Document:

cic-golding

                             NORTHWEST BANK                      AND NORTHWEST BANCSHARES, INC.                       CHANGE IN CONTROL AGREEMENT                                       For                             JOHN J. GOLDING, EVP          This Change in Control Agreement (the “Agreement”) is made effective as of June 30,  2019 (the  “Effective  Date”)  by  and  between  Northwest  Bank,  a  Pennsylvania-chartered  stock  savings bank (the “Bank”), and John J. Golding (the “Executive”).  Any reference to “Company”  herein shall mean Northwest Bancshares, Inc., or any successor thereto.          NOW, THEREFORE, in consideration of the mutual covenants herein contained, and  upon the other terms and conditions hereinafter provided, the parties hereby agree as follows:     1.    TERMS OF AGREEMENT          (a)   The period of the Executive’s employment under this Agreement shall begin as of  the Effective Date and shall continue for twelve (12) months as set forth herein.  Commencing on  November 1, 2019 (“Anniversary Date”) and continuing on each Anniversary Date thereafter, this  Agreement shall renew for an additional twelve (12) months such that the remaining term shall be  twelve (12) months from the applicable November 1, unless written notice of non-renewal (“Non- Renewal Notice”) is provided by the Compensation Committee (“Committee” of the Board of  Directors (“Board”) of the Bank to the Executive at least thirty (30) days and not more than sixty  (60) days prior to any such Anniversary Date, that this Agreement shall not be renewed. If a Non- Renewal  Notice  is  given,  the  Agreement  shall  expire  on  the  Anniversary  Date  immediately  following the date the Non-Renewal Notice is given to the Executive.            (b)   Prior  to  each  notice  period  for  non-renewal, the Committee will  conduct  a  comprehensive performance evaluation and review of the Executive for purposes of determining  whether to extend the Agreement, and the results thereof shall be included in the Committee’s  minutes.  The Bank shall pay the Executive as compensation a salary of not less than $300,000 per  year  (“Base  Salary”).  Such  Base  Salary  shall  be  payable  biweekly. During  the  period  of  this  Agreement, the Executive’s Base Salary shall be reviewed at least annually. Such review shall be  conducted by the Committee, and the Committee may increase, but not decrease, the Executive’s  Base Salary other than pursuant to an employer-wide reduction of compensation of all officers of  the Bank and not in excess of the average percentage of the employer-wide reduction (any increase  in Base Salary shall become the “Base Salary” for purposes of this Agreement).          (c)   The failure of Committee to take the actions set forth herein before any Anniversary  Date will result in the automatic non-renewal of this Agreement.  If the Committee fails to inform  the Executive of its determination regarding the renewal or non-renewal of this Agreement, the  Executive may make a written request asking for the Committee’s decision and the Committee  shall provide a written response to the Executive within thirty (30) days of the receipt of such  request.  Reference herein to the term of this Agreement shall refer to both such initial term and  such extended terms.      {Clients/1059/00214203.DOC/ }        

 

                                      2        (d)   Upon the expiration or termination of the Agreement, the Executive shall be an “at  will” employee unless the Committee has informed the Executive that the Executive’s employment  with the Bank will terminate when the Agreement terminates.            (e)   Notwithstanding the preceding, in the event  a Change in Control (as defined in  Section 2.3) occurs, this Agreement shall continue in full force and effect, and shall not terminate  or expire until the later of (i) twelve (12) months after the Change in Control occurs, or (ii) payment  in  full  of  the  severance  payment  under  Section  2  hereof  (the  “Severance  Payment”)  to the  Executive.      2.    SEVERANCE PAYMENT              2.1   Right to Severance Payment                Upon the occurrence of a Change in Control of the Bank or the Company followed, within  twenty-four (24) months thereafter, by the termination of Executive’s employment for a reason  specified in Section 2.2 below, the Executive shall be entitled to the Severance Payment provided  under Section 2.5.  In the event termination occurs by reason of death, voluntary termination other  than for reasons specified in Section 2.2, Disability, or for Just Cause, the Executive shall not be  entitled to a Severance Payment.                Notwithstanding  the  foregoing, the Executive  shall  not  be  entitled  to  any  payments  or  benefits under this Agreement unless and until the Executive executes a release of claims against  the Bank, the Company  and any affiliate, and their officers, directors, successors  and assigns,  releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations  or  grievances  relating  to  the  employment  relationship,  including  claims  under  the  Age  Discrimination in Employment Act (“ADEA”), but not including claims for benefits under tax- qualified plans or other benefit plans in which the Executive is vested, claims for benefits required  by applicable law or claims with respect to obligations set forth in this Agreement that survive the  termination of this Agreement.  In order to comply with the requirements of Code Section 409A  and  the  ADEA,  the  release  shall  be  provided  to the Executive  no  later  than  the  date  of the  Executive’s Separation from Service and the Executive shall have no fewer than twenty-one (21)  days to consider the release, and following the Executive’s execution of the release, the Executive  shall have seven (7) days to revoke said release.                               

 

                                      3        2.2   Reasons for Termination                Following  a  Change  in  Control,  Executive  shall  be  entitled  to  a  Severance  Payment  if  Executive  terminates  employment  with  the  Bank within  twenty-four  (24)  months  after  such  Change in Control for any one or more of the following reasons:          (a)   The Bank involuntarily terminates the employment of Executive upon or after a  Change in Control other than for Just Cause.           (b)   A reduction in the Executive’s Base Salary or benefits and perquisites provided to  the Executive from those being provided as of the Effective Date of this Agreement.          (c)   A change  in  the Executive’s  function,  duties,  or  responsibilities,  which  change  would cause the Executive’s position to become one of lesser responsibility, importance or scope.          (d)   A relocation of the Executive’s principal place of employment by more than thirty  (30) miles from its location as of the Effective Date of this Agreement.          (e)   Liquidation or dissolution of the Bank or the Company other than reorganizations  that do not affect the status of the Executive.                (f)   Breach of the Agreement by the Bank or the Company.          Upon the occurrence of any event described in clauses (b), (c), (d), (e) or (f) above (“Good  Reason”), the Executive shall have the right to elect to terminate the Executive’s employment under  this Agreement by resignation upon not less than thirty (30) days prior written notice given within  a reasonable period of time not to exceed ninety (90) days after the initial event giving rise to said  right to elect.  The Bank shall have at least thirty (30) days to remedy any Good Reason condition,  provided,  however,  that  the  Bank  shall  be  entitled  to  waive  such cure period  and  make  an  immediate payment hereunder.                  2.3   Change in Control                A Change in Control of the Bank or the Company shall mean a change in control of a nature  that:                (a)   would be required to be reported in response to Item 5.01 of the current report on  Form  8-K,  as  in  effect  on  the  date  hereof,  pursuant  to  Section  13  or  15(d)  of  the  Securities  Exchange Act of 1934 (the “Exchange Act”); or                (b)   results in a Change in Control of, the Bank or the Company within the meaning of  the  Home  Owners’  Loan  Act,  as  amended,  and  applicable  rules  and  regulations  promulgated  thereunder, as in effect at the time of the Change in Control (collectively, the “HOLA”); or                (c)   a Change in Control shall be deemed to have occurred at such time as:              

