obligations of the Stockholders. It shall be a condition precedent to the obligations of the Company to register the Registrable Securities of any Stockholder pursuant to
Section 2.1 that such Stockholder shall furnish to the Company such information regarding itself, and the Registrable Securities held thereby as shall be reasonably required to timely effect the registration of such Registrable Securities.

 Section 2.5 Indemnification. In the event any Registrable Securities are included in a Registration Statement
under Section 2.1: 
 (a) Company Indemnity. To the extent permitted by law, the Company will indemnify and hold
harmless each Stockholder, its agents, any underwriter (as defined in the Securities Act) for such Stockholder and each Person, if any, who controls (as defined in the Securities Act) such Stockholder or underwriter against any losses, claims,
damages, or liabilities 

  
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(joint or several) to which they may become subject under laws which are applicable in connection with any registration, qualification, or compliance, of the Company’s securities insofar as
such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

(i) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; or 
 (ii) the omission
or alleged omission to state in the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, a material fact required to be stated therein, or necessary to make the
statements therein not misleading; 
 and the Company will reimburse each Stockholder, its agents, underwriters or controlling Person for any
legal or other expenses reasonably incurred by any of them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
Section 2.5(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned
or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by any Stockholder, underwriter or controlling Person of such Stockholder. 
 (b) Stockholder Indemnity. To the extent permitted by law, in connection with any Registration Statement filed pursuant hereto, each Stockholder will jointly indemnify and hold harmless the
Company, its partners, officers, directors, agents, any underwriter (as defined in the Securities Act) for the Company and each Person, if any, who controls (as defined in the Securities Act) the Company or underwriter against any losses, claims,
damages, or liabilities (joint or several) to which they may become subject under laws which are applicable in connection with any registration, qualification, or compliance, of the Company’s securities insofar as such losses, claims, damages,
or liabilities (or actions in respect thereof) arise out of or are based upon any Violation to the extent that such Violation occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by such Stockholder, and such Stockholder will reimburse each of the Company, its partners, officers, directors, agents, underwriters or controlling Persons for any legal or other expenses reasonably incurred by them, as incurred, in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 2.5(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of such Stockholder (which consent shall not be unreasonably withheld, conditioned or delayed); and provided further, however, that no
Stockholder shall be required to indemnify the Company or any other indemnified party under this Section 2.5(b) with respect to any amount in excess of the amount of the total net proceeds received by such Stockholder from sales of the
Registrable Securities under such Registration Statement. 

  
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 (c) Notice. Promptly after receipt by an indemnified party under this
Section 2.5 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.5, deliver to the
indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party,
if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to a material conflict of interest between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.5 to
the extent the indemnifying party is materially prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying party will not otherwise relieve it of any liability that it may have to any indemnified party under
this Section 2.5. 
 (d) Contribution. If any indemnification provided for in this Section 2.5 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of
the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that no Stockholder shall be required to
contribute any amount in excess of the amount of the total net proceeds received by such Stockholder from sales of the Registrable Securities under such Registration Statement. 

Section 2.6 Termination of the Company’s Obligations. The registration rights granted under Section 2.1 shall
automatically terminate with respect to the Stockholders as of the earlier of (i) the date and time at which the Stockholders no longer beneficially own any Registrable Securities, and (ii) the third anniversary of the consummation of the
W. P. Carey Conversion; provided, however, that the provisions of Section 2.5 and Article III shall survive such termination. 
 Section 2.7 Rule 144 Reporting. With a view to making available the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of Applicable Securities Law that may
at any time permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 
 (a) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act; 

