Document:

Exchange Agreement

 Exhibit 4.1 

Execution Version 

EXCHANGE AGREEMENT 

This Exchange Agreement (this “Agreement”) is made this 14th day of June, 2010, by and among Digital Realty Trust, Inc.,
a Maryland corporation (the “Company”), Digital Realty Trust, L.P., a Maryland limited partnership (the “Operating Partnership”), and Hudson Bay Fund LP, a Delaware limited partnership (the
“Holder”). 
 R E C I T A L S 

A. The Holder holds $36,960,000 in aggregate principal amount of the Operating Partnership’s 4.125% Exchangeable Senior Debentures
due 2026 (the “Notes”). 
 B. The Holder desires to sell to the Operating Partnership and the Operating
Partnership desires to purchase from the Holder $36,960,000 aggregate principal amount of the Notes (the “Repurchased Notes”) in exchange for (i) 1,160,950 restricted shares (the “Shares”) of the Company’s
common stock, par value $0.01 per share, (ii) an incentive fee payable in cash equal to $184,800 and (iii) accrued and unpaid interest on the Repurchased Notes to but excluding the Closing Date (as hereinafter defined) equal to $503,965
((ii) and (iii) together, the “Cash Consideration”), upon the terms and subject to the conditions hereinafter set forth (the “Exchange”). 

NOW, THEREFORE, in consideration of the premises and the mutual agreements and obligations contained herein, the parties agree as
follows: 
 1. Purchase and Sale of the Repurchased Notes. 

1.1 General. On the terms and subject to the conditions set forth in this Agreement and upon the representations and
warranties made herein by each of the parties to the other, on the Closing Date (i) the Holder shall convey, assign, transfer and deliver to the Operating Partnership, and the Operating Partnership shall purchase and acquire from the Holder,
the Repurchased Notes, and (ii) in exchange, the Operating Partnership shall deliver to the Holder the Shares and the Cash Consideration.  

1.2 Closing. The closing of the transaction contemplated hereby (the “Closing”) shall take place at 7:00 a.m.,
Pacific time, on June 14, 2010, at the offices of Latham & Watkins LLP, 505 Montgomery Street, Suite 2000, San Francisco, California 94111, or at such other time and place as mutually agreed upon by the parties. The date and time
of closing are referred to herein as the “Closing Date.” 
 1.3 Closing: Delivery of Documents.

 (a) At the Closing, the Holder shall deliver or cause to be delivered to the account of the Operating Partnership the
Repurchased Notes, registered in the name of the Holder or for which the Holder is the beneficial owner. Delivery of such Repurchased Notes may be made in one or more separate transfers. 

 

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 (b) At the Closing, the Operating Partnership shall deliver the Shares to the Holder in
book-entry form to the account set forth on Schedule A hereto. Delivery of such Shares may be made in one or more separate transfers. 

(c) At the Closing, the Operating Partnership shall deliver the Cash Consideration to the Holder by wire transfer in immediately
available funds to the Holder’s broker pursuant to the wire transfer instructions set forth on Schedule A hereto. Delivery of such Cash Consideration may be made in one or more separate transfers. 

2. Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company as follows: 

2.1 Existence and Authority Relative to Agreement. The Holder is a limited partnership duly formed, validly existing and in good
standing under the laws of the State of Delaware. The Holder has all necessary power and authority to execute and deliver this Agreement and each other agreement, document or instrument to be executed in connection herewith and to perform the
obligations to be performed by it hereunder and thereunder. The execution, delivery and performance of this Agreement by the Holder and the sale of the Repurchased Notes by the Holder pursuant hereto have been duly authorized by all necessary
action. This Agreement and each other instrument or document to be executed in connection herewith have been duly and validly executed and delivered by a duly authorized officer of the Holder. This Agreement and each other instrument or document to
be executed in connection herewith shall, upon the execution and delivery thereof by the Holder, constitute the legal, valid and binding obligations of the Holder enforceable against the Holder in accordance with the respective terms thereof, except
as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 

2.2 No Conflicts. Neither the execution, delivery and performance of this Agreement, nor the consummation of the transactions
contemplated hereby nor compliance by the Holder with any provisions hereof, will (i) violate (with or without the giving of notice or the lapse of time or both), or conflict with, or result in any violation of or default under, any indenture,
mortgage, deed of trust, loan agreement, joint venture agreement, partnership agreement, limited liability company agreement or any other agreement or instrument to which the Holder is a party or by which the Holder is bound or to which any of the
property or assets of the Holder is subject, except for such conflicts, breaches or violations which would not, singly or in the aggregate, result in a material adverse effect on the consolidated financial position, results of operations or business
of the Holder, (ii) result in any violation of the provisions of the charter, by-laws, certificate of limited partnership, partnership agreement or other organizational documents of the Holder, as the case may be, or (iii) result in any
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Holder, except where such noncompliance or violation of any such statute, order, rule or regulation would not, singly
or in the aggregate, result in a material adverse effect on the consolidated financial position, results of operations or business of the Holder. 
  

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 2.3 No Consents Required. No application, notice, order, registration, qualification,
waiver, consent, approval or other action (collectively, “Consent”) is required to be filed, given, obtained or taken by the Holder by virtue of the execution, delivery and performance of this Agreement or the consummation of the
transactions contemplated hereby, which has not already been obtained. 
 2.4 Title to Interests. At the Closing Date,
the Holder is the record or beneficial owner of the Repurchased Notes, and the sale of the Repurchased Notes to the Operating Partnership hereunder will transfer title to the Repurchased Notes free and clear of all liens, claims, charges or
encumbrances whatsoever. 
 2.5 Brokers and Finders. The Holder has not employed any broker or finder who will
seek compensation from the Company or the Operating Partnership, and the Holder has not otherwise entered into any arrangement regarding the payment of any brokerage fees, commissions or finder’s fees in connection with the sale of the
Repurchased Notes that will result in any liability on the part of the Company or the Operating Partnership. 
 2.6
Non-Foreign Status. The Holder is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended. 

2.7 Ownership Limit. The issuance of the Shares to the Holder, together with any other shares of Common Stock of the Company held
by the Holder, shall not cause the Holder to own shares of capital stock of the Company in violation of the Company’s ownership limits as set forth in Section 6.2.1 of Article VI of the Company’s Articles of Amendment and Restatement
(the “Articles”). The Holder acknowledges that the issuance of the Shares pursuant to this Agreement is subject to the provisions and remedies in the Company’s Articles, to the extent the issuance violates the restrictions
on ownership and transfer set forth in the Articles, and the application of any such remedies shall not be a breach of this Agreement by the Company. 

