Document:

Exhibit 10.4

 

SECOND
AMENDED AND RESTATED VOTING AGREEMENT

 

This SECOND AMENDED AND RESTATED VOTING AGREEMENT
(this “Agreement”) is made and entered into as of February 9, 2022 (the “Effective Date”),
by and among Armata Pharmaceuticals Inc., a Washington corporation (the “Company”), Innoviva, Inc.,
a Delaware corporation (“Innoviva”), and Innoviva Strategic Opportunities LLC, a Delaware limited liability
company and wholly-owned subsidiary of Innoviva (“Strategic Opportunities” and together with Innoviva, the “Stockholders”).

 

WITNESSETH:

 

WHEREAS,
the Company and Innoviva are parties to that certain Voting Agreement, dated January 26, 2021 (the “Original Voting Agreement”)
and Amended and Restated Voting Agreement, dated October 28, 2021 (the “Second Voting Agreement”);

 

WHEREAS,
the Company and Innoviva are parties to that certain Securities Purchase Agreement, dated January 27, 2020 (the “Original
Purchase Agreement”), pursuant to which, among other things, Innoviva acquired 8,710,800 shares of common stock (“Common
Stock”) of the Company (the “Original Purchased Shares”) and warrants to acquire additional 8,710,800
shares of Common Stock (the “Original Purchased Warrants”);

 

WHEREAS,
the Company and Strategic Opportunities are parties to that certain Securities Purchase Agreement, dated January 26, 2021 (the “Second
Purchase Agreement”), pursuant to which, among other things, Strategic Opportunities acquired 6,153,847 shares of Common
Stock of the Company (the “Second Purchased Shares”) and warrants to acquire additional 6,153,847 shares of
Common Stock (the “Second Purchased Warrants”);

 

WHEREAS,
the Company and Strategic Opportunities are parties to that certain Securities Purchase Agreement, dated October 28, 2021 (the “Third
Purchase Agreement”), pursuant to which, among other things, Strategic Opportunities acquired 1,212,122 shares of Common
Stock of the Company (the “Third Purchased Shares”);

 

WHEREAS,
the Company and Strategic Opportunities intend to enter into a Securities Purchase Agreement, dated as of the date hereof, pursuant to
which, among other things, Strategic Opportunities will acquire additional shares of Common Stock (such shares, the “Newly
Purchased Shares” and together with the Original Purchased Shares, Second Purchased Shares, and Third Purchased Shares,
the “Purchased Shares”), and additional warrants to purchase additional shares of Common Stock (such warrants,
the “Newly Purchased Warrants” and together with the Original Purchased Warrants and Second Purchased Warrants,
the “Purchased Warrants”), in each case subject to the terms and conditions set forth in such agreement;

 

WHEREAS, Innoviva
may, in the future, transfer all or some of the Purchased Securities to Strategic Opportunities; and

 

WHEREAS,
the parties hereto desire to enter into this Agreement to amend and restate the Second Voting Agreement in its entirety and set forth
certain rights and obligations of Stockholders with respect to the Common Shares (as defined below).

 

NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth
below intending to be legally bound, the parties hereto agree as follows:

 

1.            Certain
Definitions. For all purposes of and under this Agreement, the following terms shall have the following respective meanings:

 

“Applicable Law” means
with respect to any Person, any supranational, national, federal, state, provincial, local or other law, constitution, treaty, convention,
statute, ordinance, code, rule, regulation or common law or other similar requirement enacted, adopted, promulgated or applied by any
Governmental Authority, in each such case that is binding on or applicable to such Person, or its subsidiaries or its or their respective
properties, assets or businesses.

 

     

     

    

 

“Business Day” means
a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable
Law to close.

 

“Common Shares” means
all shares of Common Stock beneficially owned by Stockholders as of the date hereof (including the Purchased Shares and the Newly Purchased
Shares) and as may be voluntarily acquired by Stockholders from time to time during the period from the Effective Date through the Expiration
Date (including by the exercise of the Purchased Warrants).

 

“Expiration Date” means
the earlier to occur of: (i) the second (2nd) anniversary of the Effective Date, and (ii) approval by the U.S. Food and Drug
Administration of any of the product candidates of the Company for marketing and commercial distribution.

 

“Governmental Authority”
means any supranational, national, federal, state, provincial, local or other government, department, authority, court, tribunal, commission,
regulatory body or self-regulatory body (including any securities exchange), or any political or other subdivision, department, agency
or branch of any of the foregoing.

 

“Order” means, with respect
to any Person, any order, injunction, judgment, decision, determination, award, writ, ruling, stipulation, assessment or decree or other
similar requirement of, or entered, enacted, adopted, promulgated or applied by, with or under the supervision of, a Governmental Authority
or arbitrator, in each such case, that is binding upon or applicable to such Person or its subsidiaries or its or their respective properties,
assets or businesses.

