UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-A
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR (g) OF
THE SECURITIES EXCHANGE ACT OF 1934
Realty Income Corporation
(Exact name of registrant as specified in its
charter)
Maryland |
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33-0580106 |
(State of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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11995 El Camino Real, San Diego, California |
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92130 |
(Address of principal executive offices) |
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(Zip Code) |
Securities to be registered pursuant to Section 12(b) of
the Act:
Title of each class
to be so registered |
|
Name of each exchange on which
each class is
to be registered |
6.000% Series A Cumulative Redeemable Preferred
Stock, par value $0.01 per share |
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The New York Stock Exchange |
If this form relates to the registration
of a class of securities pursuant to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c),
check the following box. x
If this form relates to the registration
of a class of securities pursuant to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d),
check the following box. ¨
Securities Act registration statement file number
to which this form relates:
333-275868.
Securities to be registered pursuant to Section 12(g) of
the Act:
None.
INFORMATION REQUIRED IN REGISTRATION STATEMENT
| Item
1. | Description
of Registrant’s Securities to be Registered. |
Realty Income Corporation (the “Company”) hereby incorporates
by reference herein the description of its 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the
“Series A Preferred Stock”), to be registered hereunder, set forth under the heading “Description of Capital Stock
– Preferred Stock – Realty Income Series A Preferred Stock” in the Registration Statement on Form S-4 (File
No. 333-275868) of the Company, filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on
December 1, 2023, as amended by Amendment No. 1, filed on December 15, 2023. The Series A Preferred Stock is expected
to be listed on the New York Stock Exchange.
The documents listed below are filed as exhibits to this registration
statement:
Exhibit
Number |
​ |
Description |
3.1 |
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Articles of Incorporation of Realty Income Corporation, as amended by amendment No. 1 dated May 10, 2005, and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to Realty Income Corporation’s Form 10-Q for the quarter ended June 30, 2005 (File No. 033-69410) and incorporated herein by reference). |
3.2 |
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Articles of Amendment dated July 29, 2011 (filed as exhibit 3.1 to Realty Income Corporation’s Form 8-K, filed on August 2, 2011 (File No. 001-13374) and incorporated herein by reference). |
3.3 |
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Articles of Amendment dated June 21, 2012 (filed as exhibit 3.1 to Realty Income Corporation’s Form 8-K, filed on June 21, 2012 (File No. 001-13374) and incorporated herein by reference). |
3.4 |
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Articles of Amendment dated May 14, 2019 (filed as exhibit 3.1 to Realty Income Corporation’s Form 8-K, filed on May 16, 2019 (File No. 001-13374) and incorporated herein by reference). |
3.5 |
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Articles of Amendment dated May 17, 2022 (filed as exhibit 3.1 to Realty Income Corporation’s Form 8-K, filed on May 19, 2022 (File No. 001-13374) and incorporated herein by reference). |
3.6 |
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Amended and Restated Bylaws of Realty Income Corporation dated November 3, 2023 (filed as exhibit 3.1 to Realty Income Corporation’s Form 10-Q, filed on November 7, 2023 (File No. 001-13374) and incorporated herein by reference). |
3.7 |
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Articles Supplementary dated June 30, 1998, establishing the terms of Realty Income Corporation’s Class A Junior Participating Preferred Stock (filed as exhibit A to exhibit 1 of Form 8-A12B, filed on June 26, 1998 (File No. 001-13374) and incorporated herein by reference). |
3.8 |
|
Articles Supplementary dated May 24, 1999, establishing the terms of Realty Income Corporation’s 9 3/8% Class B Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 on Form 8-K, filed on May 25, 1999 (File No. 001-13374) and incorporated herein by reference). |
3.9 |
|
Articles Supplementary dated July 28, 1999, establishing the terms of Realty Income Corporation’s 9 1/2% Class C Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 on Form 8-K, filed on July 30, 1999 (File No. 001-13374) and incorporated herein by reference). |
3.10 |
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Articles Supplementary dated May 24, 2004, and the Articles Supplementary dated October 18, 2004, establishing the terms of Realty Income Corporation’s 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock (filed as exhibit 3.8 on Form 8-A12B, filed on May 25, 2004 (File No. 001-13374) and incorporated herein by reference). |
3.11 |
|
Articles Supplementary dated November 30, 2006, establishing the terms of Realty Income Corporation’s 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock (filed as exhibit 3.5 on Form 8-A12B, filed on December 5, 2006 (File No. 001-13374) and incorporated herein by reference). |
3.12 |
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Articles Supplementary to the Articles of Incorporation of Realty Income Corporation classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to Realty Income Corporation’s Form 8-K, filed on February 3, 2012 (File No. 001-13374) and incorporated herein by reference). |
3.13 |
|
Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to Realty Income Corporation’s Form 8-K, filed on April 17, 2012 (File No. 001-13374) and incorporated herein by reference). |
3.14
|
|
Articles
Supplementary to the Articles of Incorporation of Realty Income Corporation classifying and designating additional shares of the
6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to Realty
Income Corporation’s Form 8-K, filed on April 17, 2012 (File No. 001-13374) and incorporated herein by reference). |
3.15*
|
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Articles
Supplementary to the Articles of Incorporation of Realty Income Corporation classifying and designating the 6.000% Series A
Cumulative Redeemable Preferred Stock. |
4.1* |
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Form of Specimen Certificate for Realty Income’s 6.000%
Series A Cumulative Redeemable Preferred Stock. |
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.
Date: January 22, 2024
|
REALTY INCOME CORPORATION |
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By: |
/s/ Bianca Martinez |
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Bianca Martinez |
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Senior Vice President, Associate General Counsel and Assistant Secretary |
Exhibit 3.15
REALTY INCOME CORPORATION
ARTICLES SUPPLEMENTARY
6,900,000 SHARES OF
6.000% SERIES A CUMULATIVE REDEEMABLE PREFERRED
STOCK
Realty Income Corporation,
a Maryland corporation (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation of
Maryland that:
FIRST: Pursuant
to the authority expressly vested in the Board of Directors of the Corporation (the “Board of Directors”) by Article VI
of the charter of the Corporation (the “Charter”) and Sections 2-105 and 2-208 of the Maryland General Corporation
Law (the “MGCL”), the Board of Directors, by duly adopted resolutions, classified and designated 6,900,000 shares of
authorized but unissued preferred stock, par value $0.01 per share, of the Corporation (“Preferred Stock”), as shares
of 6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, with the following preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions
of redemption, which, upon any restatement of the Charter, shall become part of Article VI of the Charter, with any necessary or
appropriate renumbering or relettering of the sections or subsections hereof.
Section 1. Designation
and Number. A series of Preferred Stock, designated the “6.000% Series A Cumulative Redeemable Preferred Stock” (the
“Series A Preferred Stock”), is hereby established. The number of shares of Series A Preferred Stock initially
shall be 6,900,000.
