Document:

EX-10.3

 Exhibit 10.3 

CHANGE-IN-CONTROL RETENTION AGREEMENT 

This Agreement is entered into as of June     , 2019, by and between Nordson Corporation, an Ohio corporation
(“Nordson” or the “Company”), and Sundaram Nagarajan, an individual (“Executive”). 
 Executive is an
executive and key employee of Nordson and is now serving Nordson as its President and Chief Executive Officer. Nordson desires to assure itself of continuity of management in the event of any threatened or actual Change-in-Control, to provide inducements for Executive not to compete with Nordson, and to assure itself, in the event of any threatened or actual Change-in-Control, of the continued performance of services by Executive on an objective and impartial basis and without distraction by concern for Executive’s employment status and security. In order to
induce Executive to remain in its employ, Nordson agrees that if Executive’s employment with Nordson is terminated after a Change-in-Control under certain
circumstances as described below, Nordson will pay the severance benefits set forth in this Agreement. 
 Nordson and Executive agree as
follows: 
 1.  Operation of Agreement. This Agreement will be effective and binding immediately upon Executive’s hire date,
August 1, 2019 (the “Effective Date”) but will not be operative unless and until there has been a Change-in-Control while Executive is in the employ of
Nordson. If a Change-in-Control occurs while Executive is in the employ of Nordson, this Agreement will become operative immediately and (subject only to the possible
undoing of the particular Change-in-Control, as provided in Section 14 below) will continue in effect in accordance with its terms. 

2.  Retention Period. If and when a
Change-in-Control occurs, Nordson will continue to employ Executive and Executive will continue in the employ of Nordson during the period (the “Retention
Period”) that begins on the first date on which a Change-in-Control occurs (the “Change in Control Date”) and ends at the close of business on the second
anniversary of the Change-in-Control Date, except that Executive’s employment may be terminated during the Retention Period as provided in Section 5 below.

 3.  Position, Duties, Responsibilities. At all times during the Retention Period, Executive will: 

(a) hold the same position with substantially the same duties and responsibilities as an executive of Nordson as Executive held
immediately before the Change-in-Control, as those duties and responsibilities may be extended from time to time during the Retention Period by Nordson’s Board of
Directors (the “Board”); 
 (b) observe all Nordson policies applicable to Nordson executive personnel; and 

(c) devote his business time, energy, and talent to the business of and to the furtherance of the purposes and objectives of
Nordson to generally the same extent as Executive did so prior to the Change-in-Control. 

Nothing in this Agreement will preclude Executive from devoting reasonable periods of time to charitable and community activities or the
management of Executive’s investment assets provided those activities do not materially interfere with the performance of Executive’s duties under this Agreement. 

 4.  Compensation and Benefits During the Retention Period. During the Retention
Period, Executive will be entitled to the same base salary and to the same or equivalent other elements of total direct compensation opportunity (consisting of, short and long term incentive compensation, equity grants, and executive perquisites)
and employee pension and welfare benefits as that afforded to Executive by Nordson immediately before the Change-in-Control Date.

5.  Termination Following a Change in Control. During the Retention Period, Executive’s employment with Nordson may be
terminated only in accordance with one of the subsections of this Section 5. For all purposes of this Agreement, the term “Employment Termination Date” means the last date on which Executive is employed by Nordson. 

(a) By Nordson for Cause. Nordson may terminate Executive’s employment under this Agreement for
“Cause,” effective immediately upon giving notice of termination, if: 
 (i) Executive commits a felony or an act
or series of acts that results in material injury to the business or reputation of the Company or any subsidiary; or 
 (ii)
Executive willfully fails to perform his duties of employment, if such failure has not been cured in all material respects within thirty (30) days after the Company or any subsidiary, as applicable, gives written notice thereof; or 

(iii) Executive breaches any material term, provision, or condition of employment, which breach has not been cured in all
material respects within thirty (30) days after the Company or any subsidiary, as applicable, gives written notice thereof; or 

(iv) Executive materially fails to comply with the Company’s Code of Business and Ethical Conduct. 

(b) By Nordson without Cause. Nordson may terminate Executive’s employment under this Agreement
without Cause at any time, effective immediately upon giving notice of that termination. 
 (c) By Executive for Good
Reason. Subject to compliance with the notice and opportunity for cure requirements set forth at the end of this Section 5(c), Executive may terminate his employment under this Agreement for “Good Reason” if any of the following
circumstances occurs during the Retention Period without Executive’s express written consent: 
 (i) a material and
adverse change in the authorities, powers, functions, or duties attached to Executive’s position from those authorities, powers, functions, and duties as they existed immediately before the Change-in-Control Date (but a change in the office or officer to whom Executive reports will not, in itself, be deemed to be a material adverse change in Executive’s authorities, powers, functions, or
duties for these purposes); or 
 (ii) a reduction in Executive’s annual base salary from that provided immediately
before the Change-in-Control Date, without Executive’s prior consent;

(iii) a material failure by Nordson to make available to Executive compensation plans, employee pension plans, and employee
welfare benefit plans (collectively, “Plans”) and 

  
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other benefits and perquisites that provide opportunities to receive overall compensation and benefits and perquisites at least equal to the opportunities for overall compensation and benefits
and perquisites that were available to Executive immediately before the Change-in-Control Date; 

(iv) a change in the location of Executive’s principal place of employment by more than 50 miles from the location where
Executive was principally employed immediately before the Change-in-Control Date; 

(v) a significant increase in the frequency or duration of Executive’s business travel; or 

(vi) any material breach of this Agreement by the Company, which breach has not been cured in all material respects within
thirty (30) days after Executive gives written notice thereof. 
 Executive shall give written notice of termination for
Good Reason based on any particular circumstance described in any of (i) through (vi) of this Section 5(c) by giving notice of that intention (and of the particular circumstance on which the notice is based) not later than 90 days after
Executive becomes aware of the existence of that particular circumstance. Any notice by Executive of termination for Good Reason must specify a date, not later than 90 days and not less than 30 days after the date on which the notice is given, that
Executive proposes as Executive’s Employment Termination Date. If Nordson cures the circumstance identified by Executive in Executive’s notice before the proposed Employment Termination Date, Executive will not be entitled to terminate for
Good Reason based upon the cured circumstance and Executive’s notice will be deemed rescinded. If Nordson fails to so cure before the proposed Employment Termination Date, Executive’s employment will terminate for Good Reason effective on
that date. 
 (d) By Executive without Good Reason. Executive may terminate his employment under this Agreement
without Good Reason at any time, effective immediately upon giving of notice of that termination. 
 (e) Upon Death or
Retirement. Upon the death or Retirement of Executive, Executive’s employment under this Agreement will terminate without further notice, effective as of the date of death or Retirement. For all purposes of this Agreement,
“Retirement” means Executive’s termination of employment under the terms of the applicable Nordson retirement plan as in effect immediately before the
Change-in-Control Date. 
 (f) Upon Total
Disability. Nordson may terminate Executive’s employment under this Agreement, effective thirty days after the giving of notice by Nordson, if Executive suffers a Total Disability. For all purposes of this Agreement, “Total
Disability” means a physical or mental impairment, due to accident or illness, that renders Executive permanently incapable of performing the duties attached to Executive’s position as those duties existed immediately before the Change-in-Control Date. 

  
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 6.  Payments upon Termination. 

(a) Termination for Cause or without Good Reason. If during the Retention Period Nordson terminates Executive’s
employment for Cause or Executive terminates his employment without Good Reason, Executive will not be entitled to any termination, separation, severance, or similar benefits under this Agreement. 

