Document:

Amendment No. 5 to the Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 5 TO THE 
 CREDIT AGREEMENT 
 Dated as of August 25, 2006 
 AMENDMENT NO. 5 TO THE CREDIT AGREEMENT (this “Amendment”) among Digital Realty Trust, L.P. (the “Borrower”); Citicorp North America, Inc. (“CNAI”), as
administrative agent (the “Administrative Agent”), the financial institutions party to the Credit Agreement referred to below (collectively, the “Lender Parties”), Merrill Lynch, Pierce,
Fenner & Smith Incorporated (“Merrill Lynch”), as syndication agent (the “Syndication Agent”), Bank of America, N.A., KeyBank National Association and Royal Bank of Canada (the
“Co-Documentation Agents”), and Citigroup Global Markets Inc. and Merrill Lynch (the “Arrangers”). 
 PRELIMINARY STATEMENTS: 
 (1) The Borrower, Digital Realty Trust, Inc. (the “Parent Guarantor”), the
subsidiaries of the Borrower party thereto, the Lenders from time to time party thereto, the other Lender Parties, the Administrative Agent, the Syndication Agent and the Co-Documentation Agents have entered into a Revolving Credit Agreement dated
as of November 3, 2004 (as amended prior to the date hereof, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement. 
 (2) The Borrower, the Administrative Agent and the Required Lenders have agreed to amend the Credit Agreement on the terms and subject to the conditions
hereinafter set forth. 
 SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, upon the occurrence of the Amendment
Effective Date (as defined in Section 3 below), hereby amended as follows: 
 (a) Section 1.01 of the Credit
Agreement is hereby amended by restating the definition of “Adjusted Net Operating Income” therein to read as follows: 
 “Adjusted Net Operating Income” means, with respect to any Asset, (a) the product of (i) four (4) times (ii) (A) Net Operating Income attributable to such Asset less
(B) the amount, if any, by which (1) 3% of all rental and other income from the operation of such Asset for the fiscal quarter of the Parent Guarantor most recently ended for which financial statements are required to be delivered to the
Lender Parties pursuant to Section 5.03(b) or (c), as the case may be, exceeds (2) all management fees payable in respect of such Asset for such fiscal period less (b) the Capital Expenditure Reserve for such Asset;
provided, however, that for purposes of this definition, in the case of any acquisition or disposition of any direct or indirect interest in any Asset (including through the acquisition of Equity Interests) by the Parent Guarantor or any of
its Subsidiaries during any fiscal quarter, Adjusted Net Operating Income will be adjusted (1) in the case of an acquisition, by adding thereto an amount equal to (A) four (4) times (B) the acquired Asset’s actual Net
Operating Income (computed as if such Asset was owned by the Parent or one of its Subsidiaries for the entire fiscal quarter) generated during the portion of such fiscal quarter that such Asset was not owned by the Parent or such Subsidiary and
(2) in the case of a disposition, by subtracting therefrom an amount equal to (A) four (4) times (B) the actual Net Operating Income generated by the Asset so disposed of during such fiscal quarter. 

 (b) Section 1.01 of the Credit Agreement is hereby amended by adding the following
new definitions thereto in their appropriate alphabetical order: 
 “Amendment No. 5 Effective
Date” means the date on which all of the conditions to effectiveness of Amendment No. 5 to the Credit Agreement dated as of August 24, 2006 have been satisfied. 
 “Chestnut Asset “ means the Assets located at 833 Chestnut Street, Philadelphia, Pennsylvania 19107. 

