Document:

2006 Incentive Plan

 Exhibit 10.1 
 FAMILY DOLLAR STORES, INC. 
 2006 INCENTIVE PLAN 

Guidelines for Annual Cash Bonus Awards 
  

	1.	Purpose 

 Family Dollar Stores, Inc. (the
“Company”) maintains for the benefit of eligible individuals the Family Dollar Stores, Inc. 2006 Incentive Plan (the “Plan”), which is intended to provide flexibility to the Company in its ability to motivate, attract, and retain
the services of such individuals upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. These Guidelines for Annual Cash Bonus Awards (the “Guidelines”) are
intended to implement the Plan by providing eligible Team Members of the Company an opportunity to participate in the Company’s success by earning annual incentive compensation in the form of a cash bonus based on the
Company’s achievement of pre-tax earnings goals and the Team Members’ contributions to meeting such goals. 
 These Guidelines are
adopted pursuant to relevant provisions of the Plan and are to be interpreted and applied in accordance with the terms and provisions thereof. Specifically, these Guidelines provide for the grant of Performance-Based Cash Awards under Article 9 of
the Plan and, with respect to Covered Employees, the grant of Qualified Performance-Based Awards under Article 14 of the Plan. Unless otherwise provided herein, capitalized terms used in these Guidelines will have the meaning given such terms in the
Plan. 
  

	2.	Scope 

 The Guidelines cover eligible Team
Members as described in Section 3 of these Guidelines. The Guidelines cover the Company’s fiscal (not calendar) year that is the 12-month period that generally runs from approximately September to August. The actual dates for the fiscal
year are determined and announced by the Company prior to the beginning of each fiscal year. 
  

	3.	Eligibility 

 Eligibility for
participation in the Plan under these Guidelines shall be determined by any of the Chairman and Chief Executive Officer, the President or the Senior Vice President, Human Resources (or their designees) and communicated to department heads.
Additional eligibility requirements are as follows: 
  

	 	•	 	 A Team Member must be classified as a regular, full-time employee for the entire fiscal year or the Team Member’s entire employment period in the
fiscal year if the Team Member was hired subsequent to the beginning of the fiscal year. 

  

	 	•	 	 A Team Member must be hired and on the active payroll as a full-time employee as of the first business day after May 31 of the applicable fiscal
year in order to 

  
  

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participate during that fiscal year. 

  

	 	•	 	 If a Team Member, whose position was previously not identified as eligible for participation in the Plan under these Guidelines and who was eligible to
participate in another bonus plan, is promoted to a position eligible to participate in the Plan under these Guidelines during the relevant fiscal year, such Team Member will participate in each plan, subject to its conditions, on a prorated basis.
The prorated calculation will be based upon the number of weeks and respective salary in each position. 

  

	 	•	 	 If a Team Member’s position is changed during the relevant fiscal year and as a result of that change the bonus percentage applied in his or her
individual bonus calculation under these Guidelines is affected, such Team Member will participate on a prorated basis at each bonus percentage level based upon the number of weeks and respective salary in each position.

  

	 	•	 	 Except as otherwise provided below, a Team Member must be on the payroll in a regular, full-time, active status when bonus checks are issued in order
to receive payment under these Guidelines. A Team Member on leave of absence, regardless of type, will receive the bonus payment only upon return to regular, full-time, active status; provided, however, that Team Members on military leave will be
issued payment at the time bonus checks are issued even if they have not returned to regular, full-time, active status at that time. 

  

	 	•	 	 A Team Member whose employment with the Company terminates for any reason, other than death or termination of employment due to Disability or
Retirement, prior to the issuance of bonus checks will forfeit any bonus such the Team Member otherwise would have been entitled to receive. 

  

	 	•	 	 A Team Member who dies or terminates employment due to Disability or Retirement after the end of the fiscal year but before the issuance of bonus
checks will not forfeit the bonus which the Team Member would have otherwise been entitled to receive. 

  

	 	•	 	 A Team Member who dies or terminates employment due to Disability during a fiscal year will participate on a prorated basis in the bonus program based
upon the number of weeks of employment with the Company during such fiscal year and based upon an assumed performance rating of 3. 