(b) Termination Upon Executive’s Total Disability, Retirement, or Death. If during the Retention
Period Executive’s employment is terminated as a result of Executive’s Total Disability, Retirement, or death, Executive will be entitled to benefits under and in accordance with Nordson’s disability, retirement, and death benefit
(including life insurance policies) plans and policies as in effect immediately before the Change-in-Control Date, or benefits equivalent thereto. In addition, Nordson
will pay to Executive (or to Executive’s estate in the event of Executive’s death) any Unpaid Prior Year Cash Incentive and a Current Year Pro Rata Cash Incentive. For all purposes of this Agreement, the term “Unpaid Prior Year Cash
Incentive” means any cash incentive payment for the fiscal year ended immediately before the fiscal year in which the Employment Termination Date occurs that remains unpaid as of the Employment Termination Date (whether or not, under normal
practice, that cash incentive payment would not be paid until a date later than the Employment Termination Date). 
 For all
purposes of this Agreement, the term “Current Year Pro Rata Cash Incentive” means (x) an amount calculated on the same date and in the same manner as Executive’s annual cash incentive payment under the relevant cash incentive
plan in effect for the fiscal year in which the Employment Termination Date occurs would have been calculated if Executive’s employment had not been terminated and, to the extent relevant to that calculation, Executive’s performance
through the entire fiscal year had been equal to Executive’s performance during the part of the fiscal year ending on the Employment Termination Date, multiplied by (y) a fraction, the numerator of which is the number of days in the
partial fiscal year ending on the Employment Termination Date and the denominator of which is 365. Unless any payment under this Section 6(b) must be postponed by reason of Section 409A of the Internal Revenue Code (as provided in
Exhibit A to this Agreement): Nordson will pay any Unpaid Prior Year Cash Incentive at the same time that amount would have been paid if Executive’s employment had continued indefinitely but not later than March 15 of the year in
which the Employment Termination Date occurs; Nordson will pay any Current Year Pro Rata Cash Incentive at the same time that amount would have been paid if Executive’s employment had continued indefinitely but not later than March 15 of
the year immediately after the year in which the Employment Termination Date occurs; and Nordson will pay any other benefits or amounts payable pursuant to this Section 6(b) at the time specified in the applicable plan. 

(c) Termination without Cause or for Good Reason. If during the Retention Period Executive’s employment is
terminated by Nordson without Cause or by Executive for Good Reason, Nordson will pay and provide to Executive the following compensation and benefits: 

  
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 (i) Accrued Obligations. Nordson will pay to Executive base salary
through the Employment Termination Date (at the rate in effect immediately before the Employment Termination Date), any Unpaid Prior Year Cash Incentive, a Current Year Pro Rata Cash Incentive, and all other amounts to which Executive is entitled
under any Nordson compensation plan applicable to Executive that is listed on Exhibit B to this Agreement, or any successor compensation plan to that listed on Exhibit B to this Agreement. Unless any payment under this Section 6(c)(i) must be
postponed by reason of Section 409A of the Internal Revenue Code (as provided in Exhibit A to this Agreement), Nordson will pay any base salary within five business days of the Employment Termination Date; Nordson will pay any Unpaid Prior
Year Cash Incentive at the same time that amount would have been paid if Executive’s employment had continued indefinitely but not later than March 15 of the year in which the Employment Termination Date occurs; Nordson will pay any
Current Year Pro Rata Cash Incentive at the same time that amount would have been paid if Executive’s employment had continued indefinitely but not later than March 15 of the year immediately after the year in which the Employment
Termination Date occurs; and Nordson will pay any other amounts payable pursuant to this Section 6(c)(i) at the time specified in the applicable compensation plan. 

(ii) Severance Payment. Nordson will pay to Executive a severance payment equal to two times the sum of
(x) Executive’s annual base salary (at the rate in effect immediately before the Employment Termination Date) plus (y) Executive’s annual target cash incentive payment in effect on the Employment Termination Date. Unless this
payment must be postponed by reason of Section 409A of the Internal Revenue Code (as provided in Exhibit A to this Agreement), Nordson will pay this amount to Executive within five business days of the Employment Termination Date. 

(iii) Continuing Plan Coverage. For a period of two years following the Employment Termination Date, Nordson will
maintain in full force and continue to provide full benefits to Executive under all life insurance, health (medical, dental and vision), accidental death and dismemberment, pension, disability and tax and financial planning plans and programs in
which Executive was entitled to participate immediately before the Employment Termination Date, except that (x) if Executive’s continued participation is not possible under the general terms and provisions of any such plan or program,
Nordson will provide Executive with benefits equivalent to those provided by each such plan and program, and (y) Nordson will not be required to maintain any of these plans and programs, or the equivalent thereof, after Executive has either
reached the normal retirement date under the retirement or pension plan in effect immediately before the Change-in-Control Date or secured full time employment with
another employer that provides benefits to Executive under a comparable plan or program that are at least substantially equal to the benefits provided by Nordson. To assure compliance with Section 409A of the Internal Revenue Code, the timing
of the provision of any benefits under this Section 6(c)(iii) will be subject to Exhibit A to this Agreement if and to the extent any part of that section is applicable according to its terms. Any rights that Executive and/or his qualified
beneficiaries may have to continuation of health plan coverage in accordance with the requirements of applicable law (e.g. “COBRA coverage” under the Employee Retirement Income Security Act of 1974) will run concurrently with the
continuation of welfare benefits under this Section 6(c)(iii), such 

  
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that Executive will timely elect such continuation coverage and Nordson will be responsible for necessary premium payments on behalf of Executive. The portion of such premium payments paid by
Nordson will be taxable to Executive. Nordson may require Executive to complete and file any election forms that are generally required of other employees to obtain COBRA coverage; and Executive’s COBRA coverage may be terminable in accordance
with applicable law. 
 (iv) Lump Sum Payment Based on Additional Two Years of Age and Service under Pension and
Excess Defined Benefit Plans. Nordson will pay to Executive a lump sum amount equal to the amount by which the aggregate actuarial present value, calculated as of the Employment Termination Date, of all amounts payable with respect to Executive
under the Nordson Corporation Salaried Employees Pension Plan, the Nordson Corporation 2005 Excess Defined Benefit Pension Plan, and the Nordson Corporation Amended and Restated 2005 Excess Defined Benefit Pension Plan (or equivalent plans) would be
increased if Executive had an additional two years of age and an additional two years of service credit under each of these plans. Unless this payment must be postponed by reason of Section 409A of the Internal Revenue Code (as provided in
Exhibit A to this Agreement), Nordson will pay this amount to Executive within five business days of the Employment Termination Date. 

(v) Career Counseling. Nordson will make available to Executive, at Nordson’s expense, outplacement counseling
services. Executive may select the organization that will provide Executive with such services, provided that Nordson will not be required to pay more than $50,000 for any such services. To assure compliance with Section 409A of the Internal
Revenue Code, the timing of the provision of any benefits under this Section 6(c)(v) will be subject to Exhibit A to this Agreement if and to the extent any part of that section is applicable according to its terms. 

(vi) Vesting and Additional Two Years of Age and Service under Supplemental Individual Pension Benefit. Executive will
immediately become fully vested in the Supplemental Individual Pension Benefit (as defined in the Employment Agreement, dated June 10, 2019, by and between Executive and Nordson (the “Employment Agreement”)), and Nordson will credit
Executive with an additional two years of service credit and add an additional two years to Executive’s age for purposes of determining the benefit under the Supplemental Individual Pension Benefit. 