2.8 Investor Questionnaire. The representations contained in the Investor Questionnaire set forth as Exhibit A attached
hereto are true and correct. 
 2.9 No General Solicitation. Neither the Holder nor any of its advisors is aware of or
has engaged in or will engage in any form of general solicitation or advertising in connection with the issuance of the Shares to the Holder, including (i) any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio; and (ii) any seminar or meeting whose attendees were invited by any general solicitation or general advertising. 

2.10 No Agreements to Sell. The Holder has no contract, understanding, agreement or arrangement with any person or entity to sell,
transfer or grant a participation to such person or entity or any other person or entity, with respect to any or all of the Shares it will receive in accordance with the provisions hereof. 

2.11 ERISA. No part of the Repurchased Notes to be used by the Holder to purchase the Shares constitutes “plan assets”,
as defined in Department of Labor Regulation Section 2510.3-101 (29 C.F.R. 2510.3-101), of any “employee benefit plan,” subject to Title I of ERISA or an individual retirement account or plan which is subject to Section 4975 of
the Code 
  

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(collectively, a “Benefit Plan”) or of any account or entity whose underlying assets constitute “plan assets” of a Benefit Plan by reason of the Benefit Plan’s
investment in the account or entity. The Holder is not an employee benefit plan subject to ERISA or Section 4975 of the Code. 

2.12 Advisors. The Holder is relying upon the advice of its own personal, legal and tax advisors with respect to the legal, tax
and other aspects of the sale of the Repurchased Notes and an investment in the Company. 
 2.13 Qualified Institutional
Buyer. The Holder is a “qualified institutional buyer” within the meaning of Rule 144A(a)(1) under the Securities Act of 1933, as amended (the “Securities Act”). 

2.14 Determination of Price. In connection with the purchase of the Repurchased Notes by the Operating Partnership and the
purchase of the Shares by the Holder, the Holder has independently determined an acceptable price for the Repurchased Notes and the Shares, and such price is based upon such independent determination. 

3. Representations and Warranties of the Company and the Operating Partnership. The Company and the Operating Partnership hereby represent and
warrant to the Holder as follows: 
 3.1 Existence and Authority Relative to Agreement. The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of the State of Maryland, and the Operating Partnership is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Maryland. The
Company and the Operating Partnership have all necessary corporate power and authority and limited partnership power and authority, respectively, to execute and deliver this Agreement and each other agreement, document or instrument to be executed
in connection herewith and to perform the obligations to be performed by the Company and the Operating Partnership, respectively, hereunder and thereunder. The execution, delivery and performance of this Agreement by the Company and the Operating
Partnership have been duly authorized by all necessary corporate and limited partnership action, respectively. This Agreement and each other instrument or document to be executed in connection herewith have been duly and validly executed and
delivered by a duly authorized officer of the Company, on the Company’s behalf and, as the sole general partner of the Operating Partnership, on the behalf of the Operating Partnership. This Agreement and each other instrument or document to be
executed in connection herewith shall, upon the execution and delivery thereof by the Company and the Operating Partnership, constitute the legal, valid and binding obligations of the Company and the Operating Partnership enforceable against the
Company and the Operating Partnership in accordance with the respective terms thereof, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and general equitable principles. 
 3.2 No Conflicts. Neither the execution, delivery
and performance of this Agreement, nor the consummation of the transactions contemplated hereby nor compliance by the Company and the Operating Partnership with any provisions hereof, will (i) violate (with or without the giving of notice or
the lapse of time or both), or conflict with, or result in any violation of or 
  

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default under, any indenture, mortgage, deed of trust, loan agreement, joint venture agreement, partnership agreement, limited liability company agreement or any other agreement or instrument to
which the Company or the Operating Partnership is a party or by which the Company or the Operating Partnership is bound or to which any of the property or assets of the Company or the Operating Partnership is subject, except for such conflicts,
breaches or violations which would not, singly or in the aggregate, result in a material adverse effect on the consolidated financial position, results of operations or business of the Company, the Operating Partnership and their subsidiaries taken
as a whole (a “Material Adverse Effect”), (ii) result in any violation of the provisions of the charter, by-laws, certificate of limited partnership, partnership agreement or other organizational documents of the Company, the
Operating Partnership or any Subsidiary (as defined below), as the case may be, or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company,
except where such noncompliance or violation of any such statute, order, rule or regulation would not, singly or in the aggregate, have a Material Adverse Effect. “Subsidiary” means each of the subsidiaries of the Company and the
Operating Partnership which is a “significant subsidiary” as defined in Rule 405 of Regulation C under the Act. 
 3.3
No Consents Required. Except for the filing with the Securities and Exchange Commission (the “Commission”) of a prospectus supplement and payment of the fees as contemplated by Section 5.2 hereof, no Consent is required
to be filed, given, obtained or taken by the Company or the Operating Partnership by virtue of the execution, delivery and performance of this Agreement or the consummation of the transactions contemplated hereby, which has not already been
obtained. 
 3.4 Brokers and Finders. The Company and the Operating Partnership have not employed any broker or finder
who will seek compensation from the Holder and the Company and the Operating Partnership have not otherwise entered into any arrangement regarding the payment of any brokerage fees, commissions or finder’s fees in connection with the sale of
the Repurchased Notes that will result in any liability on the part of the Holder. 
 3.5 Shares. The issuance and sale
of the Shares to the Holder pursuant to this Agreement have been duly authorized by the Company. When the Shares are duly paid for and delivered as provided herein, the Shares will be validly issued, fully paid and nonassessable. The issuance of the
Shares is not subject to preemptive or similar rights. At the Closing Date, the Operating Partnership is the beneficial owner of the Shares, and the sale of the Shares to the Holder hereunder will transfer title to the Shares free and clear of all
liens, claims, charges or encumbrances whatsoever. 
 3.6 WKSI Status. At the time of filing the Registration Statement,
(ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities, and (iii) as of the date hereof, the Company was or is (as the case may be) a “well-known seasoned
issuer” as defined in Rule 405 under the Securities Act. 
  

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 4. Covenants. 

4.1 Tax Matters. The Holder shall cooperate, as and to the extent reasonably requested by the Company and the Operating
Partnership, in connection with the filing of any tax returns, tax elections or other tax reporting matters related to the transactions contemplated by this Agreement. Such cooperation shall include the retention and (upon the Company’s or the
Operating Partnership’s reasonable request) the provision of records and information which are reasonably relevant to any such tax matter and making employees available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder. 
 4.2 Withholding. At the Closing, the Holder shall deliver to the
Operating Partnership a properly executed certificate prepared in accordance with Treasury regulations section 1.1445-2(b) certifying the Holder’s non-foreign status and a properly executed Internal Revenue Service Form W-9. The Operating
Partnership shall be entitled to withhold taxes to the extent required by applicable law from any payment made to the Holder pursuant to this Agreement. 