Section 2. Rank.
The Series A Preferred Stock will, with respect to dividend rights and rights upon voluntary or involuntary liquidation, dissolution
or winding up of the Corporation, rank: (a) senior to all classes or series of the Corporation’s common stock, par value $0.01
per share (the “Common Stock”), and all classes or series of capital stock of the Corporation now or hereafter authorized,
issued or outstanding expressly designated as ranking junior to the Series A Preferred Stock as to dividend rights and rights upon
voluntary or involuntary liquidation, dissolution or winding up of the Corporation; (b) on parity with any class or series of capital
stock of the Corporation expressly designated as ranking on parity with the Series A Preferred Stock as to dividend rights and rights
upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation; and (c) junior to any class or series of
capital stock of the Corporation expressly designated as ranking senior to the Series A Preferred Stock as to dividend rights and
rights upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation. The term “capital stock”
does not include convertible or exchangeable debt securities, which will rank senior to the Series A Preferred Stock prior to conversion
or exchange. The Series A Preferred Stock will also rank junior in right of payment to the Corporation’s existing and future
debt obligations.
Section 3. Dividends.
(a) Subject
to the preferential rights of the holders of any class or series of capital stock of the Corporation ranking senior to the Series A
Preferred Stock as to dividends, the holders of shares of the Series A Preferred Stock shall be entitled to receive, when, as and
if authorized by the Board of Directors and declared by the Corporation, out of funds legally available for the payment of dividends,
cumulative cash dividends at the rate of 6.000% per annum of the $25.00 liquidation preference per share of the Series A Preferred
Stock (equivalent to a fixed annual amount of $1.50 per share of the Series A Preferred Stock). Such dividends shall accrue and be
cumulative from and including January 1, 2024 (the “Original Issue Date”) and shall be payable quarterly in arrears
on each Dividend Payment Date (as defined below), commencing March 29, 2024; provided, however, that if any
Dividend Payment Date is not a Business Day (as defined below), then the dividend which would otherwise have been payable on such Dividend
Payment Date may be paid, at the Corporation’s option, on either the immediately preceding Business Day or the next succeeding Business
Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if paid on such Dividend Payment Date, and no interest or additional dividends
or other sums shall accrue on the amount so payable from such Dividend Payment Date to such next succeeding Business Day. The amount of
any dividend payable on the Series A Preferred Stock for any partial Dividend Period (as defined below) shall be prorated and computed
on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record
as they appear in the stockholder records of the Corporation at the close of business on the applicable Dividend Record Date (as defined
below). Notwithstanding any provision to the contrary contained herein, each outstanding share of Series A Preferred Stock shall
be entitled to receive a dividend with respect to any Dividend Record Date equal to the dividend paid with respect to each other share
of Series A Preferred Stock that is outstanding on such date. “Dividend Record Date” shall mean the date designated
by the Board of Directors for the payment of dividends that is not more than 35 or fewer than 10 days prior to the applicable Dividend
Payment Date. “Dividend Payment Date” shall mean the last calendar day of each March, June, September and December,
commencing on March 29, 2024; “Dividend Period” shall mean the respective periods commencing on and including
the first day of January, April, July and October of each year and ending on, and including, the last day of March, June, September and
December (other than the Dividend Period during which any shares of Series A Preferred Stock shall be redeemed pursuant to Section 5
or Section 6 hereof, which shall end on and include the day preceding the redemption date with respect to the shares of Series A
Preferred Stock being redeemed).
The term “Business
Day” shall mean each day, other than a Saturday or a Sunday, which is not a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close.
(b) Notwithstanding
anything contained herein to the contrary, dividends on the Series A Preferred Stock shall accrue whether or not the Corporation
has earnings, whether or not there are funds legally available for the payment of such dividends, and whether or not such dividends are
authorized or declared.
(c)
Except as provided in Section 3(d) below, no dividends shall be declared and paid or declared and set apart for payment, and
no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any shares of
Common Stock or shares of any other class or series of capital stock of the Corporation ranking, as to dividends, on parity with or junior
to the Series A Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of any other class or series of
capital stock ranking junior to the Series A Preferred Stock as to payment of dividends and the distribution of assets upon the Corporation’s
liquidation, dissolution or winding up) for any period, nor shall any shares of Common Stock or any other shares of any other class or
series of capital stock of the Corporation ranking, as to payment of dividends and the distribution of assets upon the Corporation’s
liquidation, dissolution or winding up, on parity with or junior to the Series A Preferred Stock be redeemed, purchased or otherwise
acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of such shares, and
no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Corporation (except
by conversion into or exchange for other shares of any class or series of capital stock of the Corporation ranking junior to the Series A
Preferred Stock as to payment of dividends and the distribution of assets upon the Corporation’s liquidation, dissolution or winding
up, and except for the acquisition of shares made pursuant to the provisions of Article VII of the Charter or Section 9 hereof),
unless full cumulative dividends on the Series A Preferred Stock for all past Dividend Periods shall have been or contemporaneously
are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such
payment.
(d)
When dividends are not paid in full (and a sum sufficient for such full payment is not so set apart) on the Series A Preferred Stock
and the shares of any other class or series of capital stock ranking, as to dividends, on parity with the Series A Preferred Stock,
all dividends declared upon the Series A Preferred Stock and each such other class or series of capital stock ranking, as to dividends,
on parity with the Series A Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series A
Preferred Stock and such other class or series of capital stock shall in all cases bear to each other the same ratio that accrued dividends
per share on the Series A Preferred Stock and such other class or series of capital stock (which shall not include any accrual in
respect of unpaid dividends on such other class or series of capital stock for prior Dividend Periods if such other class or series of
capital stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable
in respect of any dividend payment or payments on the Series A Preferred Stock which may be in arrears.
(e) Holders
of shares of Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or shares of capital
stock, in excess of full cumulative dividends on the Series A Preferred Stock as provided herein. Any dividend payment made on the
Series A Preferred Stock shall first be credited against the earliest accrued but unpaid dividends due with respect to such shares
which remain payable. Accrued but unpaid dividends on the Series A Preferred Stock will accumulate as of the Dividend Payment Date
on which they first become payable.
Section 4. Liquidation
Preference.