 

“Person” means any individual,
general or limited partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated organization,
joint venture, firm, association or other entity or organization (whether or not a legal entity), including any Governmental Authority.

 

“Purchased Securities”
means the Purchased Shares, the Newly Purchased Shares and the Purchased Warrants.

 

“Proceeding” means any
suit (whether civil, criminal, administrative, judicial or investigative), claim, action, litigation, arbitration, mediation, proceeding
(including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, criminal prosecution, in each
case commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Governmental Authority or any mediator,
arbitrator or arbitration panel.

 

2.            Share
Voting Cap.

 

(a)            Following
the Effective Date, at every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and on every
action or approval by written consent of the stockholders of the Company in each case that are expressly for the purpose of electing directors
to the board of directors (the “Board”) or removing directors from the Board or amending the bylaws of the Company
to reduce the maximum number of directors or set the number of directors who may serve on the Board (collectively, “Board
Matters”), the Stockholders (in their capacity as stockholders of the Company) shall not vote (including by written consent)
any Common Shares held by the Stockholders collectively that exceed 49.5% of the total number of shares of Common Stock voting with respect
to the applicable Board Matter at such meeting or in such action by written consent (the “Share Voting Cap”).

 

(b)            Following
the Effective Date, Common Shares held or otherwise beneficially owned by Stockholders in excess of the Share Voting Cap (“Excess
Shares”) shall be voted at every meeting of the stockholders of the Company, and at every adjournment or postponement thereof,
and on every action or approval by written consent of the stockholders of the Company, in each case solely with respect to Board Matters,
only if the Board authorizes Stockholders to vote such Excess Shares and such authorization is confirmed in writing by the Company. If
such authorization is given, and such confirmation is provided, the Stockholders shall be entitled to vote such Excess Shares in their
sole discretion. By way of example, if 500 shares of Common Stock held by holders other than the Stockholders are voted
with respect to any Board Matter, the Share Voting Cap with respect to such Board Matter would be 490.1 Common Shares, and any Common
Shares held by the Stockholders in excess of 490.1 would constitute Excess Shares.

 

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(c)            For
the avoidance of doubt, nothing herein shall limit the Stockholders’ right to vote any Common Shares (including Excess Shares) in
any manner that Stockholders may determine in their sole discretion with respect to any matters submitted to the vote (or written consent)
of stockholders of the Company that are not Board Matters.

 

(d)            Stockholders
shall not enter into any agreement, arrangement or understanding with any Person to vote or give instructions in any manner inconsistent
with the terms of this Section 2.

 

(e)            In
the event of any issuance of shares of the Company’s voting securities hereafter to a Stockholder or a Stockholder’s subsidiaries
(including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), in
relation to such Stockholder’s Common Shares, such additional shares shall automatically become subject to this Agreement and such
Stockholder shall cause such subsidiary transferee to become a party to this Agreement by executing a joinder hereto.

 

3.            Representations
and Warranties of Stockholders. Stockholders hereby represent and warrant to the Company as follows:

 

(a)            Ownership.
Stockholders (i) are the beneficial owner of the Purchased Securities and will be the beneficial owner of any other Common Shares
they may acquire; (ii) do not own as of the date hereof, of record or beneficially, any shares of capital stock of the Company (or
rights to acquire any such shares) other than the Purchased Securities; and (iii) have the sole right to vote, dispose of and exercise
and holds sole power to issue instructions with respect to the matters set forth in Section 2 hereof and sole power to agree
to all of the matters set forth in this Agreement with respect to all of its Common Shares, subject to the terms of this Agreement.

 

(b)            Power;
Binding Agreement. Stockholders have legal capacity and all requisite power and authority to execute and deliver this Agreement and
to perform their obligations hereunder. This Agreement has been duly and validly executed and delivered by Stockholders, and, assuming
this Agreement constitutes a valid and binding obligation of the Company, constitutes a valid and binding obligation of Stockholders,
enforceable against Stockholders in accordance with its terms, except that such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar Applicable Laws affecting or relating to creditors’
rights generally and is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or law).

 

(c)            No
Conflicts. The execution and delivery by Stockholders of this Agreement and the performance by Stockholders of its obligations hereunder
will not: (i) result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default under,
or conflict with any agreement to which either Stockholder is a party or by which the Purchased Securities are bound, or (ii) violate,
or require any consent, approval, or notice under, any provision of any judgment, Order or decree or any Applicable Law that is applicable
to either Stockholder or any of the Purchased Securities (other than filings required pursuant to securities laws), except, in the case
of (i) or (ii) above, as would not reasonably be expected, either individually or in the aggregate, to impair the ability of
Stockholders to perform their obligations hereunder on a timely basis.