  

	 	•	 	 A Team Member who terminates employment due to Retirement during a fiscal year will participate on a prorated basis in the bonus program based upon the
number of weeks of employment with the Company during such fiscal year and based upon an assumed performance rating of 3; provided that the Team Member’s term of employment is at least one-half of the fiscal year. A Team Member who terminates
employment due to Retirement in the first half of the fiscal year will not receive any bonus amounts pursuant to these Guidelines for such fiscal year. 

  
  

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	 	•	 	 These Guidelines do not in any manner restrict the right of the Company or the Team Member to terminate employment at any time, for any reason, with or
without cause. 

  

	 	•	 	 A Team Member otherwise meeting all of the eligibility requirements of these Guidelines, but whose performance rating for the fiscal year is a 1, will
not participate in the Plan under these Guidelines or be eligible for bonus for that fiscal year. 

  

	4.	Target Bonus Amount and Adjustments for Performance 

 The target bonus amount for a Team Member under these Guidelines equals a percentage of the Team Member’s base compensation received in the relevant fiscal year, generally ranging from 5% to 100%.
(See above for changes in the Team Member’s position during the fiscal year.) The applicable percentage for a Team Member will be established by Human Resources and communicated to department heads. The actual bonus amount for the fiscal year,
if any, will be determined as a percentage of the target bonus amount depending on Company and individual performance as follows: 
  

	 	A.	Company pre-tax earnings vs. Target 

  

	 	•	 	 The Board of Directors of the Company determines prior to, or within 90 days after the beginning of, each fiscal year a pre-tax earnings goal for the
fiscal year. 

  

	 	•	 	 In addition, under relevant provisions of the Plan, the pre-tax earnings goal for the relevant fiscal year may be further adjusted to reflect
extraordinary events or circumstances affecting the Company or its business, which render such goal unsuitable. 

  

	 	•	 	 Achievement of the pre-tax earnings goal determines the first part of the bonus calculation under these Guidelines. Achievement at the 100% level would
provide for payment at the Guidelines’ “target” payout percentage (a percentage of the Team Member’s base salary times an established individual performance multiplier – See B below). 

 

	 	•	 	 If the pre-tax earnings goal is exceeded, the target bonus amount will increase by 3.33% for each 1% by which the goal is exceeded, to a maximum of 50%
additional bonus for exceeding the goal by 15%, and thereafter will increase by 5% for each 1% by the goal is exceeded, to a maximum of an additional 50% bonus (up to a total of 200%) for exceeding the goal by 25%. 

 

	 	•	 	 If the pre-tax earnings goal is not achieved, the target bonus amount will decrease by 3.3% for each 1% by which the goal is not achieved, with no
bonus being payable if pre-tax earnings are less than 85% of the goal. 

  

	 	•	 	 Calculation of the target bonus payout percentage as described in the 

  
  

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previous two paragraphs is reflected in the following chart: 

  

					
	 Performance Level Against
 Pre-Tax Earnings Goal *
	  	Payout as Percent (%) 
of
Target Bonus Opportunity	 
	 >= 125%
	  	 	200	% 
	 115%
	  	 	150	% 
	 100%
	  	 	100	% 
	 85%
	  	 	50	% 
	 < 85%
	  	 	0	% 

  

	*	Linear interpolation will be used for performance between stated levels. 

  

	 	B.	Individual Team Member performance level for the fiscal year as determined on a five point rating scale and the incentive grouping / position level of the Team
Member. 

  

	 	•	 	 A performance multiplier is applied to the target bonus amount for which an individual Team Member is eligible, as determined by the Team Member’s
position level. The multiplier is determined using two factors: individual performance level and incentive level grouping as determined by position. 