(a) Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, before any distribution or payment shall be made
to holders of shares of Common Stock or any other class or series of capital stock of the Corporation ranking, as to rights upon any voluntary
or involuntary liquidation, dissolution or winding up of the Corporation, junior to the Series A Preferred Stock, the holders of
shares of Series A Preferred Stock shall be entitled to be paid out of the assets of the Corporation legally available for distribution
to its stockholders, after payment of or provision for the debts and other liabilities of the Corporation and, subject to compliance with
section 7(f)(i) of these Articles Supplementary, any class or series of capital stock of the Corporation ranking, as to rights upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, senior to the Series A Preferred Stock, a
liquidation preference of $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared)
up to but excluding the date of payment. In the event that, upon such voluntary or involuntary liquidation, dissolution or winding up,
the available assets of the Corporation are insufficient to pay the full amount of the liquidating distributions on all outstanding shares
of Series A Preferred Stock and the corresponding amounts payable on all shares of other classes or series of capital stock of the
Corporation ranking, as to rights upon the Corporation’s liquidation, dissolution or winding up, on parity with the Series A
Preferred Stock in the distribution of assets, then the holders of the Series A Preferred Stock and each such other class or series
of capital stock ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A
Preferred Stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they
would otherwise be respectively entitled. Written notice of any such voluntary or involuntary liquidation, dissolution or winding up of
the Corporation, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances
shall be payable, shall be given by first class mail, postage pre-paid, not fewer than 30 or more than 60 days prior to the
payment date stated therein, to each record holder of shares of Series A Preferred Stock at the respective addresses of such holders
as the same shall appear on the stock transfer records of the Corporation. After payment of the full amount of the liquidating distributions
to which they are entitled, the holders of Series A Preferred Stock will have no right or claim to any of the remaining assets of
the Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or entity, or the voluntary
sale, lease, transfer or conveyance of all or substantially all of the property or business of the Corporation, shall not be deemed to
constitute a liquidation, dissolution or winding up of the Corporation.
(b) In
determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition
of shares of capital stock of the Corporation or otherwise, is permitted under the MGCL, amounts that would be needed, if the Corporation
were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of shares of Series A
Preferred Stock shall not be added to the Corporation’s total liabilities.
Section 5. Redemption.
(a) Shares
of Series A Preferred Stock shall not be redeemable prior to January 23, 2024 except as set forth in Section 6 hereof or
to preserve the status of the Corporation as a REIT (as defined in Section 9(a) hereof) for United States federal income tax
purposes. In addition, the Series A Preferred Stock shall be subject to the provisions of Section 9 hereof pursuant to which
Series A Preferred Stock owned by a stockholder in excess of the Series A Ownership Limit (as defined in Section 9(a) hereof)
shall automatically be transferred to a Trust (as defined in Section 9(a) hereof) for the exclusive benefit of a Charitable
Beneficiary (as defined in Section 9(a) hereof).
(b)
On and after January 23, 2024, the Corporation, at its option, upon not fewer than 30 or more than 60 days’ written notice,
may redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of
$25.00 per share, plus all accrued and unpaid dividends (whether or not authorized or declared) thereon up to but not including the date
fixed for redemption, without interest, to the extent the Corporation has funds legally available therefor (the “Redemption Right”).
If fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred
Stock to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional shares) or by lot as determined
by the Corporation. If redemption is to be by lot and, as a result, any holder of shares of Series A Preferred Stock would have actual
ownership, Beneficial Ownership or Constructive Ownership (each as defined in Section 9(a) hereof) in excess of the Series A
Ownership Limit (as defined in Section 9(a) hereof), or such other limit as permitted by the Board of Directors or a committee
thereof pursuant to Section 9(b)(vii) hereof, because such holder’s shares of Series A Preferred Stock were not redeemed,
or were only redeemed in part, then, except as otherwise provided in the Charter, the Corporation shall redeem the requisite number of
shares of Series A Preferred Stock of such holder such that no holder will hold an amount of Series A Preferred Stock in excess
of the applicable ownership limit, subsequent to such redemption. Holders of Series A Preferred Stock to be redeemed shall surrender
such Series A Preferred Stock at the place, or in accordance with the book-entry procedures, designated in such notice and shall
be entitled to the redemption price of $25.00 per share and any accrued and unpaid dividends payable upon such redemption following such
surrender. If (i) notice of redemption of any shares of Series A Preferred Stock has been given (in the case of a redemption
of the Series A Preferred Stock other than to preserve the status of the Corporation as a REIT), (ii) the funds necessary for
such redemption have been set aside by the Corporation in trust for the benefit of the holders of any shares of Series A Preferred
Stock so called for redemption, and (iii) irrevocable instructions have been given to pay the redemption price and all accrued and
unpaid dividends, then from and after the redemption date, dividends shall cease to accrue on such shares of Series A Preferred Stock,
such shares of Series A Preferred Stock shall no longer be deemed outstanding, and all rights of the holders of such shares shall
terminate, except the right to receive the redemption price plus any accrued and unpaid dividends payable upon such redemption, without
interest. So long as full cumulative dividends on the Series A Preferred Stock for all past Dividend Periods shall have been or contemporaneously
are (i) declared and paid in cash, or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for payment,
nothing herein shall prevent or restrict the Corporation’s right or ability to purchase, from time to time, either at a public or
a private sale, all or any part of the Series A Preferred Stock at such price or prices as the Corporation may determine, subject
to the provisions of applicable law, including the repurchase of shares of Series A Preferred Stock in open-market transactions duly
authorized by the Board of Directors.
(c)
In the event of any redemption of the Series A Preferred Stock in order to preserve the status of the Corporation as a REIT for United
States federal income tax purposes, such redemption shall be made in accordance with the terms and conditions set forth in this Section 5
of these Articles Supplementary. If the Corporation calls for redemption of any shares of Series A Preferred Stock pursuant to and
in accordance with this Section 5(c), then the redemption price for such shares will be an amount in cash equal to $25.00 per share
together with all accrued and unpaid dividends to but excluding the dated fixed for redemption.
(d) Unless
full cumulative dividends on the Series A Preferred Stock for all past Dividend Periods shall have been or contemporaneously are
(i) declared and paid in cash, or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for payment,
no shares of Series A Preferred Stock shall be redeemed pursuant to the Redemption Right or Special Optional Redemption Right (defined
below) unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed, and the Corporation shall not purchase
or otherwise acquire directly or indirectly any shares of Series A Preferred Stock or any class or series of capital stock of the
Corporation ranking, as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Corporation,
on parity with or junior to the Series A Preferred Stock (except by conversion into or exchange for shares of capital stock of the
Corporation ranking, as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Corporation,
junior to the Series A Preferred Stock); provided, however, that the foregoing shall not prevent the purchase of Series A
Preferred Stock, or any other class or series of capital stock of the Corporation ranking, as to payment of dividends and the distribution
of assets upon liquidation, dissolution or winding up of the Corporation, on parity with or junior to the Series A Preferred Stock,
by the Corporation in accordance with the terms of Sections 5(c) and 9 of these Articles Supplementary or otherwise, in order to
ensure that the Corporation remains qualified as a REIT for United States federal income tax purposes, or the purchase or acquisition
of Series A Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares
of Series A Preferred Stock.