 

                 4  (i)  any “person” (as the term is used in Sections 13(d) and 14(d) of       the  Exchange  Act)  is  or  becomes  the  “beneficial  owner”  (as       defined  in  Rule  13d-3  under  the  Exchange  Act),  directly  or       indirectly, of  securities  of  the  Company  representing  25%  or       more of the combined voting power of Company’s outstanding       securities  except  for  any  securities  purchased  by  the  Bank’s       employee stock ownership plan or trust; or    (ii) individuals  who  constitute  the  Board  on  the  date  hereof  (the       “Incumbent Board”) cease for any reason to constitute at least a       majority thereof, provided that any person becoming a director       subsequent to the date hereof whose election was approved by a       vote  of  at  least  three  quarters  of  the  directors  comprising  the       Incumbent  Board,  or  whose  nomination  for  election  by  the       Company’s stockholders was approved by the same Nominating       Committee  serving  under  an  Incumbent  Board,  shall  be,  for       purposes  of  this  clause  (b),  considered  as  though  he  were  a       member of the Incumbent Board; or    (iii) a  plan  of  reorganization,  merger,  consolidation,  sale  of  all  or       substantially all the assets of the Bank or the Company or similar       transaction in which the Bank or Company is not the surviving       institution occurs; or    (iv) a  proxy  statement  soliciting  proxies  from  stockholders  of  the       Company, by someone other than the current management of the       Company,  seeking  stockholder  approval  of  a  plan  of       reorganization,  merger  or  consolidation  of  the  Company  or       similar  transaction  with  one  or  more  corporations  or  financial       institutions, and as a result of such proxy solicitation, a plan of       reorganization,  merger  consolidation  or  similar  transaction       involving the Company is approved by the Company’s Board of       Directors or the requisite vote of the Company’s stockholders; or    (v)  a tender offer is made for 25% or more of the voting securities of       the  Company  and  the  shareholders  owning  beneficially  or  of       record 25% or more of the outstanding securities of the Company       have  tendered  or offered  to  sell  their  shares  pursuant  to  such       tender offer and such tendered shares have been accepted by the       tender offeror.                        

 

                                      5        2.4   Termination for Just Cause                The Executive shall not have the right to receive a Severance Payment pursuant to Section  2.5 upon Termination for Just Cause. “Termination for Just Cause” shall mean termination because  of the Executive’s personal dishonesty, willful misconduct, any breach of fiduciary duty involving  personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or  regulation  (other  than  traffic  violations  or  similar  offenses)  or  final  cease-and-desist  order,  or  material  breach of any  provision  of this  Agreement.  In determining incompetence, the acts  or  omissions shall be measured against standards generally prevailing in the banking industry. For  purposes of this paragraph, no act or failure to act on the part of the Executive shall be considered  “willful”  unless  done,  or  omitted  to  be  done,  by  the  Executive  not  in  good  faith  and  without  reasonable belief that the Executive’s action or omission was in the best interest of the Bank or the  Company.          2.5   Amount and Time and Form of Severance Payment          In the event the Executive becomes entitled to a Severance Payment under the Agreement,  the  Bank  shall  pay the Executive,  or  in  the  event  of the  Executive’s subsequent  death, the  Executive’s estate, the following as a Severance Payment:                (a)   The Bank shall play the Executive a cash lump sum equal to the sum of (i) three (3)  times the Executive’s highest rate of base salary plus (ii) three (3) times the highest rate of cash  bonus paid to the Executive during the prior three (3) years, paid within thirty (30) days following  the Separation from Service or, if the Executive is a Specified Employee (within the meaning of  Treasury Regulations §1.409A-1(i)), to the extent required to avoid penalties under Code Section  409A, on the first business day of the seventh month following the Separation from Service.  Such  payment shall not be reduced in the event the Executive obtains other employment following a  Separation from Service.            (b)   In  addition  to  the  cash  lump  sum,  the  Bank  shall  provide  the  Executive  with  continued  non-taxable  medical  and  dental  coverage  substantially  identical  to  the  coverage  maintained by the  Bank for the Executive and his  eligible dependents prior to  the date of the  Executive’s Separation from Service. Such coverage shall continue for a period of thirty-six (36)  months after the date of Separation from Service unless the Executive obtains other employment  following Separation from Service under which substantially similar benefits are provided and in  which the Executive and  his eligible  dependents  are eligible  to  participate. Notwithstanding  anything herein contained to the contrary, if applicable law (including, but not limited to, laws  prohibiting discriminating in favor of highly compensated employees), or, if participation by the  Executive and his eligible dependents is not permitted under the terms of the applicable health  plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay  the Executive a cash lump sum payment reasonably estimated to be equal to the value of such non- taxable medical and dental benefits, with such payment to be made by lump sum within thirty (30)  business days after the Separation from Service, or if later, the date on which the Bank determines  that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for  the foregoing reasons.      

 

                                      6        (c)   Notwithstanding  the  provisions  of  (a)  and  (b)  above,  if the Executive  is  a  “Disqualified Individual” within the meaning of Code Section 280G and the Severance Payment  is  in  an  amount  which  includes  an  “Excess  Parachute  Payment”  within  the  meaning  of  Code  Section 280G, the Severance Payment hereunder to Executive shall be reduced to the maximum  amount which does not include an Excess Parachute Payment.  In the event any change in the Code  or regulations thereunder should reduce the amount of payments permissible under Code Section  280G on the Effective Date, then the Severance Payment that is payable shall be determined as if  such change in the Code or regulations had not been made.  The allocation of the reduction of any  aggregate payments or benefits of this Section 2 shall be determined by the Executive, provided,  however, that if it is determined that such election by the Executive shall be in violation of Code  Section 409A, the allocation of the required reduction shall be pro-rata.            (d)   Notwithstanding the provisions of (a) and (b) above, no payments shall be made  hereunder  if  the Bank  is  not  in  compliance  with  its  minimum  capital  requirements  or  if  such  payments would cause the Bank’s capital to be reduced below its minimum capital requirements.          2.6   Separation from Service          For purposes of this Section 2, “termination of employment” shall be construed to mean  “Separation  from  Service”  as  defined  in  Code  Section  409A  and  the  Treasury  regulations  promulgated thereunder, provided, however, that the Bank and the Executive reasonably anticipate  that  the  level  of  bona-fide  services the Executive  would  perform  after  termination  would  permanently decrease to a level that is less than 50% of the average level of bona fide services  performed (whether as an employee or an independent contractor) over the immediately preceding  36-month period.      3.    DEATH AND DISABILITY BENEFITS          (a)   “Disability” or “Disabled” shall be construed to comply with Code Section 409A  and shall be deemed to have occurred, with or without a Change in Control, if: (i) the Executive is  unable  to  engage  in  any  substantial  gainful  activity  by  reason  of  any  medically  determinable  physical or mental impairment that can be expected to result in death, or last for a continuous  period of not less than twelve (12) months; (ii) by reason of any medically determinable physical  or mental impairment that can be expected to result in death, or last for continuous period of not  less than twelve (12) months, the Executive is receiving income replacement benefits for a period  of not less than three months under an accident and health plan covering employees of the Bank;  or (iii) the Executive is determined to be totally disabled by the Social Security Administration.   In the event of Disability, the Executive shall be entitled to receive benefits under any short or  long-term disability plan maintained by the Bank.  To extent that such benefits are less than the  Executive’s Base Salary at the rate in effect at the time of the Executive’s Disability, the Bank  shall pay the Executive  a cash  lump sum equal  to  the difference between such disability plan  benefits and the amount of the Executive’s Base Salary for one year following the termination of  his employment due to Disability (regardless of whether a Change in Control has occurred).  Any  payment required hereunder shall be made no later than two and one-half (2.5) months after the  end of calendar year in which the Disability occurred.            

