Document:

Exhibit 4.10

 

EXECUTION VERSION

  

SECOND
SUPPLEMENTAL INDENTURE, dated as of November 1, 2021 (this “Second Supplemental Indenture”), by and among VEREIT Operating
Partnership, L.P., a Delaware limited partnership (f/k/a ARC Properties Operating Partnership,
L.P.) (the “Issuer”), Rams MD Subsidiary I, Inc.,
a Maryland corporation (the “Successor Parent”), VEREIT, Inc., a Maryland corporation (the “Parent”),
and U.S. Bank National Association, as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS,
the Issuer, the Parent, the other Initial Guarantors party thereto and the Trustee executed an indenture, dated as of February 6, 2014
(the “Base Indenture”), as amended and supplemented by (i) the first supplemental indenture, dated as of February
9, 2015 (the “First Supplemental Indenture”), by and among the Issuer, the Parent and the Trustee and (ii) the officer’s
certificate dated February 6, 2014, relating to the 4.600% Notes due 2024 (the “2024 Notes”), the officer’s
certificate dated June 2, 2016, relating to the 4.875% Notes due 2026 (the “2026 Notes”), the officer’s certificate
dated August 11, 2017, relating to the 3.950% Notes due 2027 (the “2027 Notes”), the officer’s certificate dated
October 16, 2018, relating to the 4.625% Notes due 2025 (the “2025 Notes”), the officer’s certificate dated
December 4, 2019, relating to the 3.100% Notes due 2029 (the “2029 Notes”), the officer’s certificate dated
June 29, 2020, relating to the 3.400% Notes due 2028 (the “January 2028 Notes”), and the officer’s certificate
dated November 17, 2020 (together with the foregoing officer’s certificates, the “VEREIT Officer’s Certificates”;
the Base Indenture as amended by the First Supplemental Indenture and the VEREIT Officer’s Certificates, the “Indenture”),
relating to the 2.200% Notes due 2028 (the “June 2028 Notes”) and the 2.850% Notes due 2032 (the “2032 Notes”
and together with the 2024 Notes, the 2026 Notes, the 2027 Notes, the 2025 Notes, the 2029 Notes, the January 2028 Notes and the June
2028 Notes, the “Notes”);

 

WHEREAS,
the Issuer and the Parent have entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Realty Income
Corporation, a Maryland corporation (“RI”), the Successor Parent, and Rams Acquisition Sub II, LLC, a wholly owned
subsidiary of RI (“Merger Sub 2”), pursuant to which, among other things, (i) Merger Sub 2 will merge with and into
the Issuer, with the Issuer continuing as the surviving entity (the “Partnership Merger”), and (ii) immediately thereafter,
the Parent will merge with and into the Successor Parent, with the Successor Parent continuing as the surviving corporation (the “Merger”
and, together with the Partnership Merger, the “Mergers”);

 

WHEREAS,
as permitted by the terms of the Indenture, the Issuer, the Parent, the Successor Parent and Merger Sub 2, substantially simultaneously
with the effectiveness of this Second Supplemental Indenture, shall consummate the Mergers;

 

WHEREAS,
there is outstanding under the terms of the Indenture one or more series of Securities (as defined in the Indenture);

 

WHEREAS,
Section 10.01 of the Indenture provides that the Parent or Issuer, as applicable, may consolidate with or merge with or into any other
entity, provided that, among other things, the Parent or Issuer, as applicable, shall be the continuing entity or, the successor entity
(if other than the Parent or the Issuer, as applicable), shall expressly assume payment of the principal of, premium, if any, and interest
on each series of the Securities and the due and punctual performance and observance of all of the covenants and conditions in the Indenture;

 

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WHEREAS,
Section 9.01 of the Indenture provides that the Issuer and the Trustee may from time to time and at any time enter into an indenture
supplemental to the Indenture, without the consent of the Securityholders (as defined in the Indenture), to comply with Article X of
the Indenture; and

 

WHEREAS,
except as otherwise defined herein in this Supplemental Indenture, capitalized terms used in this Supplemental Indenture have the meanings
specified in the Indenture. If the definition of any of the terms defined herein differs from its respective definition set forth in
the Indenture, the definition set forth in this Supplemental Indenture shall control.

