Document:

EX-10.29.2

  
Exhibit 10.29.2
 DYNEX
CAPITAL, INC. (a Virginia corporation)
 AMENDMENT NO. 2 TO

EQUITY DISTRIBUTION AGREEMENT

August 4, 2020
 Ladenburg Thalmann & Co.
Inc.
 277 Park Avenue, 26th Floor

New York, New York 10172
 JonesTrading
Institutional Services LLC
 757 Third Avenue, 23rd Floor
 New
York, NY 10017
 Ladies and Gentlemen:

This Amendment No. 2, dated August 4, 2020 (the "Amendment"), is to the Equity Distribution Agreement, dated November 21, 2016, as amended, the "Equity Distribution Agreement"), by and among Dynex Capital, Inc., a Virginia corporation (the "Company"), Ladenburg Thalmann & Co. Inc.
("Ladenburg"), and JonesTrading Institutional Services LLC ("JonesTrading", together with Ladenburg, the
"Agents").

WHEREAS, the Company has sold an aggregate of $54,586,751 of Preferred Stock pursuant to
the Equity Distribution Agreement prior to the date hereof under the Company's registration statements on Form S-3 (333-200859 and 333-222354); and

WHEREAS, the Company, Ladenburg and JonesTrading desire to amend the Equity Distribution Agreement to
increase the Maximum Amount (as defined in the Equity Distribution Agreement) from $83,099,644 to $104,586,751, to remove from the shares to be issued and sold under the Equity Distribution Agreement shares of the Company's 8.50% Series A Cumulative
Redeemable Preferred Stock, and to add to the shares to be issued and sold under the Equity Distribution Agreement shares of the Company's 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.

NOW THEREFORE, in consideration of the mutual promises contained in this Amendment and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Amendment, intending to be legally bound, hereby amend the Equity Distribution Agreement and agree as follows:

1.Amendments. Commencing as of the date hereof:

(A)Section 1 of the Equity Distribution Agreement shall be deleted in its entirety and replaced with the following:

1
 
 

 "The Company proposes to
issue and sell through or to the Agents, as sales agents and/or principals, up to an aggregate value of $104,586,751 (the "Maximum Amount") (subject to Section 3(d)) of shares of the
Company's 7.625% Series B Cumulative Redeemable Preferred Stock (the "Series B Shares"), par value $0.01 per share (the "Series B
Preferred Stock"), and/or shares of the Company's 6.900% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series C Shares" and, together with the Series B
Shares, the "Shares"), par value $0.01 per share (the "Series C Preferred Stock" and, together with the Series B Preferred
Stock, the "Preferred Stock"), from time to time during the term of this Agreement and on the terms set forth in Section 3 of this Agreement. Such Maximum Amount includes an aggregate of
$54,586,751 of Preferred Stock the Company has sold pursuant to the Equity Distribution Agreement prior to the date hereof under the Company's registration statements on Form S-3 (333-200859 and 333-222354). For purposes of selling the Shares
through the Agents, the Company hereby appoints each Agent as an agent of the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement and each Agent agrees to use its commercially reasonable efforts
to solicit purchases of the Shares on the terms and subject to the conditions stated herein. The Company agrees that whenever it determines to sell the Shares directly to the Agents as principals, it will enter into a separate agreement (each, a "Terms Agreement") in substantially the form of Annex I hereto, relating to such sale in accordance with Section 3 of this Agreement. Certain terms used herein are defined in Section 19 hereof.
Notwithstanding anything to the contrary in this Agreement, in no event shall the Company sell more than 4,750,000 Series B Shares or 2,140,000 Series C Shares pursuant to this Agreement, which includes an aggregate of 2,238,330 Series B Shares sold
prior to August 4, 2020 under the Company's registration statements on Form S-3 (333-200859 and 333-222354)."
 ; and

(B)As
of the date of this Amendment, all references in the Equity Distribution Agreement to "the Series A Preferred Stock or the Series B Preferred Stock" shall be revised to "the Series B Preferred Stock or the Series C Preferred Stock" and all
references to "the Series A Shares and/or the Series B Shares" shall be revised to "the Series B Shares and/or the Series C Shares".

2.No Other Amendments; Consent. Except as set forth above, no other amendments to the Equity Distribution Agreement are intended by the parties hereto, are
made, or shall be deemed to be made, pursuant to this Amendment, and all provisions of the Equity Distribution Agreement, including all Exhibits thereto, unaffected by this Amendment shall remain in full force and effect.

3.Capitalized Terms. Each capitalized term used but not defined herein shall have the meaning ascribed to such term in the Equity Distribution
Agreement.
 4.Execution of Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
will constitute one and the same instrument.
 [Signature
Page Follows.]
 
 

 
 
 If the foregoing is in accordance with your understanding of our
agreement, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Adviser and the Agents.

Very truly yours,
 DYNEX CAPITAL,
INC.
 By: /s/ Stephen J. Benedetti
 Name: Stephen J.
Benedetti
 Title: Executive Vice President, Chief Financial

Officer and Chief Operating Officer

CONFIRMED AND ACCEPTED, as of the date first above written:

LADENBURG THALMANN & CO. INC.