 

4.            Representations
and Warranties of the Company. The Company hereby represents and warrants to Stockholders as follows:

 

(a)            Power;
Binding Agreement. The Company has the legal capacity and all requisite power and authority to execute and deliver this Agreement,
to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by the Company, and, assuming this
Agreement constitutes a valid and binding obligation of Stockholders, constitutes a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except that such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other similar Applicable Laws affecting or relating to creditors’ rights generally and is subject
to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law).

 

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(b)            No
Conflicts. The execution, delivery, and performance of this Agreement by the Company will not (i) result in a violation or breach
of, or constitute (with or without notice or lapse of time or both) a default under, or conflict with (A) any provisions of the certificate
of incorporation or bylaws of the Company, (B) any contract to which the Company is a party or by which the Company’s assets
or securities may be bound, or (ii) violate, or require any consent, approval, or notice under, any provision of any Order or any
Applicable Law that is applicable to the Company or its assets or securities, except, in the case of (i) or (ii) above, as would
not reasonably be expected, either individually or in the aggregate, to impair the ability of the Company to perform its obligations hereunder
on a timely basis.

 

5.            Further
Assurances. Subject to the terms and conditions of this Agreement, each party hereto shall execute and deliver any additional documents
and instruments and take, or cause to be taken, all actions, and do, or cause to be done, all things as may reasonably be deemed by the
other party to be necessary or desirable to fulfill the intended purpose of this Agreement.

 

6.            Effectiveness
and Termination.

 

(a)            Effectiveness.
This Agreement shall become effective on the Effective Date.

 

(b)            Termination.
This Agreement, and all rights and obligations of the parties hereunder, shall terminate and shall have no further force or effect as
of the Expiration Date.

 

(c)            Survival.
Notwithstanding the foregoing, nothing set forth in this Section 6 or elsewhere in this Agreement shall relieve any party hereto
from liability, or otherwise limit the liability of any party hereto, for any material breach of this Agreement prior to such termination.
This Section 6 and Sections 1 and 7 (as applicable) shall survive any termination of this Agreement.

 

7.            Miscellaneous.

 

(a)            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental Authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a determination, the parties hereto agree
to negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner, in order that substance of this Agreement be consummated as originally contemplated to the fullest extent possible.

 

(b)            Binding
Effect and Assignment. Neither this Agreement nor any of the rights, interests or obligations of Stockholders hereunder may be assigned
by Stockholders (whether by operation of law or otherwise) without prior written consent of the Company. Notwithstanding the foregoing,
either Stockholder may assign this Agreement and its rights, interests or obligations hereunder to an affiliate of such Stockholder without
the consent of the Company. This Agreement and all of the provisions hereof shall be binding upon, inure to the benefit of and be enforceable
by, the parties and their respective successors and permitted assigns and the provisions of this Agreement are not intended to confer
upon any Person other than the parties hereto any rights or remedies hereunder.

 

(c)            Amendments.
This Agreement may be amended by the parties hereto only by an instrument in writing signed on behalf of each of the parties hereto.

 

(d)            Specific
Performance; Injunctive Relief. The parties hereto acknowledge that they will be irreparably harmed and that there shall be no adequate
remedy at law for a violation of any of the covenants or agreements set forth herein. Therefore, it is agreed that, in addition to any
other remedies that may be available to the non-breaching party at law, the non-breaching party shall have the right to enforce such covenants
and agreements by specific performance, injunctive relief or by any other means available to it in equity, without the requirement of
posting a bond or other security.

 

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(e)            Notices.
Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing
and shall be deemed to have been duly given (i) when delivered or sent if delivered in person, (ii) on the Business Day after
dispatch by registered or certified mail (return receipt requested), (iii) on the next Business Day if transmitted by an express
courier (with confirmation), or (iv) on the date delivered if sent by email (provided confirmation of email receipt is obtained),
in each case as follows: 

 

If to the Company, to:

 

Armata Pharmaceuticals, Inc.

4503 Glencoe Avenue

Marina del Rey, CA

Attention: Chief Executive Officer

Email: info@armatapharma.com

 

with a copy (which shall not constitute notice) to:

 

Thompson Hine LLP

335 Madison Avenue

12th Floor

New York, New York 10017-4611

Attention: Faith L. Charles

Email: faith.charles@thompsonhine.com

 

If to Stockholders, to:

 

c/o Innoviva, Inc.

1350 Old Bayshore Highway Suite 400

Burlingame, CA 94010

Attention: Chief Executive Officer

Email: pavel.raifeld@inva.com

 

with a copy (which shall not constitute notice) to:

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attention: Jared Fertman

Email: jfertman@willkie.com

 

(f)            No
Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available
in respect of this Agreement at law or in equity, or to insist upon compliance by any other party with its obligation under this Agreement,
and any custom or practice of the parties at variance with the terms of this Agreement, shall not constitute a waiver by such party of
such party’s right to exercise any such or other right, power or remedy or to demand such compliance.