(e) Notice
of redemption pursuant to the Redemption Right will be mailed by the Corporation, postage prepaid, not fewer than 30 or more than 60 days
prior to the redemption date, addressed to the respective holders of record of the Series A Preferred Stock to be redeemed at their
respective addresses as they appear on the transfer records of the Corporation. No failure to give or defect in such notice shall affect
the validity of the proceedings for the redemption of any Series A Preferred Stock except as to the holder to whom such notice was
defective or not given. In addition to any information required by law or by the applicable rules of any exchange upon which the
Series A Preferred Stock may be listed or admitted to trading, each such notice shall state: (i) the redemption date; (ii) the
redemption price; (iii) the number of shares of Series A Preferred Stock to be redeemed; (iv) the place or places where
the certificates, if any, representing shares of Series A Preferred Stock are to be surrendered for payment of the redemption price;
(v) procedures for surrendering noncertificated shares of Series A Preferred Stock for payment of the redemption price; (vi) that
dividends on the shares of Series A Preferred Stock to be redeemed will cease to accumulate on such redemption date; and (vii) that
payment of the redemption price and any accumulated and unpaid dividends will be made upon presentation and surrender of such Series A
Preferred Stock. If fewer than all of the shares of Series A Preferred Stock held by any holder are to be redeemed, the notice mailed
to such holder shall also specify the number of shares of Series A Preferred Stock held by such holder to be redeemed. Notwithstanding
anything else to the contrary in these Articles Supplementary, the Corporation shall not be required to provide notice to the holder of
Series A Preferred Stock in the event such holder’s Series A Preferred Stock is redeemed in accordance with Sections 5(c) and
9 of these Articles Supplementary to preserve the Corporation’s status as a REIT.
(f) If
a redemption date falls after a Dividend Record Date and on or prior to the corresponding Dividend Payment Date, each holder of Series A
Preferred Stock at the close of business of such Dividend Record Date shall be entitled to the dividend payable on such shares on the
corresponding Dividend Payment Date notwithstanding the redemption of such shares on or prior to such Dividend Payment Date, and each
holder of Series A Preferred Stock that surrenders its shares on such redemption date will be entitled to the dividends accruing
after the end of the Dividend Period to which such Dividend Payment Date relates up to but excluding the redemption date. Except as provided
herein, the Corporation shall make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred
Stock for which a notice of redemption has been given.
(g) All
shares of the Series A Preferred Stock redeemed or repurchased pursuant to this Section 5, or otherwise acquired in any other
manner by the Corporation, shall be retired and shall be restored to the status of authorized but unissued shares of Preferred Stock,
without designation as to series or class.
(h) The
Series A Preferred Stock shall have no stated maturity and shall not be subject to any sinking fund or mandatory redemption; provided, however,
that the Series A Preferred Stock owned by a stockholder in excess of the applicable ownership limit shall be subject to the provisions
of this Section 5 and Section 9 of these Articles Supplementary.
Section 6. Special
Optional Redemption by the Corporation.
(a) Upon
the occurrence of a Change of Control (as defined below), the Corporation will have the option upon written notice mailed by the Corporation,
postage pre-paid, no fewer than 30 nor more than 60 days prior to the redemption date and addressed to the holders of record
of shares of the Series A Preferred Stock to be redeemed at their respective addresses as they appear on the share transfer records
of the Corporation, to redeem shares of the Series A Preferred Stock, in whole or in part within 120 days after the first date on
which such Change of Control occurred, for cash at $25.00 per share plus accrued and unpaid dividends, if any, to, but not including,
the redemption date (“Special Optional Redemption Right”). No failure to give such notice or any defect thereto or
in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock
except as to the holder to whom notice was defective or not given. If, prior to the Change of Control Conversion Date (as defined below),
the Corporation has provided or provides notice of redemption with respect to the Series A Preferred Stock (whether pursuant to the
Redemption Right or the Special Optional Redemption Right), the holders of shares of Series A Preferred Stock will not have the conversion
right described below in Section 8 of these Articles Supplementary.
A “Change of Control”
is when, after the original issuance of the Series A Preferred Stock, the following have occurred and are continuing:
(i) the
acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership, directly or indirectly,
through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock
of the Corporation entitling that person to exercise more than 50% of the total voting power of all stock of the Corporation entitled
to vote generally in the election of the Corporation’s directors (except that such person will be deemed to have beneficial ownership
of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the
occurrence of a subsequent condition); and
(ii) following
the closing of any transaction referred to in (i) above, neither the Corporation nor the acquiring or surviving entity has a class
of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange (the “NYSE”),
the NYSE American (the “NYSE American”), or the NASDAQ Stock Market (“NASDAQ”), or listed or quoted
on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ.
(b) In
addition to any information required by law or by the applicable rules of any exchange upon which the Series A Preferred Stock
may be listed or admitted to trading, such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the
number of shares of Series A Preferred Stock to be redeemed; (iv) the place or places where the certificates, if any, representing
shares of Series A Preferred Stock are to be surrendered for payment of the redemption price; (v) procedures for surrendering
noncertificated shares of Series A Preferred Stock for payment of the redemption price; (vi) that dividends on the shares of
Series A Preferred Stock to be redeemed will cease to accumulate on the redemption date; (vii) that payment of the redemption
price and any accumulated and unpaid dividends will be made upon presentation and surrender of such Series A Preferred Stock; (viii) that
the shares of Series A Preferred Stock are being redeemed pursuant to the Special Optional Redemption Right in connection with the
occurrence of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control; and
(ix) that holders of the shares of Series A Preferred Stock to which the notice relates will not be able to tender such shares
of Series A Preferred Stock for conversion in connection with the Change of Control and each share of Series A Preferred Stock
tendered for conversion that is selected, prior to the Change of Control Conversion Date, for redemption will be redeemed on the related
redemption date instead of converted on the Change of Control Conversion Date. If fewer than all of the shares of Series A Preferred
Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series A
Preferred Stock held by such holder to be redeemed.
If fewer than all of the
outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred Stock to be redeemed shall
be redeemed pro rata (as nearly as may be practicable without creating fractional shares) or by lot as determined by the Corporation.
If such redemption pursuant to the Special Optional Redemption Right is to be by lot and, as a result, any holder of shares of Series A
Preferred Stock would have actual ownership, Beneficial Ownership or Constructive Ownership (each as defined in Section 9(a) hereof)
in excess of the Series A Ownership Limit (as defined in Section 9(a) hereof), or such limit as permitted by the Board
of Directors or a committee thereof pursuant to Section 9(b)(vii) hereof, because such holder’s shares of Series A
Preferred Stock were not redeemed, or were only redeemed in part then, except as otherwise provided in the Charter, the Corporation shall
redeem the requisite number of shares of Series A Preferred Stock of such holder such that no holder will hold an amount of Series A
Preferred Stock in excess of the applicable ownership limit, subsequent to such redemption.