  

	 	•	 	 Six incentive groupings have been established based upon position levels within the Company. The higher the position level, the more heavily weighted
the Company pre-tax earnings performance becomes. The following ratios are used to establish the multiplier: 

 1. Incentive Group 1 
 80/20 (80% individual performance,
20% Company performance) 
 2. Incentive Group 2 

60/40 (60% individual performance, 40% Company performance) 

3. Incentive Group 3 
 40/60 (40% individual performance, 60% Company performance) 

4. Incentive Group 4 
 20/80 (20% individual performance, 80% Company performance) 

5. Incentive Group 5 
 10/90 (10% individual performance, 90% Company performance) 

6. Incentive Group 6 
 100% (100% Company performance), subject to additional rules set forth below. 
  

	 	•	 	 A matrix is developed annually by the Company that incorporates the Company payout ratio, the incentive groups outlined above, and the

  
  

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eligible individual performance ratings ranging from 5 to 1 with 5 being the highest possible rating and 1 being the lowest possible rating. The resulting multiplier is a function of these
elements and is reflective of individual eligibility and performance level. 

  

	 	C.	Qualified Performance-Based Awards 

  

	    	Notwithstanding anything in these Guidelines to the contrary, the following provisions will apply to any Team Member who is a Covered Employee for purposes of
benefiting from the Section 162(m) Exemption applicable to Qualified Performance-Based Awards under Article 14 of the Plan. Please refer to the Plan document for further information. 

 

	 	•	 	 All determinations under these Guidelines will be made by the Committee which, pursuant to section 4.1 of the Plan, will consist of all the members of
the Compensation Committee who are “outside directors” within the meaning of Section 162(m) of the Code. 

  

	 	•	 	 The Committee will establish the target bonus amount for each Team Member covered by this Section 4.C and the pre-tax earnings goal for the fiscal
year. 

  

	 	•	 	 Notwithstanding the foregoing, the Committee will adjust the pre-tax earnings goal for the fiscal year with respect to each Team Member covered by this
Section 4.C to adequately reflect the occurrence, during such fiscal year, of any of the events described in Section 14.4 of the Plan. 

  

	 	•	 	 Payment of any cash bonus under these Guidelines to any Team Member covered by this Section 4.C is conditioned upon the written certification of
the Committee that the performance goals and any other material conditions applicable to such award were satisfied. 

  

	 	•	 	 The Committee will retain the discretion to decrease, but not increase, the amount of any cash bonus otherwise payable to any Team Member covered by
this Section 4.C in accordance with the applicable performance formula described above. Specifically, with respect to any Team Member covered by this Section 4.C who is not a member of the Incentive Group 6 described above (and whose bonus
therefore is calculated in part on the basis of the Team Member’s individual performance), the Committee will use the Team Member’s individual performance level for the relevant fiscal year solely for purposes of decreasing (to the extent
permitted by the performance formula described above) the amount of any cash bonus otherwise payable to the Team Member, if the Committee deems it appropriate in its discretion. 

 

	 	•	 	 In no event will the amount of any cash bonus otherwise payable to any Team Member covered by this Section 4.C in accordance with the

  
  

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applicable performance formula described above exceed $3,000,000. 

  

	 	•	 	 Payment of any cash bonus under these Guidelines to any Team Member covered by this Section 4.C is conditioned upon the Plan having been
previously approved by the shareholders of the Company. 

  

	5.	Additional Rules 

  

	 	•	 	 Notwithstanding anything in these Guidelines to the contrary, the pre-tax earnings goal and the total annual bonus pool available for awards made
pursuant to these Guidelines to participating Team Members in the relevant fiscal year shall be determined by the Committee (subject to the rules described above relating to Qualified Performance-Based Awards) after the end of such fiscal year and
shall be computed on a consolidated basis determined in accordance with generally accepted accounting principles (“GAAP”), before any deduction for federal or state income taxes. In no event will the total annual bonus pool exceed 7% of
the net profit realized by the Company and its subsidiaries during the fiscal year, before any deduction in respect of, or provision for, (i) appropriations or distributions made or to be made under these Guidelines, or (ii) payments made
to officers or other employees under any agreement or other arrangements based upon or relating to profits of the Company or any of its subsidiaries, years of service with the Company or any of its subsidiaries or performance of the Company’s
retail stores (collectively, (i) and (ii) being referred to as the “bonus payments”); provided that the Committee may make the same adjustments to such net profit as may be made by the Committee with respect to the pre-tax
earnings goal to recognize or to exclude any adjustment as set forth in Section 14.4 of the Plan. The Company shall not be considered to have achieved the pre-tax earnings goal in any fiscal year in which the pre-tax earnings goals is achieved
on a GAAP basis only if the bonus payments to be paid and accrued pursuant to GAAP are excluded from such calculation. 