  
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 (b) file with the Commission in a timely manner all reports and other documents required of
the Company under Applicable Securities Law; and 
 (c) furnish to the Stockholders upon request, a written statement by the
Company as to whether it has complied with the current public information requirements of Rule 144 under the Securities Act and of the Securities Act and the Exchange Act. 
 Section 2.8 Lock-Up / Standstill Agreements. If at the time of any sale of Registrable Securities in connection with the registration pursuant to this Agreement of any of the
Stockholders’ Registrable Securities in an underwritten public offering, the managing underwriter advises the Parties in writing that, in its good faith judgment, the Parties should enter into a lock-up / standstill agreement with respect to
securities of the Company held by the Parties (other than the Registrable Securities covered by such Registration Statement), each of the Parties agree to enter into a customary lock-up / standstill agreement with respect to the securities of the
Company held by such Party (other than the Registrable Securities covered by such Registration Statement). 
 Section 2.9
Preservation of Rights. The Company shall not (i) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder, or (ii) enter into any agreement, take any action, or
permit any change to occur, with respect to its securities that violates or subordinates the rights expressly granted to the Stockholders in this Agreement. 
 Section 2.10 Public Filings. The Parties may make any and all appropriate disclosures in filings with the Commission as may be required by their public reporting obligations or otherwise
pursuant to the Exchange Act. Furthermore, the Parties acknowledge that, pursuant to the Exchange Act, the Parties may be required to file this Agreement with the Commission. 
 ARTICLE III. 
 MISCELLANEOUS 

Section 3.1 No Assignment. None of the Parties may assign any of its respective rights or delegate any of its respective
obligations under this Agreement without the prior written consent of the other Parties; provided, however, W. P. Carey shall be able to assign its rights and delegate its obligations to NewCo REIT without the prior consent of the
Stockholders in connection with the consummation of the W. P. Carey Conversion. 
 Section 3.2 Governing Law. This
Agreement and all disputes hereunder shall be governed by the laws of the State of New York, without giving effect to the conflicts of law principles thereof. 

  
 13 

 Section 3.3 Consent to Jurisdiction of Service of Process; Venue. Each Party
hereby irrevocably and unconditionally (i) consents to the submission to the exclusive jurisdiction of the courts of the State of New York and of the United States of America located in the County of New York in the State of New York (or any
appeals court thereof), for any action, claim, complaint, investigation, petition, suit or other proceeding, whether civil or criminal, in law or equity, or by or before any governmental authority (“Actions”) arising out of or
relating to the transactions contemplated hereby, this Agreement or the breach, termination or validity thereof, (ii) agrees not to commence any Action relating to the transactions contemplated hereby or this Agreement except in such courts and
in accordance with the provisions of this Agreement, (iii) agrees that service of any process, summons, notice, or document by U.S. registered mail or as otherwise provided in this Agreement shall be effective service of process for any Action
brought in any such court, (iv) waives any objection to the laying of venue of any Action arising out of this Agreement or the transactions contemplated hereby in the courts of the State of New York and of the United States of America located
in the County of New York in the State of New York (or any appeals courts thereof) and (v) agrees not to plead or claim in any such court that any such Action brought in any such court has been brought in an inconvenient forum. 

Section 3.4 Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO
ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.4. 
 Section 3.5 Amendment. This
Agreement may not be amended, modified or supplemented except upon the execution and delivery of a written agreement executed by the Parties. 
 Section 3.6 Waiver. Any of the terms or conditions of this Agreement which may be lawfully waived may be waived in writing at any time by each party entitled to the benefits thereof. Any
waiver of any of the provisions of this Agreement by any party hereto shall be binding only if set forth in an instrument in writing signed on behalf of such party. No failure to enforce any provision of this Agreement shall be deemed to or shall
constitute a waiver of such provision and no waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver. 

  
 14 

 Section 3.7 Notices. All notices and other communications hereunder shall be in
writing and shall be deemed given when mailed, delivered personally, telecopied (which is confirmed) or sent by an overnight courier service, such as Federal Express, to the Parties at the following addresses (or at such other address for a party as
shall be specified by such party by like notice): 
 If to the Company: 

W. P. Carey & Co. LLC 
 50 Rockefeller Plaza 
 New York, New York 10020 

Attn: Chief Executive Officer and Chief Financial Officer 
 Fax: (212) 492-8922 
 with a copy to: 

W. P. Carey & Co. LLC 
 50 Rockefeller Plaza 
 New York, New York 10020 

Attn: Paul Marcotrigiano, Esq. 
 Fax: (212) 492-8922 
 with a further copy to: 

DLA Piper LLP (US) 
 1251 Avenue of the Americas 
 New York, New York 10020 

Attn: Christopher P. Giordano, Esq. 
 Fax: (212) 884-8522 
 If to the Stockholders to the address or facsimile
number set forth for each Stockholder on the signature page hereof. 
 with a copy to: 

Milbank, Tweed, Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, New York 10005 

Fax: (212) 530-5219 

			
	Attention:	  	 James S. Sligar, Esq.
 Charles
J. Conroy, Esq.

 or to such other address as any party hereto may, from time to time, designate in a written notice given in like manner.