(vii) Long-Term Incentive Compensation. Nordson will settle on a prorata basis any awards with performance-based vesting
requirements granted Executive under the Amended and Restated Nordson Corporation 2012 Stock Incentive and Award Plan, or any successor thereto (the “Stock Incentive and Award Plan”) for any performance period(s) not completed on the
Employment Termination Date based upon actual performance in each such applicable performance period, as determined at the end of the applicable performance period and prorated based on the number of days during the applicable performance period
that have elapsed prior to the Employment Termination Date compared to the total number of days in the performance period. Such settlement will be made in a lump sum after the end of the applicable performance period with respect to which it is to
be calculated, and by the later of (a) 2-1/2 months after the end 

  
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of the calendar year in which the amount to be paid is no longer subject to a “substantial risk of forfeiture,” or (b) 2-1/2 months after the end
of the taxable year of Nordson in which the amount to be paid is no longer subject to a “substantial risk of forfeiture.” For this purpose, the term “substantial risk of forfeiture” will be determined within the meaning of
Treasury Regulations Section 1.409A-1(b)(4) and (d). Executive will immediately become fully vested in all outstanding unvested stock options subject to time-based vesting requirements granted to
Executive under the Stock Incentive and Award Plan. Any restrictions on transfer and any time-based vesting requirements on grants of restricted shares of Nordson common stock granted to Executive under the Stock Incentive and Award Plan will
immediately and completely lapse. 
 (viii) Vesting under Deferred Compensation Plan. Executive will immediately
become fully vested in any accrued but unvested benefits, if any, under the Amended and Restated Nordson Corporation 2005 Deferred Compensation Plan. 

7.  No Set-Off; No Obligation to Seek Other Employment or to Otherwise Mitigate Damages; No
Effect Upon Other Agreements. Nordson’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations under this Agreement will not be affected by any
set-off, counterclaim, recoupment, defense, or other claim whatsoever that Nordson may have against Executive. Executive will not be required to mitigate damages or the amount of any payment provided for under
this Agreement by seeking other employment or otherwise. Except as expressly provided in Section 6(c)(iii) as to continuing coverage of benefit plans, the amount of any payment or benefits provided for under this Agreement will not be reduced
by any compensation or benefits earned by Executive as the result of employment by another employer or otherwise after the Executive’s termination date. Except as otherwise provided in the Employment Agreement, the provisions of this Agreement
will not affect the validity or enforceability of any other agreement between Nordson and Executive, and the benefits provided under this Agreement will be additive to any other benefits promised to Executive under any such other agreement.
Moreover, this Agreement will not operate to negate any other assurances provided to Executive. 
 8.  Effect of Disability. If
Executive becomes disabled and Executive’s disability does not rise to the level of a Total Disability during the Retention Period to such an extent that Executive is prevented permanently from performing his duties under this Agreement by
reason of physical or mental incapacity: 
 (a) Executive will be entitled to disability and other benefits at least equal to
those that would have been available to Executive had Nordson continued, throughout the period of Executive’s disability, all of its programs, benefits, and policies with respect to disabled employees that were in effect immediately before the Change-in-Control Date, and 
 (b) if Executive
recovers from his disability before the expiration of the Retention Period, Executive will be reinstated as an active employee for the remainder of the Retention Period under and subject to all of the terms of this Agreement including, without
limitation, Nordson’s right to terminate Executive for or without Cause under Sections 5(a) and 5(b), respectively. 

  
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 9.  Confidential Information. Executive will not, at any time after the
Effective Date, either directly or indirectly, disclose or make known to any person, firm, or corporation any confidential information, trade secret, or proprietary information of Nordson that Executive may have acquired before the Effective Date or
may acquire after the Effective Date in the performance of Executive’s duties as an Executive of Nordson. Upon the termination of Executive’s employment with Nordson, Executive will deliver forthwith to Nordson any and all literature,
documents, correspondence, and other materials and records furnished to or acquired by Executive during the course of Executive’s employment. 

10. Noncompetition. During the Retention Period Executive will not act as a proprietor, investor, director, officer, Executive,
substantial stockholder, consultant, or partner in any business engaged to a material extent in direct competition with Nordson in any market in any line of business engaged in by Nordson during the Retention Period. 

11. Costs of Enforcement. Nordson will pay and be solely responsible for any and all costs and expenses (including attorneys’ fees)
incurred by Executive in seeking to enforce Nordson’s obligations under this Agreement unless and to the extent a court of competent jurisdiction determines that Nordson was relieved of those obligations because: 

(a) Nordson terminated Executive’s employment for Cause, 

(b) Executive voluntarily terminated his employment other than for Good Reason, or 

(c) Executive materially and willfully breached his agreement not to compete with Nordson or his agreement with respect to
confidential information and that breach directly caused substantial and demonstrable damage to Nordson. 
 Nordson will forthwith pay
directly or reimburse Executive for any and all such costs and expenses upon presentation from time to time by Executive or by counsel selected by Executive of a statement or statements prepared by Executive or by that counsel of the amount of such
costs and expenses. If and to the extent a court of competent jurisdiction renders a final binding judgment determining that Nordson was relieved of its obligations for any of the reasons set forth in (a), (b) or (c) above, Executive will repay
the amount of those payments or reimbursements to Nordson. In addition to the payment and reimbursement of expenses of enforcement provided for in this Section 11, Nordson will pay to Executive in cash, as and when Nordson makes any payment on
behalf of, or reimbursement to, Executive, an additional amount sufficient to pay all federal, state, and local taxes (whether income taxes or other taxes) incurred by Executive as a result of (x) payment of the expense or receipt of the
reimbursement, and (y) receipt of the additional cash payment. Nordson will also pay to Executive interest (calculated at the Wall Street Journal Prime Rate from time to time in effect, compounded monthly) on any payments or benefits that are
paid or provided to Executive later than the date on which due under the terms of this Agreement. To assure compliance with Section 409A, Nordson will make any payments to or on behalf of Executive that are required under this Section 11
subject to and as provided in Exhibit A to this Agreement. 
 12.    Compliance with Section 409A. All of the
provisions of Exhibit A to this Agreement, captioned “Compliance with Section 409A,” will apply as between Nordson and Executive as fully as if those provisions had been written directly into the body of this Agreement. 

  
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 13. “Change in Control” Defined. For purposes of this Agreement, a “Change-in-Control” means the occurrence of one of the following events: 

(a) a report is filed with the SEC on Schedule 13D or Schedule 14D-1 (or any
successor schedule, form, or report), each as promulgated pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”), disclosing that any “person” (as the term “person” is used in Section 13(d) or
Section 14(d)(2) of the Exchange Act) is or has become a beneficial owner, directly or indirectly, of securities of Nordson representing 25% or more of the combined voting power of Nordson’s then outstanding securities; 

(b) Nordson is merged or consolidated with another corporation and, as a result thereof, securities representing less than
50% of the combined voting power of the surviving or resulting corporation’s securities (or of the securities of a parent corporation in case of a merger in which the surviving or resulting corporation becomes a wholly-owned subsidiary of the
parent corporation) are owned in the aggregate by holders of Nordson’s securities immediately before such merger or consolidation; 

(c) all or substantially all of the assets of Nordson are sold in a single transaction or a series of related transactions
to a single purchaser or a group of affiliated purchasers; or 
 (d) during any period of 24 consecutive months,
individuals who were members of the Board (“Directors”) at the beginning of the period cease to constitute at least a majority of the Board unless the election, or nomination for election by Nordson’s shareholders, of more than one
half of any new Directors was approved by a vote of at least two-thirds of the Directors then still in office who were Directors at the beginning of the 24 month period. 

14. Possible Undoing of a Change in Control and Its Effect on this Agreement. If a Change-in-Control as defined in Section 13(a) above occurs while Executive is in the employ of Nordson with the result (as provided in Section 1) that this Agreement becomes operative and,
thereafter, on any later date, all three of the following conditions are satisfied: 
 (a) the acquiring person has
transferred or otherwise disposed of sufficient securities of Nordson in one or more transactions, to a person or persons other than affiliates of the acquiring person or any persons with whom the acquiring person has agreed to act together for the
purpose of acquiring, holding, voting, or disposing of securities of Nordson, so that, after the transfer or other disposition, the acquiring person is no longer the beneficial owner, directly or indirectly, of securities of Nordson representing 10%
or more of the combined voting power of Nordson’s then outstanding securities; 
 (b) no other event constituting a Change-in-Control had occurred; and 
 (c)
Executive’s employment with Nordson has not been terminated by Nordson without Cause or by Executive for Good Reason; 

then, for all purposes of this Agreement, the filing of the report constituting a Change-in-Control under Section 13(a) will be treated as if it had not occurred and this Agreement will return to the status it had immediately before the filing of the report constituting a

  
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Change-in-Control under Section 13(a). Accordingly, if and when a subsequent Change-in-Control occurs, this Agreement will again become operative on the date of that subsequent Change in Control. 

