Document:

Subsidiary Guaranty

 Exhibit 10.3 
  
  
  
 SUBSIDIARY GUARANTY 
 Dated as of August 15, 2008 
 Re:   $30,000,000 5.63% Senior Notes, Series A-1, due
August 15, 2013 
          $85,000,000 6.33% Senior Notes, Series A-2, due
August 15, 2018 
          $35,000,000 6.43% Senior Notes, Series A-3, due
August 15, 2020 
 of 
 STERIS Corporation 
  
  
  

 TABLE OF CONTENTS 
 (Not a part of the Agreement) 
  

					
	 SECTION
	  	 HEADING
	  	PAGE
	 Parties
	  	
		
	 Recitals
	  	1
			
	 SECTION 1.
	  	 DEFINITIONS
	  	1
			
	 SECTION 2.
	  	 GUARANTY OF NOTES AND NOTE PURCHASE AGREEMENTS
	  	1
			
	 SECTION 3.
	  	 GUARANTY OF PAYMENT AND PERFORMANCE
	  	2
			
	 SECTION 4.
	  	 GENERAL PROVISIONS RELATING TO THE GUARANTY
	  	2
			
	 SECTION 5.
	  	 REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS
	  	6
			
	 SECTION 6.
	  	 GUARANTOR COVENANTS
	  	7
			
	 SECTION 7.
	  	 [RESERVED]
	  	7
			
	 SECTION 8.
	  	 GOVERNING LAW
	  	7
			
	 SECTION 9.
	  	 [RESERVED]
	  	8
			
	 SECTION 10.
	  	 AMENDMENTS, WAIVERS AND CONSENTS
	  	8
			
	 SECTION 11.
	  	 NOTICES
	  	8
			
	 SECTION 12.
	  	 MISCELLANEOUS
	  	9
			
	 SECTION 13.
	  	 RELEASE
	  	9
		
	 Signature
	  	11

 SUBSIDIARY GUARANTY 
 Re:   $30,000,000 5.63% Senior Notes, Series A-1, due August 15, 2013 
          $85,000,000 6.33% Senior Notes, Series A-2, due August 15, 2018 
          $35,000,000 6.43% Senior Notes, Series A-3, due August 15, 2020 
 This SUBSIDIARY GUARANTY dated as of August 15, 2008 (the or this “Guaranty”) is entered into on a
joint and several basis by each of the undersigned, together with any entity which may become a party hereto by execution and delivery of a Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a “Guaranty
Supplement”) (which parties are hereinafter referred to individually as a “Guarantor” and collectively as the “Guarantors”). 
 RECITALS 
 A. Each Guarantor is a direct or indirect subsidiary of STERIS Corporation,
an Ohio corporation (the “Company”). 
 B. In order to refinance certain debt and for general corporate purposes, the
Company has entered into those certain Note Purchase Agreements dated as of August 15, 2008 (the “Note Purchase Agreements”) between the Company and each of the purchasers named on Schedule A thereto (the “Initial
Note Purchasers”; the Initial Note Purchasers, together with their successors, assigns or any other future holder of the Notes (as defined below), the “Holders”), providing for, inter alia, the issue and sale by the
Company to the Initial Note Purchasers of $30,000,000 aggregate principal amount of its 5.63% Senior Notes, Series A-1, due August 15, 2013, $85,000,000 aggregate principal amount of its 6.33% Senior Notes, Series A-2, due August 15, 2018
and $35,000,000 aggregate principal amount of its 6.43% Senior Notes, Series A-3, due August 15, 2020. 
 C. The Initial Note Purchasers
have required as a condition to their purchase of the Notes that the Company cause each of the undersigned to enter into this Guaranty and to cause each Subsidiary (as defined in the Note Purchase Agreements) that after the date hereof delivers a
guaranty pursuant to the Bank Credit Agreement (as defined in the Note Purchase Agreements) to enter into a Guaranty Supplement, in each case as security for the Notes, and the Company has agreed to cause each of the undersigned to execute this
Guaranty and to cause such additional Subsidiaries to execute a Guaranty Supplement, in each case in order to induce the Initial Note Purchasers to purchase the Notes and thereby benefit the Company and its Subsidiaries. 
 D. Each of the Guarantors will derive substantial direct and indirect benefit from the sale of the Notes to the Initial Note Purchasers. 
 NOW, THEREFORE, as required by the Note Purchase Agreements and in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, intending to be legally bound as follows: 
 SECTION 1. DEFINITIONS. 
 Capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreements unless herein defined or the context shall otherwise require. 
 SECTION 2. GUARANTY OF NOTES AND NOTE PURCHASE AGREEMENTS. 
 (a) Subject to the limitation set forth in Section 2(b) hereof and to the provisions of Section 13 hereof, each Guarantor jointly
and severally does hereby absolutely and unconditionally guarantee unto the Holders: (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest on the Notes from time to time outstanding, as and when such
payments shall become due and payable whether by lapse of time, upon 

 
redemption or prepayment, by extension or by acceleration or declaration or otherwise (including (to the extent legally enforceable) interest due on overdue
payments of principal, Make-Whole Amount, if any, or interest at the rate set forth in the Notes and interest accruing at the then applicable rate provided in the Notes after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to the Company, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) in Federal or other immediately available funds of the United States of America
which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Company of each and all of the obligations, covenants and agreements
required to be performed or owed by the Company under the terms of the Notes and the Note Purchase Agreements and (3) the full and prompt payment, upon demand by any Holder, of all reasonable actual out of pocket costs and expenses, legal or
otherwise (including attorneys’ fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes, the Note Purchase
Agreements or under this Guaranty or in any consultation or action in connection therewith or herewith and in each and every case irrespective of the validity, regularity, or enforcement of any of the Notes or Note Purchase Agreements or any of the
terms thereof or any other like circumstance or circumstances. 
 (b) The liability of each Guarantor under this Guaranty shall not exceed an
amount equal to a maximum amount as will, after giving effect to such maximum amount and all other liabilities of such Guarantor, contingent or otherwise, result in the obligations of such Guarantor hereunder not constituting a fraudulent transfer,
obligation or conveyance. 
 SECTION 3. GUARANTY OF PAYMENT AND
PERFORMANCE. 
 This is a guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent
permitted by law, any right to require that any action on or in respect of any Note or the Note Purchase Agreements be brought against the Company or any other Person or that resort be had to any direct or indirect security for the Notes or for this
Guaranty or any other remedy. Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against the Company or any
other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy. The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of
any direct or indirect security for, or other guaranties of, any Debt, liability or obligation of the Company or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such
guarantees, Debt, liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.

 The covenants and agreements on the part of the Guarantors herein contained shall take effect as joint and several covenants and
agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of the guarantee ceasing to be binding as a continuing security on any other of them.

