Document:

cube_EX_4-1

		
			Exhibit 4.23
		

		
			 
		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE
		

		
			SECURITIES EXCHANGE ACT OF 1934
		

		
			 
		

		
			The following description summarizes certain terms of the shares of beneficial interest of CubeSmart.   This description does not purport to be complete and is qualified in its entirety by reference to our declaration of trust, as amended, and our bylaws, as amended, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We encourage you to read our declaration of trust, as amended,  and our bylaws, as amended, and the applicable provisions of Maryland law for additional information. Unless the context requires otherwise, all references to “we”, “us,” “our” and “CubeSmart” in this section refer solely to CubeSmart and not to its subsidiaries.
		

		
			 
		

		
			Authorized Shares
		

		
			Our declaration of trust provides that we may issue up to 440,000,000 shares of beneficial interest, par value $0.01 per share,  which we refer to as shares, of which 400,000,000 consist of common shares and 40,000,000 consist of preferred shares.  There are no preferred shares currently outstanding.    Our board of trustees has authority, without shareholder approval, to reclassify any authorized but unissued common shares in one or more classes or series of common shares, and to classify any authorized but unissued preferred shares and to reclassify any previously classified but unissued preferred shares of any series from time to time into one or more series or common shares or preferred shares.
		

		
			Our declaration of trust provides that none of our shareholders will be personally liable, by reason of status as a shareholder, for any of our debts, claims or other obligations.
		

		
			Common Shares
		

		
			Each common share generally entitles the holder thereof to one vote per share on all matters upon which shareholders are entitled to vote and, except as provided with respect to any class or series of preferred shares that we may issue, the holders of common shares will possess exclusive voting power on all matters as to which shareholders have voting rights. There is no cumulative voting in the election of trustees.    Our bylaws provide that a plurality of the votes cast at a meeting of shareholders duly called at which a quorum is present is sufficient to elect a trustee and that a majority of the votes cast at a meeting of shareholders duly called at which a quorum is present is sufficient to approve any other matter which may properly come before the meeting, unless a higher vote is required under our declaration of trust or bylaws or applicable statute.  Generally, shareholders have the right to vote on: (i) the election of trustees; (ii) mergers or consolidations of CubeSmart and the sale by CubeSmart of all or substantially all of its assets; and (iii) certain amendments to our declaration of trust.  Shareholders also have the right to propose amendments or modifications to our bylaws and to vote on such amendments and modifications.  Approval of such matters would require the affirmative vote of the majority of the shares entitled to vote on such matters.  Our board of trustees may amend the declaration of trust without shareholder approval to maintain our qualification as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the “Code”), or in any manner in which the charter of a Maryland corporation may be amended without shareholder approval.
		

		
			Subject to the preferences of any future class or series of preferred shares, holders of common shares are entitled to receive dividends and distributions, if any, when authorized by our board of trustees, and payable out of assets legally available for the payment of dividends or distributions. Holders of common shares are entitled to share ratably in our assets legally available for distribution to shareholders in the event of our liquidation, dissolution or winding up, after payment of or adequate provision for all of our known debts and liabilities, and subject to the preferential rights, if any, of the holders of any class or series of preferred shares that we may issue.
		

		
			Holders of common shares have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities.  Subject to the restrictions on transfer of shares contained in the declaration of trust and to the power of our board of trustees to create common shares with differing voting rights, all common shares have equal dividend, liquidation and other rights.
		

		
			The common shares are listed on the New York Stock Exchange under the symbol “CUBE.”  The transfer agent and registrar for the common shares is American Stock Transfer & Trust Co., LLC.
		

		
			Preferred Shares
		

		
			Our board of trustees is authorized, without shareholder approval, to classify and designate the rights, preferences, privileges and restrictions of one or more classes or series of our authorized preferred shares.  Prior to the issuance of a new class or series of preferred shares, we would file with State Department of Assessments and Taxation of Maryland articles supplementary to set the 

		 

		

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preferences, conversion or other rights, voting powers, restrictions and limitations as to dividends and other distributions, qualifications and terms and conditions of redemption for such class or series.  Any class or series of preferred shares that we may issue that ranks senior to common shares as to dividends and distributions would limit our ability to pay dividends and distributions on common shares until full distributions have been paid with respect to such preferred shares.
		

		
			Our board of trustees could authorize, without shareholder approval, the issuance of preferred shares with terms and conditions that could have the effect of discouraging, delaying or preventing a takeover, change of control or other transaction in which holders of some or a majority of our outstanding common shares might have received a premium for their shares over the then-prevailing market price of such shares.
		

		
			Restrictions on Ownership and Transfer of Shares
		

		
			In order for us to maintain our qualification as a REIT under the Code, our shares must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year.  Also, no more than 50% of the value of our outstanding shares may be owned, directly, indirectly or through attribution, by five or fewer individuals (as defined in the Code to include certain entities).
		