(c) Clause (iv) of the proviso to Section 5.01(j)(iii)(A) of the Credit Agreement is hereby amended by deleting “;
and” at the end thereof and substituting “,” therefor. 
 (d) The following new clause (v) is hereby added
to the send of the proviso to Section 5.01(j)(iii)(A): 
 “(v) (x) for the period from the Amendment No. 5
Effective Date to and including March 31, 2007, the Chestnut Asset shall be deemed to satisfy the minimum occupancy requirement set forth in clause (d) of the definition of “Unencumbered Asset Conditions” so long as such Asset
shall at all times be at least 55% occupied, and (y) after March 31, 2007, unless the Required Lenders shall otherwise agree in writing, the Chestnut Asset shall be excluded as an Unencumbered Asset so long as the Borrower shall have
failed to deliver to the Administrative Agent a certificate of a Responsible Officer (with supporting information in detail reasonably satisfactory to the Administrative Agent) stating that the Chestnut Asset complies with the minimum occupancy
requirement set forth in clause (d) of the definition of “Unencumbered Asset Conditions”; and” 
 SECTION 2.
Representations and Warranties. The Borrower hereby represents and warrants that the representations and warranties contained in each of the Loan Documents (as amended or supplemented to date, including pursuant to this Amendment) are true
and correct on and as of the Amendment Effective Date (defined below), before and after giving effect to this Amendment (including, without limitation, the representation and warranty set forth in Section 4.01(g) of the Credit Agreement, as
amended by this Amendment), as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to an earlier date, in which case as of such earlier date). 
 SECTION 3. Conditions of Effectiveness. This Amendment shall become effective as of the first date (the “Amendment Effective
Date”) on which, and only if, each of the following conditions precedent shall have been satisfied: 
 (a) The
Administrative Agent shall have received (i) counterparts of this Amendment executed by the Borrower and each Lender or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment, and
(ii) the consent attached hereto (the “Consent”) executed by each of the Guarantors. 
 (b) The
representations and warranties set forth in each of the Loan Documents shall be correct in all material respects on and as of the Amendment Effective Date, before and after giving effect to this Amendment, as though made on and as of such date
(except for any such 

  

 2 

 
representation and warranty that, by its terms, refers to a specific date other than the Amendment Effective Date, in which case as of such specific date).

 (c) No event shall have occurred and be continuing, or shall result from the effectiveness of this Amendment, that
constitutes a Default. 
 (d) All of the fees and expenses of the Administrative Agent (including the reasonable fees and
expenses of counsel for the Administrative Agent) due and payable on the Amendment Effective Date shall have been paid in full. 
 The
effectiveness of this Amendment is conditioned upon the accuracy of the factual matters described herein. This Amendment is subject to the provisions of Section 9.01 of the Credit Agreement. 
 SECTION 4. Reference to and Effect on the Loan Documents. (a) On and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 
 (b) The Credit Agreement, as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in
all respects ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
 SECTION 5. Costs and Expenses. The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the
preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the
Administrative Agent) in accordance with the terms of Section 9.04 of the Credit Agreement. 
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 [Balance of page intentionally left blank.] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

					
	BORROWER:
	
	DIGITAL REALTY TRUST, L.P.
		
	By:	 	 DIGITAL REALTY TRUST, INC.,
 its sole
general partner

			
		 	By:	 	 /s/ A. William Stein

		 		 	Name: A. William Stein
		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

			
	ADMINISTRATIVE AGENT, SWING LINE BANK, AN EXISTING LENDER AND A LENDER:
	
	CITICORP NORTH AMERICA, INC.
		
	By:	 	 /s/ Malav Kakad

		 	Name: Malav Kakad
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	ISSUING BANK:
	
	CITIBANK, N.A.
		
	By:	 	 /s/ Ricardo James

		 	Name: Ricardo James
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	OTHER LENDER PARTIES:
	
	 MERRILL LYNCH CAPITAL CORPORATION,
 as
an Existing Lender and a Lender

		
	By:	 	 /s/ John C. Rowland

		 	Name: John C. Rowland
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	 BANK OF AMERICA, N.A.,
 as an Existing
Lender and a Lender

		
	By:	 	 /s/ Allison M. Gauthier

		 	Name: Allison M. Gauthier
		 	Title: Senior Vice President

  

					
		  	Signature Page	  	

			
	 KEYBANK NATIONAL ASSOCIATION,
 as an
Existing Lender and a Lender

		
	By:	 	 /s/ Jane E. McGrath

		 	Name: Jane E. McGrath
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	 ROYAL BANK OF CANADA,
 as an Existing
Lender and a Lender