15. Miscellaneous. 

(a) Executive Rights. Nothing expressed or implied in this Agreement creates any right or duty on the part of Nordson or
Executive to have Executive remain in the employ of Nordson before any Change-in-Control and Executive will have no rights under this Agreement if Executive’s
employment with Nordson is terminated for any reason or for no reason before any Change-in-Control. Nothing expressed or implied in this Agreement creates any duty on
the part of Nordson to continue in effect, or continue to provide to Executive, any plan or benefit unless and until a Change-in-Control occurs. If, before a Change-in-Control, Nordson ceases to provide any plan or benefit to Executive, nothing in this Agreement will be construed to require Nordson to reinstitute that plan or
benefit to Executive upon the later occurrence of a Change-in-Control. All payments under this Agreement shall be subject to withholding, deductions and contributions as
required by law. 
 (b) Notices. All communications provided for in this Agreement are to be in writing and will be
deemed to have been duly given when delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed to Nordson (Attention: Executive Vice President, General Counsel and Secretary) at its
principal executive office and to Executive at his principal residence, or to such other address as either party may have furnished to the other in writing and in accordance with this Section 15b, except that notices of change of address will
be effective only upon receipt. 
 (c) Assignment, Binding Effect. 

(i) This Agreement will be binding upon and will inure to the benefit of Nordson and Nordson’s successors and assigns.
Nordson will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of Nordson, by agreement in form and substance satisfactory to Executive, to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that Nordson would be required to perform it if no such succession had taken place. 

(ii) This Agreement will succeed and have priority over any prior employment agreement between Nordson and Executive (other
than the Employment Agreement) and be binding upon Executive, and this Agreement and all rights of Executive under this Agreement will inure to the benefit of, and be enforceable by, Executive and Executive’s personal or legal representatives,
executors, or administrators. No right, benefit, or interest of Executive under this Agreement will be subject to assignment, anticipation, alienation, sale, encumbrance, charge, pledge, hypothecation, or to execution, attachment, levy, or similar
process; except that Executive may assign any right, benefit, or interest under this Agreement if that assignment is permitted under the terms of any plan or policy of insurance or annuity contract governing the right, benefit, or interest. 

  
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 (d) Invalid Provisions. Any provision of this Agreement that is
prohibited or unenforceable will be ineffective to the extent, but only to the extent, of the prohibition or unenforceability without invalidating the remaining portions of this Agreement and all remaining portions of this Agreement will continue to
be in full force and effect. If any provision of this Agreement is determined to be invalid or unenforceable, the parties will negotiate in good faith to replace that provision with another provision that will be valid and enforceable and that is as
close as practicable to the provision held invalid or unenforceable. 
 (e) Modification. No modification, amendment,
or waiver of any of the provisions of this Agreement will be effective unless in writing, specifically referring to this Agreement, and signed by both parties. 

(f) Waiver of Breach. The failure at any time of a party to enforce any of the provisions of this Agreement or to
require performance by the other party of any of the provisions of this Agreement will not be construed to be a waiver of those provisions or to affect either the validity of this Agreement or any part of this Agreement or the right of either party
thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
 (g) Governing Law.
This Agreement has been made in and is to be governed and construed in accordance with the laws of the State of Ohio applicable to contracts made in and to be performed entirely within that state. 

(h) Employment by Subsidiary. If the recitals to this Agreement indicate that as of the Effective Date Executive is
employed by a subsidiary of Nordson, all references to continued employment of Executive by Nordson are to be construed as references to continued employment of Executive by the subsidiary and any termination of Executive’s employment with the
subsidiary are to be construed as termination of Executive’s employment with Nordson. For the avoidance of doubt, all references to a Change in Control are to changes in control of Nordson, not of the subsidiary and all references to the Board
are to the Board of Directors of Nordson, not of the subsidiary. 
 In witness whereof, Nordson and Executive have executed this Agreement
as of the day and year first above written. 
  

			
	 Nordson Corporation
  

By:                       
                         
  

      Gina A. Beredo

      Executive Vice President, General

      Counsel and Secretary
	  	 Executive
  

                       
                                     

Sundaram Nagarajan

  
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 EXHIBIT A 

COMPLIANCE WITH SECTION 409A 

A.1 Six Month Delay on Certain Payments, Benefits, and Reimbursements. If Executive is a “specified employee” for
purposes of Section 409A, as determined under Nordson’s policy for determining specified employees on the Employment Termination Date, each payment, benefit, or reimbursement paid or provided under this Agreement that constitutes a
“deferral of compensation” within the meaning of Section 409A, that is to be paid or provided as a result of a “separation from service” within the meaning of Section 409A, and that would otherwise be paid or provided
at any time (a “Scheduled Time”) that is on or before the date that is exactly six months after the Employment Termination Date (other than payments, benefits, or reimbursements that are treated as separation pay under Section 1.409A-1(b)(9)(v) of the Treasury Regulations) will not be paid or provided at the Scheduled Time but will be accumulated (together with interest at the applicable federal rate under
Section 7872(f)(2)(A) of the Code in effect on the Employment Termination Date) through the date that is exactly six months after the Employment Termination Date and will be paid or provided to Executive during the period of 30 consecutive days
that starts exactly six months and one day after the Employment Termination Date, except that if Executive dies before the end of six months after the Employment Termination Date, the payments, benefits, or reimbursements will be accumulated only
through the date of Executive’s death and will be paid or provided not later than 30 days after the date of death. 
 A.2
Additional Limitations on Reimbursements and In-Kind Benefits. The reimbursement of expenses or in-kind benefits provided under any section of this
Agreement that are taxable benefits (and that are not disability pay or death benefit plans within the meaning of Section 409A of the Code) are intended to comply, to the maximum extent possible, with the exception to Section 409A set
forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations. To the extent that any reimbursement of expenses or in-kind benefits provided under any section of
this Agreement either do not qualify for that exception, or are provided beyond the applicable time periods set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations, then they will be subject to
the following additional rules: (a) any reimbursement of eligible expenses will be paid within 30 days following Executive’s written request for reimbursement; provided that Executive provides written notice no later than 60 days before
the last day of the calendar year following the calendar year in which the expense was incurred so that Nordson can make the reimbursement within the time periods required by Section 409A; (b) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during any calendar year will not affect the amount of expenses eligible for reimbursement, or in-kind benefits to be
provided, during any other calendar year; and (c) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for any other benefit. 

A.3 Compliance Generally. Nordson and Executive intend that the payments and benefits provided under the Agreement to which this Exhibit
A is attached will either be exempt from the application of, or comply with, the requirements of Section 409A. The Agreement is to be construed, administered, and governed in a manner that effects that intent and Nordson will not take any
action that is inconsistent with that intent. Without limiting the foregoing, the payments 

  
 Page 12 of 14 

 
and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out, or modified in a manner that would result in the imposition of an additional tax under
Section 409A upon Executive. Each payment under this Agreement will be treated as a separate payment for purposes of Section 409A. 

A.4 Termination of Employment to Constitute a Separation from Service. The parties intend that the phrase “termination of
employment” and words and phrases of similar import mean a “separation from service” with Nordson within the meaning of Section 409A. Executive and Nordson will take all steps necessary (including taking into account this Section
A.4 when considering any further agreement regarding provision of services by Executive to Nordson after the Employment Termination Date) to ensure that (a) any termination of employment under this Agreement constitutes a “separation from
service” within the meaning of Section 409A, and (b) the Employment Termination Date is the date on which Executive experiences a “separation from service” within the meaning of Section 409A. 

A.5. Section 409A. The term “Section 409A” means that numbered section of the Internal Revenue Code.
References in the Agreement to Section 409A are intended to include any proposed, temporary, or final regulations, or any other guidance, promulgated with respect to this specific Section by the U.S. Department of Treasury or the Internal
Revenue Service. 