 

                                      7        (b)   In the event of the Executive’s death during the term of the Agreement, with or  without a Change in Control, his estate shall be paid a cash lump sum equal to one times the  Executive’s Base Salary at the rate in effect at the time of the Executive’s death.  Such payment  shall be made within thirty (30) days after the Executive’s date of death.  In addition, the Bank  will continue to provide non-taxable medical and dental benefits as were previously provided for  the Executive’s eligible dependents for three (3) years after the Executive’s death. Notwithstanding  anything herein contained to the contrary, if applicable law (including, but not limited to, laws  prohibiting discriminating in favor of highly compensated employees), or, if participation by the  Executive’s eligible dependents is not permitted under the terms of the applicable health plans, or  if  providing  such  benefits  would  subject  the Bank to  penalties,  then  the Bank shall  pay  the  Executive’s surviving eligible dependents a cash lump sum payment reasonably estimated to be  equal to the value of such non-taxable medical and dental benefits, with such payment to be made  by lump sum within thirty (30) business days of the Executive’s death, or if later, the date on which  the Bank determines that such insurance coverage (or the remainder of such insurance coverage)  cannot be provided for the foregoing reasons.    4.    NOTICE OF TERMINATION          (a)   Any purported termination by the Bank or by the Executive shall be communicated  by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of  Termination” shall mean a written notice which shall indicate the specific termination provision  in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances  claimed to provide a basis for termination of the Executive’s employment under the provision so  indicated.          (b)   “Date of Termination” shall mean the date specified in the Notice of Termination  (which, in the case of a Termination for Just Cause, shall be immediate). Except as set forth below  in paragraph (c), in no event shall the Date of Termination exceed thirty (30) days from the date  Notice of Termination is given.          (c)   If,  within  thirty  (30)  days  after  any  Notice  of  Termination  is  given,  the  party  receiving such Notice of Termination notifies the other party that a dispute exists concerning the  termination, except upon the occurrence of a Change in Control and voluntary termination by  Executive, in which case the Date of Termination shall be the date specified in the Notice, the Date  of Termination shall be the date on which the dispute is finally determined, either by mutual written  agreement of the parties, by a binding arbitration award, or by a final judgment, order or decree of  a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal  having been perfected) and provided further that the Date of Termination shall be extended by a  notice of dispute only if such notice is given in good faith and the party giving such notice pursues  the resolution of such dispute with reasonable diligence. Notwithstanding the pendency of any  such dispute, the Bank will continue to pay the Executive his full compensation in effect when the  notice giving rise to the dispute was given (including, but not limited to, Base Salary) and continue  the  Executive as  a  participant  in  all  compensation,  benefit  and  insurance  plans  in  which the  Executive was participating when the notice of dispute was given, until the earlier of one hundred  and twenty (120) days from the date of the Notice of Termination or the date upon which the  dispute is finally resolved in accordance with this Agreement. Amounts paid under this Section    

 

                                      8  are in addition to all other amounts due under this Agreement and shall not be offset against or  reduce  any  other  amounts  due  under  this  Agreement.  Notwithstanding  the  foregoing,  no  compensation or benefits shall be paid to the Executive in the event the Executive is terminated  for Just Cause. In the event that such Termination for Just Cause is found to have been wrongful  or such dispute is otherwise decided in Executive’s favor, the Executive shall be entitled to receive  the Severance Payment set forth in Section 2.5 as if the Executive had suffered a termination of  employment under Section 2.2.    5.    SOURCE OF PAYMENTS          It is intended by the parties hereto that all Severance Payments provided in this Agreement  shall be paid in cash, check or direct deposit from the general funds of the Bank or the Company.   The  Company,  however,  guarantees  payment  and  provision  of  all  amounts  and  benefits  due  hereunder to the Executive and, if such amounts and benefits due from the Bank are not timely  paid  or  provided by  the  Bank,  such  amounts  and  benefits  shall  be  paid  or  provided  by  the  Company.      6.    EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS          This  Agreement  contains  the  entire  understanding  between  the  parties  hereto  and  supersedes any prior agreement between the Bank and the Executive, except that this Agreement  shall not affect or operate to reduce any benefit or compensation inuring to the Executive of a kind  elsewhere provided. No provision of this Agreement shall be interpreted to mean that the Executive  is  subject  to  receiving  fewer  benefits  than  those  available  to  him  without  reference  to  this  Agreement.    7.    NO ATTACHMENT          (a)   Except as required by law, no right to receive payments under this Agreement shall  be  subject  to  anticipation,  commutation, alienation,  sale,  assignment,  encumbrance,  charge,  pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by  operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null,  void, and of no effect.          (b)   This Agreement shall be binding upon, and inure to the benefit of, the Executive,  the Bank and their respective successors and assigns.    8.    AMENDMENT, TERMINATION AND WAIVER          (a)   During the term of the Agreement, the Agreement may be terminated or amended  in any respect by an instrument in writing signed by the Executive and the Bank, unless a Change  in Control has previously occurred.  If a Change in Control occurs, the Agreement no longer shall  be subject to amendment, change, substitution, deletion, revocation or termination in any respect  whatsoever.          (b)   No term or condition of this Agreement shall be deemed to have been waived, nor    

 