(c) If
the Corporation has given a notice of redemption pursuant to the Special Optional Redemption Right and has set aside sufficient funds
for the redemption in trust for the benefit of the holders of the Series A Preferred Stock called for redemption, then from and after
the redemption date, those shares of Series A Preferred Stock will be treated as no longer being outstanding, no further dividends
will accrue and all other rights of the holders of those shares of Series A Preferred Stock will terminate. The holders of those
shares of Series A Preferred Stock will retain their right to receive the redemption price for their shares and any accrued and unpaid
dividends to, but not including, the redemption date, without interest. So long as full cumulative dividends on the Series A Preferred
Stock for all past Dividend Periods shall have been or contemporaneously are (i) declared and paid in cash, or (ii) declared
and a sum sufficient for the payment thereof in cash is set apart for payment, nothing herein shall prevent or restrict the Corporation’s
right or ability to purchase, from time to time, either at a public or a private sale, all or any part of the Series A Preferred
Stock at such price or prices as the Corporation may determine, subject to the provisions of applicable law, including the repurchase
of shares of Series A Preferred Stock in open-market transactions duly authorized by the Board of Directors.
(d) The
holders of Series A Preferred Stock at the close of business on a Dividend Record Date will be entitled to receive the dividend payable
with respect to the Series A Preferred Stock on the corresponding Dividend Payment Date notwithstanding the redemption of the Series A
Preferred Stock pursuant to the Special Optional Redemption Right between such Dividend Record Date and the corresponding Dividend Payment
Date or the Corporation’s default in the payment of the dividend due. Except as provided herein, the Corporation shall make no payment
or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Stock for which a notice of redemption pursuant
to the Special Optional Redemption Right has been given.
(e) All
shares of the Series A Preferred Stock redeemed or repurchased pursuant to this Section 6, or otherwise acquired in any other
manner by the Corporation, shall be retired and shall be restored to the status of authorized but unissued shares of Preferred Stock,
without designation as to series or class.
Section 7. Voting
Rights.
(a) Holders
of the Series A Preferred Stock shall not have any voting rights, except as set forth in this Section 7.
(b)
Whenever dividends on any shares of Series A Preferred Stock shall be in arrears for six or more consecutive or non-consecutive quarterly
periods (a “Preferred Dividend Default”), the holders of such Series A Preferred Stock (voting separately as a
class together with holders of all other classes or series of preferred stock of the Corporation ranking on parity with the Series A
Preferred Stock with respect to payment of dividends and the distribution of assets upon the Corporation’s liquidation, dissolution
or winding up and upon which like voting rights have been conferred and are exercisable (“Parity Preferred”)) shall
be entitled to vote for the election of a total of two additional directors of the Corporation (the “Preferred Directors”)
until all dividends accumulated on such Series A Preferred Stock and Parity Preferred for the past Dividend Periods shall have been
fully paid. In such case, the entire Board of Directors will be increased by two directors.
(c) The
Preferred Directors will be elected by a plurality of the votes cast in the election for a one-year term and each Preferred
Director will serve until his or her successor is duly elected and qualifies or until such Preferred Director’s right to hold the
office terminates, whichever occurs earlier, subject to such Preferred Director’s earlier death, disqualification, resignation or
removal. The election will take place at (i) either (A) a special meeting called in accordance with Section 7(d) below
if the request is received more than 90 days before the date fixed for the Corporation’s next annual or special meeting of stockholders
or (B) the next annual or special meeting of stockholders if the request is received within 90 days of the date fixed for the Corporation’s
next annual or special meeting of stockholders, and (ii) at each subsequent annual meeting of stockholders, or special meeting held
in place thereof, until all such dividends in arrears on the Series A Preferred Stock and each such class or series of outstanding
Parity Preferred have been paid in full. A dividend in respect of Series A Preferred Stock shall be considered timely made if made
within two Business Days after the applicable Dividend Payment Date if at the time of such late payment date there shall not be any prior
quarterly Dividend Periods in respect of which full dividends were not timely made at the applicable Dividend Payment Date.
(d) At
any time when such voting rights shall have vested, a proper officer of the Corporation shall call or cause to be called, upon written
request of holders of record of at least 10% of the outstanding shares of Series A Preferred Stock and Parity Preferred, a special
meeting of the holders of Series A Preferred Stock and each class or series of Parity Preferred by mailing or causing to be mailed
to such holders a notice of such special meeting to be held not fewer than ten or more than 45 days after the date such notice is given.
The record date for determining holders of the Series A Preferred Stock and Parity Preferred entitled to notice of and to vote at
such special meeting will be the close of business on the third Business Day preceding the day on which such notice is mailed. At any
such annual or special meeting, all of the holders of the Series A Preferred Stock and Parity Preferred, by plurality vote, voting
together as a single class without regard to class or series will be entitled to elect two directors on the basis of one vote per $25.00
of liquidation preference to which such Series A Preferred Stock and Parity Preferred are entitled by their terms (excluding amounts
in respect of accumulated and unpaid dividends) and not cumulatively. The holder or holders of one-third of the Series A
Preferred Stock and Parity Preferred voting as a single class then outstanding, present in person or by proxy, will constitute a quorum
for the election of the Preferred Directors except as otherwise provided by law. Notice of all meetings at which holders of the Series A
Preferred Stock and the Parity Preferred shall be entitled to vote will be given to such holders at their addresses as they appear in
the transfer records. At any such meeting or adjournment thereof in the absence of a quorum, subject to the provisions of any applicable
law, a majority of the holders of the Series A Preferred Stock and Parity Preferred voting as a single class present in person or
by proxy shall have the power to adjourn the meeting for the election of the Preferred Directors, without notice other than an announcement
at the meeting, until a quorum is present. If a Preferred Dividend Default shall terminate after the notice of a special meeting has been
given but before such special meeting has been held, the Corporation shall, as soon as practicable after such termination, mail or cause
to be mailed notice of such termination to holders of the Series A Preferred Stock and the Parity Preferred that would have been
entitled to vote at such special meeting.
(e) If
and when all accumulated dividends on such Series A Preferred Stock and all classes or series of Parity Preferred for the past Dividend
Periods shall have been fully paid, the right of the holders of Series A Preferred Stock and the Parity Preferred to elect such additional
two directors shall immediately cease (subject to revesting in the event of each and every Preferred Dividend Default), and the term of
office of each Preferred Director so elected shall terminate and the entire Board of Directors shall be reduced accordingly. Any Preferred
Director may be removed at any time with or without cause by the vote of, and shall not be removed otherwise than by the vote of, the
holders of record of a majority of the outstanding Series A Preferred Stock and the Parity Preferred entitled to vote thereon when
they have the voting rights set forth in Section 7(b) hereof (voting as a single class). So long as a Preferred Dividend Default
shall continue, any vacancy in the office of a Preferred Director may be filled by written consent of the Preferred Director remaining
in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding Series A Preferred Stock
when they have the voting rights described above (voting as a single class with all other classes or series of Parity Preferred). Each
of the Preferred Directors shall be entitled to one vote on any matter.
