Document:

Exhibit 4.2

 Exhibit 4.2 

Unless this certificate is presented by an authorized representative of Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking,
société anonyme (“Clearstream” and, together with Euroclear, “Euroclear/Clearstream”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the
name of The Bank of New York Depository (Nominees) Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment is made to The Bank of New York Depository (Nominees) Limited or to such other
entity as is requested by an authorized representative of Euroclear/Clearstream), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, The Bank of New York
Depository (Nominees) Limited, has an interest herein. 
 BECTON, DICKINSON AND COMPANY 

1.900% Notes due December 15, 2026 
  

			
	ISIN:	  	XS1531347661
	Common Code:	  	153134766
	CUSIP No.:	  	075887 BP3

  

			
	No. 1	  	€500,000,000

 BECTON, DICKINSON AND COMPANY, a New Jersey corporation (such corporation, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the “Company”) for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, as common depositary
for Euroclear Bank, S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”), or registered assigns, the principal sum of €500,000,000 on December 15, 2026 and to pay interest, on
December 15 of each year, commencing December 15, 2017, on said principal sum at the rate of 1.900% per annum, from December 9, 2016 or from the most recent interest payment date to which interest has been paid or provided for, as the case may
be, until payment of said principal sum has been made or duly provided for.
 The interest so payable on any December 15 shall, subject
to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the Business Day immediately preceding the applicable interest payment
date. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid (or from December 9, 2016,
if no interest has been paid), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market

 
Association. If any interest payment date is not a Business Day, payment of interest will be made on the next day that is a Business Day and no interest will accrue as a result of such delayed
payment on amounts payable from and after such interest payment date to the next succeeding Business Day. 
 “Business Day” means
any day that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and on which the Trans-European Automated Real-time Gross
Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 
 Payment of the principal of and interest on
this Note will be made at the office or agency of the Company maintained for that purpose in the City of London, England, which shall be initially the corporate trust office of The Bank of New York Mellon, London Branch, located at One Canada
Square, London E14 5AL. 
 All payments of interest and principal, including payments made upon any redemption of this Note, will be made in
euro; provided, that if on or after December 1, 2016, the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then
member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Note will
be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the
second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate available on or prior to the second Business
Day prior to the relevant payment date, as determined by the Company in its sole discretion. Any payment in respect of this Note so made in U.S. dollars will not constitute an Event of Default with respect to the Notes of this series or under the
Indenture governing the Notes. 
 “euro” and “€” means the lawful currency of the member states of the European
Monetary Union that have adopted the euro as their currency. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 -2- 

 IN WITNESS HEREOF, Becton, Dickinson and Company has caused this Note to be executed in its name
and on its behalf by the signatures of two of its officers authorized to execute Securities pursuant to the Indenture and has caused its corporate seal to be affixed hereunto or imprinted hereon. 

Dated: December 9, 2016 
  

					
	BECTON, DICKINSON AND COMPANY
		
	By	 	  

		 	Name:	 	Christopher R. Reidy
		 	Title:	 	Executive Vice President, Chief Financial Officer and Chief Administrative Officer
		
	By	 	  

		 	Name:	 	John E. Gallagher
		 	Title:	 	Senior Vice President, Corporate Finance, Controller and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the Securities of the series referred to herein issued pursuant to the within-mentioned Indenture.

 Dated: December 9, 2016 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		 	as Trustee
		
	By	 	  

		 	Name:
		 	Title:

 [Reverse of Security] 

BECTON, DICKINSON AND COMPANY 

1.900% Notes due December 15, 2026 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein called the
“Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture, dated as of March 1, 1997 (as amended or supplemented, herein called the “Indenture”), duly executed and delivered
by the Company and The Bank of New York Mellon Trust Company, N.A., as successor to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee”), to which the Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and the holders of the Securities. The Securities may be
issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may
be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as the 1.900% Notes due December 15, 2026 (the “Notes”) limited in
aggregate principal amount to €500,000,000 (except as in the Indenture provided), issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Company may, from time to time, without the
consent of the existing holders of the Notes, issue additional notes under the Indenture having the same terms as the Notes in all respects, except for issue date, issue price and the initial interest payment date. Any such additional notes
shall be consolidated with and form a single series with the Notes. Terms defined in the Indenture have the same definitions herein unless otherwise specified. The Notes are governed by the laws of the State of New York. 