 

(g)            Governing
Law. This Agreement and any Proceedings arising out of or related hereto or to the inducement of any party hereto to enter into this
Agreement (whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall
be governed by and construed in accordance with the laws of the State of Delaware, including all matters of construction, validity, and
performance, without regard to the conflicts of law rules of such State that would refer a matter to the laws of another jurisdiction.

 

(h)            Consent
to Jurisdiction. The parties hereto agree that any Proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement shall be brought in the Chancery Court of the State of Delaware located in Wilmington, Delaware
and any state appellate court therefrom located in Wilmington, Delaware, or, if no such state court has proper jurisdiction, the Federal
District Court for the District of Delaware located in Wilmington, Delaware, and any appellate court therefrom. Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of such court in respect of any legal or equitable Proceeding arising out of or relating
to this Agreement, or relating to enforcement of any of the terms of this Agreement, and hereby waives, and agrees not to assert, as a
defense in any such Proceeding, any claim that it is not subject personally to the jurisdiction of such court, that the Proceeding is
brought in an inconvenient forum, that the venue of the Proceeding is improper or that this Agreement may not be enforced in or by such
courts. Each Party agrees that notice or the service of process in any Proceeding arising out of or relating to this Agreement shall be
properly served or delivered if delivered in the manner contemplated by Section 7(e) or in any other manner permitted by Applicable
Law.

 

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(i)            Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT
OF OR RELATED TO THIS AGREEMENT CONTEMPLATED HEREBY.

 

(j)            Rules of
Construction. Each of the parties hereto acknowledge that it has been represented by counsel of its choice throughout all negotiations
that have preceded the execution of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

(k)            Entire
Agreement. This Agreement (together with any other documents and instruments referred to herein) constitutes the entire agreement,
and supersedes all other prior agreements and understandings, both written and oral, among the parties and their affiliates, or any of
them, with respect to the subject matter hereof.

 

(l)            Interpretation.

 

(i)            Whenever
the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to
be followed by the words “without limitation.”

 

(ii)            The
article and section headings contained in this Agreement are for reference purposes only and shall not in any way affect or be deemed
to affect the meaning or interpretation of this Agreement.

 

(iii)            Words
describing the singular number shall be deemed to include the plural and vice versa, and words denoting any gender shall be deemed to
include all genders.

 

(m)            Expenses.
Except as expressly provided for herein, all fees, costs and expenses incurred in connection with this Agreement shall be paid by the
party incurring such fees, costs and expenses.

 

(n)            Non-Recourse.
This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement
may only be brought against the Persons that are expressly named as parties hereto and then only with respect to the specific obligations
set forth herein with respect to such party.

 

(o)            Counterparts;
Facsimile Transmission of Signatures. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures to this Agreement transmitted by
facsimile transmission, by electronic mail in PDF form, or by any other electronic means designed to preserve the original graphic and
pictorial appearance of a document, will be deemed to have the same effect as physical delivery of the paper document bearing the original
signatures.

 

[Remainder of Page Intentionally Left Blank]

 

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IN
WITNESS WHEREOF, the undersigned have executed on the date first above written.

 

	 	COMPANY:
	 	 
	 	ARMATA PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	/s/ Brian Varnum
	 	 	Name: Brian Varnum
	 	 	Title: Chief Executive Officer
	 	 	 
	 	STOCKHOLDERS:
	 	 
	 	INNOVIVA, INC.
	 	 
	 	 
	 	By:	          
	 	 	Name:  Pavel Raifeld
	 	 	Title:  Chief Executive Officer
	 	 
	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	By:  Innoviva, Inc. (its managing member)
	 	 
	 	 
	 	By:	 
	 	 	Name:  Pavel Raifeld
	 	 	Title:  Chief Executive Officer

 

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IN
WITNESS WHEREOF, the undersigned have executed on the date first above written.

 

	 	COMPANY:
	 	 
	 	ARMATA PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	 
	 	 	Name: Brian Varnum
	 	 	Title: Chief Executive Officer
	 	 	 
	 	STOCKHOLDERS:
	 	 
	 	INNOVIVA, INC.
	 	 