4.3 Lock-Up. The Holder shall not, without the prior written consent of the Company, offer, sell, contract to sell, pledge or
otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the
Holder or any controlled affiliate of the Holder or any person in privity with the Holder or any controlled affiliate of the Holder), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder with respect to the Shares,
enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, whether settled by delivery of the Shares or other securities, or publicly announce an intention to
effect any such transaction for a period beginning on the date hereof and ending on July 2, 2010. Notwithstanding the foregoing, the undersigned may transfer Shares as a bona fide gift or gifts; provided that prior to any such transfer,
the transferee has agreed in writing to be bound by the provisions of this Section 4.3. 
 5. Registration Rights.

 5.1 Shelf Registration. The Company shall prepare and file with the Commission as soon as practicable after the
execution hereof (but in no event later than July 2, 2010 except as set forth in Section 5.3(a) hereto) a prospectus supplement to its effective “shelf” registration statement (No. 333-158958) for an offering of the Shares to be
made on a continuous or delayed basis by the Holder pursuant to Rule 415 under the Securities Act. Such registration statement, including the exhibits thereto and the documents, if any, incorporated by reference therein, as amended (or deemed
to have been amended pursuant to Rules 430A, 430B or 430C under the Securities Act) from time to time, is hereinafter referred to as the “Shelf Registration Statement.” The Company shall use its commercially reasonable efforts to
keep the Shelf Registration Statement continuously effective (subject to Section 5.3 hereof) until the earliest of (A) such 

 

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time as all of the Shares have been sold pursuant to the Shelf Registration Statement or Rule 144 and (B) the date on which the Shares may be sold by non-affiliates without volume
restrictions in accordance with Rule 144. As a condition to the filing the prospectus supplement to the Shelf Registration Statement pursuant to this Section 5.1, the Holder agrees to deliver to the Company a completed Notice and
Questionnaire in the form attached as Exhibit B hereto and such other information as the Company may reasonably request in writing, if any, at least two business days prior to the anticipated filing date of the prospectus supplement, and
thereafter shall notify the Company as promptly as practicable of any inaccuracies or changes to such information previously provided that occur subsequent to the filing of the prospectus supplement and prior to the sale of the Shares thereunder.

 5.2 Registration Expenses. In connection with any registration statement required to be filed hereunder, the Company
shall pay the following registration expenses incurred in connection with the registration hereunder: (i) all registration and filing fees, (ii) printing expenses, (iii) internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), (iv) the fees and expenses incurred in connection with the listing of the Shares on each securities exchange on which similar securities issued by the Company
are then listed, (v) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company and (vi) the reasonable fees and expenses of any special
experts retained by the Company in connection with such registration. The Company shall have no obligation to pay any underwriting fees, discounts or commissions attributable to the sale of Shares, or any out-of-pocket expenses of the Holder (or the
agents who manage its accounts) or any transfer taxes relating to the registration or sale of the Shares. 
 5.3 Holdback
Agreements. 
 (a) If the Company determines in its good faith judgment that the filing of the Shelf Registration Statement
or a prospectus supplement thereunder or the use of any related prospectus or prospectus supplement would require the disclosure of non-public material information that the Company has a bona fide business purpose for preserving as confidential or
the disclosure of which would impede the Company’s ability to consummate a material action, and that the Company is not otherwise required by applicable securities laws or regulations to disclose at such time, upon written notice of such
determination by the Company, the rights of the Holder to offer, sell or distribute any Shares pursuant to the Shelf Registration Statement or to require the Company to take action with respect to the registration or sale of any Shares pursuant to
the Shelf Registration Statement shall be suspended until the date upon which the Company notifies the Holder in writing that suspension of such rights for the grounds set forth in this Section 5.3(a) is no longer necessary. The Company
agrees to give such notice as promptly as practicable following the date that such suspension of rights is no longer necessary. 

(b) If all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date without
regard to any extension, or if the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X, upon written notice thereof by the Company to
the Holder, the rights of the Holder to offer, sell or distribute any Shares pursuant to 
  

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the Shelf Registration Statement or to require the Company to take action with respect to the registration or sale of any Shares pursuant to the Shelf Registration Statement shall be suspended
until the date on which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in
the Shelf Registration Statement, and the Company shall notify the Holder as promptly as practicable when such suspension is no longer required. 

5.4 Underwriting Agreement. The Company will not be required to enter into an underwriting or other similar agreement with respect
to the disposition of the Shares. 
 5.5 Prospectus Delivery. The Holder agrees that unless the Shares are eligible for
resale pursuant to all the conditions of Rule 144 under the Securities Act without volume or manner of sale limitations, it will resell the Shares only pursuant to the Shelf Registration Statement (subject to Section 5.3 hereof), in a
manner described under the caption “Plan of Distribution” in the prospectus supplement under the Shelf Registration Statement with respect to the Shares, and in a manner in compliance with all applicable securities laws, including, without
limitation, any applicable prospectus delivery requirements of the Securities Act (or in compliance with Rule 172 thereunder) and the insider trading restrictions of the Exchange Act. The Holder acknowledges that the Company is relying on this
representation in connection with delivery of the Shares in book-entry form. 
 6. Termination. 

6.1 Termination. If delivery of the Shares, Repurchased Notes or Cash Consideration as provided in Section 1.3 hereof
shall not have been effected by 5:00 p.m. Eastern time on June 15, 2010 or if the Holder is not otherwise entitled to receive the dividend payable on July 1, 2010, any party hereto may terminate this Agreement. 

6.2 Effect of Termination. In the event of termination of this Agreement as provided in Section 6.1 hereof, this
Agreement shall forthwith become void, except that the provisions of Section 7 hereof (except Sections 7.2 and 7.10 hereof) shall survive any termination. 

7. General. 
 7.1
Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if personally delivered, delivered by nationally recognized overnight courier with proof
of delivery thereof, sent by United States registered or certified mail (postage prepaid, return receipt requested) addressed as hereinafter provided or via telephonic facsimile transmission with proof of delivery in the form of a telecopier’s
transmission confirmation report. Notice shall be sent and deemed given when (a) if personally delivered or via nationally recognized overnight courier, then upon receipt by the receiving party, or (b) if mailed, then three (3) days
after being postmarked, or (c) if sent via telephonic facsimile transmission, then at the time set forth in the telecopier’s transmission confirmation report. 
  