  
 15 

 Section 3.8 Complete Agreement. This Agreement, together with that certain share
purchase agreement and voting agreement entered into by the Parties on the date hereof, constitutes the entire agreement among the Parties with respect to the subject matter hereof, and supersedes any and all prior agreements or understandings among
the Parties arising out of or relating to the subject matter hereof. 
 Section 3.9 Counterparts. This Agreement may
be executed in multiple counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other party. Copies of executed
counterparts transmitted by telecopy, e-mail or other electronic transmission service shall be considered original executed counterparts, provided receipt of such counterparts is confirmed. 

Section 3.10 Headings. The headings contained in this Agreement are for reference only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 Section 3.11 Severability. Any provision of this Agreement that is
invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction
or rendering that or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction. 

Section 3.12 Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to
any Person, other than the parties hereto and their permitted successors or assigns, any rights or remedies under or by reason of this Agreement. 
 Section 3.13 Further Assurances. Each of the Parties agree, prior to and after the consummation of any registration of any Registrable Securities, to execute and deliver such other documents,
certificates, agreements and other writings and to take such other actions as may be reasonably necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by this Agreement. 

[Remainder of page intentionally left blank] 

  
 16 

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

			
	W. P. CAREY & CO. LLC
		
	By:	 	 /s/ Mark J. DeCesaris

		 	 Name: Mark J. DeCesaris
 Title:
Chief Financial Officer

	
	W. P. CAREY INC.
		
	By:	 	 /s/ Trevor P. Bond

		 	 Name: Trevor P. Bond
 Title:
Chief Executive Officer

 [Signature Page – Registration Rights Agreement] 

 
					
	THE ESTATE OF WILLIAM POLK CAREY
		
	By:	 	 /s/ Francis J. Carey

		 	Name:	 	Francis J. Carey, as Co-Executor of the Estate of William Polk Carey
		
	By:	 	 /s/ Jan Kärst

		 	Name:	 	Jan Kärst, as Co-Executor of the Estate of William Polk Carey
	
	 Number of Shares of Company Common Stock:1 4,551,435

Number of Options Beneficially Owned as of the Date of this Agreement: 20,084
 Number of Other Rights Beneficially Owned as of the Date of this Agreement: 36,800 PSU Grants

Street Address: c/o Jan Kärst 40 Sawmill Lane

City/State/Zip Code: Greenwich, CT 06830

Fax:

	
	W. P. CAREY & CO., INC.
		
	By:	 	 /s/ Francis J. Carey

		 	Name:	 	Francis J. Carey, as a Director of W. P. Carey & Co., Inc.
		
	By:	 	 /s/ Jan Kärst

		 	Name:	 	Jan Kärst, as a Director of W. P. Carey & Co., Inc.
	
	 Number of Shares of Company Common Stock:2 7,114,735

Number of Options Beneficially Owned as of the Date of this Agreement: None.
 Number of Other Rights Beneficially Owned as of the Date of this Agreement: None.
 Street Address:
50 Rockefeller Plaza
 City/State/Zip Code: New York, New York 10020
 Fax:

  

	1 	 This amount represents the shares of W. P. Carey Listed Shares Beneficially Owned by Stockholder as of the date of this Agreement, each of which shall
be converted into one share of NewCo Common Stock upon the effective time of the W. P. Carey Conversion. 

	2 	 This amount represents the shares of W. P. Carey Listed Shares Owned by Stockholder as of the date of this Agreement, each of which shall be converted
into one share of NewCo Common Stock upon the effective time of the W. P. Carey Conversion. 

 [Signature Page
– Registration Rights Agreement]

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