(f) So
long as any shares of Series A Preferred Stock remain outstanding, the affirmative vote or consent of the holders of two-thirds of
the shares of Series A Preferred Stock and each other class or series of Parity Preferred outstanding at the time, given in person
or by proxy, either in writing or at a meeting (voting together as a single class) will be required to: (i) authorize, create or
issue, or increase the number of authorized or issued shares of, any class or series of capital stock ranking senior to the Series A
Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the
Corporation (collectively, “Senior Capital Stock”) or reclassify any authorized shares of capital stock of the Corporation
into such capital stock, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase
any such Senior Capital Stock; or (ii) amend, alter or repeal the provisions of the Charter, including the terms of the Series A
Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially all of its assets or otherwise (an “Event”),
so as to materially and adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock; provided however,
with respect to the occurrence of any of the Events set forth in (ii) above, so long as the Series A Preferred Stock remains
outstanding with the terms thereof materially unchanged, taking into account that, upon the occurrence of an Event set forth in (ii) above,
the Corporation may not be the surviving entity, the occurrence of such Event shall not be deemed to materially and adversely affect such
rights, preferences, privileges or voting power of Series A Preferred Stock, and in such case such holders shall not have any voting
rights with respect to the occurrence of any of the Events set forth in (ii) above. In addition, if the holders of the Series A
Preferred Stock receive the greater of the full trading price of the Series A Preferred Stock on the date of an Event set forth in
(ii) above or the $25.00 liquidation preference per share of the Series A Preferred Stock pursuant to the occurrence of any
of the Events set forth in (ii) above, then such holders shall not have any voting rights with respect to the Events set forth in
(ii) above. If any Event set forth in (ii) above would materially and adversely affect the rights, preferences, privileges or
voting powers of the Series A Preferred Stock disproportionately relative to other classes or series of Parity Preferred, the affirmative
vote of the holders of at least two-thirds of the outstanding shares of the Series A Preferred Stock, voting separately
as a class, will also be required. Holders of shares of Series A Preferred Stock shall not be entitled to vote with respect to (A) any
increase in the total number of authorized shares of Common Stock or Preferred Stock of the Corporation, or (B) any increase in the
number of authorized shares of Series A Preferred Stock or the creation or issuance of any other class or series of capital stock,
or (C) any increase in the number of authorized shares of any other class or series of capital stock, in each case referred to in
clause (A), (B) or (C) above ranking on parity with or junior to the Series A Preferred Stock with respect to the payment
of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Corporation. Except as set forth herein,
holders of the Series A Preferred Stock shall not have any voting rights with respect to, and the consent of the holders of the Series A
Preferred Stock shall not be required for, the taking of any corporate action, including an Event, regardless of the effect that such
corporate action or Event may have upon the powers, preferences, voting power or other rights or privileges of the Series A Preferred
Stock.
(g)
The foregoing voting provisions of this Section 7 shall not apply if, at or prior to the time when the act with respect to which
such vote would otherwise be required shall be effected, all outstanding shares of Series A Preferred Stock shall have been redeemed
or called for redemption upon proper notice pursuant to these Articles Supplementary, and sufficient funds, in cash, shall have been deposited
in trust to effect such redemption.
(h)
In any matter in which the Series A Preferred Stock may vote (as expressly provided herein), each share of Series A Preferred
Stock shall be entitled to one vote per $25.00 of liquidation preference.
Section 8. Conversion.
The shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Corporation,
except as provided in this Section 8.
(a) Upon
the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock shall have the right, unless, prior to the
Change of Control Conversion Date, the Corporation has provided or provides notice of its election to redeem the Series A Preferred
Stock pursuant to the Redemption Right or Special Optional Redemption Right, to convert some or all of the Series A Preferred Stock
held by such holder (the “Change of Control Conversion Right”) on the Change of Control Conversion Date into a number
of shares of Common Stock per share of Series A Preferred Stock to be converted (the “Common Stock Conversion Consideration”)
equal to the lesser of (A) the quotient obtained by dividing (i) the sum of (x) the $25.00 liquidation preference per share
of Series A Preferred Stock to be converted plus (y) the amount of any accrued and unpaid dividends to, but not including, the
Change of Control Conversion Date (unless the Change of Control Conversion Date is after a Dividend Record Date and prior to the corresponding
Dividend Payment Date, in which case no additional amount for such accrued and unpaid dividends will be included in such sum) by (ii) the
Common Stock Price (as defined herein) and (B) 4.51957 (the “Share Cap”), subject to the immediately succeeding
paragraph.
The Share Cap is subject
to pro rata adjustments for any share splits (including those effected pursuant to a distribution of the Common Stock), subdivisions or
combinations (in each case, a “Share Split”) with respect to the Common Stock as follows: the adjusted Share Cap as
the result of a Share Split shall be the number of shares of Common Stock that is equivalent to the product obtained by multiplying (i) the
Share Cap in effect immediately prior to such Share Split by (ii) a fraction, the numerator of which is the number of shares of Common
Stock outstanding after giving effect to such Share Split and the denominator of which is the number of shares of Common Stock outstanding
immediately prior to such Share Split.
For the avoidance of doubt,
subject to the immediately succeeding sentence, the aggregate number of shares of Common Stock (or equivalent Alternative Conversion Consideration
(as defined below), as applicable) issuable in connection with the exercise of the Change of Control Conversion Right shall not exceed
31,185,064 shares of Common Stock in total (or equivalent Alternative Conversion Consideration, as applicable)(the “Exchange
Cap”). The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same basis as the corresponding adjustment
to the Share Cap.
In the case of a Change of
Control pursuant to which shares of Common Stock shall be converted into cash, securities or other property or assets (including any combination
thereof) (the “Alternative Form Consideration”), a holder of shares of Series A Preferred Stock shall receive
upon conversion of such shares of Series A Preferred Stock the kind and amount of Alternative Form Consideration which such
holder would have owned or been entitled to receive upon the Change of Control had such holder held a number of shares of Common Stock
equal to the Common Stock Conversion Consideration immediately prior to the effective time of the Change of Control (the “Alternative
Conversion Consideration”; and the Common Stock Conversion Consideration or the Alternative Conversion Consideration, as may
be applicable to a Change of Control, shall be referred to herein as the “Conversion Consideration”).