 

NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable consideration the receipt and sufficiency of which is hereby
acknowledged, and for the equal and proportionate benefit of the Securityholders, the Issuer, the Parent, the Successor Parent and the
Trustee hereby agree as follows:

 

ARTICLE
I

ASSUMPTION BY SUCCESSOR COMPANY

AND SUPPLEMENTAL PROVISIONS

 

Section
1.1           Assumption
of Securities.

 

		(a)	The Issuer
                                            will be the surviving entity in the Partnership Merger.

 

		(b)	The Successor
                                            Parent is a corporation organized and existing under the laws of the State of Maryland and
                                            will be the surviving entity in the Merger.

 

		(c)	Pursuant
                                            to, and in compliance and accordance with, Section 9.01 and Section 10.01 of the Indenture,
                                            the Successor Parent hereby expressly assumes payment of the principal of, premium, if any,
                                            and interest on each series of the Securities and the due and punctual performance and observance
                                            of all of the covenants and conditions in the Indenture.

 

		(d)	Pursuant
                                            to, and in compliance and accordance with, Section 10.02 of the Indenture, the Successor
                                            Parent hereby shall succeed to, and be substituted for (so that from and after the date hereof,
                                            the provisions of the Indenture referring to the Parent shall refer instead to the Successor
                                            Parent and not to the Parent), and may exercise every right and power of Parent under the
                                            Indenture with the same effect as if the Successor Parent had been named as Parent in the
                                            Indenture.

 

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ARTICLE
II

MISCELLANEOUS

 

Section
2.1           Effect
of Supplemental Indenture. Upon the later to occur of (i) the execution and delivery of this Second Supplemental Indenture by the
Issuer, the Parent, the Successor Parent and the Trustee and (ii) the effective time of the Mergers, the Indenture shall be supplemented
in accordance herewith, and this Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Securityholder
heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby.

 

Section
2.2           Indenture.
Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all their terms shall remain in
full force and effect.

 

Section
2.3           Indenture
and Supplemental Indenture Construed Together.

 

(a)           
This Second Supplemental Indenture is an indenture supplemental to the Indenture, and the Indenture and this Second Supplemental
Indenture shall henceforth be read and construed together.

 

(b)             
Upon the effectiveness of this Second Supplemental Indenture, each reference in the Indenture to “this Indenture,”
 “hereunder,” “herein” or words of like import shall mean and be a reference to the Indenture, as affected, amended
and supplemented hereby.

 

(c)              
Upon the effectiveness of this Second Supplemental Indenture, each reference in the Securities to the Indenture, including each
term defined by reference to the Indenture, shall mean and be a reference to the Indenture or such term, as the case may be, as affected,
amended and supplemented hereby.

 

Section
2.4           Conflict
with Trust Indenture Act. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as
amended, that are required to be part of this Second Supplemental Indenture and shall, to the extent applicable, be governed by such
provisions.

 

Section
2.5           Severability.
In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
2.6           Benefits
of Second Supplemental Indenture, etc. Nothing in this Second Supplemental Indenture, express or implied, shall give to any Person,
other than the parties hereto and thereto and their successors hereunder and thereunder and the Securityholders, any benefit of any legal
or equitable right, remedy or claim under the Indenture, this Second Supplemental Indenture or the Securities.

  

Section
2.7           Trustee’s
Disclaimer.  The Trustee shall not be responsible for or in respect of the validity or sufficiency
of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Issuer.

 

     
 

     

    

 

Section
2.8           Governing
Law. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND
FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

 

Section
2.9           Counterparts.
This Second Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature
pages by facsimile or PDF transmission or other electronic means (including, without limitation, any .pdf file, .jpeg file, or any other
electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National
Commerce Act or the New York Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe
Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the
Trustee) shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be
used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF or other electronic means shall be deemed to be their original signatures and shall be valid, effective and legally binding as
if such electronic signatures were handwritten signatures for all purposes.