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 Any party listed below may change its address hereunder by notice to the other party listed
below. Until further notice, notice and other communications hereunder shall be addressed to the parties listed below as follows: 

If to the Holder: 

Hudson Bay Fund LP 

120 Broadway,
40th Floor 

New York, NY 10271 

Attention: Bob D’Orio 

Facsimile: (212) 571-1279 

With a copy to: 

Eleazer Klein, Esq. 

Schulte Roth & Zabel LLP 

919 Third Avenue 

New York, New York 10022 

Facsimile: (212) 593-5955 

If to the Company or the Operating Partnership: 

Digital Realty Trust, Inc. 

560 Mission Street, Suite 2900 

San Francisco, California 94105 

Attention: Josh Mills 

Facsimile: (415) 738-6521 

With a copy to: 

Keith Benson, Esq. 

Julian T.H. Kleindorfer, Esq. 

Latham & Watkins LLP 

505 Montgomery Street,
20th Floor 

San Francisco, California 94111 

Facsimile: (415) 395-8095 
 or
to such other address as any party hereto shall have designated by notice in writing to the other party. 
 7.2 Further
Assurances. Each party hereto shall at any time, and from time to time, both before and after the Closing Date, upon request of the other party hereto, execute, acknowledge and deliver all such further assignments, transfers, conveyances or
other documents or instruments, and take all such further action, as may be requested by the other party to carry out the intent of this Agreement. 
  

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 7.3 Expenses. Subject to the provisions of Section 5.2 hereof, the
parties hereto shall each pay their respective fees and expenses, including but not limited to attorneys’ fees, incident to the negotiations, preparation and execution of this Agreement and the consummation of the transactions provided for
herein. 
 7.4 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by a written instrument making specific reference to this Agreement and duly executed by the party to be bound thereby. This
Agreement supersedes all prior agreements and understandings between the parties with respect to the transactions contemplated hereby. 

7.5 Assignability. Neither this Agreement nor any of the rights or obligations hereunder may be assigned without the prior written
consent of the parties hereto and any attempt to do so shall be of no force or effect. 
 7.6 Captions. The captions of
the various sections and articles contained in this Agreement are for reference purposes only and shall not be deemed in any manner to affect the meaning or interpretation of any of the provisions of this Agreement. 

7.7 Severability. If any provision of this Agreement or in any document referred to herein shall be determined to be illegal, void
or unenforceable, all other provisions of this Agreement or in any other document referred to herein shall not be affected and shall remain in full force and effect. 

7.8 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 7.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, and all of which together shall constitute one and the same instrument. 
 7.10 Survival. The warranties,
representations, covenants and agreements contained in this Agreement shall survive the execution and delivery of this Agreement and the Closing of the transactions contemplated hereby. 

[Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 Hudson Bay Fund LP,

a Delaware limited partnership

		
	By:	 	 /s/ Roy Astrachan

	Name:	 	Roy Astrachan
	Title:	 	Authorized Signatory

  

			
	 DIGITAL REALTY TRUST, INC.,

a Maryland corporation

		
	By:	 	 /s/ Joshua A. Mills

	Name:	 	Joshua A. Mills
	Title:	 	General Counsel and Assistant Secretary

  

			
	 DIGITAL REALTY TRUST, L.P.,

a Maryland limited partnership

			
		
	By:	 	DIGITAL REALTY TRUST, INC.,
	its general partner

			
		
	By:	 	 /s/ Joshua A. Mills

	Name:	 	Joshua A. Mills
	Title:	 	General Counsel and Assistant Secretary

[Signature Page to Exchange Agreement] 

 Schedule A 

Holder Wire Transfer Instructions and Book-Entry Transfer Instructions 

 

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 Exhibit A 

INVESTOR QUESTIONNAIRE 

Capitalized terms not defined herein shall have such meaning as set forth in the Exchange Agreement by and among Hudson Bay Fund LP (the
“Holder”), Digital Realty Trust, Inc. (the “Company”) and Digital Realty Trust, L.P. (the “Operating Partnership”), of even date herewith (the “Agreement”). 

ALL QUESTIONS IN THE APPROPRIATE SECTION MUST BE ANSWERED. 

SECTION I. 
  

			
	 1.
	  	Name and Nature (e.g., limited partnership, corporation, trust, limited liability company) of the
Holder:                                        
                                         
                                         
                                    
		
	 2.
	  	Date of
Organization:                                       
                                         
                                         
            
		
	 3.
	  	Jurisdiction of
Organization:                                       
                                         
                 
		
	 4.
	  	Taxpayer Identification No.:                       
                                         
                                         
                 

 SECTION II.
REPRESENTATIONS AND WARRANTIES 
 The Holder hereby warrants and represents to the Company and the Operating Partnership,
that each of the following statements is true and correct as of the date hereof and shall be true and correct on the Closing Date: 

A. The Holder is acquiring the Shares solely for its own account, as principal and not as a nominee or agent for any other person, for
investment and not with a view toward resale or distribution thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”). The Holder agrees and acknowledges that the issuance of the Shares to it will not be
registered with the Securities and Exchange Commission under the Securities Act, based upon an exemption from the registration requirements of the Securities Act and it will not, directly or indirectly, offer, transfer, sell, assign, pledge,
hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of the Shares unless such Transfer complies with the Agreement and either (i) the Transfer is pursuant to an effective registration statement under the
Securities Act and qualification or other compliance under applicable blue sky or state securities laws, or (ii) if requested by the Company, counsel for the Holder (which counsel shall be reasonably acceptable to the Company) shall have
furnished the Company with an opinion, reasonably satisfactory in form and substance to the Company, to the effect that no such registration is required because of the availability of an exemption from registration under the Securities Act and
qualification or other compliance under applicable blue sky or state securities laws. 
 B. The Holder has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of the investment in the Shares. 
  

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 C. The Holder understands that the Shares have not been registered under the Securities Act
or the securities laws of any state and, as a result thereof, are subject to substantial restrictions on transfer. 
 D. Neither
the Company nor the Operating Partnership solicited the Holder with respect to the acquisition of the Repurchased Notes. The terms of the Exchange were individually negotiated between the Company and the Operating Partnership, on the one hand, and
the Holder, on the other. 
 E. The Holder hereby represents that it has no intention to dissolve and that it presently engages
in activities other than those related to, and holds assets other than, the Repurchased Notes and the Shares. 
 F. The Holder
does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to any third person with respect to any of the Shares. 