  
 Page 13 of 14 

 EXHIBIT B 

COMPENSATION AND EMPLOYMENT BENEFIT PLANS 
  

	 	1.	 The Nordson Corporation 2012 Stock Incentive and Award Plan 

 

	 	2.	 The Nordson Corporation Salaried Employees Pension Plan 

 

	 	3.	 The Nordson Corporation Excess Defined Benefit Pension Plan 

 

	 	4.	 The 2005 Nordson Corporation Excess Defined Benefit Pension Plan 

 

	 	5.	 The Amended and Restated 2005 Nordson Corporation Excess Defined Benefit Pension Plan 

 

	 	6.	 The Nordson Corporation Deferred Compensation Plan 

 

	 	7.	 The 2005 Nordson Corporation Deferred Compensation Plan 

 

	 	8.	 The Amended and Restated 2005 Nordson Corporation Deferred Compensation Plan 

 

	 	9.	 The Nordson Corporation Employees’ Savings Trust Plan (NEST) 

 

	 	10.	 The Nordson Corporation Salaried Employees’ Health Care Plan 

 

	 	11.	 The Nordson Corporation Prescription Drug and Dental Plans 

 

	 	12.	 The Nordson Corporation Short Term and Long Term Disability Plans 

 

	 	13.	 The Nordson Corporation Group Life Insurance Plan-Salaried Employees 

 

	 	14.	 The Nordson Corporation Group Travel Accident Plan 

 

	 	15.	 Nordson Corporation’s policy of reimbursement for club dues, airline travel clubs, and the like

  

	 	16.	 Nordson Corporation’s policies regarding vacation, holidays, and paid time off.Exhibit 4.2

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of June 14, 2019

 

to

 

INDENTURE

 

Dated as of March 14, 2014

 

Between

 

W. P. Carey Inc., as Issuer

 

and

 

U.S. Bank National Association, as Trustee

 

 

TABLE OF CONTENTS

 

	
 
    	
Page
    
	
 
    	
 
    
	
ARTICLE ONE   DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
 
    	
Section 101   Certain Terms Defined in the Indenture
    	
1
    
	
 
    	
Section 102   Definitions
    	
2
    
	
 
    	
 
    
	
ARTICLE TWO   AMENDMENT TO THE ORIGINAL INDENTURE
    	
7
    
	
 
    	
 
    
	
 
    	
Section 201   Amendment to Section 501 Relating to Events of Default
    	
7
    
	
 
    	
 
    
	
ARTICLE THREE   CERTAIN COVENANTS
    	
8
    
	
 
    	
 
    
	
 
    	
Section 301   Limitation on Incurrence of Debt
    	
8
    
	
 
    	
Section 302   Limitation on the Incurrence of Secured Debt
    	
8
    
	
 
    	
Section 303   Limitation on the Incurrence of Debt Based on Consolidated EBITDA to Annual   Debt Service Charge
    	
8
    
	
 
    	
Section 304   Maintenance of Unencumbered Asset Value
    	
9
    
	
 
    	
Section 305   Reports by the Company
    	
9
    
	
 
    	
 
    
	
ARTICLE FOUR   POSSIBLE FUTURE OPERATING PARTNERSHIP GUARANTEE
    	
10
    
	
 
    	
 
    
	
 
    	
Section 401   Possible Future Operating Partnership Guarantee
    	
10
    
	
 
    	
Section 402   Ranking
    	
10
    
	
 
    	
Section 403 Waiver   of Reimbursement, Indemnity and Subrogation Rights
    	
10
    
	
 
    	
Section 404   Release of any Operating Partnership Guarantee
    	
10
    
	
 
    	
Section 405   Supplemental Indenture
    	
11
    
	
 
    	
 
    
	
ARTICLE FIVE   FORM AND TERMS OF THE NOTES
    	
11
    
	
 
    	
 
    
	
 
    	
Section 501   Form and Dating
    	
11
    
	
 
    	
Section 502   Certain Terms of the Notes
    	
12
    
	
 
    	
Section 503   Redemption
    	
13
    
	
 
    	
 
    
	
ARTICLE SIX   MISCELLANEOUS
    	
15
    
	
 
    	
 
    
	
 
    	
Section 601   Relationship with Indenture
    	
15
    
	
 
    	
Section 602 Trust   Indenture Act Controls
    	
15
    
	
 
    	
Section 603   Governing Law
    	
15
    
	
 
    	
Section 604   Multiple Counterparts
    	
15
    
	
 
    	
Section 605   Severability
    	
15
    
	
 
    	
Section 606   Ratification
    	
15
    
	
 
    	
Section 607   Headings
    	
16
    
	
 
    	
Section 608   Effectiveness
    	
16
    

 

i

 

FIFTH SUPPLEMENTAL INDENTURE

 

This Fifth Supplemental Indenture, dated as of June 14, 2019 (this “Fifth Supplemental Indenture”), between W. P. Carey Inc., a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), supplements that certain Indenture, dated as of March 14, 2014, by and between the Company and the Trustee (the “Original Indenture” and, together with this Fifth Supplemental Indenture, the “Indenture”).

 

RECITALS

 

The Company has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its unsecured and unsubordinated debentures, notes or other evidences of indebtedness (the “Securities”), unlimited as to principal amount, to bear such fixed or floating rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as provided for in the Indenture;

 

The Indenture provides that the Securities shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture;

 

The parties are entering into this Fifth Supplemental Indenture to establish the terms of the Securities created on or after the date of this Fifth Supplemental Indenture; and

 

The Company has determined to issue and deliver, and the Trustee shall authenticate, a series of Securities designated as the Company’s “3.850% Senior Notes due 2029” (hereinafter called the “Notes”), pursuant to the terms of this Fifth Supplemental Indenture and substantially in the form as herein set forth, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and this Fifth Supplemental Indenture.

 

NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of the premises stated herein, the parties hereto hereby enter into this Fifth Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Notes and, to the extent expressly set forth herein, Future Securities, as follows:

 

ARTICLE ONE

 

DEFINITIONS

 

Section 101  Certain Terms Defined in the Indenture.

 

For purposes of this Fifth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture, as amended and supplemented hereby.

 

 

Section 102  Definitions.

 

For all purposes of this Fifth Supplemental Indenture:

 

“Acquired Debt” means Debt of a Person:

 

(1)                                 existing at the time such Person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company; or

 

(2)                                 assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from such Person.

 

Acquired Debt shall be deemed to be incurred on the date the acquired Person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company or the date of the related acquisition, as the case may be.

 

“Annual Debt Service Charge” means, for any period, the interest expense of the Company and its Subsidiaries on a pro forma basis for such period (determined on a consolidated basis in accordance with GAAP).

 

“Capitalization Rate” means 7.50%.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Comparable Treasury Issue” means, with respect to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date).

 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, (1) the average of three Reference Treasury Dealer Quotations for such Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge), after excluding the highest and lowest of five Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Consolidated EBITDA” means the Net Income (Loss) of the Company and its Subsidiaries on a pro forma basis for the applicable period, plus (a) the sum of the following amounts of the Company and its Subsidiaries on a pro forma basis for such period (determined on a consolidated basis in accordance with GAAP) to the extent included in the determination of such Net Income (Loss): (i) depreciation expense, (ii) amortization expense and other non-cash charges, (iii) interest expense, (iv) income tax expense, (v) extraordinary losses and other non-recurring charges (and other losses on asset sales not otherwise included in extraordinary losses and other non-recurring charges), (vi) noncontrolling interests, and (vii) adjustments as a result

 

2

 

of the straight lining of rents, less (b) extraordinary gains (including, without limitation, gains on asset sales and gains resulting from the early extinguishment of indebtedness, in each case not otherwise included in extraordinary gains) of the Company and its Subsidiaries on a pro forma basis for such period (determined on a consolidated basis in accordance with GAAP) to the extent included in the determination of such Net Income (Loss).