In the event that holders
of Common Stock have the opportunity to elect the form of consideration to be received in the Change of Control, the Conversion Consideration
will be deemed to be the kind and amount of consideration actually received by holders of a majority of the Common Stock that voted for
such an election (if electing between two types of consideration) or holders of a plurality of the Common Stock that voted for such an
election (if electing between more than two types of consideration), as the case may be, and will be subject to any limitations to which
all holders of Common Stock are subject, including, without limitation, pro rata reductions applicable to any portion of the consideration
payable in the Change of Control.
The “Change of Control
Conversion Date” shall be a Business Day set forth in the notice of Change of Control provided in accordance with Section 8(c) below
that is no less than 20 days nor more than 35 days after the date on which the Corporation provides such notice pursuant to Section 8(c).
The “Common Stock
Price” shall be (i) if the consideration to be received in the Change of Control by the holders of Common Stock is solely
cash, the amount of cash consideration per share of Common Stock or (ii) if the consideration to be received in the Change of Control
by holders of Common Stock is other than solely cash (x) the average of the closing sale prices per share of Common Stock (or, if
no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the
average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including,
the effective date of the Change of Control as reported on the principal U.S. securities exchange on which the Common Stock is then traded,
or (y) the average of the last quoted bid prices for the Common Stock in the over-the-counter market as reported by Pink
Sheets LLC or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of
the Change of Control, if the Common Stock is not then listed for trading on a U.S. securities exchange.
(b) No
fractional shares of Common Stock shall be issued upon the conversion of Series A Preferred Stock. In lieu of fractional shares,
holders shall be entitled to receive the cash value of such fractional shares based on the Common Stock Price.
(c) Within
15 days following the occurrence of a Change of Control, a notice of occurrence of the Change of Control, describing the resulting Change
of Control Conversion Right, shall be delivered to the holders of record of the shares of Series A Preferred Stock at their addresses
as they appear on the Corporation’s share transfer records and notice shall be provided to the Corporation’s transfer agent.
No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the proceedings for the conversion
of any share of Series A Preferred Stock except as to the holder to whom notice was defective or not given. Each notice shall state:
(i) the events constituting the Change of Control; (ii) the date of the Change of Control; (iii) the last date on which
the holders of Series A Preferred Stock may exercise their Change of Control Conversion Right; (iv) the method and period for
calculating the Common Stock Price; (v) the Change of Control Conversion Date; (vi) that if, prior to the Change of Control
Conversion Date, the Corporation has provided or provides notice of its election to redeem all or any portion of the Series A Preferred
Stock, the holder will not be able to convert shares of Series A Preferred Stock designated for redemption and such shares of Series A
Preferred Stock shall be redeemed on the related redemption date, even if they have already been tendered for conversion pursuant to the
Change of Control Conversion Right; (vii) if applicable, the type and amount of Alternative Conversion Consideration entitled to
be received per share of Series A Preferred Stock; (viii) the name and address of the paying agent and the conversion agent;
and (ix) the procedures that the holders of Series A Preferred Stock must follow to exercise the Change of Control Conversion
Right.
(d) The
Corporation shall issue a press release for publication on the Dow Jones & Corporation, Inc., Business Wire, PR Newswire
or Bloomberg Business News (or, if such organizations are not in existence at the time of issuance of such press release, such other news
or press organization as is reasonably calculated to broadly disseminate the relevant information to the public), or post notice on the
Corporation’s website, in any event prior to the opening of business on the first Business Day following any date on which the Corporation
provides notice pursuant to Section 8(c) above to the holders of Series A Preferred Stock.
(e) In
order to exercise the Change of Control Conversion Right, a holder of shares of Series A Preferred Stock shall be required to deliver,
on or before the close of business on the Change of Control Conversion Date, the certificates (if any) representing the shares of Series A
Preferred Stock to be converted, duly endorsed for transfer, together with a written conversion notice completed, to the Corporation’s
transfer agent. Such notice shall state: (i) the relevant Change of Control Conversion Date; (ii) the number of shares of Series A
Preferred Stock to be converted; and (iii) that the shares of Series A Preferred Stock are to be converted pursuant to the applicable
provisions of these Articles Supplementary. Notwithstanding the foregoing, if the shares of Series A Preferred Stock are held in
global form, such notice shall comply with applicable procedures of The Depository Trust Corporation (“DTC”).
(f) Holders
of Series A Preferred Stock may withdraw any notice of exercise of a Change of Control Conversion Right (in whole or in part) by
a written notice of withdrawal delivered to the Corporation’s transfer agent prior to the close of business on the Business Day
prior to the Change of Control Conversion Date. The notice of withdrawal must state: (i) the number of withdrawn shares of Series A
Preferred Stock; (ii) if certificated shares of Series A Preferred Stock have been issued, the certificate numbers of the shares
of withdrawn Series A Preferred Stock; and (iii) the number of shares of Series A Preferred Stock, if any, which remain
subject to the conversion notice. Notwithstanding the foregoing, if the shares of Series A Preferred Stock are held in global form,
the notice of withdrawal shall comply with applicable procedures of DTC.
(g) Shares
of Series A Preferred Stock as to which the Change of Control Conversion Right has been properly exercised and for which the conversion
notice has not been properly withdrawn shall be converted into the applicable Conversion Consideration in accordance with the Change of
Control Conversion Right on the Change of Control Conversion Date, unless, prior to the Change of Control Conversion Date, the Corporation
has provided or provides notice of its election to redeem such shares of Series A Preferred Stock, whether pursuant to its Redemption
Right or Special Optional Redemption Right. If the Corporation elects to redeem shares of Series A Preferred Stock that would otherwise
be converted into the applicable Conversion Consideration on a Change of Control Conversion Date, such shares of Series A Preferred
Stock shall not be so converted and the holders of such shares shall be entitled to receive on the applicable redemption date $25.00 per
share, plus any accrued and unpaid dividends thereon to, but not including, the redemption date.
(h) The
Corporation shall deliver the applicable Conversion Consideration no later than the third Business Day following the Change of Control
Conversion Date.
(i) Notwithstanding
anything to the contrary contained herein, no holder of shares of Series A Preferred Stock will be entitled to convert such shares
of Series A Preferred Stock into shares of Common Stock to the extent that receipt of such shares of Common Stock would cause the
holder of such shares of Common Stock (or any other person) to have actual ownership, Beneficial Ownership or Constructive Ownership (each
as defined in Article VII of the Charter) of shares of Common Stock of the Corporation in excess of the Ownership Limit (as defined
in Article VII of the Charter) or such other limit as permitted by the Board of Directors or a committee thereof pursuant to Article VII
of the Charter.
Section 9. Restrictions
on Ownership and Transfer of Shares.
(a) Definitions.