  

	 	•	 	 Bonuses earned under these Guidelines are expected to be paid within seventy-five (75) days following the end of the month in which the fiscal
year comes to an end. 

  

	 	•	 	 All bonus payments under these Guidelines are considered supplemental pay and will be taxed as such. Appropriate withholding and deductions will be
taken from such payments. Percentages will be rounded to the nearest 1/10 of a percent (for example, 10.3%). Amount of bonus will be rounded up to the nearest whole dollar. 

 

	 	•	 	 The amount of a Team Member’s earnings for the fiscal year which have actually been paid to the Team Member will be used in determining the
calculation. This calculation excludes the salary elements for Company Aircraft, Company Car, GTL Imputed Income, or any bonus payments 

  
  

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issued during the fiscal year. 

  

	 	•	 	 These Guidelines cannot be changed or modified by a verbal communication or course of dealing, but only by a written communication signed by the
Chairman, Chief Executive Officer or President of the Company. 

  

	 	•	 	 In the event of major economic changes, catastrophic events, or any other circumstances not contemplated by the Company (but subject to the rules
described above relating to Qualified Performance-Based Awards), the Committee reserves the right to alter, amend, or terminate these Guidelines and any awards hereunder. 

 

	 	•	 	 The Chairman, Chief Executive Officer or President of the Company will make all final decisions, rulings and interpretations under these Guidelines
(subject to the rules described above relating to Qualified Performance-Based Awards, which may require action by the Committee). By participating in the Plan under these Guidelines, each Team Member agrees that such decisions, rulings and
interpretations will be final and that each Team Member will be bound by them. Each Team Member further agrees that if and when any circumstances arise relating to these Guidelines which are not covered by this description of the Plan, the Team
Member will be bound by the final decision, ruling or interpretation of the Chairman, Chief Executive Officer or President of the Company. 

  

	 	•	 	 In the event the Company restates its financial results within twelve (12) months of the payment of a bonus under these Guidelines due to material
non-compliance by the Company with any financial reporting requirements of the federal securities laws, as a result of intentional misconduct (as determined by the members of the Board who are “independent” under the Company’s
Corporate Governance Guidelines), the Company’s executive officers shall reimburse the Company the difference between (x) the amount of the bonus actually awarded to the executive officer and (y) the amount of the bonus such executive
officer would have received had the amount of the bonus been calculated based on the restated financial statements. 

 Adopted
by the Compensation Committee: October 3, 2006 
 Amended: August 28, 2007; November 5, 2007; October 7,
2008; October 13, 2009; May 10, 2011 

  
  

7Exhibit 4.1

 Exhibit 4.1 
 NATIONAL RETAIL PROPERTIES, INC. 
 as Issuer 

to 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee 
 Tenth Supplemental Indenture 
 Dated as of July 6, 2011 

 
  

Supplementing the Indenture dated as of March 25, 1998 

 
  

$300,000,000 
 of

 5.500% Notes due 2021 

 TENTH SUPPLEMENTAL INDENTURE, dated as of July 6, 2011 (this “Tenth Supplemental
Indenture”), between NATIONAL RETAIL PROPERTIES, INC., a corporation duly organized and existing under the laws of the State of Maryland (herein called the “Company”), and U.S. BANK NATIONAL ASSOCIATION (as successor trustee to
Wachovia Bank, National Association, (formerly First Union National Bank)), a national banking association duly organized and existing under the laws of the United States of America, as Trustee (herein called the “Trustee”). 