 

“Debt” means, any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of:

 

(1)                                 borrowed money or evidenced by bonds, notes, debentures, loan agreements or similar instruments;

 

(2)                                 indebtedness secured by any Lien on any property or asset owned by the Company or any Subsidiary, but only to the extent of the lesser of the amount of indebtedness so secured and the fair market value (determined in good faith by the board of directors of the Company or a duly authorized committee thereof) of the property subject to such Lien;

 

(3)                                 reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable; or

 

(4)                                 any lease of property by the Company or any Subsidiary as lessee which is required to be reflected on the consolidated balance sheet of the Company as a capitalized lease in accordance with GAAP,

 

and also includes, to the extent not otherwise included, any non-contingent obligation of the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another Person other than the Company or any Subsidiary (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever such Person shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Funded Debt” means any indebtedness for borrowed money that is (i) in the form of, or represented by, bonds, notes, debentures or other debt securities and has an aggregate principal amount outstanding of at least $50 million or (ii) incurred pursuant to a credit agreement or other agreement providing for revolving credit loans, term loans or other debt and has an aggregate principal amount outstanding or committed of at least $50 million; excluding, in each instance, indebtedness of the Operating Partnership (as defined below) owed to the Company.

 

“Future Securities” has the meaning set forth in Section 2.01 of this Fifth Supplemental Indenture.

 

“GAAP” means generally accepted accounting principles in the United States of America as set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a

 

3

 

significant segment of the accounting profession in the United States of America, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Global Notes” has the meaning set forth in Section 501(1) of this Fifth Supplemental Indenture.

 

“Independent Investment Banker” means one of Wells Fargo Securities, LLC, BofA Securities, Inc. and J.P. Morgan Securities LLC and their respective successors, appointed by the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

“Lease”  means a lease, license, concession agreement or other agreement providing for the use or occupancy of any portion of any Project, including all amendments, supplements, modifications and assignments thereof and all side letters or side agreements relating thereto.

 

“Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

 

“Managed REIT” means a REIT managed or advised by the Company or any of its Subsidiaries.

 

“Management Contract” means a management contract or advisory agreement under which the Company or any of its Subsidiaries provides management and advisory services to a third party, consisting of management of properties or provision of advisory services on property acquisition and dispositions, equity and debt placements and related transactional matters.

 

“Management Revenues” means, for any period, an amount equal to the aggregate sum of revenues for such period earned by the Company and its Subsidiaries on a pro forma basis from providing management and advisory services under Management Contracts (determined on a consolidated basis in accordance with GAAP), including asset management revenue, performance revenue, structuring revenue, advisor’s participation in cash flow (if any), interest income or any revenue earned as stipulated in a Management Contract and booked for financial reporting purposes, and distributions received for such period related to the ownership of equity in managed funds and Managed REITs but excluding revenue related to reimbursed costs; provided, however, that Management Revenues shall exclude any revenues earned under Management Contracts, or distributions received, by the Company and its Subsidiaries on a pro forma basis from a current Subsidiary that has not been a Subsidiary for the entirety of such period.

 

“Net Income (Loss)” means the aggregate of net income (or loss) of the Company and its Subsidiaries on a pro forma basis for the applicable period (determined on a consolidated basis in accordance with GAAP).

 

“Operating Partnership” has the meaning set forth in the definition of “UPREIT Reorganization.”

 

4

 

“Operating Partnership Guarantee” has the meaning set forth in Section 401 of this Fifth Supplemental Indenture.

 

“Par Call Date” has the meaning set forth in Section 503 of this Fifth Supplemental Indenture.

 

“Project” means any office, industrial/manufacturing facility, educational facility, retail facility, distribution/warehouse facility, assembly or production facility, hotel, day care center, storage facility, health care/hospital facility, restaurant, radio or TV station, broadcasting/communication facility (including any transmission facility), any combination of any of the foregoing, or any land to be developed into any one or more of the foregoing pursuant to a written agreement with respect to such land for a transaction involving a Lease (or franchise agreement, in the case of a hotel), in each case owned, directly or indirectly, by any of the Company or its Subsidiaries.

 

“Property EBITDA” means, for any period, an amount equal to Consolidated EBITDA plus corporate level general and administrative expenses less Management Revenues.

 

“Reference Treasury Dealer” means each of: (i) Wells Fargo Securities, LLC or its successors (or an affiliate that is a Primary Treasury Dealer); (ii) BofA Securities, Inc. or its successors (or an affiliate that is a Primary Treasury Dealer); (iii) J.P. Morgan Securities LLC or its successors (or an affiliate that is a Primary Treasury Dealer); and (iv) two other Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

“REIT” means a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of Sections 856 et seq. of the Code.

 

“Subsidiary” means (1) any Person (as defined in the indenture but excluding an individual), a majority of the outstanding voting stock, partnership interests, membership interests or other equity interests, as the case may be, of which is owned or controlled, directly or indirectly, by the Company and/or by one or more other Subsidiaries of the Company, as the case may be, that is consolidated in the financial statements of the Company in accordance with GAAP and (2) any other Persons that are consolidated with the Company for purposes of GAAP; provided, however, that calculations with respect to a current Subsidiary that has not been a Subsidiary for the entire period covered by such calculation applicable to the Notes shall be calculated on a pro forma basis as if such Subsidiary was a Subsidiary as of the first day of such

 

5

 

period.  For the purposes of this definition, “voting stock, partnership interests, membership interests or other equity interests” means stock or interests having voting power for the election of directors, trustees or managers (or similar members of the governing body of such Person), as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

“Total Asset Value” means, as of any date, the sum of, without duplication:

 

(1)                                 in respect of Projects owned or ground-leased by the Company and its Subsidiaries for at least four fiscal quarters (whether or not the applicable Subsidiary of the Company has been a Subsidiary of the Company for at least four fiscal quarters), the Property EBITDA (excluding any EBITDA attributable to investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities) for such Projects for the previous four consecutive fiscal quarters divided by the Capitalization Rate;

 

(2)                                 in respect of Projects owned or ground-leased by the Company and its Subsidiaries for less than four fiscal quarters, the cost (original cost plus capital improvements) of such Projects and related intangibles, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP; and

 

(3)                                 for all other assets of the Company and its Subsidiaries, excluding accounts receivable and intangible assets, the value as determined in accordance with GAAP.

 

“Total Unencumbered Asset Value” means, as of any date, the sum of, without duplication:

 

(1)                                 in respect of Projects owned or ground-leased by the Company and its Subsidiaries for at least four fiscal quarters (whether or not the applicable Subsidiary of the Company has been a Subsidiary of the Company for at least four fiscal quarters) and which are not subject to a Lien, the Property EBITDA (excluding any EBITDA attributable to investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities) for such Projects for the previous four consecutive fiscal quarters divided by the Capitalization Rate;

 

(2)                                 in respect of Projects owned or ground-leased by the Company and its Subsidiaries for less than four fiscal quarters and which are not subject to a Lien, the cost (original cost plus capital improvements) of such Projects and related intangibles, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP; and

 

(3)                                 for all other assets of the Company and its Subsidiaries not subject to a Lien, excluding accounts receivable and intangible assets, the value as determined in accordance with GAAP;

 

6

 

all determined on a consolidated basis in accordance with GAAP; provided, however, that, all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Asset Value.

 

“Treasury Rate” means (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (provided however, that if no maturity is within three months before or after the remaining life of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, in each case as calculated on the third Business Day preceding the Redemption Date (or date of deposit with the Trustee in the case of a satisfaction and discharge).

 

“Trustee” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture.

 

“Unsecured Debt” means Debt of the Company or any of its Subsidiaries that is not secured by a Lien on any property or assets of the Company or any of its Subsidiaries.