                                      9  shall there be any estoppel against the enforcement of any provision of this Agreement, except by  written instrument of the party charged with such waiver or estoppel. No such written waiver shall  be  deemed  a  continuing  waiver  unless  specifically  stated  therein,  and  each  such  waiver  shall  operate only as to the specific term or condition waived and shall not constitute a waiver of such  term or condition for the future or as to any act other than that specifically waived.    9.    POST-TERMINATION OBLIGATIONS         (a)   All payments and benefits to the Executive under this Agreement shall be subject  to the Executive’s  compliance  with  paragraph  (b)  of  this  Section 9 during  the  term  of  this  Agreement and for two (2) full years after the expiration or termination hereof.                (b)   The Executive  shall,  upon  reasonable  notice,  furnish  such  information  and  assistance to the Bank as may reasonably be required by the Bank in connection with any litigation  in which it or any of its subsidiaries or affiliates is, or may become, a party.          10.   CONFIDENTIALITY         The Executive recognizes and acknowledges that the knowledge of the business activities  and plans for business activities of the Bank, the Company and affiliates thereof, as it may exist  from time to time, is a valuable, special and unique asset of the business of the Bank and the  Company. The Executive  will  not,  during  or  after  the  term  of  his  employment,  disclose  any  knowledge of the past, present, planned or considered business activities of the Bank, the Company  or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose  whatsoever (except for such disclosure as may be required to be provided to any federal banking  agency  with  jurisdiction  over  the  Bank,  the  Company  or  the  Executive).  Notwithstanding  the  foregoing, the Executive  may  disclose  any  knowledge  of  banking,  financial  and/or  economic  principles, concepts or ideas which are not solely and exclusively derived from the business plans  and  activities  of  the  Bank  or  the  Company,  and the Executive  may  disclose  any  information  regarding the Bank or the Company which is otherwise publicly available. In the event of a breach  or threatened breach by the Executive of the provisions of this Section 9, the Bank and/or the  Company will be entitled to an injunction restraining the Executive from disclosing, in whole or  in part, the knowledge of the past, present, planned or considered business activities of the Bank,  the Company or affiliates thereof, or from rendering any services to any person, firm, corporation,  other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to  be  disclosed.  Nothing  herein  will  be  construed  as  prohibiting  the  Bank  or  the  Company  from  pursuing any other remedies available to the Bank or the Company for such breach or threatened  breach, including the recovery of damages from the Executive.                               

 

                                      10  11.   OTHER RIGHTS AND BENEFITS NOT AFFECTED          11.1  Other Benefits                Except to the extent the Executive shall voluntarily agree otherwise, neither the provisions  of this Agreement nor the Severance Payments provided for hereunder shall reduce any amounts  otherwise payable, or in any way diminish the Executive’s rights as an employee of the Bank,  whether existing now or hereafter, under any benefit, incentive, retirement, stock benefit, stock  bonus, stock ownership or any employment agreement or other plan or arrangement.                11.2  Employment Status                This Agreement does not constitute a contract of employment or impose on the Executive  or the Bank any obligation to retain the Executive as an employee, to change the status of the  Executive’s employment, or to change the Bank or the Company’s policies regarding termination  of employment.          12.   HEADINGS FOR REFERENCE ONLY          The headings of sections and paragraphs herein  are included solely for convenience of  reference  and  shall  not  control  the  meaning  or  interpretation  of  any  of  the  provisions  of  this  Agreement.    13.   LEGAL FEES AND EXPENSES          All  legal  fees  incurred  by  the  Executive  pursuant  to  any  dispute  or  question  of  interpretation relating to this Agreement shall be the responsibility of and paid by the Executive.     14.   ARBITRATION             Any dispute or controversy arising under or in connection with the Agreement shall be  settled by arbitration, conducted before a panel of three arbitrators sitting in a location selected by  the Executive within one hundred (100) miles from the location of the Bank, in accordance with  rules of the American Arbitration Association then in effect.  Judgment may be entered on the  award of the arbitrator in any court having jurisdiction.  All expenses of such arbitration, including  the reasonable fees and expenses of the counsel for the Executive, shall be borne by the Bank or  the Company.    15.   APPLICABLE LAW AND SEVERABILITY          To  the  extent  not  preempted  by  the  laws  of  the  United  States,  the  laws  of  the  Commonwealth  of  Pennsylvania  shall  be  the  controlling  law  in  all  matters  relating  to  the  Agreement.   If  a  provision  of  this  Agreement  shall  be  held  illegal  or  invalid,  the  illegality  or  invalidity  shall  not  affect  the  remaining  parts  of  the  Agreement  and  the  Agreement  shall  be  construed and enforced as if the illegal or invalid provision had not been included.      

 

                                      11  16.   SUCCESSOR TO THE BANK          The Bank shall require any successor or assignee, whether direct or indirect, by purchase,  merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank,  expressly and unconditionally to assume and agree to perform the Bank’s obligations under this  Agreement, in the same manner and to the same extent that the Bank would be required to perform  if no such succession or assignment had taken place.    17.   REQUIRED PROVISION          Notwithstanding anything herein contained to the contrary, any payments to the Executive  by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon  their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k),  and the regulations promulgated thereunder in 12 C.F.R. Part 359.Ex 4.29

		

			 

		

		
			Exhibit 4.29
		

		
			DESCRIPTION OF REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF
		

		
			THE SECURITIES EXCHANGE ACT OF 1934
		

		
			The following description of the common stock of Digital Realty Trust, Inc.’s (“DLR”) sets forth certain general terms and provisions of the common stock. The description of DLR’s common stock set forth below does not purport to be complete and is subject to and qualified in its entirety by reference to the applicable provisions of DLR’s charter and bylaws.
		

		
			As of February 25, 2020, the total number of shares of stock of all classes which DLR has authority to issue is 425,000,000 shares, consisting of 315,000,000 shares of common stock, $0.01 par value per share, and 110,000,000 shares of preferred stock, $0.01 par value per share.
		

		
			General. All outstanding shares of the common stock are duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of the company’s charter regarding the restrictions on transfer of stock, holders of shares of the common stock are entitled to receive dividends on such stock if, as and when authorized by the company’s board of directors out of assets legally available therefor and declared by the company and to share ratably in the assets of the company legally available for distribution to the company’s stockholders in the event of the company’s liquidation, dissolution or winding up after payment or establishment of reserves for all known debts and liabilities of the company.
		

		
			Subject to the provisions of the company’s charter regarding the restrictions on transfer of stock and except as may be otherwise specified therein with respect to any class or series of common stock, each outstanding share of the common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as provided with respect to any other class or series of stock, the holders of such shares will possess the exclusive voting power. There is no cumulative voting in the election of the company’s board of directors, which means that the holders of a majority of the outstanding shares of the common stock can elect all of the directors then standing for election and the holders of the remaining shares will not be able to elect any directors. Directors are elected by a majority of all the votes cast at a meeting of stockholders duly called and at which a quorum is present if the election is uncontested.  Directors are elected by a plurality of the votes cast at a meeting of stockholders duly called and at which a quorum is present if the election is contested.
		