Initially, The Bank of New York Mellon, London Branch will act as Paying Agent. The Bank of New York Mellon Trust Company, N.A. will initially
act as Registrar for the Notes. The Company may change any Paying Agent upon notice to the Trustee. 
 In case an Event of Default, as
defined in the Indenture, with respect to the Notes shall have occurred and be continuing, the principal hereof and interest hereon may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject
to the conditions provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the holders of the Securities of any series at any time by the Company and the Trustee with the consent of the holders of a majority in aggregate principal amount of
the outstanding Securities of such series, each affected series voting separately. The Indenture also contains provisions 

 
permitting the holders of a majority in aggregate principal amount of the outstanding Securities of any series, on behalf of the holders of all the Securities of such series, to waive certain
past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. 

Subject to the terms of the Indenture, the Company may elect either (i) to defease and be discharged from any and all obligations with respect
to the Notes or (ii) to be released from its obligations with respect to certain covenants applicable to the Notes, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein. 

The Notes are redeemable as a whole or in part at the option of the Company at any time prior to September 15, 2022, at a redemption price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments on the notes being redeemed, discounting such payments to the redemption date on an annual
basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 25 basis points, plus in each case, accrued and unpaid interest to the date of redemption on the principal balance of the Notes being redeemed. The Trustee
shall have no responsibility for calculating the redemption price. 
 The Notes are redeemable, as a whole or in part at the option of the
Company at any time on or after September 15, 2022, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the date of redemption on the principal balance of the Notes being
redeemed. 
 For the purposes hereof: 

“Comparable Government Bond Rate” means the yield to maturity, expressed as a percentage (rounded to three decimal places, with
0.0005 being rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an independent investment bank selected by the Company. 
 “Comparable Government Bond” means,
in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a German federal government bond whose maturity is closest to the maturity of the

 
Notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German federal government bond as such independent
investment bank may, with the advice of three brokers of, and/or market makers in, German federal government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Remaining Scheduled Payments,” means, with respect to each Note, the remaining scheduled payments of the principal and interest
thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 
 Notice of any redemption described
above shall be mailed or otherwise transmitted in accordance with the applicable procedures of Euroclear or Clearstream to each holder of the Notes or portions thereof called for redemption not less than 30 days and not more than 60 days before the
redemption date. On and after any redemption date, the Notes or any portion of the Notes called for redemption shall stop accruing interest. On or before any redemption date, the Company shall deposit with the Paying Agent or the Trustee
money sufficient to pay the accrued interest on the Notes to be redeemed and their redemption price. If less than all of the Notes are redeemed, such Notes should be redeemed pursuant to applicable Depositary procedures or by such method as the
Paying Agent shall deem fair and appropriate in accordance with the applicable procedures of Euroclear and Clearstream and may provide for selection for redemption of portions (equal to €100,000 or any integral multiple of €1,000 in excess
thereof) of the principal amount of such Note of a denomination larger than €100,000. 
 Upon the occurrence of a Change of Control
Triggering Event, unless the Company has exercised its right to redeem the Notes as described above, each holder of outstanding Notes shall have the right to require the Company to purchase all or a portion of that holder’s Notes (in integral
multiples of €1,000) (a “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”),
subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. For purposes hereof: 

“Change of Control” means the occurrence of any one of the following: 

(i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act
of 1934 (the “Exchange Act”))) other than to the Company or one of its subsidiaries; 
 (ii) the consummation of any transaction
(including without limitation, any merger or consolidation) the result of which is that any Person (including any “person” (as that term is 

 
used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of
the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; 
 (iii) the Company consolidates with,
or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into
or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority
of the Voting Stock of the surviving Person immediately after giving effect to the transaction; or 
 (iv) the adoption of a plan relating
to the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction shall not be considered to be a Change of
Control if: (a) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders of the Voting Stock of the holding company are substantially the
same as the holders of the Company’s Voting Stock immediately prior to that transaction or (y) immediately following that transaction, no Person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such
holding company. 
 “Change of Control Triggering Event” means the Notes cease to be rated Investment Grade by each of the two
Rating Agencies on any date during the period (the “Trigger Period”) commencing on the date of the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation
of that Change of Control (which Trigger Period shall be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade). Unless the
two Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the Notes shall be deemed to have ceased to be rated Investment Grade by the two Rating Agencies during that Trigger Period. Notwithstanding the
foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with (i) any particular Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the time of the reduction in rating). In no event shall the Trustee be charged with the
responsibility of monitoring the Company’s ratings. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s
(or its equivalent under 

 
any successor rating category of Moody’s); and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P) or the equivalent investment grade
credit rating from any additional Rating Agency or Rating Agencies selected by the Company in accordance with the definition of “Rating Agency.” 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to provide rating
services to issuers or investors or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, the Company may appoint a replacement for that Rating Agency. 