		
			Because our board of trustees believes that it is important for us to continue to qualify as a REIT, the declaration of trust, subject to certain exceptions, contains restrictions on the percentage of shares that a person may own.  Under the declaration of trust:
		

			
	
			
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			no person may own directly or indirectly, or be deemed to own through attribution, more than 9.8% (in value or number of shares, whichever is more restrictive) of the issued and outstanding (a) common shares or (b) shares of any class or series of preferred shares;

			
	
			
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			no person may beneficially or constructively own shares that would result in our being “closely held” under Section 856(h) of the Code or otherwise cause us to fail to qualify as a REIT; and 

			
	
			
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			no person may transfer shares if such transfer would result in shares being owned by fewer than 100 persons.

		
			Our board of trustees may exempt a person that is not an individual from the 9.8% ownership limit if such person provides information and makes representations to the board of trustees that are satisfactory to the board of trustees, in its reasonable discretion, to establish that such person’s ownership in excess of the 9.8% limit would not jeopardize our qualification as a REIT.
		

		
			Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares that will or may violate any of the foregoing restrictions on transferability and ownership will be required to give us immediate notice and provide such other information to us as we may request in order to determine the effect of such transfer on our status as a REIT.  If any transfer of shares or any other event would otherwise result in any person violating the ownership limits described above, then the declaration of trust provides that (a) the transfer will be void and of no force or effect with respect to the prohibited transferee with respect to that number of shares that exceeds the ownership limits or that such number of shares will be automatically transferred to a charitable trust for the benefit of a charitable beneficiary and (b) the prohibited transferee would not acquire any right or interest in the shares.  The foregoing restrictions on transferability and ownership would not apply if our board of trustees were to determine that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT.
		

		
			All certificates evidencing shares bear a legend referring to the restrictions described above.
		

		
			The declaration of trust expressly provides that the ownership limit and ownership restrictions on our shares shall not preclude the settlement of any transaction entered into through the facilities of the New York Stock Exchange or any other national securities exchange or quotation system over which shares may be traded from time to time.  The fact that the settlement of any transaction occurs shall not negate the effect of any other provision in the declaration of trust providing for ownership limit or ownership restrictions and any transferee in such a transaction shall be subject to all of such other provisions.
		

		
			Every owner of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) of all classes or series of shares, including common shares, is required to give written notice to us within 30 days after the end of each taxable year stating the name and address of such owner, the number of shares of each class and series of shares that the owner beneficially owns and a description of the manner in which such shares are held.  Each such owner shall provide to us such additional information as we may request in order to determine the effect, if any, of such beneficial ownership on our status as a REIT and to ensure compliance with the ownership limitations.  In addition, each shareholder is required, upon demand,  to provide to us such information as we may request, in good faith, in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.
		

		
			

		 

		

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			The ownership limitations in the declaration of trust could discourage, delay or prevent a takeover, change of control or other transaction in which holders of some or a majority of our outstanding common shares might have received a premium for their shares over the then-prevailing market price of such shares.
		

		 

		