RECITALS OF THE COMPANY 
 The Company and the Trustee are parties to an Indenture, dated as of March 25, 1998 (the “Original Indenture”), as supplemented by Supplemental Indenture No. 1 dated as of
March 25, 1998, Supplemental Indenture No. 2 dated as of June 21, 1999, Supplemental Indenture No. 3 dated as of September 20, 2000, Supplemental Indenture No. 4 dated as of May 30, 2002, Supplemental Indenture
No. 5 dated as of June 18, 2004, Supplemental Indenture No. 6 dated as of November 17, 2005, the Seventh Supplemental Indenture dated as of September 13, 2006, Supplemental Indenture No. 8 dated as of September 10,
2007 and the Ninth Supplemental Indenture dated as of March 4, 2008 (together with the Original Indenture, Supplemental Indenture Nos.1, 2, 3, 4, 5, 6 and 8, the Seventh Supplemental Indenture, the Ninth Supplemental Indenture and this Tenth
Supplemental Indenture, collectively, the “Indenture”), a form of which has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, as an exhibit to the Company’s Registration Statement on
Form S-3 (Registration No. 333-157583), providing for the issuance from time to time of Debt Securities of the Company (the “Securities”). 
 The Company has heretofore issued, pursuant to the Indenture, (a) $100,000,000 aggregate principal amount of 7 1/8% Notes due 2008, (b) $100,000,000 aggregate principal amount of 8.125% Notes
due 2004, (c) $20,000,000 aggregate principal amount of 8.50% Notes due 2010, (d) $50,000,000 aggregate principal amount of 7.75% Notes due 2012, (e) $150,000,000 aggregate principal amount of 6.25% Notes dues 2014, (f) $150,000,
000 aggregate principal amount of 6.15% Notes due 2015, (g) $172,500,000 aggregate principal amount of 3.95% Convertible Senior Notes due 2026, (h) $250,000,000 aggregate principal amount of 6.875% Notes due 2017 and (i) $234,035,000
aggregate principal amount of 5.125% Convertible Senior Notes due 2028. 
 The Company has commenced an offering of 5.500% Notes
due 2021 (the “5.500% Notes”). 
 Section 3.1 of the Original Indenture provides for various matters with respect
to any series of Securities issued under the Indenture to be established in an indenture supplemental to the Indenture. 

  
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 Section 9.1(7) of the Original Indenture provides for the Company and the Trustee to
enter into an indenture supplemental to the Original Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 of the Original Indenture. 

The Pricing Committee of the Board of Directors of the Company has duly adopted resolutions authorizing the Company to execute and
deliver this Tenth Supplemental Indenture. 
 All the conditions and requirements necessary to make this Tenth Supplemental
Indenture, when duly executed and delivered, a valid and legally binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, THIS TENTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of each of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities, as follows: 
 ARTICLE ONE 

RELATION TO INDENTURE; DEFINITIONS 
 SECTION 1.1. Relation to Indenture. 
 This Tenth Supplemental Indenture
constitutes an integral part of the Indenture. 
 SECTION 1.2. Definitions. 

For all purposes of this Tenth Supplemental Indenture, the following terms shall have the meanings specified except as otherwise
expressly provided for or unless the context otherwise requires. Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Original Indenture. All references herein to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this Tenth Supplemental Indenture. 
 “5.500%
Notes” has the meaning given in the Recitals of the Company. 
 “Acquired Indebtedness” means Indebtedness of a
Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the 

  
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acquisition of assets from such Person, in each case, other than Indebtedness incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired
Indebtedness shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 
 “Annual Debt Service Charge” for any period means the aggregate interest expense for such period in respect of, and the amortization during such period of any original issue discount of,
Indebtedness of the Company and its Subsidiaries and the amount of dividends which are payable during such period in respect of any Disqualified Stock. 
 “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York, New York or in the City of St.
Paul, Minnesota are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” means,
with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable
for corporate stock), warrants or options to purchase any thereof. 
 “Consolidated Income Available for Debt Service”
for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Indebtedness of the
Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt discount, (iv) provisions for gains and losses on properties and property depreciation and
amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business for
this transaction shall be principally administered, which office at the date hereof is located at 225 Water Street, Seventh Floor, Jacksonville, Florida 32202, and for purposes of the Place of Payment provisions of Sections 3.5 and 10.2 of the
Original Indenture, is located at 60 Livingston Avenue, St. Paul, Minnesota 55107. 
 “Disqualified Stock” means, with
respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or
otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for common stock), (ii) is convertible into or exchangeable or