 SECTION 4. GENERAL PROVISIONS RELATING TO THE
GUARANTY. 
 (a) Each Guarantor hereby consents and agrees that any Holder or Holders from time to time, with or without any
further notice to or assent from any other Guarantor may, without in any manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable: 
 (1) extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the
performance or payment of any Debt, liability or obligation of the 

  

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Company or of any other Person secondarily or otherwise liable for any Debt, liability or obligations of the Company on the Notes, or waive any Default with
respect thereto, or waive, modify, amend or change any provision of any other agreement or this Guaranty; or 
 (2) sell,
release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Debt,
liability or obligation of the Company or of any other Person secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes; or 
 (3) settle, adjust or compromise any claim of the Company against any other Person secondarily or otherwise liable for any Debt, liability
or obligation of the Company on the Notes. 
 Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release,
waiver, surrender, exchange, modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses,
counterclaims or offsets which it might or could have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder. 
 (b) Each Guarantor hereby waives, to the fullest extent permitted by law: 
 (1) notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of the Company, present
or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Debt, liability and obligation described in Section 2 hereof shall conclusively be presumed to have been created, contracted or incurred in
reliance upon the execution of this Guaranty); 
 (2) demand of payment by any Holder from the Company or any other Person
indebted in any manner on or for any of the Debt, liabilities or obligations hereby guaranteed; and 
 (3) presentment for the
payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor. 
 The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any
reduction, limitation, impairment or termination (other than by payment in full of the Notes and the obligations of the Company under the Note Purchase Agreements), whether by reason of any claim of any character whatsoever or otherwise and shall
not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination whatsoever. 
 (c)
Subject to Section 13 hereof, the obligations of the Guarantors hereunder shall be binding upon the Guarantors and their successors and assigns, and shall remain in full force and effect until the entire principal, interest and
Make-Whole Amount, if any, on the Notes and all other sums due pursuant to Section 2 shall have been paid and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including
without limitation any of the following, whether or not with notice to or the consent of the Guarantors: 
 (1) the
genuineness, validity, regularity or enforceability of the Notes, the Note Purchase Agreements or any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company, any other Guarantors or any other
Person on or in respect of the Notes or under the Note Purchase Agreements or any other agreement or the power or authority or the lack of power or authority of the Company to issue the Notes or the Company to execute and deliver the Note Purchase
Agreements or any other agreement or of any other Guarantors to execute and deliver this Guaranty or any other agreement or to perform any of its obligations hereunder or the existence or continuance of the Company or any other Person as a legal
entity; or 
 (2) any default, failure or delay, willful or otherwise, in the performance by the Company, any other Guarantor
or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreements, this Guaranty or any other agreement; or 
  

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 (3) any creditors’ rights, bankruptcy, receivership or other insolvency proceeding
of the Company, any other Guarantor or any other Person or in respect of the property of the Company, any other Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or substantially
all of the assets of or winding up of the Company, any other Guarantor or any other Person; or 
 (4) impossibility or
illegality of performance on the part of the Company, any other Guarantor or any other Person of its obligations under the Notes, the Note Purchase Agreements, this Guaranty or any other agreements; or 
 (5) in respect of the Company, any other Guarantors or any other Person, any change of circumstances, whether or not foreseen or
foreseeable, whether or not imputable to the Company, any other Guarantors or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared),
civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any
other force majeure, whether or not beyond the control of the Company, any other Guarantors or any other Person and whether or not of the kind hereinbefore specified; or 
 (6) any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason, similar or
dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Debt, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against
the Company, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by the Company, any Guarantor or any other Person, or against any sums payable in respect of the Notes or under
the Note Purchase Agreements or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or 
 (7) any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision
thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect,
the performance by the Company, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreements, this Guaranty or any other agreement; or 
 (8) the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty;
or 
 (9) any failure or lack of diligence in collection or protection, failure in presentment or demand for payment, protest,
notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of the Company, any Guarantor or any other Person to keep and perform any obligation, covenant or agreement under the terms of the Notes,
the Note Purchase Agreements, this Guaranty or any other agreement or failure to resort for payment to the Company, any other Guarantor or to any other Person or to any other guaranty or to any property, security, Liens or other rights or remedies;
or 
 (10) the acceptance of any additional security or other guaranty, the advance of additional money to the Company or any
other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreements or any other agreement, or the sale, release, substitution or exchange of any security for
the Notes; or 
 (11) any merger or consolidation of the Company, any other Guarantor or any other Person into or with any
other Person or any sale, lease, transfer or other disposition of any of the assets of the Company, any other Guarantor or any other Person to any other Person, or any change in the ownership of any shares of the Company, any other Guarantor or any
other Person; or 
 (12) any defense whatsoever that: (i) the Company or any other Person might have to the payment of
the Notes (principal, Make-Whole Amount, if any, or interest), other than payment thereof in Federal or other immediately available funds, or (ii) the Company or any other Person might have to the performance 

  

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or observance of any of the provisions of the Notes, the Note Purchase Agreements or any other agreement, whether through the satisfaction or purported
satisfaction by the Company, any other Guarantor or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise, other than the
defense of indefeasible payment in full in cash of the Notes; or 
 (13) any act or failure to act with regard to the Notes,
the Note Purchase Agreements, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or 
 (14) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this
Guaranty or any other agreement, other than the defense of indefeasible payment in full in cash of the Notes; 
 provided that the specific
enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto
that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except pursuant to Section 13 hereof and by the payment of the principal of, Make-Whole Amount, if any, and
interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided and all other sums due and payable under the Note Purchase Agreements, at the place specified in and all in the
manner and with the effect provided in the Notes and the Note Purchase Agreements, as each may be amended or modified from time to time. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries
may be had hereunder as and when, from time to time, the Company shall default under or in respect of the terms of the Notes or the Note Purchase Agreements and that notwithstanding recovery hereunder for or in respect of any given default or
defaults by the Company under the Notes or the Note Purchase Agreements, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default. 
 (d) All rights of any Holder may be transferred or assigned at any time and shall be considered to be transferred or assigned at any time or from time to
time upon the transfer of such Note in accordance with the Note Purchase Agreements whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Company. 
 (e) To the extent of any payments made under this Guaranty, the Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes
such payment was made, but each Guarantor covenants and agrees that such right of subrogation shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all amounts due and owing by the Company
with respect to the Notes and the Note Purchase Agreements and by the Guarantors under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of
such right of subrogation, until all amounts due and owing by the Company under or in respect of the Notes and the Note Purchase Agreements and all amounts due and owing by the Guarantors hereunder have indefeasibly been finally paid in cash in
full. If any amount shall be paid to any Guarantor in violation of the preceding sentence at any time prior to the indefeasible payment in cash in full (or other satisfaction agreed to by the Holders) of the Notes and all other amounts payable under
the Notes, the Note Purchase Agreements and this Guaranty, such amount shall be held in trust for the benefit of the Holders and shall, except to the extent the Holders have received payment, promptly be paid to the Holders to be credited and
applied to the amounts due or to become due with respect to the Notes and all other amounts payable under the Note Purchase Agreements and this Guaranty, whether matured or unmatured. Each Guarantor acknowledges that it has received direct and
indirect benefits from the financing arrangements contemplated by the Note Purchase Agreements and that the waiver set forth in this paragraph (e) is knowingly made as a result of the receipt of such benefits. 
 (f) To the extent of any payments made under this Guaranty, each Guarantor making such payment shall have a right of contribution from the other
Guarantors, but such Guarantor covenants and agrees that such right of contribution shall be subordinate in right of payment to the rights of the Holders for which full payment has 

  

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not been made or provided for and, to that end, such Guarantor agrees not to claim or enforce any such right of contribution unless and until all of the
Notes and all other sums due and payable under the Note Purchase Agreements have been fully and irrevocably paid and discharged. 
 (g) Each
Guarantor agrees that to the extent the Company, any other Guarantor or any other Person makes any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside,
recovered, rescinded, or otherwise defeased or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or
the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Guarantors’ obligations hereunder, as if said payment had not been made. The liability of the Guarantors hereunder shall not
be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not
limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity, or fraud asserted by any account debtor or by any other Person. 
 (h) No Holder shall be under any obligation: (1) to marshal any assets in favor of the Guarantors or in payment of any or all of the liabilities of the Company under or in respect of the Notes or the obligations
of the Guarantors hereunder or (2) to pursue any other remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives.