			3Document

Exhibit 10.1

IPG PHOTONICS CORPORATION
NON-EMPLOYEE DIRECTOR COMPENSATION PLAN 
As Amended and Restated Effective February 19, 2020
Article 1. Establishment, Objectives and Duration
1.1 Amendment and Restatement of Plan.  IPG Photonics Corporation, a Delaware corporation (the “Company”), hereby amends and restates the compensation plan for Non-Employee Directors known as the “IPG Photonics Corporation Non-Employee Director Compensation Plan” (the “Plan”).  
1.2 Plan Objectives.  The objectives of the Plan are to give the Company an advantage in attracting and retaining Non-Employee Directors and to link the interests of Non-Employee Directors to those of the Company’s stockholders.
1.3 Duration of the Plan.  The Plan commenced on June 21, 2006 and will remain in effect until the Board of Directors terminates it pursuant to Section 6.2.
Article 2. Definitions
The following defined terms have the meanings set forth below:
“Affiliate” means any person that, directly or indirectly, is in control of, is controlled by, or is under common control with, the Company.
“Annual Retainer” means the retainer fee established by the Board in accordance with Section 5.1 and paid to a Non-Employee Director for services performed as a member of the Board of Directors for a 12-month period.
“Board” or “Board of Directors” means the Board of Directors of the Company.
“Code” means the Internal Revenue Code of 1986, as amended.
“Committee Meeting Fee” means any fee established by the Board in accordance with Section 5.1 and paid to a Non-Employee Director for each attendance at a meeting of a Board committee (including telephonic meetings but excluding execution of unanimous written consents).
 “Company” means IPG Photonics Corporation, a Delaware corporation, and any successor thereto as provided in Section 6.4.
“Director” means any individual who is a member of the Board of Directors.
“Effective Date” has the meaning ascribed to it in Section 6.1.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor to it.
“Installment Payment” has the meaning ascribed to it in Section 5.1.
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“Meeting Fee” means any fee established by the Board in accordance with Section 5.1 and paid to a Non-Employee Director for each attendance at a meeting of the Board of Directors (including telephonic meetings but excluding execution of unanimous written consents).
“Non-Employee Director” means a Director who, at the time in question, is not an employee of the Company or any of its Affiliates.
“Plan” has the meaning ascribed to it in Section 1.1.
“Presiding Independent Director” means the Non-Employee Director selected by the other Non-Employee Directors as the presiding independent Director at meetings of the Non-Employee Directors held in accordance with applicable rules of any securities exchange on which the Company’s securities are listed.  
“Retirement” means a Director’s Separation from Service upon or after serving eight full years as a Director.  
“Separation from Service” or “Separate from Service” means ceasing to be a Director of the Company for any reason.  Notwithstanding anything to the contrary, the determination of whether an individual has had a Separation from Service will be made in accordance with Code Section 409A and the regulations thereunder.
“Shares” means the shares of common stock of the Company with a par value of $0.0001 per share.
Article 3. Administration
3.1 The Board of Directors.  The Plan will be administered by the Board of Directors.  The Board of Directors will act by a majority of its members at the time in office and eligible to vote on any particular matter, and may act either by a vote at a meeting or in writing without a meeting.
3.2 Authority of the Board of Directors.  Except as limited by law and subject to the provisions herein, the Board of Directors has full power to:  construe and interpret the Plan and any agreement or instrument entered into under the Plan; establish, amend or waive rules and regulations for the Plan’s administration; and amend the terms and conditions of the Plan.  Further, the Board of Directors will make all other determinations that may be necessary or advisable for the administration of the Plan.  As permitted by law and consistent with Section 3.1, the Board of Directors may delegate some or all of its authority under this Plan. The Compensation Committee, under its Charter, will make recommendations to the Board regarding this Plan.
3.3 Decisions Binding.  All determinations and decisions made by the Board of Directors pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, including the Company, its stockholders, all Affiliates, Non-Employee Directors and their estates and beneficiaries.
Article 4. Eligibility
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Each Non-Employee Director of the Board will participate in the Plan while such person is a Non-Employee Director.
Article 5. Non-Employee Director Compensation
5.1 Cash Annual Retainer.  Each Non-Employee Director will be entitled to receive an Annual Retainer in the amount determined from time to time by the Board.  Until changed by resolution of the Board of Directors, the Annual Retainer will be $40,000 for each Non-Employee Director, provided that the Annual Retainer for the Presiding Independent Director will be increased by $20,000.  In addition, the Annual Retainers will be: (i) $25,000 for the chair of the Audit Committee and $12,500 for all other members of the Audit Committee, (ii) $22,500 for the chair of the Compensation Committee and $10,000 for all other members of the Compensation Committee and (iii) $17,500 for the chair of the Nominating & Corporate Governance Committee and $7,500 for all other members of the Nominating & Corporate Governance Committee.  
The Annual Retainer will be paid in monthly cash installments (the “Installment Payments”) to the Non-Employee Director, normally payable not later than the last business day of the month preceding the month to which the installment applies.  Each Installment Payment to a Non-Employee Director will equal the quotient of the Non-Employee Director’s Annual Retainer divided by twelve, prorated as necessary to account for partial months of service on the Board. 
Unless changed by resolution of the Board of Directors, no Meeting Fees or Committee Meeting Fees will be paid to Non-Employee Directors.  Committee Meeting Fees for meetings of any special committee of the Board, if any, will be established at the time the Board establishes such committee.  
5.2 Equity Grants.  Each Non-Employee Director will be entitled to receive the following equity grants, subject to the terms of the applicable award agreements.
(a) Initial Equity Grants.  As of the date of an annual stockholder meeting of the Company at which an individual is elected by the stockholders to serve as a Non-Employee Director or as of the date on which an individual is appointed by the Board of Directors to serve as a Non-Employee Director, such Non-Employee Director will receive, subject to Board approval, equity grants in accordance with the following terms:
 (i) Restricted stock units with an initial grant date fair market value of $250,000 (calculated using the closing price of a Share on the grant date and rounded down to the next whole Share), which will vest on the first anniversary of the grant date, subject to the Non-Employee Director’s continued service on the Board on the vesting date.
(ii) The grant date for equity grants described in this Section 5.2(a) will be the date specified in the resolution passed by the Board. 
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(b) Annual Equity Grants to Continuing Directors.  
(i) Subject to (ii) below, as of the date of any annual stockholder meeting of the Company at which such Non-Employee Director is re-elected to serve in such position, such Non-Employee Director will receive equity grants in accordance with the following terms (unless changed by resolution of the Board of Directors or as otherwise specified in an award agreement):
 (A) Restricted stock units with an initial grant date fair market value of $250,000 (calculated using the closing price of a Share on the grant date and rounded down to the next whole Share), which will vest, subject to the Non-Employee Director’s continued service on the Board, upon the earlier to occur of (I) the first anniversary of the grant date or (II) the date of the next annual stockholder meeting.
(B) The grant date for equity grants described in this Section 5.2(b)(i) will be the date of the annual meeting of stockholders at which a Non-Employee Director is re-elected.  
(ii) Newly-elected Non-Employee Directors who begin providing services to the Board as of any annual stockholder meeting of the Company are not eligible to receive the annual equity grants described in (i) above at such annual meeting.  Newly-elected Non-Employee Directors who are elected as of a date prior to the date of any annual stockholder meeting of the Company will receive a portion of the annual equity grants described in (i) above, prorated quarterly, in accordance with the following schedule:
						