 

“UPREIT Reorganization” means a reorganization of the Company and its subsidiaries into an umbrella partnership real estate investment trust, including by converting WPC Holdco LLC, a direct wholly-owned subsidiary of the Company that currently owns all or substantially all of the Company’s assets, into a limited partnership (the “Operating Partnership”), in which the Company owns all or substantially all of the equity interests, inclunding all of the non-economic equity interests of the general partner thereof.

 

ARTICLE TWO

 

AMENDMENT TO THE ORIGINAL INDENTURE

 

Section 201  Amendment to Section 501 Relating to Events of Default.  Section 501(5) of the Original Indenture is amended and restated, with respect to the Notes and Securities of each series issued on or subsequent to the date hereof (together, the “Future Securities”), to read as follows:

 

(5)                                 a failure by the Company to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) in respect of any Indebtedness (for purposes of this Article Two, as defined in Article One of the Original Indenture) of the Company in excess of $50,000,000 principal amount under any bond,

 

7

 

debenture, note or other evidence of Indebtedness, or a default under any such bond, debenture, note or other evidence of Indebtedness by the Company has resulted in the acceleration prior to the stated maturity of the principal amount thereof in excess of $50,000,000, in each case, unless such Indebtedness is discharged, or the acceleration of such Indebtedness is rescinded or annulled, in each case within 30 days after the Company’s failure to pay such Indebtedness or the date of acceleration of the stated maturity of the principal amount of such Indebtedness, as the case may be;

 

ARTICLE THREE

 

CERTAIN COVENANTS

 

In addition to the covenants set forth in Sections 1001 through 1004, inclusive, of the Original Indenture, there are established the following covenants for the benefit of Holders of the Notes and any Future Securities and to which such Notes and Future Securities shall be subject and to which Sections 402(3) and 1005 of the Original Indenture shall apply:

 

Section 301  Limitation on Incurrence of Debt.  The Company shall not, and shall not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of its and its Subsidiaries’ Total Asset Value.

 

Section 302  Limitation on the Incurrence of Secured Debt.  In addition to the limitation set forth in Section 301 above, the Company shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries’ property or assets if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) secured by a Lien on any of its or its Subsidiaries’ property or assets is greater than 40% of its and its Subsidiaries’ Total Asset Value.

 

Section 303  Limitation on the Incurrence of Debt Based on Consolidated EBITDA to Annual Debt Service Charge.  In addition to the limitations set forth in Sections 301 and 302 above, the Company shall not, and shall not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the ratio of Consolidated EBITDA to Annual Debt Service Charge (determined on a consolidated basis in accordance with GAAP) for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such Debt is to be incurred (for which consolidated financial statements have been filed with the Commission on Form 10-K or Form 10-Q, as the case may be, or, if such filing is not permitted under the Exchange Act, with the Trustee) shall have been less than 1.5:1, calculated on the following assumptions:  (1) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four consecutive fiscal quarterly period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such

 

8

 

period; (2) the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four consecutive fiscal quarterly period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period); and (3) in the case of any acquisition or disposition by the Company or any of its Subsidiaries of any asset or group of assets with a fair market value in excess of $1.0 million since the first day of such four consecutive fiscal quarterly period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

 

If the Debt giving rise to the need to make the calculation described above or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire such four consecutive fiscal quarterly period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during such period.

 

Section 304  Maintenance of Unencumbered Asset Value.  The Company shall not have at any time Total Unencumbered Asset Value of less than 150% of the aggregate principal amount of all of its and its Subsidiaries’ outstanding Unsecured Debt (determined on a consolidated basis in accordance with GAAP).

 

Section 305  Reports by the Company.  To the extent there exists any Outstanding Securities, if the Company is subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, the Company shall deliver to the Trustee the annual reports, quarterly reports and other documents which it is required to file with the Commission pursuant to Section 13(a) or 15(d) or any successor provision, within 15 days after the date that the Company files the same with the Commission.  If the Company is not subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, and for so long as there exist any Outstanding Securities, the Company shall deliver to the Trustee the quarterly and annual financial statements and accompanying Item 303 of Regulation S-K (“management’s discussion and analysis of financial condition and results of operations”) disclosure that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q required to be filed with the Commission if the Company was subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, within 15 days of the filing date that would be applicable to the Company at that time pursuant to applicable Commission rules and regulations.

 

Reports and other documents filed with the Commission via the EDGAR system shall be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 305; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s

 

9

 

compliance with any of its covenants relating to the Securities (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

ARTICLE FOUR

 

POSSIBLE FUTURE OPERATING PARTNERSHIP GUARANTEE

 

Section 401  Possible Future Operating Partnership Guarantee. Upon and following consummation of the UPREIT Reorganization, if the Operating Partnership incurs or assumes any recourse Funded Debt, or guarantees or otherwise becomes obligated with respect to any other entity’s Funded Debt, then the Company shall cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee or other action, to (i) execute and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the Trustee, pursuant to which the Operating Partnership shall fully, unconditionally and irrevocably guarantee all of the payment and other obligations under the Notes and any Future Securities in a timely manner on a senior unsecured basis (the “Operating Partnership Guarantee”) and (ii) deliver to the Trustee an Officer’s Certificate and an opinion of counsel to the effect that each of such supplemental indenture and such Operating Partnership Guarantee has been duly authorized, executed and delivered by, and constitutes a valid, legally binding and enforceable obligation of, the Operating Partnership, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws or by general principles of equity. Any such Operating Partnership Guarantee shall provide that holders of the Notes and any Future Securities  shall be entitled to proceed directly against the Operating Partnership without exercising their remedies against any other obligor.

 

Section 402  Ranking. Any Operating Partnership Guarantee shall rank equally and ratably with all other existing and future unsecured and unsubordinated indebtedness of the Operating Partnership, shall rank senior to any subordinated indebtedness of the Operating Partnership that is not secured, and shall effectively rank junior to (i) any secured indebtedness of the Operating Partnership to the extent of the value of the collateral securing such indebtedness and (ii) to all of the indebtedness and other liabilities, whether secured or unsecured, if any, and any preferred equity of the subsidiaries of the Operating Partnership.

 

Section 403  Waiver of Reimbursement, Indemnity and Subrogation Rights. If and for so long as the Operating Partnership guarantees the Notes or any Future Securities, it shall agree in the supplemental indenture that it shall waive and shall not in any manner whatsoever claim or take the benefit or advantage of any right of reimbursement, indemnity or subrogation or any other right as a result of any payment by the Operating Partnership under any Operating Partnership Guarantee until the Notes, or such Future Securities, have been paid in full.

 

Section 404  Release of any Operating Partnership Guarantee. Any Operating Partnership Guarantee shall be automatically released if (i) the Company exercises its option to discharge its obligations with respect to this Fifth Supplemental Indenture or the Notes, as applicable, pursuant to Article Four in the Original Indenture, or (ii) the Operating Partnership is no longer obligated on any other Funded Debt.

 

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Section 405  Supplemental Indenture. The supplemental indenture shall provide that the obligations of the Operating Partnership under any Operating Partnership Guarantee shall be limited as necessary to prevent such Operating Partnership Guarantee from constituting a fraudulent conveyance or fraudulent transfer under applicable law.

 

ARTICLE FIVE

 

FORM AND TERMS OF THE NOTES

 

This Article Five applies solely to the Notes and shall not affect the rights under the Original Indenture of the Holders of Securities of any other series.

 

Section 501  Form and Dating.

 

The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto.  The Notes shall be executed on behalf of the Company by two officers of the Company specified in Section 303 of the Original Indenture.  The Notes may have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to Original Indenture or this Fifth Supplemental Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently with the Original Indenture, be determined by the officer of the Company executing the Notes as evidenced by the execution of the Notes.  Each Note shall be dated the date of its authentication.  The Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and integral multiple of $1,000 in excess thereof.

 

The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Original Indenture as supplemented by this Fifth Supplemental Indenture; and the Company and the Trustee, by their execution and delivery of this Fifth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby; provided, that, to the extent of any inconsistency between the terms and provisions in the Original Indenture, as supplemented by this Fifth Supplemental Indenture, and those contained in the Notes, the Notes shall govern.