G. The Holder has the ability to bear the economic risks of the Shares and is able to afford the complete loss of such investment.

 H. The Holder has had an opportunity to ask questions regarding the Repurchased Notes, the Shares and the business of the
Company and the Operating Partnership, and has acquired sufficient information about the Company and the Operating Partnership to reach an informed decision to sell the Repurchased Notes to the Operating Partnership and acquire the Shares.

 I. The Holder acknowledges that the Shares are subject to certain limitations on ownership, transfer or redemption set forth
in the Company’s charter. 
 J. There has been made available to the Holder and its advisors the opportunity to ask
questions of, and receive answers from the Company concerning the terms and conditions of the investment in the Shares, and to obtain the documents publicly filed with the Securities and Exchange Commission by the Company and any additional
information, to the extent that the Company possesses such information, or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of the information given to it, or to otherwise make an informed investment decision,
and that the Holder has had an opportunity to consult with counsel and other advisers about the investment in the Shares, and that all material documents, records and books pertaining to such investment have, on request, been made available to the
Holder and its advisors. 
 K. The Holder has relied solely on its own investigations in making a decision to sell the
Repurchased Notes and purchase the Shares, and has received no representation or warranty from the Company or the Operating Partnership, or any of their affiliates, employees or agents, other than those set forth in the Agreement. 

 

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 IN WITNESS WHEREOF, the undersigned has executed this Investor Questionnaire this
     day of June, 2010, and declares that it is truthful and correct. 
  

	
	Hudson Bay Fund LP
	
	  

	Authorized Signatory
	
	  

	PRINT Name and Title of Person Signing
	
	Address:
	
	  

	
	  

	
	  

 Exhibit B 

SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

The undersigned beneficial owner (the “Selling Securityholder”) of common stock par value $0.01 (the “Registrable
Securities”) of Digital Realty Trust, Inc. (the “Company”) understands that the Company has filed or intends to file with the Securities and Exchange Commission a registration statement (the “Shelf Registration Statement”)
or a prospectus supplement under an existing Shelf Registration Statement for the registration of the resale under Rule 415 of the Securities Act of 1933, as amended, of the Registrable Securities in accordance with the terms of the Exchange
Agreement, dated June 14, 2010 (the “Exchange Agreement”), among the Company, Digital Realty Trust, L.P. and the Selling Securityholder. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the
Exchange Agreement. 
 Notice 

The Selling Securityholder hereby gives notice to Digital Realty Trust, Inc. of its intention to sell or otherwise dispose of Registrable
Securities beneficially owned by it and listed below in Item 3(b) pursuant to the Shelf Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and
conditions of this Notice and Questionnaire. 
 The undersigned hereby provides the following information to Digital Realty
Trust, Inc. and represents and warrants that such information is accurate and complete: 
 Questionnaire 

1.      (a)    Full Legal Name of Selling Securityholder: 

 

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are held:

  

	 	(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are held:

  

	2.	Address for Notices to Selling Securityholder: 

Telephone: 
 Fax:

 Email address: 

Contact Person: 
  

	3.	Beneficial Ownership of Registrable Securities: 

Except as set forth below in this Item (3), the undersigned Selling Securityholder does not beneficially own any Registrable Securities.

 (a) Number of shares of Registrable Securities beneficially owned: 

(b) Number of shares of the Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:

	4.	Beneficial Ownership of other Digital Realty Trust, Inc. securities owned by the Selling Securityholder: 

Except as set forth below in this Item (4), the undersigned is not the beneficial or registered owner of any securities of Digital Realty
Trust, Inc. other than the Registrable Securities listed above in Item (3). 
  

	 	(a)	Type and amount of other securities beneficially owned by the Selling Securityholder: 

 

	 	(b)	CUSIP No(s). of such other securities beneficially owned: 

  

	5.	Relationship with Digital Realty Trust, Inc.: 

  

	 	(a)	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the Selling Securityholder) held
any position or office or have you had any other material relationship with the Company (or its predecessors or affiliates) within the past three years? 

  

	 	   ̈	Yes. 

  

	 	   ̈	No. 

  

	 	(b)	If so, please state the nature and duration of your relationship with the Company: 

6.      (a)    Broker-Dealer Status 

Is the Selling Securityholder a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

 

	 	   ̈	Yes. 

  

	 	   ̈	No. 

 Note that we will be
required to identify any registered broker-dealer as an underwriter in the prospectus.  
 If so, please answer the remaining
questions in this section. 
 If the Selling Securityholder is a registered broker-dealer, please indicate whether the Selling
Securityholder purchased its Registrable Securities for investment or acquired them as transaction-based compensation for investment banking or similar services. 

If the Selling Securityholder is a registered broker-dealer and received its Registrable Securities other than as transaction-based
compensation, the Company is required to identify you as an underwriter in the Shelf Registration Statement and related Prospectus. 
  

	 	(b)	Affiliation with Broker-Dealers: 

Is the Selling Securityholder an affiliate of a registered broker-dealer? For purposes of this Item 5(b), an “affiliate” of
a specified person or entity means a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person or entity specified. 

 

	 	   ̈	Yes. 

  

	 	   ̈	No. 

 If so, please answer the
remaining questions in this section. 

	 	(i)	Please describe the affiliation between the Selling Securityholder and any registered broker-dealers: 

 

	 	(ii)	If the Registrable Securities were purchased by the Selling Securityholder other than in the ordinary course of business, please describe the circumstances:

  

	 	(iii)	If the Selling Securityholder, at the time of its purchase of Registrable Securities, has had any agreements or understandings, directly or indirectly, with any person
to distribute the Registrable Securities, please describe such agreements or understandings: 

 Note that if
the Selling Securityholder is an affiliate of a broker-dealer and did not purchase its securities in the ordinary course of business or at the time of the purchase had any agreements or understandings, directly or indirectly, to distribute the
securities, we must identify the Selling Securityholder as an underwriter in the prospectus. 
  

	7.	Nature of Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or publicly held entity that exercise(s) sole or shared
voting or dispositive power over the Registrable Securities.  

  

	 	(a)	Is the Selling Securityholder a natural person? 

  

	 	   ̈	Yes. 

  

	 	   ̈	No. 

  

	 	(b)	Is the Selling Securityholder required to file, or is it a wholly owned subsidiary of a company that is required to file, periodic and other reports (for example, Forms
10-K, 10-Q, 8-K) with the Securities and Exchange Commission pursuant to Section 13(a) or 15(d) of the Exchange Act? 

  

	 	   ̈	Yes. 

  

	 	   ̈	No. 