		
	By:	 	 /s/ Dan LePage

		 	Name: Dan LePage
		 	Title: Authorized Signatory

  

					
		  	Signature Page	  	

			
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH
 (F/K/A CREDIT SUISSE FIRST BOSTON,
 ACTING THROUGH ITS CAYMAN ISLANDS BRANCH), as an Existing Lender and a
Lender

		
	By:	 	 /s/ Bill O’Day

		 	Name: Bill O’Day
		 	Title: Director
		
	By:	 	 /s/ Cassandra Droogan

		 	Name: Cassandra Droogan
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	 UBS LOAN FINANCE LLC,
 as an Existing
Lender and a Lender

		
	By:	 	 /s/ Richard L. Tavrow

		 	Name: Richard L. Tavrow
		 	Title: Director
		
	By:	 	 /s/ Irja R. Otsa

		 	Name: Irja R. Otsa
		 	Title: Associate Director

  

					
		  	Signature Page	  	

			
	 EMIGRANT SAVINGS BANK,
 as an Existing
Lender and a Lender

		
	By:	 	 /s/ Tuju S. Fields

		 	Name: Tuju S. Fields
		 	Title: Senior vice President

  

					
		  	Signature Page	  	

			
	 UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY,
 as an Existing Lender and a Lender

		
	By:	 	 /s/ George Lim

		 	Name: George Lim
		 	Title: FVP & General Manager
		
	By:	 	 /s/ Mario Sheng

		 	Name: Mario Sheng
		 	Title: AVP

  

					
		  	Signature Page	  	

			
	 HSBC BANK USA, NATIONAL ASSOCIATION,
 as a New Lender and a Lender

		
	By:	 	 /s/ Robert P. Reynolds

		 	Name: Robert P. Reynolds
		 	Title: First Vice President & Senior Relationship Manager

  

					
		  	Signature Page	  	

			
	 RAYMOND JAMES BANK, FSB,
 as a New
Lender and a Lender

		
	By:	 	 /s/ Thomas G. Scott

		 	Name: Thomas G. Scott
		 	Title: Vice President

  

					
		  	Signature Page	  	

			
	 SOCIÉTÉ GÉNÉRALE,
 as a New Lender and a Lender

		
	By:	 	 /s/ Joseph T. Martinez Jr.

		 	Name: Joseph T. Martinez Jr.
		 	Title: Director

  

					
		  	Signature Page	  	

			
	 CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH,
 as a New Lender and a Lender

		
	By:	 	 /s/ Jim C.Y. Chen

		 	Name: Jim C.Y. Chen
		 	Title: VP & General Manager

  

					
		  	Signature Page	  	

 CONSENT 
 Dated as of August 25, 2006 
 Each of the undersigned, as a Guarantor under the Credit Agreement
referred to in the foregoing Amendment, hereby consents to such Amendment and hereby confirms and agrees that notwithstanding the effectiveness of such Amendment, the Guaranty contained in the Credit Agreement is and shall continue to be, in full
force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such Amendment, each reference in the Loan Documents to “Credit Agreement”, “thereunder”, “thereof”
or words of like import shall mean and be a reference to the Credit Agreement, as amended by such Amendment. 
  

							
	GUARANTORS:
	
	DIGITAL REALTY TRUST, INC.
		
	By:	 	/s/ A. William Stein
		 	Name: A. William Stein
		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	DIGITAL SERVICES, INC.
		
	By:	 	/s/ A. William Stein
		 	Name: A. William Stein
		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	GLOBAL ASML, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

			
		 	By:	 	/s/ A. William Stein
		 		 	Name: A. William Stein
		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

  

					
		  	Signature Page	  	

									
	GLOBAL LAFAYETTE STREET HOLDING COMPANY, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	GLOBAL LAFAYETTE STREET, LLC
		
	By:	 	 GLOBAL LAFAYETTE STREET HOLDING COMPANY, LLC,
 its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

					
		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 	Name: A. William Stein
		 		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	GIP FAIRMONT HOLDING COMPANY, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

  