	By:
	/s/ Steven Kaplan

Name: Steve Kaplan
 Title: Head of Capital Markets

JONESTRADING INSTITUTIONAL SERVICES LLC

	By:
	/s/ Burke Cook

Name: Burke Cook
 Title: General Counsel

[Signature page to Amendment No. 2 to Equity Distribution Agreement]Document

AMENDMENT NO. 8
TO THE PIONEER NATURAL RESOURCES COMPANY
EXECUTIVE DEFERRED COMPENSATION PLAN
(Amended and Restated Effective January 1, 2009)

WHEREAS, pursuant to the provisions of Section 11.4 thereof, the Pioneer Natural Resources Company Executive Deferred Compensation Plan (Amended and Restated Effective January 1, 2009, and as further amended to date) may be amended from time to time, provided that no amendment may be made that impairs the rights of a Member with respect to amounts already allocated to his or her accounts; 

WHEREAS, the Company has determined that the following amendments preserve the rights of all Members with respect to amounts allocated to his or her Accounts as of the date this Amendment becomes effective. 

NOW, THEREFORE, the Plan shall be amended as follows:

1.The defined term “Matching Credit” in Section 2.1 of the Plan shall be amended and restated as follows:

“Matching Credit” means matching credits made by the Company on a Member’s behalf pursuant to Section 4.3(a)(i) or 4.3(a)(iii).

2.Section 4.3(a) of the Plan shall be amended and restated in its entirety as follows: 

(a)        Matching Credits. 
          
   (i)        Matching Credit.  The Company shall make Matching Credits on a Member’s behalf, subject to a maximum amount during each payroll period and an aggregate maximum amount with respect to each Plan Year, as follows: 

(1)       Payroll Period Matching Credits and Maximums. For each payroll period, the Company shall defer on a Member’s behalf an amount which equals a percentage of the Member Deferrals elected by such Member during such payroll period: (A) with respect to all payroll periods ending prior to May 25, 2020, the Company will match 100% of the Member’s Deferral for that payroll period; and (B) with respect to all payroll periods beginning on or after May 25, 2020, the Company will match 50% of the Member’s Deferral for that payroll period.  Notwithstanding the preceding sentence, in no event shall the Matching Credit on a Member’s behalf for any payroll period exceed 8% of the Member’s Basic Compensation for that payroll period, or 10% of the Member’s Basic Compensation for that payroll period for officers of the Company. 

(2)      Annual Matching Credits Maximums.  Notwithstanding anything to the contrary within 4.3(a)(i)(1) above,

(A) with respect to Plan Years prior to 2020, the Company’s Matching Credit to a Member’s Account shall not exceed 8% of the Member’s Basic Compensation for the Plan Year for Members who are not officers of the Company, and 10% of the Member’s Basic Compensation for the Plan Year for officers of the Company;

(B) with respect to the 2020 Plan Year, the Company’s Matching Credit to a Member’s Account shall not exceed 5.692% of the Member’s Basic Compensation for the Plan Year for Members who are not officers of the Company, and 7.115% of the Member’s Basic Compensation for the Plan Year for officers of the Company; and

(C)       with respect to any Plan Year beginning on or after January 1, 2021, the Company’s Matching Credit to a Member’s Account shall not exceed 4% of the Member’s Basic Compensation for the Plan Year for Members who are not officers of the Company, and 5% of the Member’s Basic Compensation for the Plan Year for officers of the Company. 

Matching Credits made on a Member’s behalf shall be credited to his or her Matching Account in accordance with Section 5.1. 

            (ii)       Make-Up Matching Credit.  The Company shall defer on a Service Member’s behalf as a make-up matching credit (the “Make-Up Matching Credit”) an amount which equals: (1) with respect to any period of absence for uniformed service on or prior to May 25, 2020, 100% of the Service Member’s Make-Up Deferrals made pursuant to Section 4.2(c), and (2) with respect to any period of absence for uniformed service following May 25, 2020, 50% of the Service Member’s Make-Up Deferrals made pursuant to Section 4.2(c); provided, however, that in no event shall the Service Member’s Make-Up Matching Credits exceed the following: 

(A)       with respect to any period of absence for uniformed service on or prior to May 25, 2020, (A) 8% (10% for officers of the Company) of the Service Member’s Basic Compensation during his or her periods of absence for uniformed service minus (B) any Matching Credits made to the Plan on behalf of the Service Member under Section 4.3(a)(i) during the Service Member’s periods of absence for uniformed service; or 

(B)       with respect to any period of absence for uniformed service following May 25, 2020, (A) 4% (5% for officers of the Company) of the Service Member’s Basic Compensation during his or her periods of absence for uniformed service minus (B) any Matching Credits made to the Plan on behalf of the Service Member under 

Section 4.3(a)(i) during the Service Member’s periods of absence for uniformed service. 

Make-up Matching Credits made on a Service Member’s behalf shall be credited to his or her Matching Account in accordance with Section 5.1.

(iii)      Additional Matching Credits.  In the event that the Company has not made Matching Credits in the amounts allowed pursuant to Section 4.3(a) for any Plan Year, the Company shall make an additional Matching Credit (an “Additional Matching Credit”) on a Member’s behalf in an amount  equal to the value that would result in the Member receiving a total Matching Credit equal to the annual limitations set forth in Section 4.3(a)(i)(2) above. Additional Matching Credits made on a Member’s behalf shall be credited to his or her Matching Account as a Matching Credit in accordance with Section 5.1.

IN WITNESS WHEREOF, this Amendment has been executed on this 6th day of May, 2020, to be effective as of May 25, 2020. 

                                                            PIONEER NATURAL RESOURCES COMPANY

                                                                        By: /s/ Tyson L. Taylor 
                                                                        Tyson L. Taylor, Vice President, Human Resources

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