	Number of Days between Election Date and Annual Shareholder Meeting Date
	Annual Equity Grant Payable at Subsequent Annual Meeting

	1 - 60 days
	0% 	 
	61 - 120 days
	25% 	 
	121 - 180 days
	50% 	 
	181 - 270 days
	75% 	 
	271 - 364 days
	100% 	 

(c) Separation from Service; Retirement.  Non-Employee Directors will forfeit any unvested equity awards upon any Separation from Service, and any vested stock options will be treated as provided in the applicable award agreement.  Notwithstanding the foregoing, a Non-Employee Director who terminates his or her Board service due to Retirement will receive immediate vesting of all unvested equity awards as of the date of such Separation from Service and any vested stock options will remain exercisable for 90 days following the date of such Separation from Service.
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Article 6. Miscellaneous
6.1 Effective Date.  This amended and restated Plan is effective as of February 19, 2020 (the “Effective Date”) and will remain in effect as provided in Section 1.3 hereof.
6.2 Modification and Termination.  The Board may at any time and from time to time, alter, amend, modify, or terminate the Plan in whole or in part.
6.3 Indemnification.  Each person who is or has been a member of the Board will be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by that person in connection with or resulting from any claim, action, suit, or proceeding to which that person may be a party or in which that person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by that person in a settlement approved by the Company, or paid by that person in satisfaction of any judgment in any such action, suit, or proceeding against that person, provided he or she gives the Company an opportunity, at its own expense, to handle and defend the action, suit or proceeding before that person undertakes to handle and defend it.  The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which an individual may be entitled under the Company’s Certificate of Incorporation or By-laws, each as may be amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify him or her or hold him or her harmless.
6.4 Successors.  All obligations of the Company under the Plan will be binding on any successor to the Company, whether the existence of the successor is the result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Company, or a merger, consolidation, or otherwise.
6.5 Reservation of Rights.  Nothing in this Plan or in any award agreement granted hereunder will be construed to limit in any way the Board’s right to remove a Non-Employee Director from the Board.
6.6 Compensation Recovery Policy.  Notwithstanding any provision in the Plan to the contrary, the payments, benefits, and equity grants described in this Plan will be subject to any Compensation Recovery Policy established by the Company, as may be amended from time to time.
Article 7. Legal Construction
7.1 Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein will also include the feminine; the plural will include the singular and the singular will include the plural.
7.2 Severability.  If any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included.
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7.3 Requirements of Law.  The issuance of payments under the Plan will be subject to all applicable laws, rules, and regulations, and to any approvals required by any governmental agencies or national securities exchanges.
7.4 Securities Law and Tax Law Compliance.  
(a) Insider Trading.  To the extent any provision of the Plan or action by the Board would subject any Non-Employee Director to liability under Section 16(b) of the Exchange Act, it will be deemed null and void, to the extent permitted by law and deemed advisable by the Board.  
(b) Section 409A.  This Plan is intended to be exempt from or to comply with Code Section 409A and the regulations thereunder, and will be administered and interpreted in accordance with such intent.  If the Company determines that any provision of the Plan is or might be inconsistent with the requirements of Code Section 409A, it will attempt in good faith to make such changes to the Plan as may be necessary or appropriate to avoiding a Non-Employee Director’s becoming subject to adverse tax consequences under Code Section 409A.  No provision of the Plan will be interpreted to transfer any liability for a failure to comply with Code Section 409A from a Non-Employee Director or any other individual to the Company.
7.5 Governing Law.  The Plan will be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts, determined without regard to its conflict of law rules.  The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Plan will be exclusively in the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts, Worcester Division. 

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