					
		  	Signature Page	  	

									
	GIP FAIRMONT, LLC
		
	By:	 	 GIP FAIRMONT HOLDING COMPANY, LLC,
 its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

					
		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 	Name: A. William Stein
		 		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	GLOBAL INNOVATION SUNSHINE HOLDINGS LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	GLOBAL GOLD CAMP, LLC
		
	By:	 	 GLOBAL GOLD CAMP HOLDING COMPANY, LLC,
 its member and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

					
		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 	Name: A. William Stein
		 		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

							
	GLOBAL GOLD CAMP HOLDING COMPANY, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	DIGITAL 833 CHESTNUT, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P., 
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	DIGITAL CONCORD CENTER, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	 By:
	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

									
	DIGITAL PRINTER SQUARE, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

					
		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 	Name: A. William Stein
		 		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	GLOBAL KATO HG, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	DIGITAL GREENSPOINT, L.P.
		
	By:	 	 DRT GREENSPOINT, LLC,
 its general
partner and manager

			
		 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

					
		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 	Name: A. William Stein
		 		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

							
	DRT GREENSPOINT, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	DIGITAL GREENSPOINT, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	DIGITAL 113 N. MYERS, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

							
	DIGITAL 125 N. MYERS, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

	
	DIGITAL TORONTO BUSINESS TRUST
		
	By:	 	/s/ A. William Stein
		 	Name: A. William Stein
		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

	
	DIGITAL AQUILA, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief Investment
Officer

  

					
		  	Signature Page	  	

											
	DIGITAL CENTREPORT, L.P.
		
	By:	 	 DRT CENTREPORT, LLC,
 its general
partner and manager

			
		 	By:	 	 GLOBAL STANFORD PLACE II, LLC,
 its
member and manager

				
		 		 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

						
		 		 		 		 	By:	 	/s/ A. William Stein
		 		 		 		 		 	Name: A. William Stein
		 		 		 		 		 	Title: Chief Financial Officer, Chief Investment Officer
	
	DIGITAL PHOENIX VAN BUREN, LLC
		
	By:	 	 DIGITAL REALTY TRUST, L.P.,
 its
member and manager

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

				
		 		 	By:	 	/s/ A. William Stein
		 		 		 	Name: A. William Stein
		 		 		 	 Title: Chief Financial Officer,
 Chief
Investment Officer

  

					
		  	Signature PageWarrant to Purchase Common Stock

 Exhibit 4.1 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS
OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 
 WARRANT TO PURCHASE COMMON STOCK 
 of 
 DIGITAL MUSIC GROUP, INC.

 This warrant (the “Warrant”), dated as of September 8, 2006, has been issued by Digital Music Group, Inc., a
Delaware corporation (the “DMG”) to Tuhin Roy (the “Investor”) pursuant to the terms and provisions of the Agreement and Plan of Merger (the “Merger Agreement”) dated as of September 8, 2006,
by and among DMG, Digital Rights Agency LLC, a California limited liability company (“DRA”), Investor and certain other parties. The total number of shares of Common Stock, par value $.001 per share, of DMG (“Common
Stock”) exercisable by Investor under this Warrant is 150,000 (the “Warrant Shares”). Subject to the limitations contained herein, this Warrant shall be exercisable with respect to 75,000 Warrant Shares on the first
anniversary of this Warrant, and shall be exercisable with respect to an additional 3,125 Warrant Shares each month thereafter until the third anniversary of the date hereof, at which time this Warrant shall become exercisable as to all Warrant
Shares; provided that this Warrant shall become exercisable in full in the event of, and as of immediately prior to, a Change of Control. The exercise price is set at $5.57 per share, subject to adjustment pursuant to Section 9 hereof
(such price, as adjusted from time to time, the “Exercise Price”). 
 1. Term of Warrant. The term of this Warrant
shall commence on the date hereof and shall terminate on the earlier of: (i) September 8, 2013, or (ii) a Change of Control of DMG. For purposes hereof, a “Change of Control” shall mean an event or the last of a
series of related events by which: (a) any Person (as that term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), together with all of that person’s
“affiliates” and “associates” as those terms are defined in Rule 12b-2 under the Exchange Act) directly or indirectly acquires or otherwise becomes entitled to vote stock of DMG having 51% or more of the voting power in elections
for directors of DMG; or (b) DMG merges or consolidates with another corporation, and holders of outstanding shares of DMG’s Common Stock immediately prior to the merger or consolidation do not own stock in the survivor of the merger or
consolidation having more than 50% of the voting power in elections for directors; or (c) DMG sells all or a substantial portion of the consolidated assets of DMG and its subsidiaries, and DMG does not own stock in the purchaser having more
than 50% of the voting power in elections for directors. 
 2. Exercise of Warrant. 
 (a) This Warrant may be exercised, in increments of 1,000 Warrant Shares (with a minimum of not less than 5,000 Warrant Shares, unless
there shall be less than 5,000 Warrant Shares remaining to be exercised in which case the Warrant shall be exercised for all of the remaining 