 (i) The obligations of each Guarantor under this Guaranty rank pari passu in right of payment with all other Debt of such Guarantor
which is not secured or which is not expressly subordinated in right of payment to any other unsecured Debt of such Guarantor. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS. 
 Each Guarantor represents and warrants to each Holder that: 
 (a) Such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or
other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on (1) the business, operations, affairs, financial condition, assets or properties of the Company and its subsidiaries, taken as a whole, or (2) the ability of such
Guarantor to perform its obligations under this Guaranty, or (3) the validity or enforceability of this Guaranty. Such Guarantor has the power and authority to own or hold under lease the properties it purports to own or hold under lease, to
transact the business it transacts and proposes to transact, to execute and deliver this Guaranty and to perform the provisions hereof. 
 (b) This Guaranty has been duly authorized by all necessary action on the part of such Guarantor, and upon execution and delivery of this Guaranty and of the Note Purchase Agreements and receipt of consideration for the Note Purchase
Agreements and the Notes, this Guaranty will constitute a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law). 
 (c) The execution, delivery and performance by such Guarantor of this Guaranty will not (1) contravene, result
in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor under any indenture, mortgage, deed of trust, loan, purchase or credit agreement, 

  

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lease, charter document or by-law, or any other material agreement or instrument to which such Guarantor is bound or by which such Guarantor or any of its
properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Guarantor
or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the such Guarantor. 
 (d) No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority by the Guarantor is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty.

 (e) Such Guarantor has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has
assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts
as they become absolute and matured. Such Guarantor does not intend to incur, or believe or should have believed that it will incur, debts beyond its ability to pay such debts as they become due. Such Guarantor will not be rendered insolvent by the
execution and delivery of, and performance of its obligations under, this Guaranty. Such Guarantor does not intend to hinder, delay or defraud its creditors by or through the execution and delivery of, or performance of its obligations under, this
Guaranty. 
 SECTION 6. GUARANTOR COVENANTS. 
 From and after the date of issuance of the Notes by the Company and continuing so long as any amount remains unpaid thereon each Guarantor agrees to
comply with the terms and provisions of Sections 9.1, 9.2, 9.3, 9.4 and 9.5 of the Note Purchase Agreements, insofar as such provisions apply to such Guarantor, as if said Sections were set forth herein in full. 
 SECTION 7. [RESERVED] 
 SECTION 8. GOVERNING LAW. 
 (a) THIS GUARANTY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK APPLICABLE THEREIN. 
 (b) Each Guarantor hereby (1) irrevocably submits and consents to the jurisdiction of the federal court located within the County of New York, State of New York (or if such court lacks jurisdiction, the State courts located therein),
and irrevocably agrees that all actions or proceedings relating to this Guaranty may be litigated in such courts, and (2) waives any objection which it may have based on improper venue or forum non conveniens to the conduct of any
proceeding in any such court and waives personal service of any and all process upon it, and (3) consents that all such service of process be made by delivery to it at the address of such Person set forth in Section 11 below or to
its agent referred to below at such agent’s address set forth below (with a courtesy copy to such Guarantor at the address set forth in Section 11) and that service so made shall be deemed to be completed upon actual receipt. Each
Guarantor hereby irrevocably appoints CT Corporation System, with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, as its agent for the purpose of accepting service of any process within the State of New York. Nothing
contained in this section shall affect the right of any Holder to serve legal process in any other manner permitted by law or to bring any action or proceeding in the courts of any jurisdiction against a Guarantor or to enforce a judgment obtained
in the courts of any other jurisdiction. 
 (c) The parties hereto waive any right to have a jury participate in resolving any dispute,
whether sounding in contract, tort, or otherwise, between them arising out of, connected with, related to or incidental to the relationship established between them in connection with this Guaranty, any financing agreement, any loan party 

  

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document or any other instrument, document or agreement executed or delivered in connection herewith or the transactions related hereto. The parties hereto
hereby agree and consent that any such claim, demand, action or cause of action shall be decided by court trial without a jury and that any of them may file an original counterpart or a copy of this Guaranty with any court as written evidence of the
consent of the parties hereto to the waiver of their right to trial by jury. 
 SECTION 9. [RESERVED] 
 SECTION 10. AMENDMENTS, WAIVERS AND CONSENTS. 
 (a) This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the
written consent of each Guarantor and the Required Holders. 
 (b) The Guarantors will provide each Holder (irrespective of the amount of
Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in
respect of any of the provisions hereof. The Guarantors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 10 to each Holder promptly following the
date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders. 
 (c) The Company will not
directly or indirectly pay or cause to be paid any remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement to the entering into by any Holder of any waiver or amendment of any
of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment. 
 (d) Any amendment or waiver consented to as provided in this Section 10 applies equally to all Holders and is binding upon them and upon each
future holder and upon the Guarantors. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Guarantors and
any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of any Holder. As used herein, the term “this Guaranty” and references thereto shall mean this Guaranty as it may from time to time be
amended or supplemented. 
 (e) Solely for the purpose of determining whether the Holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty, Notes directly or indirectly owned by any Guarantor, the Company or any of their respective subsidiaries or
Affiliates shall be deemed not to be outstanding. 
 SECTION 11. NOTICES. 
 All notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent: 
 (1) if to an Initial Note Purchaser or such Initial Note Purchaser’s
nominee, to such Initial Note Purchaser or such Initial Note Purchaser’s nominee at the address specified for such communications in Schedule A to the Note Purchase Agreements, or at such other address as such Initial Note Purchaser or
such Initial Note Purchaser’s nominee shall have specified to any Guarantor or the Company in writing, 
  

 8 

 (2) if to any other Holder, to such Holder at such address as such Holder shall have
specified to any Guarantor or the Company in writing, or 
 (3) if to any Guarantor, to such Guarantor c/o the Company at its
address set forth at the beginning of the Note Purchase Agreements to the attention of Corporate Treasurer, or at such other address as such Guarantor shall have specified to the Holders in writing. 
 Notices under this Section 11 will be deemed given only when actually received. 
 SECTION 12. MISCELLANEOUS. 
 (a) No remedy herein conferred upon or
reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at
law or in equity. No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or
power may be exercised from time to time and as often as may be deemed expedient. In order to entitle any Holder to exercise any remedy reserved to it under the Guaranty, it shall not be necessary for such Holder to physically produce its Note in
any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required. 
 (b) The Guarantors
will pay all sums becoming due under this Guaranty by the method and at the address specified in the Note Purchase Agreements, or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors in
writing for such purpose, without the presentation or surrender of this Guaranty or any Note. 
 (c) Any provision of this Guaranty that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 (d) If the whole or any part of this Guaranty shall be now or hereafter become unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty
shall nevertheless be and remain fully binding upon and enforceable against each other Guarantor as if it had been made and delivered only by such other Guarantors. 
 (e) This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid.

 (f) This Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
 SECTION 13. RELEASE. 
 Notwithstanding anything that may be contained
herein to the contrary, the Holders agree that, in accordance with Section 2.2(e) of the Note Purchase Agreements, this Guaranty shall be automatically released and discharged without the necessity of further action on the part of the Holders
if, and to the extent, the corresponding guaranty given pursuant to the terms of the Bank Credit Agreement is released and discharged; provided that in the event the Guarantor shall again become obligated under or with respect to the
previously discharged Guaranty pursuant to the terms and provisions of the Guaranty, the Bank Credit Agreement or any additional bank loan agreement entered into by the Company pursuant to which such lenders make available to 

  

 9 

 
the Company credit facilities which are pari passu with the Notes, then the obligations of such Guarantor under this Guaranty shall be reinstated and
any release thereof previously given shall be deemed null and void, and such Guaranty shall again benefit the Holders on an equal and pro rata basis and such Guaranty shall once again be subject to the terms of the Intercreditor Agreement.
Any release by the Holders shall be deemed to have occurred concurrently with the release and discharge under the Bank Credit Agreement. The Company shall promptly notify the Holders of any release of a Subsidiary Guaranty pursuant to this
Section 13 and shall deliver evidence of any release or discharge of a guaranty or Lien in customary form. 
 [Intentionally
Blank] 
  

 10 

 IN WITNESS WHEREOF, the undersigned has caused this
Subsidiary Guaranty to be duly executed by an authorized representative as of this 15th day of August, 2008. 
  