“S&P” means S&P Global Ratings and its successors. 

“Voting Stock” of any specified Person as of any date means the capital stock of that Person that is at the time entitled to vote
generally in the election of the board of directors of that Person. 
 Within 30 days following the date upon which the Change of Control
Triggering Event has occurred, or at the Company’ s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, in accordance with the applicable procedures of Euroclear or
Clearstream, a notice to each holder of the Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. The notice shall describe the transaction or transactions constituting the Change of Control
Triggering Event and offer to repurchase the Notes on the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is sent, other than as may be required by law (the “Change of Control Payment
Date”). If the notice is sent prior to the date of consummation of the Change of Control, it shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control
Payment Date. 
 If holders of Notes elect to have Notes purchased pursuant to a Change of Control Offer, they must surrender their Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of this Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Trustee by book-entry transfer pursuant to the
applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. On or prior to 10:00 a.m., London time, on the Business Day immediately preceding the Change of
Control Payment Date, the Company shall, to the extent lawful, deposit with the Paying Agent or the Trustee an amount equal to the Change of Control 

 
Payment in respect of all the Notes or portions of the Notes properly tendered. 
 The
Change of Control Offer may be accepted for less than the entire principal amount of a Note, but in that event the principal amount of such Note remaining outstanding after repurchase must be equal to €100,000 or an integral multiple of
€1,000 in excess thereof. On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer and (ii) deliver
or cause to be delivered to the Trustee the Notes properly accepted. The Paying Agent or the Trustee, as applicable, shall promptly deliver to each holder of the Notes properly tendered the Change of Control Payment for such Notes, and the
Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each holder of the Notes a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. 

The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and that third party purchases all Notes properly tendered and not withdrawn under its offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions herein, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the provisions herein by virtue of such conflicts. 

Upon the presentment for registration of transfer of this Note at the office or agency of the Company designated for such purpose pursuant to
the Indenture, a new Note or Notes of authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or
other governmental charge imposed in connection therewith. 
 Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee or any Note registrar, co-registrar, paying agent or authenticating agent, may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or an account hereof, and for all other purposes, and the Company, the Trustee and any Note registrar, co-registrar, paying agent and authenticating agent
shall not be affected by any notice to the contrary. 
 Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
as are necessary in order that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a holder who is not a United States Person, after withholding or deduction solely with respect to any present or future
tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation
to pay additional 

 
amounts will not apply: 
  

	 	•	 	to any tax, assessment or other governmental charge that would not have been imposed but for the holder (or the beneficial owner for whose benefit such holder holds the Notes), or a fiduciary, settlor, beneficiary,
member or shareholder of the holder, or a person holding a power over an estate or trust administered by a fiduciary holder, being treated as: 

  

	 	•	 	being or having been present in, or engaged in a trade or business in, the United States, or having or having had a permanent establishment in the United States; 

 

	 	•	 	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of
any rights under the Indenture), including being or having been a citizen of the United States or treated as being or having been a resident thereof; 

  

	 	•	 	being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States federal income tax purposes, a foreign tax exempt organization, or a
corporation that has accumulated earnings to avoid United States federal income tax; 

  

	 	•	 	being or having been a “10-percent shareholder”, as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision, of the
Company; or 

  

	 	•	 	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any
successor provision; 

  

	 	•	 	to any holder that is not the sole beneficial owner of the Notes, or a portion thereof, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect
to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its
beneficial or distributive share of the payment; 

  

	 	•	 	 to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the
holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if
compliance is required by statute, by regulation of the United States or any taxing authority therein or by an 

	 	 
applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

 

	 	•	 	to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying Agent from the payment; 

 

	 	•	 	to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge; 

 

	 	•	 	to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of the Notes, where presentation is required, for payment on a date more than 30 days after the
date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  

	 	•	 	to any tax assessment or other governmental charge required to be withheld or deducted that is imposed on a payment pursuant to sections 1471 through 1474 of the Code (or any amended or successor version of such
sections that is substantively comparable and not materially more onerous to comply with), any Treasury Regulations promulgated thereunder, or any other official interpretations thereof (collectively, “FATCA”), any agreement (including any
intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; 