  

	 	(c)	State whether the Selling Securityholder is an investment company, or a subsidiary of an investment company, registered under the Investment Company Act of 1940, as
amended: 

  

	 	   ̈	Yes. 

  

	 	   ̈	No. 

 If a subsidiary, please
identify the publicly held parent entity: 
  

	 	(d)	If you answered “No” to questions (a), (b) and (c) above, please identify the controlling person(s) of the Selling Securityholder (the
“Controlling Entity”). If the Controlling Entity is not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling Entity. This process should be repeated until you reach natural persons or a
publicly held entity that exercise sole or shared voting or dispositive power over the Registrable Securities: 

*** PLEASE NOTE THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES 

THAT THESE NATURAL PERSONS BE NAMED IN THE PROSPECTUS *** 

If you need more space for this response, please attach additional sheets of paper. Please be sure to indicate your name and the number
of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Notice and Questionnaire. Please note that you may be asked to answer additional questions depending
on your responses to the above questions. 

	8.	Plan of Distribution: 

 Except as
set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Shelf Registration Statement only as follows (if at all): such Registrable Securities
may be sold from time to time directly by the undersigned or alternatively through underwriters, broker-dealers or agents. If the Registrable Securities are sold through underwriters, broker-dealers or agents, the Selling Securityholder will be
responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at
the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be
listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market or (iv) through the writing of options. The Selling
Securityholder may pledge or grant a security interest in some or all of the Registrable Securities owned by it and, if it defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the Registrable
Securities from time to time pursuant to the prospectus. The Selling Securityholder also may transfer and donate shares in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the Selling
Securityholder for purposes of the prospectus. 
 State any exceptions here:  

 

			
	Note:    	 	In no event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities without the prior agreement of Digital Realty Trust,
Inc.

 The Company hereby advises the Selling Securityholder of the following Compliance and Disclosure Interpretation of the
Staff of the Division of Corporation Finance of the Securities and Exchange Commission available at http://www.sec.gov/divisions/corpfin/guidance/sasinterp.htm regarding short selling: 

“Securities Act Sections—Section 239. Securities Act Section 5. 

239.10. An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling
shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be made before the registration
statement becomes effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date.
[Nov. 26, 2008].” 
 By returning this Notice and Questionnaire, the Selling Securityholder will be deemed to be aware of the foregoing
interpretation. 
 The undersigned acknowledges that it understands its obligation to comply with the provisions of the Exchange
Act and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Shelf Registration Statement. The
undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

In accordance with the undersigned’s obligation under the Exchange Agreement to provide such information as may be required by law
for inclusion in the Shelf Registration Statement, the undersigned agrees to provide any additional information Digital Realty Trust, Inc. may reasonably request and to promptly notify Digital Realty Trust, Inc. of any inaccuracies or changes in the
information provided that may occur at any time while the Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Exchange Agreement shall be made in writing by hand-delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows: 
  

			
	To the Company:	  	Digital Realty Trust, Inc.
		
		  	560 Mission Street, Suite 2900
		
		  	San Francisco, CA 94105
		
		  	Attention: General Counsel

 In the event any Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item 3 above after the date on which such information is provided to Digital Realty Trust, Inc., the Selling Securityholder will notify the transferee(s) at the time of transfer of its rights and obligations under this
Notice and Questionnaire and the Exchange Agreement. 
 By signing this Notice and Questionnaire, the undersigned consents to
the disclosure of the information contained herein in its answers to items (1) through (8) above and the inclusion of such information in the Shelf Registration Statement, the related prospectus and any state securities or Blue Sky
applications. The undersigned understands that such information will be relied upon by Digital Realty Trust, Inc. without independent investigation or inquiry in connection with the preparation or amendment of the Shelf Registration Statement, the
related prospectus and any state securities or Blue Sky applications. 
 Once this Notice and Questionnaire is executed by the
Selling Securityholder and received by Digital Realty Trust, Inc., the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall inure to the benefit of, and shall be enforceable by the
respective successors, heirs, personal representatives and assigns of Digital Realty Trust, Inc. and the Selling Securityholder with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item
(3) above. This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflicts-of-laws provisions thereof. 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its authorized agent. 
 Dated: 

 

			
	Beneficial Owner:
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

Please return the completed and executed notice and questionnaire to: 

Digital Realty Trust, Inc. 

560 Mission Street, Suite 2900 

San Francisco, CA 94105 

Attention: General CounselAmendment to Fifth Amended and Restated Investor's Rights Agreement

 Exhibit 4.2C 

TESLA MOTORS, INC. 

AMENDMENT TO 

FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDMENT TO THE FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Amendment”) is made as of
June 14, 2010 by and among Tesla Motors, Inc., a Delaware corporation (the “Company”), certain of the Series A stockholders listed on Exhibit A thereto (the “Series A Stockholders”), certain of the Series B
stockholders listed on Exhibit B thereto (the “Series B Stockholders”), certain of the Series C stockholders listed on Exhibit C thereto (the “Series C Stockholders”), certain of the Series D stockholders listed on
Exhibit D thereto (the “Series D Stockholders”), certain of the Series E stockholders listed on Exhibit E thereto (the “Series E Stockholders”) and certain of the Series F stockholders listed on Exhibit F thereto
(the “Series F Stockholders”). Capitalized terms not defined herein have the meanings set forth in that certain Fifth Amended and Restated Investors’ Rights Agreement, dated as of August 31, 2009, as amended (the
“Rights Agreement”). 
 RECITALS 

WHEREAS, the Company, the Series A Stockholders, the Series B Stockholders, the Series C Stockholders, the Series D Stockholders, the
Series E Stockholders and the Series F Stockholders previously entered into the Rights Agreement; 
 WHEREAS, the Company, the
Series A Stockholders, the Series B Stockholders, the Series C Stockholders, the Series D Stockholders, the Series E Stockholders and the Series F Stockholders now desire to amend the terms of the Rights Agreement as set forth herein to amend the
market stand-off provisions of the Rights Agreement with respect to the Company’s proposed initial public offering pursuant to a Registration Statement filed on Form S-1 (File No. 333-164593); 

WHEREAS, pursuant to Section 5.2 of the Rights Agreement, the Rights Agreement may be amended with the written consent of the
Company and the holders of at least two-thirds of the Registrable Securities then outstanding; and 
 WHEREAS, the undersigned
collectively represent the holders of at least two-thirds of the Registrable Securities outstanding as of the date hereof and wish to consent to the changes as set forth in this Amendment. 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, all of the parties hereto mutually agree as follows: 

