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  and Exchange Commission</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Washington,
  D.C. 20549</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">Form&#160;8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">Current
  Report</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
  to Section&#160;13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Securities
  Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Date
  of report: <font style="DISPLAY: inline; FONT-WEIGHT: bold">January 5,
  2010</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">REALTY
  INCOME CORPORATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Exact
  name of registrant as specified in its charter)</font></div>
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              </td>
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              </td>
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              </td>
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        or Other Jurisdiction of Incorporation or Organization)</font></div>
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        File Number)</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(IRS
        Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">600
  La Terraza Boulevard, Escondido, California 92025-3873</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Address
  of principal executive offices)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">(760)&#160;741-2111</font></div>
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  telephone number, including area code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">N/A</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(former
  name or former address, if changed since last report)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">Check
  the appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">[&#160;&#160;&#160;]
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">[&#160;&#160;&#160;]
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">[&#160;&#160;&#160;]
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">[&#160;&#160;&#160;]
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))<a name="page_de1140_1_2" /></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><a name="page_jc1140_1_3" /><a name="jc1140_signature" /><a name="toc_jc1140_1">Item
  5.02&#160;&#160; Departure of Directors or Certain Officers; Election of
  Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
  Officers.</a></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On
  January 5, 2010, Realty Income Corporation (the &#8220;Company&#8221;) entered into amended
  and restated employment agreements with each of Messrs. Thomas A. Lewis (Vice
  Chairman of the Board of Directors and Chief Executive Officer), Gary M. Malino
  (President and Chief Operating Officer), Paul M. Meurer (Executive Vice
  President, Chief Financial Officer and Treasurer), Michael R. Pfeiffer
  (Executive Vice President, General Counsel and Secretary) and Richard G. Collins
  (Executive Vice President, Portfolio Management).&#160;&#160;The amended and
  restated employment agreements supersede and replace the current employment
  agreements between the executives and the Company that were entered into in
  October 2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
  employment agreements provide for an indefinite term of employment that will
  continue until the executive&#8217;s employment is terminated by either party in
  accordance with the terms of the agreement.&#160;&#160;Messrs. Lewis, Malino,
  Meurer, Pfeiffer and Collins will receive annual base salaries of no less than
  $550,000, $400,000, $325,000, $300,000 and $220,000, respectively, under each of
  their employment agreements.&#160;&#160;Any annual bonus payable to the
  executive during the term of the employment agreement will be solely at the
  discretion of the Company and will be subject to and conditioned upon the
  executive&#8217;s employment with the Company through the date of payment of such
  bonus.&#160;&#160;The employment agreements also generally provide for the
  executive&#8217;s participation in the Company&#8217;s 2003 Incentive Award Plan and
  eligibility to participate in any group medical insurance plan, qualified
  pension or profit sharing plan or any other employee benefit plan maintained by
  the Company and applicable to all other employees, including vacation
  policies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Consistent
  with the prior employment agreements, if the executive&#8217;s employment with the
  Company is terminated by the Company without &#8220;cause&#8221; or by reason of a
  &#8220;constructive termination&#8221; (each as defined in the employment agreements), in
  either case prior to or more than twelve months after a &#8220;change in control&#8221; of
  the Company (as defined in the employment agreements), and subject to the
  executive&#8217;s execution and non-revocation of a general release of claims, the
  executive will be entitled to receive (i) a single lump-sum cash payment in an
  amount equal to twelve months of the executive&#8217;s then current base salary plus
  the average of the last three years&#8217; cash bonus paid to the executive (excluding
  commissions, if any), and (ii) continued group medical insurance coverage at the
  Company&#8217;s expense for a period of twelve months from the date of such
  termination or until the executive becomes covered under another group medical
  insurance plan, whichever occurs first.&#160;&#160;If the executive&#8217;s employment
  with the Company is terminated by the Company without cause or by reason of a
  constructive termination, in either case on or within twelve months after a
  change in control of the Company, in lieu of the severance payment and benefits
  described in the preceding sentence, and subject to the executive&#8217;s execution
  and non-revocation of a general release of claims, the executive will be
  entitled to receive (i) a single lump-sum cash payment in an amount equal to
  eighteen months of the executive&#8217;s then current base salary plus the average of
  the last three years&#8217; cash bonus paid to the executive (excluding commissions,
  if any), and (ii) continued group medical insurance coverage at the Company&#8217;s
  expense for a period of eighteen months from the date of such termination or