 

	 	•	 	any tax assessment or other governmental charge that is imposed or withheld solely by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after
the payment becomes due or is duly provided for, whichever occurs later; 

  

	 	•	 	any tax, assessment or other governmental charge that is imposed by reason of the failure of the beneficial owner to fulfill the statement requirements of section 871(h) or section 881(c) of the Code; 

 

	 	•	 	any tax imposed pursuant to section 871(h)(6) or section 881(c)(6) of the Code (or any amended or successor provisions); or 

  

	 	•	 	in the case of any combination of the above bulleted items under this heading “Additional Amounts.” 

Except as specifically provided herein, the Company will not be required to pay additional amounts in respect of any tax, assessment or other
governmental charge. 

 “United States” as used under this heading “Additional Amounts” means
the United States of America, any state thereof, and the District of Columbia. 
 “United States Person” as used under this
heading “Additional Amounts” means (i) any individual who is a citizen or resident of the United States for United States federal income tax purposes, (ii) a corporation, partnership or other entity created or organized in or under the
laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States person for United States federal income tax purposes), (iii) any estate the income of which is subject to U.S.
federal income taxation regardless of its source, or (iv) any trust if a United States court can exercise primary supervision over the administration of the trust and one or more united states persons can control all substantial trust decisions, or
if a valid election is in place to treat the trust as a United States person. 
 If, as a result of any change in, or amendment to, the laws
of the United States or the official interpretation thereof that is announced or becomes effective on or after December 1, 2016, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become
obligated to pay additional amounts as described above under this heading “Additional Amounts” with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not less than 30 nor
more than 60 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date fixed for redemption. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to a Change of Control Offer, check the appropriate box below: 

[    ] Change of Control Offer 

If you want to elect to have only part of this Note purchased by the Company pursuant to a Change of Control Offer, state the amount you elect
to have purchased: 
 €         (amount must be in integral multiples of €1,000; the
amount accepted shall be such that the principal amount of your Notes remaining outstanding after repurchase shall be equal to €100,000 or an integral multiple of €1,000 in excess thereof.) 

 

							
	Date:	 	  
	 	Your Signature:	 	  

				
		 		 		 	(Sign exactly as your name appears on the face of this Note)
				
		 		 	Tax Identification No.:	 	  

 Signature Guarantee*:     

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).Exhibit

Exhibit 10.1

December 1, 2016
PERSONAL & CONFIDENTIAL
Thomas E. Zacharias 
[Address] 

Dear Tom:
This letter sets forth our mutual understanding and agreement concerning your separation from employment with W. P. Carey Inc. and its affiliates (the “Company”).
1.You and the Company have mutually agreed that your employment with the Company will end effective as of the close of business on March 31, 2017 (the “Separation Date”).  You agree and acknowledge that your employment with the Company is and remains at-will through your Separation Date.  Notwithstanding the at-will nature of your employment, you hereby agree to continue performing your current duties in good faith through the Separation Date, including transitioning your work.  At the next regular payroll date following your Separation Date, the Company will pay you for any earned but unpaid base salary as well as any accrued and unused vacation through the Separation Date.  You hereby resign, effective as of the Separation Date, from all positions you hold with the Company, including each of its subsidiaries and affiliates, and agree to execute such documents as the Company shall reasonably request to evidence any such resignation.
2.    The Company agrees that (i) all time-vesting restricted stock units and (ii) all performance share units previously granted to you that remain outstanding and unvested as of the Separation Date shall be payable to you as though you continued in employment through the date such units would otherwise have become vested in accordance with their terms.  For the avoidance of doubt, this means that, (x) in respect of your outstanding performance share units, you will receive payment, if any, equal to the full amount that would otherwise have been paid to you at the end of the applicable three-year performance cycle based on the actual performance during such period had you remained employed until the end of such period and (y) in respect of your outstanding restricted stock units, you will receive payment at the date at which such units would have vested in the ordinary course, regardless of your Separation Date.  The enhanced vesting terms set forth in this paragraph 2 are contingent upon your (a) remaining employed through the Separation Date, (b) executing, delivering, not revoking, and complying to the Company’s satisfaction with all of the terms of this letter agreement, (c) executing and delivering the release attached hereto as Exhibit A on or within seven (7) 