	 	 
	 	By:	/s/ Pavel Raifeld
	 	 	Name:  Pavel Raifeld
	 	 	Title:  Chief Executive Officer
	 	 
	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	By:  Innoviva, Inc. (its managing member)
	 	 
	 	 
	 	By:	/s/ Pavel Raifeld
	 	 	Name:  Pavel Raifeld
	 	 	Title:  Chief Executive Officer

 

[Signature Page to Second Amended and Restated Voting Agreement]Document

Exhibit 10.18

FIRST AMENDMENT (LIBOR TRANSITION)
THIS FIRST AMENDMENT (LIBOR TRANSITION) (this “Agreement”), dated as of December 1, 2021 (the “Amendment Effective Date”), is entered into among W.P. CAREY INC. (the “Company” or the “Parent Borrower”), and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”).  
RECITALS
WHEREAS, the Company, the Designated Borrowers from time to time party thereto, the Guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as L/C Issuers and Bank of America, N.A., as Swing Line Lender have entered into that certain Fourth Amended and Restated Credit Agreement, dated as of February 20, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); and
WHEREAS, certain loans and/or other extensions of credit (the “Loans”) under the Credit Agreement denominated in Sterling, Swiss Franc, Yen, and Euro (collectively, the “Impacted Currencies”) incur or are permitted to incur interest, fees, commissions or other amounts based on the London Interbank Offered Rate (“LIBOR”) in accordance with the terms of the Credit Agreement; and
WHEREAS, applicable parties under the Credit Agreement have determined in accordance with the Credit Agreement that LIBOR for the Impacted Currencies should be replaced with a successor rate in accordance with the Credit Agreement and, in connection therewith, the Administrative Agent has determined that certain conforming changes are necessary or advisable.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.     Defined Terms.  Capitalized terms used herein but not otherwise defined herein (including on any Appendix attached hereto) shall have the meanings provided to such terms in the Credit Agreement, as amended by this Agreement.
2.    Agreement.  Notwithstanding any provision of the Credit Agreement or any other Loan Document to the contrary, the parties hereto hereby agree that the terms set forth on Appendix A shall apply to the Impacted Currencies.  For the avoidance of doubt, to the extent provisions in the Credit Agreement apply to the Impacted Currencies and such provisions are not specifically addressed by Appendix A, the provisions in the Credit Agreement shall continue to apply to the Impacted Currencies.  
3.    Conflict with Loan Documents.  In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement or the other Loan Documents, the terms hereof shall control. 
4.    Conditions Precedent.  This Agreement shall become effective upon receipt by the Administrative Agent of counterparts of this Agreement, properly executed by the Parent Borrower and the Administrative Agent.
5.    Payment of Expenses.  The Borrowers agree to reimburse the Administrative Agent for all reasonable fees, charges and disbursements of the Administrative Agent in connection with the preparation, execution and delivery of this Agreement in accordance with Section 11.04 of the Credit Agreement.

6.    Miscellaneous.
(a)The Loan Documents, and the obligations of the Loan Parties under the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement is a Loan Document.
(b)The Parent Borrower (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents.
(c)The Parent Borrower represents and warrants that:
(i)    The execution, delivery and performance by such Person of this Agreement is within such Person’s organizational powers and has been duly authorized by all necessary organizational, partnership, member or other action, as applicable, as may be necessary or required.
 (ii)    This Agreement has been duly executed and delivered by such Person, and constitutes the legal, valid and binding obligation of such Person, enforceable against it in accordance with the terms hereof, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(iii)    The execution and delivery by such Person of this Agreement and performance by such Person of this Agreement do not and will not (A) contravene the terms of any of such Person’s Organization Documents, (B) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or any Subsidiary thereof or its property is subject or (C) violate any Law.
(iv)    Before and after giving effect to this Agreement, (A) all representations and warranties of such Person set forth in the Loan Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality (after giving effect to such materiality qualification)) on and as of the Amendment Effective Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality (after giving effect to such materiality qualification)) as of such earlier date), and (B) no Event of Default exists.
(d)This Agreement may be in the form of an Electronic Record (in “.pdf” form or otherwise) and may be executed using Electronic Signatures, which shall be considered as originals and shall have the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping system.  This Agreement may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts shall be one and the same Agreement.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed Agreement which has been converted into electronic form (such as scanned into “.pdf” format), or an electronically signed Agreement converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the 

foregoing, (i) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any party without further verification and (ii) upon the request of any party, any Electronic Signature shall be promptly followed by such manually executed counterpart.  “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.
(e)Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
(f)The terms of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.
[remainder of page intentionally left blank]

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

									
	PARENT BORROWER:	W.P. CAREY INC.
			