		
			Holders of shares of the common stock have no preference, conversion, exchange, sinking fund or redemption rights, have no preemptive rights to subscribe for any securities of the company and generally have no appraisal rights unless the company’s board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which stockholders would otherwise be entitled to exercise appraisal rights. Subject to the provisions of the company’s charter regarding the restrictions on transfer of stock, shares of the common stock will have equal dividend, liquidation and other rights.
		

		
			Under the Maryland General Corporation Law, or MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business unless the action is approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation’s charter. Except for certain charter amendments relating to the removal of directors and the vote required for certain amendments, the company’s charter provides that these actions may be taken if declared advisable by a majority of the company’s board of directors and approved by the vote of stockholders entitled to cast a majority of the votes entitled to be cast on the matter. However, Maryland law permits a corporation to transfer all or substantially all of its assets without the approval of the stockholders of the corporation to one or more persons if all of the equity interests of the person or persons are owned, directly or indirectly, by the corporation. In addition, operating assets may be held by a corporation’s subsidiaries, as in the company’s situation, and these subsidiaries may be able to transfer all or substantially all of such assets without a vote of the parent corporation’s stockholders.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			The company’s charter authorizes its board of directors to reclassify any unissued shares of the common stock into other classes or series of stock and to establish the number of shares in each class or series and to set the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption for each such class or series.
		

		
			Power to Increase Authorized Stock and Issue Additional Shares of the Common Stock
		

		
			The company’s board of directors has the power to amend the company’s charter from time to time without stockholder approval to increase or decrease the number of authorized shares of common stock, to issue additional authorized but unissued shares of the common stock and to classify or reclassify unissued shares of the common stock into other classes or series of stock and thereafter to cause the company to issue such classified or reclassified shares of stock. The company believes these powers provide it with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. Subject to the limited rights of holders of the company’s series C preferred stock, series G preferred stock, series I preferred stock, series J preferred stock, series K preferred stock and series L preferred stock and each other parity class or series of preferred stock, voting together as a single class, to approve certain issuances of senior classes or series of stock, the additional classes or series, as well as the common stock, will be available for issuance without further action by the company’s stockholders, unless stockholder consent is required by applicable law or the rules of any stock exchange or automated quotation system on which the company’s securities may be listed or traded. Although the company’s board of directors does not intend to do so, it could authorize us to issue a class or series that could, depending upon the terms of the particular class or series, delay, defer or prevent a transaction or a change of control of the company that might involve a premium price for the company’s stockholders or otherwise be in their best interest.
		

		
			Restrictions on Ownership and Transfer
		

		
			To assist us in complying with certain U.S. federal income tax requirements applicable to REITs, the company has adopted certain restrictions relating to the ownership and transfer of the common stock. 
		

		
			Transfer Agent and Registrar
		

		
			The transfer agent and registrar for the common stock is American Stock Transfer & Trust Company, LLC.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			DESCRIPTION OF PREFERRED STOCK
		

		
			The description of preferred stock set forth below does not purport to be complete and is qualified in its entirety by reference to the articles supplementary relating to the applicable class or series.
		

		
			General
		

		
			The company’s charter provides that it may issue up to 110 million shares of preferred stock, $0.01 par value per share, or preferred stock. The company’s charter authorizes its board of directors to amend its charter from time to time without stockholder approval to increase or decrease the number of authorized shares of preferred stock. As of February 25, 2020, 8,050,000 shares of the company’s series C preferred stock, 10,000,000 shares of the company’s series G preferred stock, 10,000,000 shares of the company’s series I preferred stock,  8,000,000 shares of the company’s series J preferred stock, 8,400,000 shares of the series K preferred stock and 13,800,000 shares of the series L preferred stock were issued and outstanding. No other shares of the company’s preferred stock are currently outstanding.
		

		
			The company’s charter authorizes its board of directors to classify any unissued shares of preferred stock and to reclassify any previously classified but unissued shares of any series into other classes or series of stock. Prior to the issuance of shares of each class or series, the company’s board of directors is required by the MGCL and the company’s charter to set, subject to the provisions of the company’s charter regarding the restrictions on transfers of stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or 

		 

		

			 

		

		

			 

		

other distributions, qualifications and terms or conditions of redemption for each such class or series. Thus, the company’s board of directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change of control of the company that might involve a premium price for holders of the common stock or otherwise be in their best interest.
		

		
			Power to Increase Authorized Stock and Issue Additional Shares of Preferred Stock
		

		
			The company’s board of directors has the power to amend the company’s charter from time to time without stockholder approval to increase or decrease the number of authorized shares of preferred stock, to issue additional authorized but unissued shares of the company’s preferred stock and to classify or reclassify unissued shares of the company’s preferred stock into other classes or series of stock and thereafter to cause us to issue such classified or reclassified shares of stock. Subject to the limited rights of holders of the company’s series C preferred stock, series G preferred stock, series I preferred stock,  series J preferred stock, series K preferred stock and series L preferred stock and each other parity class or series of preferred stock, voting together as a single class, to approve certain issuances of senior classes or series of stock, the additional classes or series will be available for issuance without further action by the company’s stockholders, unless stockholder consent is required by applicable law or the rules of any stock exchange or automated quotation system on which the company’s securities may be listed or traded. Although the company’s board of directors does not intend to do so, it could authorize the company to issue a class or series that could, depending upon the terms of the particular class or series, delay, defer or prevent a transaction or a change of control of the company that might involve a premium price for the company’s stockholders or otherwise be in their best interest.
		

		
			Restrictions on Ownership and Transfer
		

		
			To assist the company in complying with certain U.S. federal income tax requirements applicable to REITs, the company has adopted certain restrictions relating to the ownership and transfer of the series C preferred stock, series G preferred stock, series I preferred stock,  series J preferred stock, series K preferred stock and series L preferred stock.  
		

		
			 
		

		
			6.625% Series C Cumulative Redeemable Perpetual Preferred Stock
		

		
			General. The DLR board approved articles supplementary creating the series C preferred stock as a series of DLR’s preferred stock, designated as the 6.625% Series C Cumulative Redeemable Perpetual Preferred Stock. The following description of the series C preferred stock is qualified in its entirety by reference to such articles supplementary and DLR’s charter. The series C preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series C preferred stock is currently listed on the NYSE as “DLR Pr C”.
		

		
			Ranking. The series C preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						senior to all classes or series of the common stock and to any other class or series of stock expressly designated as ranking junior to the series C preferred stock;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						on parity with any class or series of stock expressly designated as ranking on parity with the series C preferred stock, including the series G preferred stock, the series I preferred stock, the series J preferred stock, the series K preferred stock and the series L preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series C preferred stock.