 
Warrant Shares) by surrendering this Warrant and by delivering an executed notice of exercise (in the form attached hereto as Notice of Exercise) together
with the Exercise Price, in cash or by check, or by surrender of the Warrant in a “net exercise” as set forth below, at the principal office of DMG (or at such other place as DMG shall notify Investor in writing). In no event shall the
Warrant be exercised for a fractional share. 
 (b) This Warrant shall be deemed to have been exercised immediately prior to
the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the
close of business on such date. As promptly as practicable on or after such date, DMG, at its expense, shall issue and deliver to the person or persons entitled to receive the same, a certificate or certificates for the number of Warrant Shares
issuable upon such exercise. 
 (c) As a condition precedent to the exercise of this Warrant, Investor shall comply with all
regulations and the requirements of any regulatory authority having control of, or supervision over, the issuance of the Warrant Shares and in connection therewith shall execute any documents which the Board of Directors of DMG shall in its sole
discretion deem necessary or advisable. Without limiting the foregoing, Investor shall comply with all requirements under Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations, as applicable, in connection
with the exercise of this Warrant. 
 (d) Notwithstanding the provisions herein to the contrary, if the fair market value of a
share of Common Stock (as determined herein) is greater than the Exercise Price per share at the date of calculation as set forth below, then in lieu of exercising this Warrant for cash, Investor may elect to receive a number of Warrant Shares
having a value equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of DMG together with notice of such election, in which event DMG shall issue to the holder hereof a number
of Warrant Shares computed using the following formula: 
  

			
	X =	  	Y (A - B)
	  	      A

 Where 
  

	 	X —	The number of Warrant Shares to be issued to the holder of this Warrant. 

	 	Y —	The number of Warrant Shares purchasable under this Warrant. 

	 	A —	The fair market value of one Warrant Share. 

	 	B —	The Exercise Price (as adjusted to the date of such calculations). 

 For
purposes of this Section 2(d), the fair market value of a Warrant Share shall mean the average of the closing bid and asked prices of shares of Common Stock quoted in the over-the-counter market in which the Common Stock is traded or the
closing price quoted on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the ten (10) trading days prior to the date of determination of fair
market value (or such shorter period of time during which such Common Stock was traded over-the-counter or on such exchange). If the Common Stock is not traded on the over-the-counter market or on an exchange, the fair market value shall be the
price per share of Common Stock that DMG could obtain from a willing buyer for a share of Common Stock sold by DMG from its authorized but unissued shares, as such prices shall be determined in good faith by the Board of Directors of DMG.

  