 

Section
2.10       Headings. The Article and
Section headings in this Second Supplemental Indenture are for convenience only and shall not affect the construction of this Second
Supplemental Indenture.

         

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the date first written above.

 

	 	THE SUCCESSOR PARENT:
	 	 
	 	Rams MD Subsidiary I, Inc.
	 	  
	 	By:  	/s/ Michelle Bushore
	 	 	Name: Michelle Bushore
	 	 	Title:   Executive Vice President,
    Chief Legal Officer, General Counsel and Secretary

  

[Signature Page to Supplemental Indenture] 

 

     
 

     

    

 

	 	THE ISSUER:

	 	 	 
	 	 	VEREIT OPERATING PARTNERSHIP, L.P.
	 	 	By: 	VEREIT, INC.
	 	 	 	its sole general partner

  

	 	By:  	/s/ Michael J. Bartolotta
	 	 	Name: Michael J. Bartolotta
	 	 	Title:   Executive Vice President and
    Chief Financial Officer

  

	 	THE PARENT:
	 	 	VEREIT, INC.

  

	 	By:  	/s/
    Michael J. Bartolotta
	 	 	Name: Michael J. Bartolotta
	 	 	Title:   Executive Vice President and
    Chief Financial Officer

   

	 	THE TRUSTEE:
	 	 	U.S. BANK NATIONAL ASSOCIATION

  

	 	By:  	/s/ Karen R. Beard
	 	 	Name: Karen R. Beard
	 	 	Title:   Vice President

 

[Signature Page to Supplemental Indenture]Exhibit 10.1

 

FIRST AMENDMENT TO

REALTY INCOME CORPORATION 2021 INCENTIVE AWARD
PLAN

 

THIS FIRST AMENDMENT TO REALTY
INCOME CORPORATION 2021 INCENTIVE AWARD PLAN (this “First Amendment”) is made and adopted by the Board of Directors
(the “Board”) of Realty Income Corporation, a Maryland corporation (the “Company”), as of November __,
2021. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan (as defined
below).

 

RECITALS

 

WHEREAS, the Company maintains
the Realty Income Corporation 2021 Incentive Award Plan (as amended from time to time, the “Plan”);

 

WHEREAS,
the Company has entered into that certain Agreement and Plan of Merger, dated April 29, 2021 (as amended from time to time, the “Merger
Agreement”), by and among the Company, VEREIT, Inc., a Maryland corporation (“VEREIT”), Rams MD Subsidiary
I, Inc., Maryland corporation and a direct wholly owned subsidiary of the Company (“Merger Sub 1”), Rams Acquisition
Sub II, LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of the Company (“Merger Sub 2”),
VEREIT, and VEREIT Operating Partnership, L.P., a Delaware limited partnership (“VEREIT OP”), pursuant to which (i) Merger
Sub 2 will merge with and into VEREIT OP (the “Partnership Merger”), with VEREIT OP continuing as the surviving entity,
and (ii) immediately thereafter, VEREIT will merge with and into Merger Sub 1 (the “Merger” and together with
the Partnership Merger, the “Mergers”), with Merger Sub 1 continuing as the surviving corporation as a wholly owned
subsidiary of the Company;

 

WHEREAS, VEREIT maintains
the VEREIT, Inc. 2021 Equity Incentive Plan (the “VEREIT Plan”), which was adopted by the Board of Directors of
VEREIT on March 24, 2021 and approved by the stockholders of VEREIT on June 3, 2021;

 

WHEREAS, Section 4.4
of the Plan generally provides that in the event that a company acquired by the Company, or with which the Company combines, has shares
available under a pre-existing plan approved by its stockholders and not adopted in contemplation of such acquisition or combination,
the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange
ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable
to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall
not reduce the Shares authorized for grant under the Plan; provided that Awards using such available shares shall not be made after the
date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall
only be made to individuals who were not Employees or Directors prior to such acquisition or combination;

 

WHEREAS, pursuant to Section 13.1
of the Plan, the Plan may be amended or modified from time to time by the Administrator; and

 

    

    

    

 

WHEREAS,
in connection with the Mergers, the Company desires to amend the Plan as set forth herein to provide that the shares available
for grant pursuant to the VEREIT Plan (as adjusted using the exchange ratio used in the Mergers to determine the consideration payable
to VEREIT stockholders) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan to the
extent permitted by the Plan.