				

		
			Dividend Rate and Payment Date. Holders of the series C preferred stock are entitled to receive cumulative cash dividends on the series C preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year, at the rate of 6.625% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.65625 per 

		 

		

			 

		

		

			 

		

share). Dividends on the series C preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series C preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series C preferred stock as to liquidation rights. The rights of holders of series C preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series C preferred stock as to liquidation.
		

		
			Optional Redemption. The series C preferred stock may not be redeemed prior to May 15, 2021, except in limited circumstances to preserve DLR’s status as a REIT and pursuant to the special optional redemption right described below. On and after May 15, 2021, the series C preferred stock will be redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series C preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series C preferred stock may be redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control (as defined in the articles supplementary), DLR may, at its option, redeem the series C preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series C preferred stock (whether its optional redemption right or its special optional redemption right), the holders of series C preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series C preferred stock has no stated maturity date and DLR is not be required to redeem the series C preferred stock at any time. Accordingly, the series C preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series C preferred stock have a conversion right, such holders decide to convert the series C preferred stock into common stock. The series C preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series C preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series C preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series C preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all accumulated dividends with respect to the series C preferred stock and any other class or series of parity preferred stock have been fully paid. In addition, DLR may not make certain material and adverse changes to the terms of the series C preferred stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series C preferred stock and all other shares of any class or series ranking on parity with the series C preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series C preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series C preferred stock) to convert some or all of the series C preferred stock held by such holder on the date the series C preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series C preferred stock to be converted equal to the lesser of:
		

		
			 
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series C preferred stock dividend payment and prior to the corresponding series C preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.6389035 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the series C preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock, (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash, the average of the closing price per share of common stock on the ten consecutive trading days immediately preceding, but not including, the effective date of such Change of Control and (iii) if there is not a readily determinable closing price for the common stock, the fair market value of such other consideration received in the Change of Control per share of common stock as determined by the DLR board or a committee thereof.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series C preferred stock will not have any right to convert the series C preferred stock into shares of DLR’s common stock in connection with the Change of Control and any shares of series C preferred stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series C preferred stock will not be convertible into or exchangeable for any other securities or property.
		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series C preferred stock is American Stock Transfer & Trust Company, LLC.
		

		
			5.875% Series G Cumulative Redeemable Preferred Stock
		

		
			General. The DLR board and a duly authorized committee thereof approved articles supplementary creating the series G preferred stock as a series of DLR’s preferred stock, designated as the 5.875% Series G Cumulative Redeemable Preferred Stock. The following description of the series G preferred stock is qualified in its entirety by reference to such articles supplementary and DLR’s charter. The series G preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series G preferred stock is currently listed on the NYSE as “DLR Pr G”.
		

		
			Ranking. The series G preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						senior to all classes or series of the common stock and to any other class or series of the stock expressly designated as ranking junior to the series G preferred stock;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						on parity with any class or series of DLR’s stock expressly designated as ranking on parity with the series G preferred stock, including the series C preferred stock, series I preferred stock, series J preferred stock, series K preferred stock and series L preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series G preferred stock.

				

		
			

		 

		

			 

		

		

			 

		

		

		
			Dividend Rate and Payment Date. Holders are entitled to receive cumulative cash dividends on the series G preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year, at the rate of 5.875% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.46875 per share). Dividends on the series G preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series G preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series G preferred stock as to liquidation rights. The rights of holders of series G preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series G preferred stock as to liquidation.
		

		
			Optional Redemption. The series G preferred stock is redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series G preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series G preferred stock may be redeemed unless all outstanding shares of series G preferred stock are simultaneously redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control (as defined in the articles supplementary), DLR may, at its option, redeem the series G preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series G preferred stock (whether its optional redemption right or its special optional redemption right), the holders of series G preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series G preferred stock has no stated maturity date and DLR is not required to redeem the series G preferred stock at any time. Accordingly, the series G preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series G preferred stock have a conversion right, such holders decide to convert the series G preferred stock into common stock. The series G preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series G preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series G preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series G preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all unpaid dividends with respect to the series G preferred stock and any other class or series of parity preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. In addition, DLR may not make certain material and adverse changes to the terms of the series G preferred stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series G preferred stock and all other shares of any class or series ranking on parity with the series G preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series G preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series G preferred stock) to convert some or all of the series G preferred stock held by such holder on the 

		 

		

			 

		

		

			 

		

date the series G preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series G preferred stock to be converted equal to the lesser of:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series G preferred stock dividend payment and prior to the corresponding series G preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.7532 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the Series G preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash (x) the average of the closing sale prices per share of common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the common stock is then traded, or (y) the average of the last quoted bid prices for DLR’s common stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the common stock is not then listed for trading on a U.S. securities exchange.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series G preferred stock will not have any right to convert the series G preferred stock into shares of the common stock in connection with the Change of Control and any shares of series G preferred stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series G preferred stock is not convertible into or exchangeable for any other securities or property.
		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series G preferred stock is American Stock Transfer & Trust Company, LLC.
		

		
			6.350% Series I Cumulative Redeemable Preferred Stock
		

		
			General. The DLR board and a duly authorized committee thereof approved articles supplementary creating the series I preferred stock as a series of DLR’s preferred stock, designated as the 6.350% Series I Cumulative Redeemable Preferred Stock. The following description of the series I preferred stock is qualified in its entirety by reference to such articles supplementary and DLR’s charter. The series I preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series I preferred stock is currently listed on the NYSE as “DLR Pr I”.
		

		
			Ranking. The series I preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
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						senior to all classes or series of the common stock and to any other class or series of stock expressly designated as ranking junior to the series I preferred stock;

				

		
			 
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
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						on parity with any class or series of stock expressly designated as ranking on parity with the series I preferred stock, including the series C preferred stock, series G preferred stock, series J preferred stock, series K preferred stock and series L preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series I preferred stock.

				

		
			Dividend Rate and Payment Date. Holders are entitled to receive cumulative cash dividends on the series I preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year, at the rate of 6.350% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.5875 per share). Dividends on the series I preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series I preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series I preferred stock as to liquidation rights. The rights of holders of series I preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series I preferred stock as to liquidation.
		