			
	 AMERICAN STERILIZER COMPANY
 STERIS EUROPE, INC.
 STERIS INC. HTD HOLDING CORP.

 HSTD LLC
 HAUSTED,
INC.
 ISOMEDIX INC.
 ISOMEDIX OPERATIONS INC.
 STERILTEK, INC.
 STERILTEK HOLDINGS, INC.
 STERIS ISOMEDIX SERVICES, INC.

		
	By:	 	/s/    WILLIAM L. AAMOTH        
	Name: 	 	William L. Aamoth
	Title:	 	Vice President & Treasurer

  

			
	STRATEGIC TECHNOLOGY ENTERPRISES, INC.
		
	By:	 	/s/    WILLIAM L. AAMOTH        
	Name: 	 	William L. Aamoth
	Title:	 	Treasurer

  

			
	ACCEPTED AND AGREED:
	
	STERIS CORPORATION
		
	By:	 	/s/    WILLIAM L. AAMOTH        
	Name: 	 	William L. Aamoth
	Title:	 	Vice President & Corporate Treasurer

  

 11 

 GUARANTY SUPPLEMENT 
 To the Holders of the Series A-1 Notes, Series 
 A-2 Notes and Series A-3
Notes (as hereinafter defined) 
 of STERIS Corporation (the “Company”) 
 Ladies and Gentlemen: 
 WHEREAS, in order to refinance certain debt and for general corporate
purposes, the Company issued (a) $30,000,000 aggregate principal amount of its 5.63% Senior Notes, Series A-1, due August 15, 2013 (the “Series A-1 Notes”), (b) $85,000,000 aggregate principal amount of its 6.33%
Senior Notes, Series A-2, due August 15, 2018 (the “Series A-2 Notes”) and (c) $35,000,000 aggregate prinicpal amount of its 6.43% Senior Notes, Series A-3, due August 15, 2020 (the “Series A-3
Notes”; the Series A-1 Notes, Series A-2 Notes and the Series A-3 Notes shall be collectively referred to herein to the “Notes”) pursuant to those certain Note Purchase Agreements dated as of August 15, 2008 (the
“Note Purchase Agreements”) between the Company and each of the purchasers named on Schedule A thereto (the “Initial Note Purchasers”). 
 WHEREAS, as a condition precedent to their purchase of the Notes, the Initial Note Purchasers required that certain subsidiaries of the
Company enter into a Subsidiary Guaranty as security for the Notes (the “Guaranty”). 
 Pursuant to Section 9.7 of the
Note Purchase Agreements, the Company has agreed to cause the undersigned,                             , a
                         organized under the laws of
                         (the “Additional Guarantor”), to join in the Guaranty. In accordance with the
requirements of the Guaranty, the Additional Guarantor desires to amend the definition of Guarantor (as the same may have been heretofore amended) set forth in the Guaranty attached hereto so that at all times from and after the date hereof, the
Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty for the obligations of the Company under the Note Purchase Agreements and Notes to the extent and in the manner set forth in the Guaranty. 
 The undersigned is the duly elected
                         of the Additional Guarantor, a subsidiary of the Company, and is duly authorized to execute and deliver
this Guaranty Supplement to each of you. The execution by the undersigned of this Guaranty Supplement shall evidence its consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty and by such execution the
Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty. 
 In the event the Additional Guarantor is organized under the laws of any jurisdiction other than any state of the United States or the District of Columbia, the following paragraphs (a) and
(b) shall be deemed incorporated in the Guaranty as if such paragraphs were set forth therein in full: 
 (a) Each
payment by a Guarantor shall be made, under all circumstances, without setoff, counterclaim or reduction for, and free from and clear of, and without deduction for or because of, any and all present or future taxes, levies, imposts, duties, fees,
charges, deductions, withholding, restrictions or conditions of any nature whatsoever (hereinafter called “Relevant Taxes”) imposed, levied, collected, assessed, deducted or withheld by the government of any country or jurisdiction
(or any authority therein or thereof) other than the United States of America from or through which payments hereunder or on or in respect of the Notes are actually made (each a “Taxing Jurisdiction”), unless such imposition, levy,
collection, assessment, deduction, withholding or other restriction or condition is required by law. If a Guarantor is required by law to make any payment under the Guaranty subject to such deduction, withholding or other restriction or condition,
then such Guarantor shall forthwith (i) pay over to the government or taxing authority imposing such tax the full amount required to be deducted, withheld from or otherwise paid by such Guarantor (including the full amount required to be
deducted or withheld from or otherwise paid by such Guarantor in respect of the Tax Indemnity Amounts (as defined below)); (ii) pay each Holder such additional amounts (“Tax Indemnity Amounts”) as may be necessary in order that
the net amount of every payment made to each Holder, after provision for payment of such Relevant Taxes (including any required deduction, 

 
withholding or other payment of tax on or with respect to such Tax Indemnity Amounts), shall be equal to the amount which such holder would have received had
there been no imposition, levy, collection, assessment, deduction, withholding or other restriction or condition. Notwithstanding the foregoing provisions of this paragraph (a), no such Tax Indemnity Amounts shall be payable for or on account
of any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure of the Holder to complete, execute, update and deliver to such Guarantor any form or document to the extent applicable to such Holder that may
be required by law or by reason of administration of such law and which is reasonably requested in writing to be delivered by such Guarantor in order to enable such Guarantor to make payments pursuant to this paragraph (a) without
deduction or withholding for taxes, assessments or governmental charges, or with deduction or withholding of such lesser amount, which form or document shall be delivered within one hundred twenty days of a written request therefor by such
Guarantor. If in connection with the payment of any such Tax Indemnity Amounts, any Holder that is a United States person within the meaning of the Code or a foreign person engaged in a trade or business within the United States of America, incurs
taxes imposed by the United States of America or any political subdivision or taxing authority therein (“United States Taxes”) on such Tax Indemnity Amounts, such Guarantor shall pay to such Holder such further amount as will insure
that the net expenditure of the Holder for United States Taxes due to receipt of such Tax Indemnity Amounts (after taking into account any withholding, deduction, tax credit or tax benefit in respect of such further amount or any Tax Indemnity
Amount) is no greater than it would have been had no Tax Indemnity Amounts been paid to the Holder. 
 (b) Any payment made by
such Guarantor to any Holder for the account of any such holder in respect of any amount payable by such Guarantor shall be made in the lawful currency of the United States of America (“U.S. Dollars”). Any amount received or
recovered by such holder other than in U.S. Dollars (whether as a result of, or of the enforcement of, a judgment or order of any court, or in the liquidation or dissolution of such Guarantor or otherwise) in respect of any such sum expressed
to be due hereunder or under the Notes shall constitute a discharge of such Guarantor only to the extent of the amount of U.S. Dollars which such Holder is able, in accordance with normal banking procedures, to purchase with the amount so
received or recovered in that other currency on the date of the receipt or recovery (or, if it is not practicable to make that purchase on such date, on the first date on which it is practicable to do so). If the amount of U.S. Dollars so purchased
is less than the amount of U.S. Dollars expressed to be due hereunder or under the Notes, such Guarantor agrees as a separate and independent obligation from the other obligations herein, notwithstanding any such judgment, to indemnify the
Holder against the loss. If the amount of U.S. Dollars so purchased exceeds the amount of U.S. Dollars expressed to be due hereunder or under the Notes, then such Holder agrees to remit such excess to such Guarantor. 
 Upon execution of this Guaranty Supplement, the Guaranty shall be deemed to be amended as set forth above. Except as amended herein, the terms and
provisions of the Guaranty are hereby ratified, confirmed and approved in all respects. 

 Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the
Guaranty without making specific reference to this Guaranty Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require. 
 Dated:                     ,
            . 
  

			
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	 
	Its	 	

  

			
	ACCEPTED AND AGREED:
	
	STERIS CORPORATION
		
	By:	 	 
	Name: 	 	 
	Title:Employment Agreement - Michael F. Foust

 Exhibit 10.1 
 DIGITAL REALTY TRUST, INC. 
 560
MISSION STREET, STE. 2900 
 SAN FRANCISCO, CA 94105 

 August 7, 2008 
 Michael F. Foust 

c/o Digital Realty Trust, Inc. 
 560 Mission Street, Suite 2900 

San Francisco, California 94105 
  

	 	Re:	EMPLOYMENT TERMS 

 Dear
Mr. Foust: 
 Digital Realty Trust, Inc. (the “REIT”) and DLR, LLC (the “Employer” and together with
the REIT, the “Company”) are pleased to offer to continue your employment with the REIT and the Employer on the terms and conditions set forth in this letter (this “Agreement”), effective as of the date hereof (the
“Effective Date”): 
 1. TERM. Subject to the provisions for earlier termination
hereinafter provided, your employment hereunder shall be for a term (the “Term”) commencing on the Effective Date and ending on the third anniversary of the Effective Date (the “Initial Termination Date”). If not
previously terminated, the Term shall automatically be extended for one additional year on the Initial Termination Date, and on each subsequent anniversary of the Initial Termination Date, unless the Company elects not to so extend the Term by
notifying you, in writing, of such election not less than sixty (60) days prior to the last day of the then current Term. Notwithstanding the foregoing, you shall be entitled to terminate this Agreement at any time with sixty (60) days
prior written notice. 
 2. POSITION, DUTIES AND
RESPONSIBILITIES. During the Term, the Company will employ you, and you agree to be employed by the Company, as Chief Executive Officer of the REIT and the Employer. In the capacity of Chief Executive Officer, you
will have such duties and responsibilities as are normally associated with such position and will devote your full business time and attention to serving the Company in such position. Your duties may be changed from time to time by the Company,
consistent with your position. You will report to the Board of Directors of the REIT, and will work full-time at our principal offices located in San Francisco, California (or such other location in the San Francisco greater metropolitan area as the
Company may utilize as its principal offices), except for travel to other locations as may be necessary to fulfill your responsibilities. At the Company’s request, you will serve the Company and/or its subsidiaries and affiliates in other
offices and capacities in addition to the foregoing. In the event that you serve in any one or more of such additional capacities, your compensation will not be increased beyond that specified in this Agreement. In addition, in the event your
service in one or more of such additional capacities is terminated, your compensation, as specified in this Agreement, will not be diminished or reduced in any manner as a result of such termination for so long as you otherwise remain employed under
the terms of this Agreement. 

 3. BASE COMPENSATION. During the Term, the Company
will pay you a base salary of $546,000 per year, less payroll deductions and all required withholdings, payable in accordance with the Company’s normal payroll practices and prorated for any partial month of employment. Your base salary may be
subject to increase pursuant to the Company’s policies as in effect from time to time. 
 4. ANNUAL BONUS. In addition to the base salary set forth above, during the Term, you will be eligible to participate in the Company’s incentive bonus plan applicable to similarly
situated executives of the Company. The amount of your annual bonus will be based on the attainment of performance criteria established and evaluated by the Company in accordance with the terms of such bonus plan as in effect from time to time,
provided that, subject to the terms of such bonus plan, your target and maximum annual bonus shall be 100% and 150%, respectively, of your base salary actually paid for such year. Any annual bonus that becomes payable to you is intended to satisfy
the short-deferral exemption under Treasury Regulation Section 1.409A-1(b)(4) and shall be made not later than the last day of the applicable two and one-half (2  1/2
) month “short-term deferral period” with respect to such annual bonus, within the meaning of Treasury Regulation Section 1.409A-1(b)(4). 
 5. BENEFITS AND VACATION. During the Term, you will be eligible to participate in all
incentive, savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time which are applicable to other similarly situated executives of the Company, subject to the terms and conditions
thereof. During the Term, you will also be eligible for standard benefits, such as medical insurance, paid time off and holidays to the extent applicable generally to other similarly situated executives of the Company, subject to the terms and
conditions of the applicable Company plans or policies. 
 6. COMPENSATION
GROSS-UP. The amount of compensation payable to you pursuant to Sections 3 and 4 above will be “grossed up” as necessary (on an after-tax basis) to compensate for any duplicate social
security withholding taxes due as a result of your shared employment by the Employer, the REIT and, if applicable, any subsidiary and/or affiliate thereof; provided however, that no such gross-up will be made to the extent you will be entitled to a
refund of any such amounts. Any such gross-up payments shall be made by December 31 of the year following the year in which the duplicate taxes were incurred. The amount of any such payments in one year shall not affect the amount eligible for
payment in any subsequent year and your right to payment of any such amounts shall not be subject to liquidation or exchange for any other benefit. 
 7. TERMINATION OF EMPLOYMENT. 
 (a) Without
Cause, Good Reason, Change in Control Resignation. Subject to paragraph (d) below, in the event that you incur a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Internal
Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation Section 1.409A-1(h)) (a “Separation 

  

 2 

 
from Service”) during the Term by reason of (1) a termination of your employment by the Company without Cause (as defined below),
(2) your resignation for Good Reason (as defined below), or (3) your resignation for any reason on or within 30 days after the six month anniversary of a Change in Control (as defined in the First Amended and Restated Digital Realty Trust,
Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan, or any successor incentive plan) (a “Change in Control Resignation”), then, subject to Section 7(c) below, in addition to any other accrued
amounts payable to you through the date of your Separation from Service (such date, or the date of your death if applicable under Section 7(b) below, the “Termination Date”), the Company will pay and provide you with the
following payments and benefits: 
 (i) payable within 30 days after your Termination Date, a lump-sum termination payment in
an amount equal to: 
 (A) three (3) times the sum of (x) your annual base salary as in effect on the Termination
Date plus (y) your maximum annual bonus for the fiscal year in which the Termination Date occurs (in the case of both (x) and (y), without giving effect to any reduction which constitutes Good Reason); plus 
 (B) the Stub Year Bonus; plus 
 (C) the Prior Year Bonus, if any. 
 (ii) for a period ending on the earlier of (A) the
first anniversary of the Termination Date or (B) the date on which you become eligible to receive comparable group health insurance coverage under a subsequent employer’s plans, the Company shall continue to provide you and your eligible
family members with group health insurance coverage at least equal to that which would have been provided to you if you had not incurred a Separation from Service (including, in the discretion of the Company, by purchasing COBRA coverage for you and
your eligible family members); 
 (iii) to the extent that any outstanding Company stock options or other equity-based awards
issued to you under the Company’s equity incentive plans (other than any Class C profits interest units of Digital Realty Trust, L.P. (the “Operating Partnership”)) are subject to vesting based on continued employment or the
lapse of time only (and not performance-based vesting), such awards shall become vested and exercisable immediately prior to the Termination Date; 
 (iv) to the extent that any outstanding Company stock options or other equity-based awards issued to you under the Company’s equity incentive plans are subject to vesting based on the satisfaction of performance
goals, such awards shall remain outstanding and eligible to vest following the Termination Date in accordance with the terms of the applicable award agreement (except as to any requirement of continued employment). Without limiting the generality of
the foregoing, you shall continue to be deemed to be a Service Provider under, and you shall not be deemed to have incurred a termination of service for purposes of, (i) that certain Class C Profits 