1

	
			
	Mr. Thomas E. Zacharias
	 
	December 1, 2016

days after your Separation Date, and (d) not revoking such release in accordance with its terms following its execution and delivery.
3.    You agree to cooperate with the Company and to make yourself reasonably available to the Company (by telephone, email, or in-person, as the Company may reasonably request) for a period of nine (9) months following your Separation Date with respect to matters arising out of your employment with the Company or any other relationship with the Company, including to assist with an orderly transition of any of your responsibilities or projects, whether such matters are business-related, legal, or otherwise.  The Company shall reimburse you for all out-of-pocket expenses reasonably incurred by you during such period in connection with such cooperation with the Company.  Any such cooperation shall be scheduled so as to avoid unnecessarily interfering with any responsibilities that you may have to a subsequent employer or otherwise.
4.    You agree that you shall not, directly or indirectly, for your own benefit or for the benefit of any other person or entity, solicit any business from or offer or provide any services to any trust or fund sponsored by the Company or to which the Company provides any asset management or other services, currently or in the future, including, but not limited to, Corporate Property Associates 17-Global Incorporated,  Corporate Property Associates 18-Global Incorporated, Corporate Property Associates 19-Global Incorporated, Carey Watermark Investors Incorporated, Carey Watermark Investors Incorporated, Carey Watermark Investors 2 Incorporated, Carey Credit Income Fund or any of its feeder funds, and Carey European Student Housing Fund 1, L.P..  You agree and acknowledge that (a) the restriction contained in this in this paragraph 4 is necessary and appropriate for the protection of confidential information you acquired during your employment with the Company, (b) such restriction will not impose undue hardship or burden on you, and (c) any actual or threatened breach by you of such restriction would cause irreparable harm to the Company and entitle the Company to temporary, preliminary and permanent injunctive relief, in addition to whatever other remedies may be available.  In addition, you acknowledge and agree that the Company shall be entitled to cancel and cease any enhanced vesting provided for in paragraph 2 of this letter agreement in the event of your breach of any of your obligations under this paragraph 4.
5.    You agree not to make any statement (and not to cause any other person to make any statement), whether written or oral, which criticizes or is disparaging of the Company or which is intended to or could reasonably be expected to damage the business or reputation of the Company or any of its affiliates, officers, directors or employees.    Nothing in this paragraph 5 shall be interpreted, however, to prevent you from making truthful statements in connection with any sworn testimony or communicating with any government agencies or otherwise participating in any investigation or proceeding that may be conducted by any government agency.

2

	
			
	Mr. Thomas E. Zacharias
	 
	December 1, 2016

6.    You hereby fully and generally release, discharge and covenant not to sue the Company, each of its current and former parents, subsidiaries, affiliates, predecessors and successors, and each of the foregoing entities’ respective officers, directors, shareholders, employees and representatives acting in their capacity as employees or representatives (the “Company Releasees”) with respect to any and all claims, demands, costs, rights, causes of action, complaints, losses, damages and all liability of whatever kind and nature, whether known or unknown, which you may have at the date you execute this letter agreement or had at any time prior thereto, including, but not limited to, any and all claims which may in any way arise out of or under, be connected with or relate to your employment at the Company, your activities at the Company, your separation from employment at the Company, or the conduct of any of the foregoing releasees.  
 
Without limiting the generality of the foregoing, you expressly agree and acknowledge that this release includes, but is not limited to, any claim (a) based on any federal, state or local statute, including, but not limited to, any statute relating to employment, medical leave, retirement or disability, age, sex, pregnancy, race, national origin, sexual orientation or other form of discrimination, including, but not limited to, all claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Civil Rights Act of 1991, the Equal Pay Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the New York Human Rights Law; the New York City Human Rights Law; (b) for wrongful or retaliatory termination of any kind; (c) for fraud or fraud in the inducement; (d) for negligent misrepresentation; (e) relating to any implied or express contract, promise or agreement (whether oral or written); (f) for intentional or negligent infliction of emotional distress or harm, defamation or any other tort; (g) for additional compensation, severance pay or benefits of any kind; (h) for breach of fiduciary duty; (i) for attorneys’ fees or costs; or (j) for promissory estoppel (collectively, the “Released Claims”).   
 