		
			Optional Redemption. The series I preferred stock may not be redeemed prior to August 24, 2020, except in limited circumstances to preserve DLR’s status as a REIT and pursuant to the special optional redemption right described below. On and after August 24, 2020, the series I preferred stock will be redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series I preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series I preferred stock may be redeemed unless all outstanding shares of series I preferred stock are simultaneously redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control (as defined in the articles supplementary), DLR may, at its option, redeem the series I preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series I preferred stock (whether its optional redemption right or its special optional redemption right), the holders of series I preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series I preferred stock has no stated maturity date and DLR is not required to redeem the series I preferred stock at any time. Accordingly, the series I preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series I preferred stock have a conversion right, such holders decide to convert the series I preferred stock into common stock. The series I preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series I preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series I preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series I preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all unpaid dividends with respect to the series I preferred stock and any other class or series of parity preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. In addition, DLR may not make certain material and adverse changes to the terms of the series I preferred 

		 

		

			 

		

		

			 

		

stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series I preferred stock and all other shares of any class or series ranking on parity with the series I preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series I preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series I preferred stock) to convert some or all of the series I preferred stock held by such holder on the date the series I preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series I preferred stock to be converted equal to the lesser of:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series I preferred stock dividend payment and prior to the corresponding series I preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.76231 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the Series I preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash (x) the average of the closing sale prices per share of the common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the common stock is then traded, or (y) the average of the last quoted bid prices for the DLR’s common stock in the over-the- counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the common stock is not then listed for trading on a U.S. securities exchange.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series I preferred stock will not have any right to convert the series I preferred stock into shares of DLR’s common stock in connection with the Change of Control and any shares of series I preferred stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series I preferred stock is not convertible into or exchangeable for any other securities or property.
		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series I preferred stock is American Stock Transfer & Trust Company, LLC.
		

		
			5.250% Series J Cumulative Redeemable Preferred Stock
		

		
			General. The DLR board and a duly authorized committee thereof approved articles supplementary creating the series J preferred stock as a series of DLR’s preferred stock, designated as the 5.250% Series J Cumulative Redeemable Preferred Stock. The following description of the series J preferred stock is qualified in its entirety by reference to such articles supplementary and DLR’s charter. The series J preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series J preferred stock is currently listed on the NYSE as “DLR Pr J”.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Ranking. The series J preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						senior to all classes or series of the common stock and to any other class or series of stock expressly designated as ranking junior to the series J preferred stock;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						on parity with any class or series of stock expressly designated as ranking on parity with the series J preferred stock, including the series C preferred stock, series G preferred stock, series I preferred stock, series K preferred stock and series L preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series J preferred stock.

				

		
			Dividend Rate and Payment Date. Holders are entitled to receive cumulative cash dividends on the series J preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year, at the rate of 5.250% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.3125 per share). Dividends on the series J preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series J preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series J preferred stock as to liquidation rights. The rights of holders of series J preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series J preferred stock as to liquidation.
		

		
			Optional Redemption. The series J preferred stock may not be redeemed prior to August 7, 2022, except in limited circumstances to preserve DLR’s status as a REIT and pursuant to the special optional redemption right described below. On and after August 7, 2022, the series J preferred stock will be redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series J preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series J preferred stock may be redeemed unless all outstanding shares of series J preferred stock are simultaneously redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control (as defined in the articles supplementary), DLR may, at its option, redeem the series J preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series J preferred stock (whether its optional redemption right or its special optional redemption right), the holders of series J preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series J preferred stock has no stated maturity date and DLR is not required to redeem the series J preferred stock at any time. Accordingly, the series J preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series J preferred stock have a conversion right, such holders decide to convert the series J preferred stock into common stock. The series J preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series J preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series J preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series J preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote 

		 

		

			 

		

		

			 

		

at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all unpaid dividends with respect to the series J preferred stock and any other class or series of parity preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. In addition, DLR may not make certain material and adverse changes to the terms of the series J preferred stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series J preferred stock and all other shares of any class or series ranking on parity with the series J preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series J preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series J preferred stock) to convert some or all of the series J preferred stock held by such holder on the date the series J preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series J preferred stock to be converted equal to the lesser of:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series J preferred stock dividend payment and prior to the corresponding series J preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.42521 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the Series J preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash (x) the average of the closing sale prices per share of the common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the common stock is then traded, or (y) the average of the last quoted bid prices for the DLR’s common stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the common stock is not then listed for trading on a U.S. securities exchange.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series J preferred stock will not have any right to convert the series J preferred stock into shares of DLR’s common stock in connection with the Change of Control and any shares of series J preferred stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series J preferred stock is not convertible into or exchangeable for any other securities or property.
		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series J preferred stock is American Stock Transfer & Trust Company, LLC.
		

		
			5.850% Series K Cumulative Redeemable Preferred Stock
		

		
			General. The DLR board and a duly authorized committee thereof approved articles supplementary creating the series K preferred stock as a series of DLR’s preferred stock, designated as the 5.850% Series K Cumulative Redeemable Preferred Stock. The following description of the series K preferred stock is qualified in its entirety by 

		 

		

			 

		

		

			 

		

reference to such articles supplementary and DLR’s charter. The series K preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series K preferred stock is currently listed on the NYSE as “DLR Pr K”.
		

		
			Ranking. The series K preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						senior to all classes or series of the common stock and to any other class or series of stock expressly designated as ranking junior to the series K preferred stock;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						on parity with any class or series of stock expressly designated as ranking on parity with the series K preferred stock, including the series C preferred stock, series G preferred stock, series I preferred stock, series J preferred stock and series L preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series K preferred stock.

				

		
			Dividend Rate and Payment Date. Holders are entitled to receive cumulative cash dividends on the series K preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year, at the rate of 5.850% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.4625 per share). Dividends on the series K preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			 
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series K preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series K preferred stock as to liquidation rights. The rights of holders of series K preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series K preferred stock as to liquidation.
		

		
			Optional Redemption. The series K preferred stock may not be redeemed prior to March 13, 2024, except in limited circumstances to preserve DLR’s status as a REIT and pursuant to the special optional redemption right described below. On and after March 13, 2024, the series K preferred stock will be redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series K preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series K preferred stock may be redeemed unless all outstanding shares of series K preferred stock are simultaneously redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control (as defined in the articles supplementary), DLR may, at its option, redeem the series K preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series K preferred stock (whether its optional redemption right or its special optional redemption right), the holders of series K preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series K preferred stock has no stated maturity date and DLR is not required to redeem the series K preferred stock at any time. Accordingly, the series K preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series K preferred stock have a conversion right, such holders decide 

		 

		

			 

		

		

			 

		

to convert the series K preferred stock into common stock. The series K preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series K preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series K preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series K preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all unpaid dividends with respect to the series K preferred stock and any other class or series of parity preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. In addition, DLR may not make certain material and adverse changes to the terms of the series K preferred stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series K preferred stock and all other shares of any class or series ranking on parity with the series K preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series K preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series K preferred stock) to convert some or all of the series K preferred stock held by such holder on the date the series K preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series K preferred stock to be converted equal to the lesser of:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series K preferred stock dividend payment and prior to the corresponding series K preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.43611 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the Series K preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash (x) the average of the closing sale prices per share of the common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the common stock is then traded, or (y) the average of the last quoted bid prices for the DLR’s common stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the common stock is not then listed for trading on a U.S. securities exchange.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series K preferred stock will not have any right to convert the series K preferred stock into shares of DLR’s common stock in connection with the Change of Control and any shares of series K preferred stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series K preferred stock is not convertible into or exchangeable for any other securities or property.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series K preferred stock is American Stock Transfer & Trust Company, LLC.
		