  

 3 

 
Interest Units Agreement, dated October 27, 2005 (the “2005 Class C Agreement”), that certain Class C Profits Interest Units Agreement,
dated May 2, 2007 (the “2007 Class C Agreement”) and any future award agreement evidencing future grants of Class C profits interests (together with the 2005 Class C Agreement and the 2007 Class C Agreement, the “Class
C Agreements”) until all Class C profits interest units issued pursuant to the applicable Class C Agreement that ultimately satisfy the Performance Condition (as defined in the applicable Class C Agreement), if any, vest and (ii) that
certain 2008 Performance-Based Profits Interest Units Agreement, dated February 25, 2008 (the “2008 Agreement”), until all profits interest units issued pursuant to the 2008 Agreement that ultimately satisfy the Performance
Condition (as defined in the 2008 Agreement), if any, vest. For purposes of clarification, this Section 7(a)(iv) shall be applicable whether your termination occurs prior to or following the Measurement Date (as defined in the applicable Class
C Agreement or 2008 Agreement, as applicable). In addition, if this Section 7(a)(iv) is applicable and if any Restricted Stock (as defined in the applicable Class C Agreement) is otherwise to be issued under Section 4.1 of the 2005 Class C
Agreement or Section 4.1 of the 2007 Class C Agreement (or any analogous section of any future Class C Agreement), fully-vested, unrestricted Common Stock of the Company shall be granted in lieu of any such Restricted Stock. 
 For purposes of further clarification, the terms set forth in this Agreement, including this Section 7, are intended to be in
addition to (and not in lieu of) the vesting and acceleration features related to the stock options and other equity-based awards (including Class C profits interest units of the Operating Partnership and other “outperformance awards”)
held by you and included elsewhere, including in any award agreements related to such awards, and the vesting and acceleration terms hereof shall be applicable only to the extent they result in additional acceleration or vesting of such stock
options and other equity-based awards held by you. 
 (b) Death or Disability. Subject to paragraph
(d) below, and notwithstanding anything to the contrary contained herein, in the event of your death or your Separation from Service by reason of your Disability (as defined below) during the Term, then, subject to Section 7(c) below, in
addition to any other accrued amounts payable to you through the Termination Date, the Company will pay and provide you (or your estate or legal representative) with the following payments and benefits: 
 (i) payable within 30 days after your Termination Date, a lump-sum termination payment in an amount equal to: 
 (A) your annual base salary as in effect on the Termination Date plus your maximum annual bonus for the fiscal year in which the
Termination Date occurs; plus 
 (B) the Stub Year Bonus; plus 
 (C) the Prior Year Bonus, if any. 
  

 4 

 (ii) to the extent that any outstanding Company stock options or other equity-based
awards issued to you under the Company’s equity incentive plans (other than any Class C profits interest units of the Operating Partnership) are subject to vesting based on continued employment or the lapse of time only (and not
performance-based vesting), such awards shall become vested and exercisable immediately prior to the Termination Date; 
 (iii) to the extent that any outstanding Company stock options or other equity-based awards issued to you under the Company’s equity incentive plans are subject to vesting based on the satisfaction of performance goals, such awards
shall remain outstanding and eligible to vest following the Termination Date in accordance with the terms of the applicable award agreement. Without limiting the generality of the foregoing, you shall continue to be deemed to be a Service Provider
under, and you shall not be deemed to have incurred a termination of service for purposes of, (i) the Class C Agreements until all Class C profits interest units issued pursuant to the applicable Class C Agreement that ultimately satisfy the
Performance Condition (as defined in the applicable Class C Agreement), if any, vest and (ii) the 2008 Agreement until all profits interest units issued pursuant to the 2008 Agreement that ultimately satisfy the Performance Condition (as
defined in the 2008 Agreement), if any, vest. For purposes of clarification, this Section 7(b)(iii) shall be applicable whether your termination occurs prior to or following the Measurement Date. In addition, if this Section 7(b)(iii) is
applicable and any Restricted Stock is otherwise to be issued under Section 4.1 of the 2005 Class C Agreement or Section 4.1 of the 2007 Class C Agreement (or any analogous section of any future Class C Agreement), fully-vested,
unrestricted Common Stock of the Company shall be granted in lieu of any such Restricted Stock. 
 (c) Potential
Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any termination payments or benefits payable under this Section 7, shall be paid to you during the
6-month period following your Separation from Service to the extent that the Company determines that paying such amounts at the time or times indicated in this Agreement would cause you to incur additional taxes and/or other penalties under
Section 409A of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such 6-month period (or such earlier date upon which such amount can be paid under
Section 409A of the Code without resulting in such additional taxes or penalties, including as a result of your death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you
during such 6-month period, plus interest thereon from the Termination Date through the payment date at a rate equal to the then-current “applicable Federal rate” determined under Section 7872(f)(2)(A) of the Code. 
 (d) Release. Your right to receive the payments and benefits set forth in this Section 7 is conditioned on and subject
to the execution and non-revocation by you (or your estate or legal representative) of a general release of claims against the Digital Group (as defined below), in a form reasonably acceptable to the Company and you. 
  

 5 

 (e) Definitions. For purposes of this Agreement: 
 (A) “Cause” shall mean (1) your willful and continued failure to substantially perform your duties with the Company
(other than any such failure resulting from your incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to you by the Company, which demand specifically identifies the manner in which the
Company believes that you have not substantially performed your duties and which failure is not cured within 30 days of receiving such notice; (2) your willful commission of an act of fraud or dishonesty resulting in economic or financial
injury to the Company or its subsidiaries or affiliates; (3) your conviction of, or entry by you of a guilty or no contest plea to, the commission of a felony or a crime involving moral turpitude; (4) a willful breach by you of any
fiduciary duty owed to the Company which results in economic or other injury to the Company or its subsidiaries or affiliates; (5) your willful and gross misconduct in the performance of your duties hereunder that results in economic or other
injury to the Company or its subsidiaries or affiliates and which is breach in not cured within 30 days after written notification is delivered to you by the Company that specifically identifies the manner in which the Company believes that you have
breached any such duty; (6) your willful and material breach of your covenants set forth in Section 9 below; or (7) a material breach by you of any of your other obligations under this Agreement after written notice is delivered to
you by the Company which specifically identifies such breach. For purposes of this provision, no act or failure to act on your part will be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without
reasonable belief that your action or omission was in the best interests of the Company. Notwithstanding the foregoing, in the event you incur a Separation from Service by reason of a termination of your employment by the Company (other than by
reason of your death or Disability or pursuant to clause (3) of this paragraph) on or within one year after a Change in Control or within the six month period immediately preceding a Change in Control in connection with such Change in Control,
it shall be presumed for purposes of this Agreement that such termination was effected by the Company other than for Cause unless the contrary is established by the Company. In addition, notwithstanding the foregoing, your employment will not be
deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of a majority the Board, including a majority of the independent directors, at a meeting of
the Board called and held for such purpose (after reasonable notice is provided to you and you are given an opportunity to be heard before the Board), finding that, in the good faith opinion of the Board, sufficient Cause exists to terminate your
employment; provided, that you shall not participate in the deliberations regarding such resolution, vote on such resolution, nor shall you be counted in determining a majority of the Board. 
 (B) “Disability” shall mean a disability that qualifies or, had you been a participant, would qualify you to receive
long-term disability payments under the Company’s group long-term disability insurance plan or program, as it may be amended from time to time. 
  