Notwithstanding the foregoing, any Released Claims shall not include any rights or claims that cannot be waived by law, including, but not limited to, the right to file a discrimination charge with an administrative agency or participate in any federal, state or local agency investigation; you do, however, agree to waive any right to recover money in connection with any such discrimination charge or discrimination-related investigation.  This Release also does not release any claims you may have (i) to receive the benefit of the enhanced vesting terms specified in paragraph 2 of this letter agreement; (ii) under the express terms and conditions of any employee benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (the “ERISA Plan Benefits”); or (iii) to be indemnified by the Company or any of its affiliates in respect of the provision of your services as an officer or employee of any such entity under the terms and conditions of any indemnification policy or arrangement established by such entity generally for the benefit of its officers and employees.  

3

	
			
	Mr. Thomas E. Zacharias
	 
	December 1, 2016

7.    You hereby agree, acknowledge and affirm each of the following: (a) that you fully understand the terms and conditions stated in this letter agreement, and are executing this letter agreement with the intent to be legally bound thereby; (b) that you have been encouraged by representatives of the Company to have this letter agreement reviewed by legal counsel of your own choosing and that you have been given ample time to do so prior to signing it; (c) that you have had the opportunity to negotiate concerning the terms of the letter agreement; (d) that you knowingly and voluntarily waive your rights to consider this letter agreement for a full twenty-one (21) days; (e) that this letter agreement specifically applies to any rights or claims you may have against the Company or any party released herein under the federal Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq., as amended (“ADEA”); (f) that notwithstanding anything in this letter agreement to the contrary, this letter agreement does not purport to waive rights or claims arising under ADEA that may arise from acts or events occurring after the date that this letter agreement is signed by you; and (g) that you have the right to revoke this letter agreement within seven (7) days following the date you execute this letter agreement.  Any revocation of this letter agreement must be in writing and received by the Company by the close of business on the seventh (7th) day following your execution of this letter agreement and shall be delivered to Stacey L. Lamendola, W. P. Carey Inc., 50 Rockefeller Plaza, New York, New York 10020.  Upon any revocation in accordance herewith, this Release will be rendered void and without effect and you shall not be entitled to the enhanced vesting terms set forth in paragraph 2 of the Letter Agreement.
8.    This letter agreement represents the entire agreement between the parties as to the subject matters herein and supersedes all prior and contemporaneous understandings and agreements with respect thereto.  
9.    This letter agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective heirs, administrators, beneficiaries, representatives, executors, successors and assigns.  This letter agreement may not be amended except by a writing signed by both parties.  You agree and acknowledge that the benefits contained herein exceed, and are in full and final satisfaction of, any other benefits or consideration to which you may be entitled from the Company, any of its parents, subsidiaries, affiliates, predecessors or successors and any officers, directors, shareholders, employees or representatives of the foregoing.
10.    Waiver by a party of any breach of any provision of this letter agreement by the other party shall not operate nor be construed as a waiver of any subsequent or other breach.  No provision or breach of this letter agreement may be waived except by a written instrument signed by the party waiving such provision or breach, which states that such party is waiving such provision or breach.

4

	
			
	Mr. Thomas E. Zacharias
	 
	December 1, 2016

If this letter completely and accurately reflects the agreement between you and the Company, please sign, date and return this letter to Stacey L. Lamendola, W. P. Carey Inc., 50 Rockefeller Plaza, New York, New York 10020.  
The offer embodied in this letter will be formally withdrawn if you do not accept it by signing this letter and returning it to me on or before the close of business on December 8, 2016
	
			
	 
	 
	Very truly yours,

	 
	 
	 

	 
	 
	/s/ Stacey L. Lamendola

	 
	 
	Stacey L. Lamendola

	 
	 
	 

	Accepted and Agreed to:
	 
	 

	 
	 
	 

	/s/ Thomas E. Zacharias
	 
	 

	Thomas E. Zacharias
	 
	 

	 
	 
	 

	Dated: December 7, 2016
	 
	 

	 
	 
	 

5

        

Exhibit A
FULL AND FINAL RELEASE
In consideration of, and as a condition to your entitlement to receive, the enhanced vesting provided under paragraph 2 of the letter agreement between you and W. P. Carey Inc. (the “Company”) dated as of December 7, 2016 (the “Letter Agreement”), you, Thomas E. Zacharias, hereby fully and generally release, discharge and covenant not to sue the Company, each of its current and former parents, subsidiaries, affiliates, predecessors and successors, and each of the foregoing entities’ respective officers, directors, shareholders, employees and representatives acting in their capacity as employees or representatives (the “Company Releasees”) with respect to any and all claims, demands, costs, rights, causes of action, complaints, losses, damages and all liability of whatever kind and nature, whether known or unknown, which you may have at the date you execute this Full and Final Release (the “Release”) or had at any time prior thereto, including, but not limited to, any and all claims which may in any way arise out of or under, be connected with or relate to your employment at the Company, your activities at the Company, your separation from employment at the Company, or the conduct of any of the foregoing releasees.  
 