 2 

 3. No Rights as Shareholder. Investor shall not be entitled to vote or receive dividends or be
deemed the holder of Warrant Shares or any other securities of DMG or receive any benefits thereunder, accrued or otherwise, that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to
confer upon the Investor, as such, any of the rights of a shareholder of DMG or any right to vote for the election of the directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any action or
to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise hereof shall have been issued as provided herein and the name
of Investor shall have been entered as the stockholder of record on the books of DMG. 
 4. Legends. Investor understands and agrees
that DMG shall cause the legends set forth below, or substantially equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Warrant Shares, together with any other legends that may be required by DMG or by applicable
state or federal securities laws: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES
OF THESE SHARES. 
 5. Stop-Transfer Notices. Investor agrees that to ensure compliance with the restrictions referred to herein, DMG
may issue appropriate “stop transfer” instructions to its transfer agent. 
 6. Refusal to Transfer. DMG shall not be
required (i) to transfer on its books any Warrant Shares that have been sold or otherwise transferred in violation of any of the provisions of this Warrant or (ii) to treat as owner of such Warrant Shares or to accord the right to vote or
pay dividends to Investor or other transferee to whom such Warrant Shares shall have been so transferred in violation of any of the provisions of this Warrant. 
 7. Compliance with Securities Laws. 
 (a) Accredited Investor. Investor is an
“accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect and understands the meaning of that term. 
 (b) Restricted Securities. This Warrant and the underlying securities may not be transferred or assigned without compliance with all applicable federal and state securities laws by the transferor and the
transferee (including the delivery of investment representation letters and legal opinions 

  

 3 

 
reasonably satisfactory to DMG). Investor understands that this Warrant and the Warrant Shares issuable upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from DMG in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration
under the Act only in certain limited circumstances. In this connection, the Investor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Act. 
 8. Tax Consequences. Investor and DMG agree that, for federal, state and other applicable tax purposes, unless otherwise required pursuant to a
determination (within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended), (a) the parties shall treat this Warrant as being issued as consideration for the units of membership interest of DRA surrendered by
Investor pursuant to the Merger Agreement, and (b) neither Investor nor DMG shall take any position inconsistent with the foregoing, including, without limitation, the treatment of the issuance, exercise or other disposition of this Warrant as
compensation for services or wages. Investor has reviewed with Investor’s own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Warrant. Investor is relying solely on such advisors and
not on any statements or representations of DMG or any of its agents. Investor understands that Investor (and not DMG) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Warrant.

 9. Adjustment of Exercise Price and Number of Warrant Shares. The number of and kind of securities purchasable upon exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Subdivisions,
Combinations and Other Issuances. If DMG shall at any time prior to the expiration of this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock, or issue additional securities as a dividend with respect to
any of its Common Stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate purchase price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment
under this Section 9(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of
such dividend. 
 (b) Recapitalization, Reclassification, Reorganization, Merger or Sale. Except in the event of a
Change of Control of DMG, in case of any recapitalization, reclassification, capital reorganization, change in the capital stock of DMG (other than as a result of a subdivision, combination, or stock dividend provided for in Section 9(a) above)
or any consolidation or merger of DMG with another entity, or the sale of all or substantially all of its assets to another entity effected in such a way that holders of capital stock shall be entitled to receive stock, securities or assets with
respect to or in exchange for capital stock, then, as a condition of such recapitalization, reclassification, reorganization, change, merger or sale, lawful provision shall be made, and duly executed documents evidencing the same from DMG or its
successor shall be delivered to the holder of this Warrant, so that the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this
Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such recapitalization, reclassification, reorganization, change, merger or sale, by a holder of the same number of shares of capital
stock as were purchasable by the holder of this Warrant immediately prior to such recapitalization, reclassification, reorganization, change, merger or sale. In any such case, appropriate provisions shall be made with respect to the rights and
interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise 

  