 AGREEMENT 

1.     Amendment to Section 1.14(a). Section 1.14(a) of the Rights Agreement is hereby amended and
restated in its entirety to read as follows: 
 “(a)         Market-Standoff
Period; Agreement.  
 (1)         In connection with the initial
public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder agrees not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such
period of time not to exceed one hundred eighty (180) days (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports
and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) from the effective date of
such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. The foregoing
provisions of this Section 1.14(a)(1) shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater than one percent
(1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the public offering of the Company’s securities are intended third-party beneficiaries of this Section 1.14(a)(1) and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 (2)
        Notwithstanding the foregoing, in connection with an initial public offering declared effective pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-164593) initially
filed on January 29, 2010, as amended and as may be further amended, each Holder shall be bound by the provisions set forth in the lock-up letter attached hereto as Exhibit H hereto as if such Holder were the undersigned to such letter.
The foregoing provisions of this Section 1.14(a)(2) shall not apply to the sale of any Shares (as defined in Exhibit H) pursuant to the Underwriting Agreement (as defined in Exhibit H), and shall only be applicable to the Holders
if all officers, directors and greater than one percent (1%) stockholders of the Company (not otherwise deemed to have signed such agreement by virtue of this Section 1.14(a)(2)) enter into similar agreements. The underwriters in
connection with such initial public offering of the Company’s securities are intended third-party beneficiaries of this Section 1.14(a)(2) and shall have the right, power and authority to enforce the provisions hereof as though they were a
party hereto.” 
 2.     Governing Law. This Agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in 
  

 -2- 

 
accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. 

3.     Rights Agreement. Wherever necessary, all other terms of the Rights Agreement are hereby amended to be
consistent with the terms of this Amendment. Except as specifically set forth herein, the Rights Agreement shall remain in full force and effect 

4.     Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 * * * 

 

 -3- 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	 TESLA MOTORS, INC.,

a Delaware corporation

		
	By:	 	/s/ Elon Musk
		 	Elon Musk,
		 	Chief Executive Officer

  

 

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	BLACKSTAR INVESTCO LLC
		
	By:	 	/s/ Ruben Simmons, Jr.
		 	Ruben Simmons, Jr.,
		 	President
		
	By:	 	/s/ Alexander Nediger
		 	Alexander Nediger,
		 	Assistant Secretary
	
	Address:
		
		 	Blackstar Investco LLC
		 	c/o Daimler North America Corporation
		 	One Mercedes Drive
		 	Montvale, NJ 07645
		 	Fax No.: (201) 573-2595
		 	Attention: Dr. Thomas Laubert
	
	With a copy to:
		
		 	Daimler AG
		 	Epplestr. 225
		 	70546 Stuttgart
		 	Fax No.: +49 (711) 17-91577
		 	Attention: Alexander Nediger
	
	With a copy to:
		
		 	Hughes Hubbard & Reed LLP
		 	One Battery Park Plaza
		 	New York, NY 10004
		 	Fax No.: (212) 422-4726
		 	Attention: Kenneth A. Lefkowitz

  

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	AL WAHADA CAPITAL INVESTMENT LLC
		
	By:	 	/s/ H. E. Ahmed Saif Al Darmaki
		 	H. E. Ahmed Saif Al Darmaki,
		 	General Manager
	
	Address:
		
		 	Al Wahda Capital Investment LLC
		 	7th Floor, ADWEA Building
		 	6th Street
		 	Abu Dhabi
		 	United Arab Emirates

  

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	ELON MUSK REVOCABLE TRUST DATED JULY 22, 
2003
		
	By:	 	/s/ Elon Musk
		 	Elon Musk,
		 	Trustee

  

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	TECHNOLOGY PARTNERS FUND VIII, LP
		
	By:	 	TP Management VIII, LLC
		
	By:	 	/s/ Ira Ehrenpreis
		
	Name:	 	 Ira Ehrenpreis

		
	Title:	 	 Managing Member

 
  
  

 

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	INVESTOR: 
	
	VALOR EQUITY PARTNERS, LP
		
	By:	 	Valor Equity Management, LLC
	Its:	 	General Partner
		
	By:	 	Valor Management Corp.
	Its:	 	Managing Member
		
	By:	 	/s/ Antonio J. Gracias
		 	Antonio J. Gracias,
		 	Chief Executive Officer
	
	VALOR VC, LLC
		
	By:	 	/s/ Antonio J. Gracias
		 	Antonio J. Gracias
		 	Managing Member
	
	VEP TESLA HOLDINGS, LLC
		
	By:	 	/s/ Antonio J. Gracias
		 	Antonio J. Gracias,
		 	Chief Executive Officer

  

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	BAY AREA EQUITY FUND I, L.P.
		
	By:	 	Bay Area Equity Fund Managers I, L.L.C.
	Its:	 	General Partner
		
	By:	 	DBL Investors L.L.C.
	Its:	 	Managing Member
		
	By:	 	/s/ Nancy E. Pfund
		
	Name:	 	 Nancy E. Pfund

		
	Title:	 	 Managing Member

 

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	JASPER HOLDINGS, LLC
		
	By:	 	/s/ Kimbal Musk
		
	Name:	 	 Kimbal Musk

		
	Title:	 	 Manager

 

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written. 
  

			
	VPVP CLEAN TECH HOLDINGS 2004, L.L.C.
		
	By:	 	Series VPVP IV(Q)
	By:	 	Series VPVP IV
		
	By:	 	VantagePoint Venture Associates IV, L.L.C.
	Its:	 	Series Manager
		
	By:	 	/s/ Alan E. Salzman
	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV
PRINCIPALS 
FUND, L.P.
		
	By:	 	VantagePoint Venture Associates IV, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Alan E. Salzman
	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT CLEANTECH PARTNERS, L.P.
		
	By:	 	VantagePoint CleanTech Associates
	Its:	 	General Partner
		
	By:	 	/s/ Alan E. Salzman
	Name:	 	Alan E. Salzman
	Title:	 	Managing Member

  

 [Signature Page to Amendment to Investors’ Rights Agreement of Tesla
Motors, Inc.] 

 EXHIBIT H 

Goldman, Sachs & Co. 
 Morgan
Stanley & Co. Incorporated 
 J.P. Morgan Securities Inc. 

c/o Goldman, Sachs & Co. 
 85 Broad
Street 
 New York, NY 10004 
  

	 	Re:	Tesla Motors, Inc. - Lock-Up Agreement 

Ladies and Gentlemen: 
 The
undersigned understands that you, as representatives (the “Representatives”), propose to enter into an Underwriting Agreement on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the
“Underwriters”), with Tesla Motors, Inc., a Delaware corporation (the “Company”) and the stockholders of the Company named in Schedule II thereto (the “Underwriting Agreement”), providing for a public offering (the
“Public Offering”) of the Common Stock of the Company (the “Shares”) pursuant to a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission (the “SEC”). 