  until the executive becomes covered under another group medical insurance plan,
  whichever occurs first.&#160;&#160;The employment agreements do not provide for
  any additional benefits or payments upon the executive&#8217;s termination of
  employment for any other reason, other than the payment of accrued obligations
  and any life or disability insurance benefits to which the executive may
  otherwise be entitled.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
  employment agreements require that the executive devote his full time, attention
  and energy to the Company&#8217;s business and may not engage in any other business
  activity which would interfere with the performance of his duties or be
  competitive with the Company&#8217;s business, unless specifically permitted by the
  Company&#8217;s Board of Directors. This restriction does not prevent the executive
  from making passive investments, so long as such investments do not require the
  executive&#8217;s services in a manner that would impair the performance of his duties
  under the employment agreement.&#160;&#160;The employment agreements also
  indefinitely restrict the disclosure and use by the executive of the Company&#8217;s
  confidential information.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
  foregoing summary is qualified in its entirety by reference to the full text of
  the employment agreement, a form of which is attached hereto as Exhibit 10.1 and
  incorporated by reference herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Item
  9.01&#160;&#160;&#160;Financial<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Statements and
  Exhibits</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
  <tr valign="top">
              <td style="WIDTH: 9pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
        </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">(d)&#160;&#160;Exhibits</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">10.1&#160;&#160;&#160;Form
  of Employment Agreement entered into between the Company and Messrs. Lewis,
  Malino, Meurer, Pfeiffer and Collins.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
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  </font></div>
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  </font></div>
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  </font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">SIGNATURE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Dated:
        January 7, 2010</font></div>
              </td>
              <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
              <td align="left" colspan="3" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">REALTY
        INCOME CORPORATION</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
              <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">By:</font></div>
              </td>
              <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
        </font></td>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;<font style="TEXT-DECORATION: underline">/s/ MICHAEL R.
        PFEIFFER</font></font></div>
              </td>
            </tr><tr>
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        </font></td>
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        </font></td>
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        </font></td>
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        </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Michael
        R. Pfeiffer</font></div>
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        </font></td>
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        </font></td>
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        </font></td>
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        </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Executive
        Vice President, General Counsel and
  Secretary</font></div>
              </td>
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  TO EXHIBITS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
  No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">10.1</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Form
        of Employment Agreement entered into between the Company and Messrs.
        Lewis, Malino, Meurer, Pfeiffer and
  Collins.</font></div>
              </td>
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text: ri8k_employmentagreement.htm
  United
  States
  Securities
  and Exchange Commission
  Washington,
  D.C. 20549
  Form 8-K
  Current
  Report
  Pursuant
  to Section 13 or 15(d) of the
  Securities
  Exchange Act of 1934
  Date
  of report:
  January 5,
  2010
  REALTY
  INCOME CORPORATION
  (Exact
  name of registrant as specified in its charter)
  Maryland
  1-13374
  33-0580106
  (State
        or Other Jurisdiction of Incorporation or Organization)
  (Commission
        File Number)
  (IRS
        Employer Identification No.)
  600
  La Terraza Boulevard, Escondido, California 92025-3873
  (Address
  of principal executive offices)
  (760) 741-2111
  (Registrant's
  telephone number, including area code)
  N/A
  (former
  name or former address, if changed since last report)
  Check
  the appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:
  [   ]
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  [   ]
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  [   ]
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))
  [   ]
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))
  Item
  5.02   Departure of Directors or Certain Officers; Election of
  Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
  Officers.
  On
  January 5, 2010, Realty Income Corporation (the "Company") entered into amended
  and restated employment agreements with each of Messrs. Thomas A. Lewis (Vice
  Chairman of the Board of Directors and Chief Executive Officer), Gary M. Malino
  (President and Chief Operating Officer), Paul M. Meurer (Executive Vice
  President, Chief Financial Officer and Treasurer), Michael R. Pfeiffer
  (Executive Vice President, General Counsel and Secretary) and Richard G. Collins
  (Executive Vice President, Portfolio Management).  The amended and
  restated employment agreements supersede and replace the current employment
  agreements between the executives and the Company that were entered into in
  October 2008.