  
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exercisable for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in
exchange for Capital Stock which is not Disqualified Stock or the redemption price of which may, at the option of such Person, be paid in Capital Stock which is not Disqualified Stock), in each case on or prior to the Stated Maturity of the 5.500%
Notes. 
 “Earnings from Operations” for any period means net earnings excluding gains and losses on sales of
investments, extraordinary items and property valuation losses, net as reflected in the financial statements of the Company and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

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

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

  
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 “Make-Whole Amount” means, in connection with any optional redemption or
accelerated payment of any 5.500% Note (except for any optional redemption occurring 90 days or fewer prior to the State Maturity thereof in accordance with Section 2.5), the excess, if any, of (i) the aggregate present value as of the
date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of
such dollar if such redemption or accelerated payment had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of
Redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made, over (ii) the aggregate principal
amount of the 5.500% Notes being redeemed or paid. 
 “Redemption Price” has the meaning specified in Section 2.5
hereof. 
 “Reinvestment Rate” means 0.40 percent (forty one-hundredths of one percent) plus the arithmetic mean of
the yields under the respective headings “This Week” and “Last Week” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to
the remaining life to maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For such purposes of
calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 
 “Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes
yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination of the Make-Whole Amount, then such other reasonably comparable index
which shall be designated by the Company. 
 “Subsidiary” means, with respect to any Person, any corporation or other
entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by such Person. For the purposes of this definition, “voting
equity securities” means equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 

  
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 “Total Assets” as of any date means the sum of (i) the Undepreciated Real
Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles). 

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

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

There shall be a series of Securities designated the “5.500% Notes due 2021.” 

SECTION 2.2. Limitation on Aggregate Principal Amount. 
 (a) The aggregate principal amount of the 5.500% Notes shall initially have an aggregate principal amount equal to $300,000,000, provided that the Company may, without the consent of the Holders of any
then Outstanding 5.500% Notes, “reopen” 

  
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this series of Securities so as to increase the aggregate principal amount of 5.500% Notes Outstanding in compliance with the procedures set forth in the Original Indenture, as supplemented by
this Tenth Supplemental Indenture, including Sections 3.1 and 3.3 thereof, so long as any such additional notes have the same tenor and terms (including, without limitation, rights to receive accrued and unpaid interest) as the 5.500% Notes then
Outstanding. 
 (b) Nothing contained in this Section 2.2 or elsewhere in this Tenth Supplemental Indenture, or in the
5.500% Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of 5.500% Notes under the circumstances contemplated by Sections 3.3, 3.4, 3.5, 3.6, 9.6, 11.7 and 13.5 of the Original Indenture.

 SECTION 2.3. Interest and Interest Rates; Maturity Date of 5.500% Notes. 

(a) The 5.500% Notes will bear interest at a rate of 5.500% per annum, from July 6, 2011 or from the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears on January 15 and July 15 of each year, commencing January 15, 2012 (each, an “Interest Payment Date”), to the
Person in whose name such 5.500% Note is registered in the Security Register at the close of business on January 1 or July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each, a
“Regular Record Date”). Interest on the 5.500% Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 (b) The interest so payable on any 5.500% Note which is not punctually paid or duly provided for on any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the
Person in whose name such 5.500% Note is registered on the relevant Regular Record Date, and such Defaulted Interest shall instead be payable either (i) to the Person in whose name such 5.500% Note is registered on the Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to the Holder of such 5.500% Note not less than 10 days prior to such Special Record Date or (ii) may be paid at any time in any other lawful
manner in accordance with the Indenture. 
 (c) If any Interest Payment Date or Stated Maturity falls on a day that is not a
Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated
Maturity, as the case may be. 
 (d) The 5.500% Notes will mature on July 15, 2021. 

  
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 SECTION 2.4. Limitations on Incurrence of Indebtedness. 