		
			5.200% Series L Cumulative Redeemable Preferred Stock
		

		
			General. The DLR board and a duly authorized committee thereof approved articles supplementary creating the series L preferred stock as a series of DLR’s preferred stock, designated as the 5.200% Series L Cumulative Redeemable Preferred Stock. The following description of the series L preferred stock is qualified in its entirety by reference to such articles supplementary and DLR’s charter. The series L preferred stock is validly issued, fully paid and nonassessable.
		

		
			The series L preferred stock is currently listed on the NYSE as “DLR Pr L”.
		

		
			Ranking. The series L preferred stock ranks, with respect to dividend rights and rights upon DLR’s liquidation, dissolution or winding-up:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						senior to all classes or series of the common stock and to any other class or series of stock expressly designated as ranking junior to the series L preferred stock;

				
	
					
						 

					
					
						•

					
					
						 

					
					
						on parity with any class or series of stock expressly designated as ranking on parity with the series L preferred stock, including the series C preferred stock, series G preferred stock, series I preferred stock, series J preferred stock and series K preferred stock; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						junior to any other class or series of stock expressly designated as ranking senior to the series L preferred stock.

				

		
			Dividend Rate and Payment Date. Holders are entitled to receive cumulative cash dividends on the series L preferred stock from and including the date of original issue, payable quarterly in arrears on or about the last calendar day of March, June, September and December of each year,  at the rate of 5.200% per annum of the $25.00 liquidation preference per share (equivalent to an annual amount of $1.30 per share). Dividends on the series L preferred stock will accrue whether or not DLR has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared.
		

		
			Liquidation Preference. In the event of a liquidation, dissolution or winding up, holders of the series L preferred stock will have the right to receive $25.00 per share, plus accrued and unpaid dividends (whether or not earned or declared) up to but excluding the date of payment, before any payment is made to holders of the common stock and any other class or series of stock ranking junior to the series L preferred stock as to liquidation rights. The rights of holders of series L preferred stock to receive their liquidation preference will be subject to the proportionate rights of any other class or series of stock ranking on parity with the series L preferred stock as to liquidation.
		

		
			Optional Redemption. The series L preferred stock may not be redeemed prior to October 10, 2024, except in limited circumstances to preserve DLR’s status as a REIT and pursuant to the special optional redemption right described below. On and after October 10, 2024, the series L preferred stock will be redeemable at DLR’s option, in whole or in part at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) up to but excluding the redemption date. However, unless full cumulative dividends on the series L preferred stock for all past dividend periods have been, or contemporaneously are, paid or an amount in cash sufficient for the payment thereof is set apart, no shares of series L preferred stock may be redeemed unless all outstanding shares of series L preferred stock are simultaneously redeemed; provided, that the foregoing restriction does not prevent DLR from taking action necessary to preserve its status as a REIT. Any partial redemption will be on a pro rata basis.
		

		
			Special Optional Redemption. Upon the occurrence of a Change of Control, (as defined in the articles supplementary) DLR may, at its option, redeem the series L preferred stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If, prior to the Change of Control Conversion Date (as defined below), DLR exercises any of its redemption rights relating to the series L preferred stock (whether its 

		 

		

			 

		

		

			 

		

optional redemption right or its special optional redemption right), the holders of series L preferred stock will not have the conversion right described below.
		

		
			No Maturity, Sinking Fund or Mandatory Redemption. The series L preferred stock has no stated maturity date and DLR is not required to redeem the series L preferred stock at any time. Accordingly, the series L preferred stock will remain outstanding indefinitely, unless DLR decides, at its option, to exercise its redemption right or, under circumstances where the holders of the series L preferred stock have a conversion right, such holders decide to convert the series L preferred stock into common stock. The series L preferred stock is not subject to any sinking fund.
		

		
			Voting Rights. Holders of series L preferred stock generally have no voting rights. However, if DLR is in arrears on dividends on the series L preferred stock for six or more quarterly periods, whether or not consecutive, holders of the series L preferred stock (voting together as a class with the holders of all other classes or series of parity preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to vote at a special meeting called upon the written request of at least 10% of such holders or at the next annual meeting of stockholders and each subsequent annual meeting of stockholders for the election of two additional directors to serve on the DLR board until all unpaid dividends with respect to the series L preferred stock and any other class or series of parity preferred stock have been paid or declared and a sum sufficient for the payment thereof set aside for payment. In addition, DLR may not make certain material and adverse changes to the terms of the series L preferred stock without the affirmative vote of the holders of at least two-thirds of the outstanding shares of series L preferred stock and all other shares of any class or series ranking on parity with the series L preferred stock that are entitled to similar voting rights (voting together as a single class).
		

		
			Conversion. Upon the occurrence of a Change of Control, each holder of series L preferred stock will have the right (unless, prior to the Change of Control Conversion Date, DLR has provided or provides notice of its election to redeem the series L preferred stock) to convert some or all of the series L preferred stock held by such holder on the date the series L preferred stock is to be converted, which DLR refers to as the Change of Control Conversion Date, into a number of shares of common stock per share of series L preferred stock to be converted equal to the lesser of:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a series L preferred stock dividend payment and prior to the corresponding series L preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						0.38518 (i.e., the Share Cap), subject to certain adjustments;

				

		
			subject, in each case, to provisions for the receipt of alternative consideration as described in the articles supplementary relating to the Series L preferred stock.
		

		
			The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of common stock is solely cash, the amount of cash consideration per share of common stock or (ii) if the consideration to be received in the Change of Control by holders of common stock is other than solely cash (x) the average of the closing sale prices per share of the common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the common stock is then traded, or (y) the average of the last quoted bid prices for the DLR’s common stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the common stock is not then listed for trading on a U.S. securities exchange.
		

		
			If, prior to the Change of Control Conversion Date, DLR has provided or provides a redemption notice, whether pursuant to its special optional redemption right in connection with a Change of Control or its optional redemption right, holders of series L preferred stock will not have any right to convert the series L preferred stock into shares of DLR’s common stock in connection with the Change of Control and any shares of series L preferred 

		 

		

			 

		

		

			 

		

stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Change of Control Conversion Date.
		

		
			Except as provided above in connection with a Change of Control, the series L preferred stock is not convertible into or exchangeable for any other securities or property.
		

		
			Transfer Agent and Registrar. The transfer agent and registrar for the series L preferred stock is American Stock Transfer & Trust Company, LLC.

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