 

(1)           Global Notes. The Notes designated herein shall be issued initially in the form of one or more fully-registered permanent global Securities (the “Global Notes” and each, a “Global Note”), which shall be held by the Trustee as custodian for The Depository Trust Company, New York, New York (the “Depositary”), and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated by the Trustee. The aggregate principal amount of outstanding Notes represented by a Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

Unless and until the Global Notes are exchanged in whole or in part for the individual Notes represented thereby pursuant to Section 305 of the Original Indenture,

 

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such Global Notes may not be transferred except as a whole by the Depositary to its nominee or by its nominee to the Depositary or another nominee of the Depositary or by the Depositary or any of its nominees to a successor depositary or any nominee of such successor depositary. Upon the occurrence of the events specified in Section 305 of the Original Indenture in relation thereto, the Company shall execute, and the Trustee shall, upon receipt of a request by the Company for authentication, authenticate and deliver, Notes in physical, certificated form registered in such names and in such principal amounts equal to the outstanding aggregate principal amount of the Global Notes in exchange therefor.

 

(2)           Book-Entry Provisions. This Section 501(2) shall apply only to the Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee shall, in accordance with this Section 501(2), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary or the nominee of the Depositary and shall be held by the Trustee as custodian for the Depositary.

 

Participants of the Depositary shall have no rights either under the Indenture or with respect to any Global Notes. The Depositary or its nominee, as applicable, shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee, as applicable, or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(3)           Definitive Notes. Notes issued in physical, certificated form, registered in the name of the beneficial owner thereof, shall be substantially in the form of the Note attached hereto as Exhibit A, but without including the text referred to therein as applying only to Global Notes. Except as provided above in subsection (1), owners of beneficial interests in the Global Notes shall not be entitled to receive physical delivery of certificated Notes.

 

(4)           Transfer and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the Original Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

 

Section 502  Certain Terms of the Notes.

 

The terms of the Notes are established as set forth in Article Three of the Original Indenture, this Section, in Section 503 and as further established in the form of Note attached hereto as Exhibit A. The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Original Indenture as supplemented by this Fifth

 

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Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Fifth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

(1)           Title.  The Notes shall constitute a series of Securities having the title “3.850% Senior Notes due 2029.”

 

(2)           Principal Amount.  The Notes shall initially be limited to an aggregate principal amount of THREE HUNDRED AND TWENTY FIVE MILLION DOLLARS ($325,000,000). The Company may, from time to time, without notice to or the consent of any Holders, create and issue additional debt securities having the same terms as the Notes in all respects, except for the issue date, public offering price and, under certain circumstances, the date from which interest begins to accrue and the first payment of interest thereon, provided that (i) such issuance complies with the covenants set forth in the Indenture and (ii) any additional debt securities must be fungible with the previously outstanding Notes for U.S. federal income tax purposes. Additional debt securities issued in this manner shall be consolidated with, and shall form a single series of debt securities under the Indenture with, the Notes. The Notes and any additional debt securities shall rank equally and ratably in right of payment and shall be treated as a single series of debt securities for all purposes under the Indenture.

 

(3)           Maturity Date. The Notes shall mature on July 15, 2029 (the “Stated Maturity Date”) and shall be paid against presentation and surrender thereof at the Corporate Trust Office of the Trustee, or by electronic means, unless earlier redeemed by the Company at its sole option.

 

(4)           Interest Rate. Interest on the Notes shall accrue at the rate of 3.850% per year from, and including, June 14, 2019 or the most recent interest payment date to which interest has been paid or provided for, as the case may be, and shall be payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020 (each, an “Interest Payment Date”).  The interest so payable shall be paid to each Holder in whose name a Note is registered at the close of business on the December 31 or June 30 (whether or not a New York Business Day) immediately preceding the applicable Interest Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

(5)           Sinking Fund Provisions. The Notes shall not be entitled to the benefits of, or be subject to, any sinking fund.

 

Section 503  Redemption.

 

(1)           Optional Redemption. The Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from time to time, in each case prior to April 15, 2029 (the “Par Call Date”), for cash, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed that would be due if the Notes matured on the

 

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Par Call Date (exclusive of unpaid interest accrued to, but not including, such Redemption Date), discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in each case, unpaid interest, if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date.

 

In addition, at any time on or after the Par Call Date, the Notes shall be redeemable, at the Company’s sole option, in whole at any time or in part from time to time, for cash, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed plus unpaid interest, if any, on the principal amount of the Notes to be redeemed accrued to, but not including, such Redemption Date. Notwithstanding the foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date falling on or before such Redemption Date.

 

(2)           Notice of Redemption. The Company (or, at the Company’s request, the Trustee on its behalf) must transmit a notice of redemption to each Holder of Notes to be redeemed at least 30 days but not more than 60 days prior to the Redemption Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed, the CUSIP and International Securities Identification Number (“ISIN”) numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price, the place or places of payment and that payment shall be made upon presentation and surrender of such Notes. Once notice of redemption is delivered to Holders, the Notes called for redemption shall become due and payable on the Redemption Date at the Redemption Price. On or before 10:00 a.m., New York City time, on the Redemption Date, either the Company or the Operating Partnership, if an Operating Partnership Guarantee has been issued, shall deposit with the Trustee or with one or more paying agents an amount of money sufficient to redeem on the Redemption Date all the Notes so called for redemption at the Redemption Price.

 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any portion of the Notes called for redemption on the Redemption Date.

 

If less than all of the Notes are to be redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in the case of Notes in book-entry form, shall be in accordance with the procedures of the Depositary.  The Trustee may select Notes and portions of Notes in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

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ARTICLE SIX

 

MISCELLANEOUS

 

Section 601  Relationship with Indenture.

 

The terms and provisions contained in the Original Indenture shall constitute, and are hereby expressly made, a part of this Fifth Supplemental Indenture.  However, to the extent any provision of the Original Indenture conflicts with the express provisions of this Fifth Supplemental Indenture, the provisions of this Fifth Supplemental Indenture shall govern and be controlling.

 

Section 602  Trust Indenture Act Controls.

 

If any provision of this Fifth Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Fifth Supplemental Indenture by the Trust Indenture Act, the required provision shall control.  If any provision of this Fifth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Fifth Supplemental Indenture as so modified or excluded, as the case may be.

 

Section 603  Governing Law.

 

This Fifth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401.

 

Section 604  Multiple Counterparts.

 

The parties may sign multiple counterparts of this Fifth Supplemental Indenture.  Each signed counterpart shall be deemed an original but all of them together represent one and the same Fifth Supplemental Indenture.

 

Section 605  Severability.

 

Each provision of this Fifth Supplemental Indenture shall be considered separable and if for any reason any provision that is not essential to the effectuation of the basic purpose of this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto.

 

Section 606  Ratification.

 

The Original Indenture, as supplemented and amended by this Fifth Supplemental Indenture, is in all respects ratified and confirmed.  The Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed as one and the same instrument.  All provisions included in this Fifth Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law.  The Trustee accepts the trusts

 

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created by the Original Indenture, as supplemented by this Fifth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Original Indenture, as supplemented by this Fifth Supplemental Indenture.  The recitals and statement contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture.

 

Section 607  Headings.

 

The Section headings in this Fifth Supplemental Indenture are for convenience only and shall not affect the construction thereof.

 

Section 608  Effectiveness.

 

The provisions of this Fifth Supplemental Indenture shall become effective as of the date hereof.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed all as of the day and year first above written.

 

	
 
    	
W. P.   CAREY INC., as Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ ToniAnn Sanzone
    
	
 
    	
Name:   ToniAnn Sanzone
    
	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION,
    
	
 
    	
as   Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Raymond S.   Haverstock
    
	
 
    	
Name:   Raymond S. Haverstock
    
	
 
    	
Title:   Vice President
    

 

[Signature Page to Fifth Supplemental Indenture]

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