 4 

 
hereof, and appropriate adjustments shall be made to the Exercise Price per share payable hereunder, provided the aggregate purchase price shall remain the
same. 
 (c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares
purchasable upon exercise or conversion of the Warrant, or in the Exercise Price, DMG shall promptly notify Investor of such event and of the number of shares, the adjusted Exercise Price and the type of securities or property thereafter purchasable
upon exercise of the Warrant. 
 10. General Provisions. 
 (a) Choice of Law; Entire Agreement. This Warrant shall be governed by the internal substantive laws, but not the choice of law
rules, of California. 
 (b) Integration. This Warrant represents the entire agreement between the parties with respect
to the purchase of the Warrant Shares by Investor and supercedes and replaces any and all prior written or oral agreements regarding the subject matter of this Warrant including, but not limited to, any representations made during any interviews,
relocation discussions or negotiations whether written or oral. 
 (c) Assignment. This Warrant may not be assigned or
transferred by the Investor, other than by will or the laws of intestacy. 
 (d) Notices. Any notice, demand, offer,
request or other communication required or permitted to be given by either DMG or Investor pursuant to the terms of this Warrant shall be in writing and shall be deemed effectively given the earlier of (i) when received, (ii) when
delivered personally, (iii) 1 business day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) 1 business day after being deposited with an overnight courier service or (v) 4 days after being deposited
in the U.S. mail, First Class with postage prepaid, and addressed to the parties at the addresses provided to DMG (which DMG agrees to disclose to the other parties upon request) or such other address as a party may request by notifying the other in
writing. 
 (e) Warrant Register. DMG will maintain a register (the “Warrant Register”) containing the
names and address of the holder (or holders if any portion of this Warrant is properly transferred pursuant to this agreement). Any holder of this Warrant or any portion thereof may change its address as shown on the Warrant Register by written
notice to DMG requesting such change. Any notice or written communication required or permitted to be given to a holder may be delivered or given by mail to such holder as shown on the Warrant Register and at the address shown on the Warrant
Register. Until this Warrant is transferred on the Warrant Register of DMG, DMG may treat the holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary. 
 (f) Successors. Any successor to DMG (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or
otherwise) to all or substantially all of DMG’s business and/or assets shall assume the obligations under this Warrant and agree expressly to perform the obligations under this Warrant in the same manner and to the same extent as DMG would be
required to perform such obligations in the absence of a succession. For all purposes under this Warrant, references to “DMG” shall include any successor to DMG’s business and/or assets which executes and delivers the assumption
agreement described in this Section or which becomes bound by the terms of this Warrant by operation of law. Subject to the restrictions on transfer set forth in this Warrant, this Warrant shall be binding upon Investor and his heirs,
executors, administrators, successors and assigns. 
  

 5 

 (g) Amendments. Any term of this Warrant may be amended or waived with the written
consent of DMG and the Investor. 
 (h) Waiver. Either party’s failure to enforce any provision of this Warrant
shall not in any way be construed as a waiver of any such provision, nor prevent that party from thereafter enforcing any other provision of this Warrant. The rights granted both parties hereunder are cumulative and shall not constitute a waiver of
either party’s right to assert any other legal remedy available to it. 
 (i) Severability. Should any provision
of this Warrant be found to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable to the greatest extent permitted by law. 
 (j) Counterparts. This Warrant may be executed in one or more counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same agreement. Facsimile copies of signed signature pages shall be binding originals. 
 [Remainder of page intentionally left blank] 
  

 6 

 IN WITNESS WHEREOF, the parties have caused this Warrant to be executed on the date first set forth
above. 
  

			
	DMG:
	
	DIGITAL MUSIC GROUP, INC.
		
	By:	 	/s/ Mitchell Koulouris
	Name:	 	Mitchell Koulouris
	Title:	 	President and Chief Executive Officer
		
	Address:	 	2151 River Plaza Drive, Suite 200
		 	 Sacramento, CA 95833

	
	
	INVESTOR:
		
	By:	 	/s/ Tuhin Roy
	Name:	 	Tuhin Roy
		
	Address:	 	85 Ora Way #202
		 	 San Francisco, CA 94131

  

 7 

 NOTICE OF EXERCISE 
 (1) The undersigned hereby elects to purchase ____________ Common Stock of Digital Music Group, Inc., a Delaware corporation (“DMG”),
pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price for such shares in the form of (check one): 
  

	 	 ̈	Cash 

  

	 	 ̈	Check (personal, cashier’s or bank certified); or 

  

	 	 ̈	Net Exercise (pursuant to Section 2(d) of the attached Warrant). 