  The
  employment agreements provide for an indefinite term of employment that will
  continue until the executive's employment is terminated by either party in
  accordance with the terms of the agreement.  Messrs. Lewis, Malino,
  Meurer, Pfeiffer and Collins will receive annual base salaries of no less than
  $550,000, $400,000, $325,000, $300,000 and $220,000, respectively, under each of
  their employment agreements.  Any annual bonus payable to the
  executive during the term of the employment agreement will be solely at the
  discretion of the Company and will be subject to and conditioned upon the
  executive's employment with the Company through the date of payment of such
  bonus.  The employment agreements also generally provide for the
  executive's participation in the Company's 2003 Incentive Award Plan and
  eligibility to participate in any group medical insurance plan, qualified
  pension or profit sharing plan or any other employee benefit plan maintained by
  the Company and applicable to all other employees, including vacation
  policies.
  Consistent
  with the prior employment agreements, if the executive's employment with the
  Company is terminated by the Company without "cause" or by reason of a
  "constructive termination" (each as defined in the employment agreements), in
  either case prior to or more than twelve months after a "change in control" of
  the Company (as defined in the employment agreements), and subject to the
  executive's execution and non-revocation of a general release of claims, the
  executive will be entitled to receive (i) a single lump-sum cash payment in an
  amount equal to twelve months of the executive's then current base salary plus
  the average of the last three years' cash bonus paid to the executive (excluding
  commissions, if any), and (ii) continued group medical insurance coverage at the
  Company's expense for a period of twelve months from the date of such
  termination or until the executive becomes covered under another group medical
  insurance plan, whichever occurs first.  If the executive's employment
  with the Company is terminated by the Company without cause or by reason of a
  constructive termination, in either case on or within twelve months after a
  change in control of the Company, in lieu of the severance payment and benefits
  described in the preceding sentence, and subject to the executive's execution
  and non-revocation of a general release of claims, the executive will be
  entitled to receive (i) a single lump-sum cash payment in an amount equal to
  eighteen months of the executive's then current base salary plus the average of
  the last three years' cash bonus paid to the executive (excluding commissions,
  if any), and (ii) continued group medical insurance coverage at the Company's
  expense for a period of eighteen months from the date of such termination or
  until the executive becomes covered under another group medical insurance plan,
  whichever occurs first.  The employment agreements do not provide for
  any additional benefits or payments upon the executive's termination of
  employment for any other reason, other than the payment of accrued obligations
  and any life or disability insurance benefits to which the executive may
  otherwise be entitled.
  The
  employment agreements require that the executive devote his full time, attention
  and energy to the Company's business and may not engage in any other business
  activity which would interfere with the performance of his duties or be
  competitive with the Company's business, unless specifically permitted by the
  Company's Board of Directors. This restriction does not prevent the executive
  from making passive investments, so long as such investments do not require the
  executive's services in a manner that would impair the performance of his duties
  under the employment agreement.  The employment agreements also
  indefinitely restrict the disclosure and use by the executive of the Company's
  confidential information.
  The
  foregoing summary is qualified in its entirety by reference to the full text of
  the employment agreement, a form of which is attached hereto as Exhibit 10.1 and
  incorporated by reference herein.
  Item
  9.01   Financial
  Statements and
  Exhibits
  (d)  Exhibits
  10.1   Form
  of Employment Agreement entered into between the Company and Messrs. Lewis,
  Malino, Meurer, Pfeiffer and Collins.
  SIGNATURE
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  Dated:
        January 7, 2010
  REALTY
        INCOME CORPORATION
  By:
  /s/ MICHAEL R.
        PFEIFFER
  Michael
        R. Pfeiffer
  Executive
        Vice President, General Counsel and
  Secretary
  INDEX
  TO EXHIBITS
  Exhibit
  No.
  Description
  10.1
  Form
        of Employment Agreement entered into between the Company and Messrs.
        Lewis, Malino, Meurer, Pfeiffer and
  Collins.