			
		By:	/s/ Mark Foresi
		Name:	Mark Foresi
		Title:	Executive Director

[Signature Page to WPC First Amendment (LIBOR Transition)]

									
	ADMINISTRATIVE AGENT:
	BANK OF AMERICA, N.A.,
		as Administrative Agent
			
			
		By:	/s/ Taelitha Bonds-Harris
		Name:	Taelitha Bonds-Harris
		Title:	Assistant Vice President

[Signature Page to WPC First Amendment (LIBOR Transition)]

Appendix A

TERMS APPLICABLE TO ALTERNATIVE CURRENCY LOANS

1.    Defined Terms.  The following terms shall have the meanings set forth below: 
“Alternative Currency Daily Rate” means, for any day, with respect to any extension of credit under the Credit Agreement:
(a)    denominated in Sterling, the rate per annum equal to SONIA determined pursuant to the definition thereof plus the SONIA Adjustment; and
(b)    denominated in Swiss Francs, the rate per annum equal to SARON determined pursuant to the definition thereof plus the SARON Adjustment; 
provided, that, if any Alternative Currency Daily Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.  Any change in an Alternative Currency Daily Rate shall be effective from and including the date of such change without further notice.
“Alternative Currency Daily Rate Loan” means a Loan that bears interest at a rate based on the definition of “Alternative Currency Daily Rate.”  All Alternative Currency Daily Rate Loans must be denominated in Sterling or Swiss Francs.
“Alternative Currency Loan” means an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan, as applicable.
“Alternative Currency Term Rate” means, for any Interest Period, with respect to any extension of credit under the Credit Agreement: 
(a)denominated in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the day that is two TARGET Days preceding the first day of such Interest Period with a term equivalent to such Interest Period; and
(b)denominated in Japanese Yen, the rate per annum equal to the Tokyo Interbank Offered Rate (“TIBOR”), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) on the day that is two Business Days preceding the first day of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent, then such date shall be such other day as otherwise reasonably determined by the Administrative Agent) with a term equivalent to such Interest Period;
provided, that, if any Alternative Currency Term Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
“Alternative Currency Term Rate Loan” means a Loan that bears interest at a rate based on the definition of “Alternative Currency Term Rate.”  All Alternative Currency Term Rate Loans must be denominated in Euro or Yen. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state 

where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located; provided that
(a)    if such day relates to any interest rate settings as to an Alternative Currency Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Alternative Currency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such Alternative Currency Loan, means a Business Day that is also a TARGET Day;
(b)    if such day relates to any interest rate settings as to an Alternative Currency Loan denominated in (i) Sterling, means a day other than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal holiday under the laws of the United Kingdom; (ii) Swiss Francs, means a day other than when banks are closed for settlement and payments of foreign exchange transactions in Zurich because such day is a Saturday, Sunday or a legal holiday under the laws of Switzerland; and (iii) Japanese Yen, means a day other than when banks are closed for general business in Japan; and
(c)    if such day relates to any fundings, disbursements, settlements and payments in a currency other than Euro in respect of an Alternative Currency Loan denominated in a currency other than Euro, or any other dealings in any currency other than Euro to be carried out pursuant to this Agreement in respect of any such Alternative Currency Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.
“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SONIA, SARON, EURIBOR, TIBOR or any proposed Successor Rate for any currency, any conforming changes to the definitions of “SONIA”, “SARON”, “EURIBOR”, “TIBOR”, “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of “Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice for such currency (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such currency exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document in consultation with the Parent Borrower).
“Impacted Alternative Currency” means each of Euro, Sterling, Yen and Swiss Franc. 
“Interest Payment Date” means, (a) as to any Alternative Currency Daily Rate Loan, the last Business Day of each month and the Maturity Date and (b) as to any Alternative Currency Term Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for an Alternative Currency Term Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall be Interest Payment Dates.
“Interest Period” means as to each Alternative Currency Term Rate Loan, the period commencing on the date such Alternative Currency Term Rate Loan is disbursed or converted to or continued as an Alternative Currency Term Rate Loan and ending on the date one, three or six months thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the Parent Borrower in the applicable Loan Notice; provided that:

(a)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of an Alternative Currency Term Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
(b)    any Interest Period pertaining to an Alternative Currency Term Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(c)    no Interest Period shall extend beyond the Maturity Date set forth in the Credit Agreement.
For purposes hereof, the date of an Alternative Currency Term Rate Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan.
“SARON” means, with respect to any applicable determination date, the Swiss Average Rate Overnight published on the fifth Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time); provided however that if such determination date is not a Business Day, SARON means such rate that applied on the first Business Day immediately prior thereto.
“SARON Adjustment” means, with respect to SARON, -0.0571% per annum.
“SONIA” means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate published on the fifth Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time); provided however that if such determination date is not a Business Day, SONIA means such rate that applied on the first Business Day immediately prior thereto.
“SONIA Adjustment” means, with respect to SONIA, 0.0326% per annum.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.
“Type” means, with respect to a Loan, its character as a Base Rate Loan, a Eurocurrency Rate Loan, an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan.
2.    Terms Applicable to Alternative Currency Loans.  From and after the Amendment Effective Date, the parties hereto agree as follows:
(a)    Impacted Alternative Currencies.  (i) No Impacted Alternative Currency shall be considered a currency for which there is a published LIBOR rate, and (ii) any request for a new Loan denominated in an Impacted Alternative Currency, or to continue an existing Loan denominated in an Impacted Alternative Currency, shall be deemed to be a request for a new Loan bearing interest at the Alternative Currency Daily Rate or Alternative Currency Term Rate, as applicable; provided, that, to the extent any Loan bearing interest at the Eurocurrency Rate is outstanding on the Amendment Effective Date, such Loan shall continue to bear interest at the 