 (2) I understand that DMG’s sale of the shares to me has not been registered under the Securities Act of 1933, as amended, because DMG believes, relying in part on my representations in this document, that an
exemption from such registration requirement is available for such sale. I understand that the availability of this exemption depends upon the representations I am making to DMG in this document being true and correct. 
 (3) I am purchasing the shares solely for investment purposes, and not for further distribution. My entire legal and beneficial ownership interest in the
shares is being purchased and shall be held solely for my account, except to the extent I intend to hold the shares jointly with my spouse. I am not a party to, and do not presently intend to enter into, any contract or other arrangement with any
other person or entity involving the resale, transfer, grant of participation with respect to or other distribution of any of the shares. My investment intent is not limited to my present intention to hold the shares for the minimum capital gains
period specified under any applicable tax law, for a deferred sale, for a specified increase or decrease in the market price of the shares, or for any other fixed period in the future. 
 (4) I can properly evaluate the merits and risks of an investment in the shares and can protect my own interests in this regard, whether by reason of my
own business and financial expertise, the business and financial expertise of certain professional advisors unaffiliated with DMG with whom I have consulted, or my preexisting business or personal relationship with DMG or any of its officers,
directors or controlling persons. 
 (5) I realize that the purchase of the shares involves a high degree of risk, and that DMG’s
future prospects are uncertain. I am able to hold the shares indefinitely if required, and am able to bear the loss of my entire investment in the shares. 
 (6) I understand that the shares are “restricted securities” in that DMG’s sale of the shares to me has not been registered under the Securities Act in reliance upon an exemption for non-public
offerings. In this regard, I also understand and agree that: 
  

	 	A.	I must hold the shares indefinitely, unless any subsequent proposed resale by me is registered under the Securities Act, or unless an exemption from registration is otherwise
available (such as Rule 144); 

  

	 	B.	DMG is under no obligation to register any subsequent proposed resale of the shares by me; and 

  

 8 

	 	C.	the certificate evidencing the shares will be imprinted with a legend which prohibits the transfer of the shares unless such transfer is registered or such registration is not
required in the opinion of counsel for DMG. 

 (7) I am familiar with Rule 144 adopted under the Securities Act, which in
some circumstances permits limited public resales of “restricted securities” like the shares acquired from an issuer in a non-public offering. I understand that my ability to sell the shares under Rule 144 in the future is uncertain, and
will depend upon, among other things: (i) the availability of certain current public information about DMG; (ii) the resale occurring more than one year after my purchase (or as otherwise computed in the event of a net exercise) and full
payment (within the meaning of Rule 144) for the shares; and (iii) if I am an affiliate of DMG, or a non-affiliate who has held the shares less than two years after my purchase and full payment: (A) the sale being made through a
broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker, as said term is defined under the Securities Exchange Act of 1934, as amended, (B) the amount of shares being sold during any three
month period not exceeding the specified limitations stated in Rule 144, and (C) timely filing of a notice of proposed sale on Form 144, if applicable. 
 (8) I understand that the requirements of Rule 144 may never be met, and that the shares may never be saleable. I further understand that at the time I wish to sell the shares, there may be no public market for
DMG’s stock upon which to make such a sale, or the current public information requirements of Rule 144 may not be satisfied, either of which would preclude me from selling the shares under Rule 144 even if the one-year minimum holding
period had been satisfied. 
 (9) I understand that in the event Rule 144 is not available to me, any future proposed sale of any of the
shares by me will not be possible without prior registration under the Securities Act, compliance with some other registration exemption (which may or may not be available), or each of the following: (i) my written notice to DMG
containing detailed information regarding the proposed sale, (ii) my providing an opinion of my counsel to the effect that such sale will not require registration, and (iii) DMG notifying me in writing that its counsel concurs in such
opinion. I understand that neither DMG nor its counsel is obligated to provide me with any such opinion. I understand that although Rule 144 is not exclusive, the Staff of the SEC has stated that persons proposing to sell private placement
securities other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk. 
 By signing below, I acknowledge my agreement with each of the
statements contained in this Exercise Notice as of the date first set forth above, and my intent for DMG to rely on such statements in issuing the shares to me. Please issue a certificate or certificates representing said Common Stock in the name of
the undersigned or in such other name as is specified below: 
  

	
	
	   
	Tuhin Roy

  

 9

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