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

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

  
 9 

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

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

 SECTION 2.5. Redemption. 
 The 5.500% Notes may be redeemed prior to April 15, 2021 (three months prior to the Stated Maturity), at the option of the Company, at any time in whole or in part from time to time, at a redemption
price equal to the sum of (i) the principal amount of the 5.500% Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with respect to such 5.500% Notes; provided, however, that
if the Company redeems the 5.500% Notes on or after April 15, 2021, the redemption price will equal 100% of the principal amount of the 5.500% Notes to be redeemed plus accrued interest thereon to the Redemption Date (such amount computed under
this Section 2.5, the “Redemption Price”). 
 SECTION 2.6. Place of Payment. 

The Place of Payment where the 5.500% Notes may be presented or surrendered for payment, where the 5.500% Notes may be surrendered for
registration of transfer or exchange and where notices and demands to and upon the Company in respect of the 5.500% Notes and the Indenture may be served shall be in the City of St. Paul, Minnesota, and the office or agency for such purpose shall
initially be located at U.S. Bank National Association, 60 Livingston Avenue, St. Paul, Minnesota 55107. 

  
 10 

 SECTION 2.7. Method of Payment. 

Payment of the principal of and interest on the 5.500% Notes will be made at the office or agency of the Company maintained for that
purpose (which shall initially be an office or agency of the Trustee), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option
of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at Stated Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within the United States, provided, that such Person owns 5.500% Notes in an aggregate principal amount of at least $1,000,000 and
such Person makes a written request therefor for the appropriate Interest Payment Date. 
 SECTION 2.8. Currency. 

Principal and interest on the 5.500% Notes shall be payable in Dollars. 

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

 SECTION 2.10. Form of Notes. 
 The 5.500% Notes shall be substantially in the form attached as Exhibit A hereto. 

SECTION 2.11. Registrar and Paying Agent. 
 The Trustee shall initially serve as Registrar and Paying Agent for the 5.500% Notes. 
 SECTION 2.12. Defeasance. 
 The provisions of Sections 14.2 and 14.3 of the
Original Indenture, together with the other provisions of Article XIV of the Original Indenture, shall be 

  
 11 

 
applicable to the 5.500% Notes. The provisions of Section 14.3 of the Original Indenture shall apply to the covenants set forth in Section 2.4 of this Tenth Supplemental Indenture and
to those covenants specified in Section 14.3 of the Original Indenture. 
 SECTION 2.13. Waiver of Certain Covenants.

 Notwithstanding the provisions of Section 10.11 of the Original Indenture, the Company may omit in any particular
instance to comply with any term, provision or condition set forth in Sections 10.4 to 10.8, inclusive, of the Original Indenture, with Section 2.4 of this Tenth Supplemental Indenture and with any other term, provision or condition with
respect to the 5.500% Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the 5.500% Notes), if before or after the time for such compliance the Holders of at least a majority in
principal amount of all outstanding 5.500% Notes or such series thereof, as applicable, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition. Except to the extent so
expressly waived, and until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

SECTION 2.14. Acceleration of Maturity; Rescission and Annulment. 

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

SECTION 2.15. Event of Default. 
 If an Event of Default pursuant to Section 5.1(6) or 5.1(7) of the Original Indenture shall have occurred, the principal amount of and the Make-Whole Amount, if any, on all outstanding notes shall
become due and payable without any declaration or other act on the part of the Trustee or of the Holders. 

  
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 ARTICLE THREE 
 MISCELLANEOUS PROVISIONS 
 SECTION 3.1. Ratification of Original Indenture.

 Except as expressly modified or amended hereby, the Original Indenture continues in full force and effect and is in all
respects confirmed and preserved. 
 SECTION 3.2. Fiscal Year. 

The Company shall notify the Trustee of its fiscal year and any change thereof. 

SECTION 3.3. Governing Law. 
 This Tenth Supplemental Indenture and each 5.500% Note shall be governed by and construed in accordance with the laws of the State of New York. This Tenth Supplemental Indenture is subject to the
provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such provisions. 

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

  
 13 

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

			
	NATIONAL RETAIL PROPERTIES, INC.,
	  as Issuer
		
	By:	 	          

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

		
	By:	 	          

		 	Terence T. Rawlins
		 	Vice President

  
 14 

 Exhibit A 

Form of 5.500% Notes 

  
 15

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