Eurocurrency Rate until the end of the current Interest Period or payment period applicable to such Loan unless, in the case of a Loan that bears interest at a daily floating rate, such daily floating rate is no longer representative or being made available, in which case such Loan shall bear interest at the applicable Alternative Currency Daily Rate or Alternative Currency Term Rate, as the case may be, immediately upon the effectiveness of this Agreement.
(b)     References to Eurocurrency Rate and Eurocurrency Rate Loans in the Credit Agreement and Loan Documents.  
(i)     References to the Eurocurrency Rate and Eurocurrency Rate Loans in provisions of the Credit Agreement and the other Loan Documents that are not specifically addressed herein (other than the definitions of Eurocurrency Rate and Eurocurrency Rate Loan) shall be deemed to include Alternative Currency Daily Rates, Alternative Currency Term Rates, and Alternative Currency Loans, as applicable.
(ii)    For purposes of any requirement for the Borrower to compensate Lenders for losses in the Credit Agreement resulting from any continuation, conversion, payment or prepayment of any Alternative Currency Loan on a day other than the last day of any Interest Period (as defined in the Credit Agreement), references to the Interest Period (as defined in the Credit Agreement) shall be deemed to include any relevant interest payment date or payment period for an Alternative Currency Loan.
(c)    Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definitions of “Alternative Currency Daily Rate” or “Alternative Currency Term Rate” or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate or the effect of any of the foregoing, or of any Conforming Changes.
(d)    Borrowings and Continuations of Alternative Currency Loans.  In addition to any other borrowing requirements set forth in the Credit Agreement:
(i)    Alternative Currency Loans.  Each Borrowing of Alternative Currency Loans, and each continuation of an Alternative Currency Term Rate Loan shall be made upon the Parent Borrower’s (on its own behalf and on behalf of any Designated Borrower) irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the requested date of any Borrowing of Alternative Currency Loans or, in the case of Alternative Currency Term Rate Loans, any continuation.  Each Borrowing of or continuation of Alternative Currency Loans shall be in a principal amount of the Dollar Equivalent of $5,000,000 or a whole multiple of the Dollar Equivalent of $1,000,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Parent Borrower is requesting a Borrowing of Alternative Currency Loans or a continuation of Alternative Currency Term Rate Loans, (ii) the requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (iii) the currency and principal amount of Loans to be borrowed or continued, (iv) the Type of Loans to be borrowed, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) the name of the Borrower (which shall be the Parent Borrower or a permitted Designated Borrower).  If the Parent Borrower fails to specify a currency in a Loan Notice requesting a Borrowing, then the Loans so requested shall be made in Dollars.  If the Parent Borrower fails to specify a Tranche in a Loan Notice requesting a Revolving Credit Borrowing, then the Loan Notice shall be deemed to be a request for a Borrowing under the Dollar Tranche if the request is for a Borrowing in Dollars and the Alternative Currency Tranche if the request is for a Borrowing in an Alternative Currency.  If the Parent Borrower fails to specify a Type of Loan in a Loan Notice or if 