        Without limiting the generality of the foregoing, you expressly agree and acknowledge that this release includes, but is not limited to, any claim (a) based on any federal, state or local statute, including, but not limited to, any statute relating to employment, medical leave, retirement or disability, age, sex, pregnancy, race, national origin, sexual orientation or other form of discrimination, including, but not limited to, all claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Civil Rights Act of 1991, the Equal Pay Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the New York Human Rights Law; the New York City Human Rights Law; (b) for wrongful or retaliatory termination of any kind; (c) for fraud or fraud in the inducement; (d) for negligent misrepresentation; (e) relating to any implied or express contract, promise or agreement (whether oral or written); (f) for intentional or negligent infliction of emotional distress or harm, defamation or any other tort; (g) for additional compensation, severance pay or benefits of any kind; (h) for breach of fiduciary duty; (i) for attorneys’ fees or costs; or (j) for promissory estoppel (collectively, the “Released Claims”).   
 
        Notwithstanding the foregoing, any Released Claims shall not include any rights or claims that cannot be waived by law, including, but not limited to, the right to file a discrimination charge with an administrative agency or participate in any federal, state or local agency investigation; you do, however, agree to waive any right to recover money in connection with any such discrimination charge or related investigation.  This Release also does not release any claims you may have (i) to receive the benefit of the enh

1

anced vesting terms specified in paragraph 2 of the Letter Agreement; (ii) under the express terms and conditions of any employee benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (the “ERISA Plan Benefits”); or (iii) to be indemnified by the Company or any of its affiliates in respect of the provision of your services as an officer or employee of any such entity under the terms and conditions of any indemnification policy or arrangement established by such entity generally for the benefit of its officer and employees.  
You hereby agree, acknowledge and affirm each of the following: (a) that you have received all compensation, wages, and/or benefits to which you may be entitled through the Separation Date specified in the Letter Agreement; (b) that you are not entitled to any further compensation, benefits or monies from the Company, except for the benefits specifically provided for under the express terms of the Letter Agreement or that may otherwise be available to you in respect of the ERISA Plan Benefits; (c) that you have been granted any leave to which you may have been entitled under the Family and Medical Leave Act or any similar state or local leave or disability accommodation law; (d) that you have no known workplace injuries or occupational diseases; and (e) that you have not been retaliated against for reporting any allegations of fraud or other wrongdoing.
You further hereby agree, acknowledge and affirm each of the following: (a) that you fully understand the terms and conditions stated in this Release, and are executing this Release with the intent to be legally bound; (b) that you have been encouraged by representatives of the Company to have this Release reviewed by legal counsel of your own choosing and that you have been given ample time to do so prior to signing it; (c) that you have had the opportunity to negotiate concerning the terms of the Letter Agreement and this Release; (d) that you knowingly and voluntarily waive your rights to consider this Release for a full twenty-one (21) days; (e) that this Release specifically applies to any rights or claims you may have against the Company or any party released herein under the federal Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621 et seq., as amended (“ADEA”); (f) that notwithstanding anything in this Release to the contrary, this Release does not purport to waive rights or claims arising under ADEA that may arise from acts or events occurring after the date that this Release is signed by you; and (g) that you have the right to revoke this Release within seven (7) days following the date you execute this Release.  Any revocation of this Release must be in writing and received by the Company by the close of business on the seventh (7th) day following your execution of this Release and shall be delivered to Stacey L. Lamendola, W. P. Carey Inc., 50 Rockefeller Plaza, New York, New York 10020.  Upon any revocation in accordance herewith, this Release will be rendered void and without effect and you shall not be entitled to the enhanced vesting terms set forth in paragraph 2 of the Letter Agreement.

2

This release shall be governed by and construed in accordance with the laws of the State of New York, applicable to contracts made and entirely to be performed therein. 

	
				
	 
	 
	 
	Thomas E. Zacharias 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	Dated:
	 
	 
	 

	 
	 
	 
	 

3

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