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period specified in the following paragraph (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge, grant any
option to purchase, make any short sale or otherwise dispose of any shares of Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities convertible into, exchangeable for or that
represent the right to receive shares of Common Stock of the Company, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership
within the rules and regulations of the SEC (collectively the “Undersigned’s Shares”). The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed to or
which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned’s Shares even if such Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would
include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates
to, or derives any significant part of its value from such Shares. 
 The initial Lock-Up Period will commence on the date of
this Lock-Up Agreement and continue for 180 days after the public offering date set forth on the final prospectus used to sell the Shares (the “Public Offering Date”) pursuant to the Underwriting Agreement; provided, however, that if
(1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or announces material news or a material event or (2) prior to the expiration of the initial Lock-Up Period, the Company announces that it
will release earnings results during the 15-day period following the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be automatically extended until the expiration of the 18-day period beginning on the date of
release of the earnings results or the announcement of the material news or material event, as applicable, unless each of the Representatives waive, in writing, such extension; provided, however, that in no

 
event shall the Lock-Up Period be extended by more than 34 days following the last day of the initial Lock-Up Period. 

The undersigned hereby acknowledges that the Company has agreed in the Underwriting Agreement to provide written notice to the
undersigned of any event that would result in an extension of the Lock-Up Period pursuant to the previous paragraph (in accordance with Section 13 of the Underwriting Agreement) and agrees that any such notice properly delivered to the
undersigned will be deemed to have been given to, and received by, the undersigned. The undersigned hereby further agrees that, prior to engaging in any transaction prohibited by or subject to the terms of this Lock-Up Agreement, other than those
transactions expressly permitted below, during the period starting on the first day following the expiration of the initial Lock-Up Period to and including the 34th day following the expiration of the initial Lock-Up Period, it will give notice of
such proposed transaction to the Company, unless it has otherwise received written confirmation from the Company that the Lock-Up Period (as such may have been extended pursuant to the previous paragraph) has expired. 

Notwithstanding the foregoing, the undersigned may (a) transfer the Undersigned’s Shares (i) acquired in open market
transactions after the Public Offering Date, (ii) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (iii) to any trust for the direct or
indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve
a disposition for value, (iv) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (A) to another corporation, partnership limited liability company, trust or other business entity
that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned or (B) as part of a distribution without consideration by the undersigned to its stockholders, partners,
members, or other equity holders, provided that in the case of any transfer contemplated in (A) or (B) above, it shall be a condition to the transfer that each transferee executes an agreement stating that the transferee is receiving and
holding such capital stock subject to the provisions of this Lock-Up Agreement and there shall be no further transfer of such capital stock except in accordance with this Lock-Up Agreement, (v) by will or intestate succession upon the death of
the undersigned, provided that the transferee agrees to be bound in writing by the restrictions set forth herein, (vi) in connection with the “cashless” exercise of options to purchase shares of Common Stock for purposes of exercising
such options pursuant to employee benefit plans disclosed in the final prospectus used to sell the Shares, (vii) to the Company in connection with the payment of taxes due, (viii) to the Company in connection with the repurchase of shares
of Common Stock issued pursuant to employee benefit plans disclosed in the final prospectus used to sell the Shares or pursuant to the agreements pursuant to which such shares were issued, (ix) to a third party or group of third parties in
connection with any acquisition, sale or merger of the Company in which all of the stockholders of the Company are entitled to participate, or (x) with the prior written consent of each of the Representatives on behalf of the Underwriters, or
(b) enter into a written plan meeting the requirements of Rule 10b5-1 (a “10b5-1 Plan”) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), relating to the sale of securities of the Company,
provided that the securities subject to such plan may not be sold until after the expiration of the Lock-Up Period and provided further that the establishment of such plan will not result in any public filing or other public announcement of such
plan by the undersigned or the Company during the Lock-Up Period. Notwithstanding the immediately preceding clause (b), in the event that the Company completes a reorganization of its capital structure during the Lock-Up Period that causes the
undersigned to become a public filer under Section 13(d) of the Exchange Act, the undersigned shall not be prohibited from entering into a 10b5-1 Plan irrespective of any public filing that may be necessitated thereby, provided that no Shares
may be sold pursuant to 

 
such 10b5-1 Plan until after the expiration of the Lock-Up Period. In addition, with respect to clauses (a)(i) through (vii) above, it shall be a condition to such transfer that no filing
under Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the restricted period referred to above. For purposes of this Lock-Up
Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now has, and, except as contemplated by clauses (a) or (b) above, for the duration of
this Lock-Up Agreement will have, good and marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with
the Company’s transfer agent and registrar against the transfer of the Undersigned’s Shares except in compliance with the foregoing restrictions. This Lock-Up Agreement shall not apply to shares of Common Stock sold by the undersigned to
the Underwriters in the Public Offering. In addition, notwithstanding anything to the contrary in this Lock-Up Agreement, the undersigned may make any demand or request for or exercise any right with respect to the registration by the Company under
the Securities Act of 1933, as amended, of any shares of Common Stock (including the Undersigned’s Shares) or any securities convertible into or exercisable or exchangeable for such Common Stock; provided that the undersigned shall not transfer
the Undersigned’s Shares registered pursuant to exercise of any such right and no registration statement shall be filed with the SEC pursuant to such right during the Lock-Up Period except pursuant to the immediately preceding sentence.

 Notwithstanding anything to the contrary contained herein, this Lock-Up Agreement will automatically terminate and the
undersigned will be released from all of its obligations hereunder if (i) the closing of the Public Offering shall not have occurred on or before December 31, 2010, (ii) the Company files an application to withdraw the registration
statement related to the Public Offering, (iii) the Company deregisters all of the Shares covered by the registration statement related to the Public Offering, (iv) the Underwriting Agreement is executed but is terminated (other than the
provisions thereof which survive termination) prior to payment for and delivery of the Common Stock to be sold thereunder or (v) the Representatives, on behalf of the Underwriters, advise the Company, or the Company or the undersigned advise
the Representatives, in writing, prior to the execution of the Underwriting Agreement, that they have determined not to proceed with the Public Offering. 

 

	
	Very truly yours,
	
	  
	Exact Name of Shareholder
	
	  
	Authorized Signature
	
	  
	Title

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