 6 

 (C) “Good Reason” shall mean the occurrence of any one or more of the
following events without your prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) prior to the Termination Date: (1) the Company’s
assignment to you of any duties materially inconsistent with your position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 2 hereof, or any other action by the
Company which results in a material diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company;
(2) the Company’s reduction of your annual base salary or bonus opportunity, each as in effect on the date hereof or as the same may be increased from time to time; (3) the relocation of the Company’s offices at which you are
principally employed (the “Principal Location”) to a location more than 45 miles from such location, or the Company’s requiring you to be based at a location more than 45 miles from the Principal Location, except for required
travel on Company business; or (4) the Company’s failure to obtain a satisfactory agreement from any successor to assume and agree to perform the Company’s obligations under this Agreement. Notwithstanding the foregoing, you will not
be deemed to have resigned for Good Reason unless (x) you provide the Company with notice of the circumstances constituting Good Reason within 90 days after you have knowledge of the occurrence or existence of such circumstances, (y) the
Company fails to correct the circumstance so identified within 30 days after the receipt of such notice (if capable of correction), and (z) you resign within 2 years after you have knowledge of the occurrence or existence of the circumstances
referred to in clause (x) above. 
 (D) “Prior Year Bonus” shall mean, for any Termination Date that
occurs between January 1 of any fiscal year and the date that annual bonuses are paid by the Company for the immediately preceding year (the “Prior Year”), 150% of your base salary actually paid (without giving effect to any
reduction which constitutes Good Reason) for such Prior Year, unless the Compensation Committee has determined your bonus for such Prior Year, in which case the Prior Year Bonus shall be the bonus determined by the Compensation Committee, if any.
The Prior Year Bonus, if any, shall be in lieu of your annual bonus for the Prior Year. There will be no Prior Year Bonus in connection with any Termination Date that occurs on or after the date the Company pays annual bonuses for the Prior Year
through the end of the year in which the Termination Date occurs. 
 (E) “Stub Year Bonus” shall mean the
product obtained by multiplying (x) 150% of your annual base salary as in effect on the Termination Date (without giving effect to any reduction which constitutes Good Reason) multiplied by (y) a fraction, the numerator of which is the
number of days that have elapsed in the then current fiscal year through the Termination Date and the denominator of which is 365. 
  

 7 

 8. EXCISE TAX GROSS-UP
PAYMENT. 
 (a) Except as set forth below, in the event it shall be determined that any
payment or distribution to you or for your benefit which is in the nature of compensation and is contingent on a change in the ownership or effective control of the REIT or the ownership of a substantial portion of the assets of the REIT (within the
meaning of Section 280G(b)(2) of the Code), whether paid or payable pursuant to this Agreement or otherwise (a “Payment”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code
(together with any interest or penalties imposed with respect to such excise tax, the “Excise Tax”), then you shall be entitled to receive an additional payment (the “Excise Tax Gross-Up Payment”) in an amount such
that, after payment by you of all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes and Excise Tax imposed upon the Excise Tax Gross-Up Payment, you retain an amount of the
Excise Tax Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding anything contained herein, if it shall be determined that you are entitled to the Excise Tax Gross-Up Payment, but that the Parachute Value (as defined
below) of all Payments does not exceed 110% of an amount equal to 2.99 times your “base amount,” within the meaning of Section 280G(b)(3) of the Code (the “Safe Harbor Amount”), then no Excise Tax Gross-Up Payment
shall be made to you and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be
made in such a manner as to maximize the economic present value as of the date of the change in control transaction of all Payments actually made to you. For purposes of this Agreement, the “Parachute Value” of a Payment shall mean
the present value as of the date of the change in control transaction for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code. The
Company’s obligation to make Excise Tax Gross-Up Payments under this Section 8 shall not be conditioned upon your Separation from Service. For purposes of determining the amount of any Excise Tax Gross-Up Payment, you shall be considered
to pay federal income tax at your actual marginal rate of federal income taxation in the calendar year in which the Excise Tax Gross-Up Payment is to be made, and state and local income taxes at your actual marginal rate of taxation in the state and
locality of your residence on the date on which the Excise Tax Gross-Up Payment is calculated, for purposes of this Section 8, net of your actual reduction in federal income taxes which could be obtained from deduction of such state and local
taxes, and taking into consideration the phase-out of your itemized deductions under federal income tax law. 
 (b) All
determinations required to be made under this Section 8, including whether and when an Excise Tax Gross-Up Payment is required, the amount of such Excise Tax Gross-Up Payment and the assumptions to be utilized in arriving at such determination,
shall be made by such nationally recognized accounting firm as may be selected by the Board of Directors of the REIT as constituted immediately prior to the change in control transaction (the “Accounting Firm”), provided,
that the Accounting Firm’s determination shall be made based upon “substantial authority” within the meaning of Section 6662 of the Code. The Accounting Firm shall provide its determination (the “Determination”),
together with detailed supporting calculations and documentation, to you and the Company within 15 business days following the date of termination if applicable, or such other time as requested by you (provided that you reasonably believe that any
of the Payments may be subject to the Excise Tax) or the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any 

  

 8 

 
Excise Tax Gross-Up Payment, as determined pursuant to this Section 8, shall be paid by the Company to you no later than the later of (i) 15
business days following the receipt of the Accounting Firm’s Determination or (ii) 15 business days preceding the date the Excise Tax becomes payable; provided, however, that in no event shall any such Excise Tax Gross-Up Payment or
any payment of any income or other taxes to be paid by the Company under this Section 8 be made later than the end of your taxable year next following your taxable year in which you remit the related taxes. Any costs and expenses incurred by
the Company on behalf of you under this Section 8 due to any tax contest, audit or litigation will be paid by the Company by the end of your taxable year following your taxable year in which the taxes that are the subject of the tax contest,
audit or litigation are remitted to the taxing authority, or where as a result of such tax contest, audit or litigation no taxes are remitted, the end of your taxable year following your taxable year in which the audit is completed or there is a
final and non-appealable settlement or other resolution of the contest or litigation. 
 (c) You shall immediately notify the
Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Excise Tax Gross-Up Payment. You shall not pay such claim prior to the expiration of the 30-day period following the
date on which you give such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies you in writing prior to the expiration of such period that the Company
desires to contest such claim, you shall give the Company all information reasonably requested by the Company relating to such claim, cooperate with the Company and take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, and permit the Company to participate in and control any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses incurred in
connection with such contest, and shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and contest. 
 9. RESTRICTIVE COVENANTS. 
 (a) As a condition of your employment with the Company, you agree that during the Term and thereafter, you will not directly or indirectly
disclose or appropriate to your own use, or the use of any third party, any trade secret or confidential information concerning the REIT, the Operating Partnership, the Employer or their respective subsidiaries or affiliates (collectively, the
“Digital Group”) or their businesses, whether or not developed by you, except as it is required in connection with your services rendered for the Company. You further agree that, upon termination of your employment, you will not
receive or remove from the files or offices of the Digital Group any originals or copies of documents or other materials (physical, electronic or otherwise) of the Digital Group, and that you will return any such documents or materials (physical,
electronic or otherwise) otherwise in your possession. You further agree that, upon termination of your employment, you will maintain in strict confidence and not disclose the projects in which any member of the Digital Group is involved or
contemplating. 
  