 

NOW, THEREFORE, BE IT RESOLVED,
that the Plan is hereby amended as set forth herein, effective as of, and subject to and contingent upon the occurrence of, the Closing
(as defined in the Merger Agreement).

 

AMENDMENT

 

1.            The
following new Sections are hereby added to Article 12 of the Plan, and each applicable subsequent section of the Plan (and all cross
references thereto) shall be renumbered accordingly:

 

“12.8 “Closing
Date” shall have the meaning set forth in that certain Agreement and Plan of Merger, dated April 29, 2021, by and among
the Company, VEREIT, Inc., a Maryland corporation (“VEREIT”), Rams MD Subsidiary I, Inc., Maryland corporation
and a direct wholly owned subsidiary of the Company, Rams Acquisition Sub II, LLC, a Delaware limited liability company and a direct wholly
owned Subsidiary of the Company, VEREIT, and VEREIT Operating Partnership, L.P., a Delaware limited partnership (the “VEREIT
Merger Agreement”).”

 

“12.24 “Legacy
VEREIT Participant” shall mean an Employee, Consultant or non-employee Director who provided services to VEREIT and/or its subsidiaries
immediately prior to the Closing Date.”

 

“12.25 “New Company
Participant” shall mean an Employee, Consultant or non-employee Director who first commenced providing services to the Company
or any of its Subsidiaries on or following the Closing Date, other than any Legacy VEREIT Participant.”

 

“12.47 “VEREIT
Plan” shall mean the VEREIT, Inc. 2021 Equity Incentive Plan as adopted by the board of directors of VEREIT on March 24,
2021 and approved by the stockholders of VEREIT on June 3, 2021.”

 

“12.48 “VEREIT
Share Reserve” shall mean a number of Shares equal to the product of (x) the number of shares of common stock of VEREIT
which, as of immediately prior to the Closing (as defined in the VEREIT Merger Agreement), remained available for issuance under the VEREIT
Plan, multiplied by (y) the Exchange Ratio (as defined in the VEREIT Merger Agreement), rounded down to the nearest whole Share.”

 

2.            The
following language is hereby added at the end of Section 4.4 of the Plan:

 

“Without
limiting the generality of the foregoing, in connection with the Mergers (as defined in the VEREIT Merger Agreement), the VEREIT Share
Reserve may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan, to the extent that
grants of Awards using such shares (i) are permitted without stockholder approval under the rules of the New York Stock
Exchange (or such other applicable principal securities exchange or quotation system on which the Common Stock is then listed), (ii) are
made only to individuals who, on or after the Closing Date, are Legacy VEREIT Participants or New Company Participants, and (iii) are
only granted under the Plan during the period commencing on the Closing Date and ending on June 2, 2031. The VEREIT Share Reserve
shall be used for purposes of the Plan in accordance with this Section 4.4 and the applicable listing standards and rules issued
by the New York Stock Exchange (or such other applicable principal securities exchange or quotation system on which the Common Stock is
then listed).”

 

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3.            This
First Amendment shall be and is hereby incorporated in and forms a part of the Plan.

 

4.            Except
as expressly provided herein, all terms and provisions of the Plan shall remain in full force and effect.

 

[Signature Page Follows]

 

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I hereby certify that the
foregoing First Amendment was duly adopted by the Board of Directors of Realty Income Corporation on October 28, 2021.

 

Executed on this 1st day of November 2021.

 

	 	/s/ Michelle Bushore
	 	Michelle Bushore
	 	Executive Vice President, Chief Legal Officer, General Counsel and Secretary

 

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