the Parent Borrower fails to give a timely notice requesting a continuation, then the applicable Loans shall be made as Base Rate Loans denominated in Dollars; provided, however, that in the case of a failure to timely request a continuation of Alternative Currency Term Rate Loans, such Loans shall be continued as Alternative Currency Term Rate Loans in their original currency with an Interest Period of one month.  If the Parent Borrower requests a Borrowing of Alternative Currency Loans or continuation of Alternative Currency Term Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  Except as otherwise specified in the Credit Agreement, no Alternative Currency Loan may be converted into or continued as a Loan denominated in a different currency or in a different Tranche, but instead must be prepaid in the original currency of such Alternative Currency Loan and reborrowed in the other currency or reborrowed in a different Tranche.
(ii)    Conforming Changes.  With respect to any Alternative Currency Daily Rate and any Alternative Currency Term Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Credit Agreement or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement, the Credit Agreement or any other Loan Document; provided, that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Parent Borrower and the Lenders reasonably promptly after such amendment becomes effective. 
(iii)    Loan Notice. For purposes of a Borrowing of Alternative Currency Loans, or a continuation of any Alternative Currency Term Rate Loan, the Parent Borrower shall use the Loan Notice attached hereto as Exhibit A and such form is hereby approved by the Administrative Agent.
(e)    Interest.  
    (i)    Subject to the provisions of the Credit Agreement with respect to default interest, (x) each Alternative Currency Daily Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Alternative Currency Daily Rate plus the Applicable Rate applicable to Eurocurrency Rate Loans; and (y) each Alternative Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Alternative Currency Term Rate for such Interest Period plus the Applicable Rate applicable to Eurocurrency Rate Loans.
    (ii)    Interest on each Alternative Currency Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified the Credit Agreement.  Interest on each Alternative Currency Loan shall be due and payable in accordance with the terms hereof and of the Credit Agreement before and after judgment, and before and after the commencement of any proceeding under any debtor relief law.
(f)     Computations.  All computations of interest for Alternative Currency Loans (other than Alternative Currency Loans with respect to SARON) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed, or, in the case of interest in respect of Alternative Currency Loans as to which market practice differs from the foregoing, in accordance with such market practice.  All other computations of fees and interest with respect to Alternative Currency Loans determined by reference to SARON shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Alternative Currency Loan for the day on which the Alternative Currency Loan is made, and shall not accrue on an Alternative Currency Loan, or any portion thereof, for the day on which the Alternative 

Currency Loan or such portion is paid, provided that any Alternative Currency Loan that is repaid on the same day on which it is made shall, subject to Section 2.13(a) of the Credit Agreement, bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Exhibit A

FORM OF LOAN NOTICE
(Alternative Currency Loans)
Date:  ___________, _____1
To:    Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Fourth Amended and Restated Credit Agreement, dated as of February 20, 2020 (as amended, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among W.P. Carey Inc. (together with its permitted successors and assigns, the “Company”), each Borrower from time to time party thereto, certain Subsidiaries of the Company identified therein as Guarantors, the Lenders party thereto, Bank of America, N.A., as Administrative Agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., as L/C Issuers and Bank of America, N.A., as Swing Line Lender.

The Parent Borrower hereby requests, on behalf of itself or a Designated Borrower as set forth below, on [INSERT REQUESTED FUNDING DATE] (a Business Day) (select one)2:

Revolving Credit Facility - Alternative Currency Tranche
																		
	Indicate:
Borrowing
 or Continuation
	Indicate:
Borrower Name
	Indicate:
Requested Amount
	Indicate:
Currency
	Indicate:
Alternative Currency Daily Rate Loan or Alternative Currency Term Rate Loan
	For Alternative Currency Term Rate Loans Indicate:

Interest Period (e.g., 1, 3 or 6 month interest period)

						
						
						

1 Note to Borrower.  All requests submitted under a single Loan Notice must be effective on the same date.  If multiple effective dates are needed, multiple Loan Notices will need to be prepared and signed.
2 Note to Borrower.  For multiple borrowings and/or continuations for a particular facility, fill out a new row for each borrowing and/or continuation.
A-1
FORM OF LOAN NOTICE
(Alternative Currency Loans)

Term Facility
																		
	Indicate:
Borrowing
 or Continuation
	Indicate:
Borrower Name
	Indicate:
Requested Amount
	Indicate:
Currency
	Indicate:
Alternative Currency Daily Rate Loan or Alternative Currency Term Rate Loan
	For Alternative Currency Term Rate Loans Indicate:

Interest Period (e.g., 1, 3 or 6 month interest period)

						
						
						

Delayed Draw Term Facility
																		
	Indicate:
Borrowing
 or Continuation
	Indicate:
Borrower Name
	Indicate:
Requested Amount
	Indicate:
Currency
	Indicate:
Alternative Currency Daily Rate Loan or Alternative Currency Term Rate Loan
	For Alternative Currency Term Rate Loans Indicate:

Interest Period (e.g., 1, 3 or 6 month interest period)

						
						
						

The Borrowing, if any, requested herein complies with the requirements set forth in the Credit Agreement.

[The Loans, if any, borrowed hereunder shall be disbursed to the following bank for credit by that bank to the following deposit account:

    ____________________
    ____________________
    ____________________]3

[The Parent Borrower hereby represents and warrants that the conditions specified in Sections 4.02(a), (b) and (e) shall be satisfied on and as of the date of the proposed Credit Extension.]4

3 Include if proceeds of the requested Loan are to be disbursed other than by being credited to the account of the Borrower maintained at Bank of America, N.A.
4 Include only in the case of a Borrowing.
A-2
FORM OF LOAN NOTICE
(Alternative Currency Loans)

						
	[PARENT BORROWER]
		
		
	By:	
	Name:	[Type Signatory Name]
	Title:	[Type Signatory Title]

A-3
FORM OF LOAN NOTICE
(Alternative Currency Loans)

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