 9 

 (b) You further agree that during the Term, you shall not, unless agreed to in writing by
the Company, engage in Competition (as defined below). For purposes of this Agreement, “Competition” shall mean acquiring or owning interests in, directly or indirectly, including as a principal, partner, stockholder or manager of
any partnership, corporation or any other entity, Technology Real Estate located in the United States or Europe. “Technology Real Estate” shall mean commercial real estate buildings that are used principally (i) to provide
infrastructure required by companies in the data, voice and wireless communications industry; (ii) to provide the physical environment required for businesses in the disaster recovery, IT outsourcing and collocation industries, (iii) to
provide highly specialized manufacturing environments for manufacturing of technology products or (iv) as headquarter office facilities for technology companies (or any combination of the foregoing). Notwithstanding the foregoing,
“Competition” shall not include (x) your activities as an employee, executive, director, principal, partner, stockholder or manager of the Company or any of its subsidiaries or affiliates, or (y) investments in which you own less
than a 9.5% beneficial interest and have no active management role; provided, however, that in the case of investments involving Technology Real Estate described in clause (iv) above, investments in which you own more than 9.5% shall be
permitted so long as (A) your aggregate capital invested in the investment is less than $500,000, (B) you own less than a 50% beneficial interest, and (C) you have no active management role. 
 (c) You further agree that during the Term and continuing through the first anniversary of the date of termination of your employment, you
will not directly or indirectly solicit, induce, or encourage (i) any then current employee of any member of the Digital Group to terminate their employment with such member of the Digital Group, or (ii) any consultant, agent, customer,
vendor, or other parties doing business with any member of the Digital Group to terminate their agency, or other relationship with such member of the Digital Group or to transfer their business from the such member or the Digital Group and you will
not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 
 (d) In recognition of the facts that irreparable injury will result to the Company in the event of a breach by you of your obligations
under Sections 9(a), (b) or (c) above, that monetary damages for such breach would not be readily calculable, and that the Company would not have an adequate remedy at law therefor, you acknowledge, consent and agree that in the event of
such breach, or the threat thereof, the Company shall be entitled, in addition to any other legal remedies and damages available, to specific performance thereof and to temporary and permanent injunctive relief (without the necessity of posting a
bond) to restrain the violation or threatened violation of such obligations by you. 
 10. CODE
SECTION 409A. Certain payments and benefits under this Agreement are intended to be exempt from the application of Section 409A of the Code, while other payments hereunder may constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code, the payment of which is intended to comply with Section 409A of the Code. To the extent applicable, this Agreement shall be interpreted in accordance with
Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of this Agreement to the contrary, if at any time you and the Company mutually determine that
any compensation or benefits payable under this Agreement may not be compliant with or exempt from Section 409A of the Code and related Department of Treasury guidance, the parties shall work together to adopt such amendments to 

  

 10 

 
this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take such other actions, as
the parties determine are necessary or appropriate to (i) exempt such compensation and benefits from Section 409A of the Code and/or preserve the intended tax treatment of such compensation and benefits, or (ii) comply with the
requirements of Section 409A of the Code and the regulations promulgated thereunder. 
 11. COMPANY
RULES AND REGULATIONS. As an employee of the Company, you agree to abide by Company rules and regulations as set forth in the Company’s Employee Handbook, Code of Conduct and
Business Ethics, Statement of Policies and Procedures Governing Material Non-Public Information and the Prevention of Insider Trading and as otherwise promulgated. 
 12. PAYMENT OF FINANCIAL OBLIGATIONS. In the event that your employment or consultancy is shared among the Company and/or its
subsidiaries and affiliates, the payment or provision to you by the Company of any remuneration, benefits or other financial obligations pursuant to this Agreement may be allocated to the Company and, as applicable, its subsidiaries and/or
affiliates in accordance with an employee sharing or expense allocation agreement entered into by such parties. 
 13.
WITHHOLDING. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 14. ARBITRATION. Except as set forth in Section 9(d) above, any disagreement, dispute,
controversy or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated in this Agreement or the breach, termination or invalidity thereof shall be
settled by final and binding arbitration administered by JAMS/Endispute in San Francisco, California in accordance with the then existing JAMS/Endispute Arbitration Rules and Procedures for Employment Disputes. Except as provided herein, the Federal
Arbitration Act shall govern the interpretation, enforcement and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state of California, or federal law, or both, as applicable, and the
arbitrator is without jurisdiction to apply any different substantive law. The arbitrator shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply the standards governing such
motions under the Federal Rules of Civil Procedure. Judgment upon the award may be entered in any court having jurisdiction thereof. Each party shall pay his or its own attorneys’ fees and expenses associated with such arbitration to the extent
permitted by applicable law; provided, however, that if you prevail in such arbitration, the Company shall reimburse you for the fees and expenses actually incurred by you in connection with such arbitration (including, without limitation,
your reasonable attorneys’ fees). 
 15. ENTIRE AGREEMENT. As of the Effective Date,
this Agreement constitutes the final, complete and exclusive agreement between you and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, made
to you by any member of the Digital Group or any 

  

 11 

 
entity, or representative thereof, whose business or assets any member of the Digital Group succeeded to in connection with the initial public offering of
the REIT’s common stock or the transactions related thereto. You agree that any such agreement, offer or promise is hereby terminated and will be of no further force or effect, and that upon his execution of this Agreement, you will have no
right or interest in or with respect to any such agreement, offer or promise. 
 16. ASSUMPTION BY
SUCCESSOR. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 17. ACKNOWLEDGEMENT. You hereby acknowledge (a) that you have consulted with or have had the opportunity to consult with independent counsel of your own choice concerning this
Agreement, and have been advised to do so by the Company, and (b) that you have read and understand this Agreement, are fully aware of its legal effect, and have entered into it freely based on your own judgment. 
 18. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of
the State of California, without regard to conflicts of laws principles thereof. 
 19. LEGAL
FEES. The Company will reimburse you for all reasonable legal fees incurred by you in connection with the negotiation, preparation and execution of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 12 

 Please confirm your agreement to the foregoing by signing and dating the enclosed duplicate original of
this Agreement in the space provided below for your signature and returning it to Rick Magnuson. Please retain one fully-executed original for your files. 
 Sincerely, 
  

									
	Digital Realty Trust, Inc.,	 		 	DLR, LLC,
	a Maryland corporation	 		 	a Maryland limited liability company
				
		 		 	By:	 	Digital Realty, L.P.
	By:	 	/s/ Richard Magnuson	 		 	Its:	 	Managing Member
	Name:	 	Richard Magnuson	 		 		 	
	Title:	 	Chairman	 		 		 	
					
		 		 		 	By:	 	/s/ Richard Magnuson
		 		 		 	Name:	 	Richard Magnuson
		 		 		 	Title:	 	Chairman
			
	 Digital Realty, L.P.,
 a Maryland
limited partnership
	 		 	
					
	By:	 	Digital Realty Trust, Inc.	 		 		 	
	Its:	 	General Partner	 		 		 	
					
	By:	 	/s/ Richard Magnuson	 		 		 	
	Name:	 	Richard Magnuson	 		 		 	
	Title:	 	Chairman	 		 		 	
				
	Accepted and Agreed,	 		 		 	
	this 7th day of August, 2008.	 		 		 	

									
					
	By:	 	/s/ Michael F. Foust	 		 		 	
		 	Michael F. Foust	 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 13

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