For the purposes of Section 5 and this Section 9 of these Articles Supplementary, the following terms shall have the following
meanings:
“Beneficial Ownership”
shall mean ownership of shares of Series A Preferred Stock by a Person, whether the interest in the shares of Series A Preferred
Stock is held directly or indirectly (including by a nominee), and shall include interests that are actually owned or would be treated
as owned through the application of Section 544 of the Code, as modified by Sections 856(h)(1)(B) and 856(h)(3) of the
Code. The terms “Beneficial Owner,” “Beneficially Own,” “Beneficially Owns” and “Beneficially
Owned” shall have the correlative meanings.
“Business Day”
shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York
City are authorized or required by law, regulation or executive order to close.
“Capital Stock”
shall mean all classes or series of stock of the Corporation, including, without limitation, Common Stock and Preferred Stock.
“Charitable Beneficiary”
shall mean one or more beneficiaries of the Trust as determined pursuant to Section 9(c)(vi), provided that each such organization
must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction
under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.
“Code”
shall mean the Internal Revenue Code of 1986, as amended, or any successor statute.
“Constructive Ownership”
shall mean ownership of shares of Series A Preferred Stock by a Person, whether the interest in the shares of Series A Preferred
Stock is held directly or indirectly (including by a nominee), and shall include interests that are actually owned or would be treated
as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The
terms “Constructive Owner,” “Constructively Own,” “Constructively Owns” and “Constructively
Owned” shall have the correlative meanings.
“Excepted Holder”
shall mean a stockholder of the Corporation for whom an Excepted Holder Limit is created by the Board of Directors pursuant to Section 9(b)(vii).
“Excepted Holder
Limit” shall mean for each Excepted Holder, the percentage limit established by the Board of Directors for such Excepted Holder
pursuant to Section 9(b)(vii), which limit may be expressed, in the discretion of the Board of Directors, as one or more percentages
and/or numbers of shares of Capital Stock, and may apply with respect to one or more classes of Capital Stock or to all classes of Capital
Stock in the aggregate, provided that the affected Excepted Holder agrees to comply with any requirements established by the Board of
Directors pursuant to Section 9(b)(vii) and subject to adjustment pursuant to Section 9(b)(viii).
“Individual”
means an individual, a trust qualified under Section 401(a) or 501(c)(17) of the Code, a portion of a trust permanently set
aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, or a private foundation within
the meaning of Section 509(a) of the Code, provided that, except as set forth in Section 856(h)(3)(A)(ii) of the Code,
a trust described in Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code shall be excluded
from this definition.
“Initial Date”
shall mean the date upon which these Articles Supplementary are accepted for record by the State Department of Assessments and Taxation
of Maryland.
“Market Price”
on any date shall mean, with respect to the Series A Preferred Stock, the Closing Price for the Series A Preferred Stock on
such date. The “Closing Price” on any date shall mean the last sale price for the Series A Preferred Stock, regular way,
or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for the Series A
Preferred Stock, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed
or admitted to trading on the NYSE or, if the Series A Preferred Stock is not listed or admitted to trading on the NYSE, as reported
on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange
on which the Series A Preferred Stock is listed or admitted to trading or, if the Series A Preferred Stock is not listed or
admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and
low asked prices in the over-the-counter market, as reported by the principal automated quotation system on which the Series A
Preferred Stock is quoted, or if the Series A Preferred Stock is not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Series A Preferred Stock selected by the
Board of Directors or, in the event that no trading price is available for the Series A Preferred Stock, the fair market value of
the Series A Preferred Stock, as determined in good faith by the Board of Directors.
“NYSE”
shall mean the New York Stock Exchange.
“Ownership Limit”
has the meaning set forth in Article VII of the Charter.
“Person”
shall mean an Individual, corporation, partnership, limited liability company, estate, trust, association, joint stock company or other
entity.
“Prohibited Owner”
shall mean, with respect to any purported Transfer, any Person who, but for the provisions of Section 9(b)(i), would Beneficially
Own or Constructively Own shares of Series A Preferred Stock, and if appropriate in the context, shall also mean any Person who would
have been the record owner of the shares that the Prohibited Owner would have so owned.
“REIT”
shall mean a real estate investment trust under Sections 856 through 860 of the Code.
“Restriction Termination
Date” shall mean the first day after the Initial Date on which the Board of Directors determines pursuant to Section 5.7
of the Charter that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT or that
compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of shares of Series A
Preferred Stock set forth herein is no longer required in order for the Corporation to qualify as a REIT.
“Series A Ownership
Limit” shall mean 9.8% (in value or in number of shares, whichever is more restrictive, and subject to adjustment from time
to time by the Board of Directors in accordance with Section 9(b)(viii)) of the aggregate of the outstanding shares of Series A
Preferred Stock, excluding any such outstanding Series A Preferred Stock which is not treated as outstanding for federal income tax
purposes. Notwithstanding the foregoing, for purposes of determining the percentage ownership of Series A Preferred Stock by any
Person, shares of Series A Preferred Stock that are treated as Beneficially Owned or Constructively Owned by such Person shall be
deemed to be outstanding. The number and value of shares of outstanding Series A Preferred Stock of the Corporation shall be determined
by the Board of Directors in good faith, which determination shall be conclusive for all purposes hereof.
“Transfer”
shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person
to acquire, or change its level of, Beneficial Ownership or Constructive Ownership, or any agreement to take any such actions or cause
any such events, of Series A Preferred Stock or the right to vote or receive dividends on Series A Preferred Stock, including
(a) the granting or exercise of any option (or any disposition of any option), (b) any disposition of any securities or rights
convertible into or exchangeable for Series A Preferred Stock or any interest in Series A Preferred Stock or any exercise of
any such conversion or exchange right and (c) Transfers of interests in other entities that result in changes in Beneficial Ownership
or Constructive Ownership of Series A Preferred Stock; in each case, whether voluntary or involuntary, whether owned of record, Beneficially
Owned or Constructively Owned and whether by operation of law or otherwise. The terms “Transferring” and “Transferred”
shall have the correlative meanings.
“Trust”
shall mean any trust provided for in Section 9(c)(i).
“Trustee”
shall mean the Person unaffiliated with the Corporation and any Prohibited Owner, that is appointed by the Corporation to serve as trustee
of the Trust.
(b) Series A
Preferred Stock.
(i) Ownership
Limitations. Prior to the Restriction Termination Date, but subject to Section 9(d):
(A) Basic
Restrictions.
(i) The
Series A Preferred Stock constitutes a class or series of Preferred Stock, and Preferred Stock constitutes Capital Stock of the Corporation.
Therefore, the Series A Preferred Stock, being Capital Stock, shall be subject to all restrictions and limitations on the Transfer
and ownership of Capital Stock set forth in the Charter and applicable to Capital Stock. In addition, (1) no Person, other than an
Excepted Holder, shall Beneficially Own or Constructively Own shares of Series A Preferred Stock in excess of the Series A Ownership
Limit and (2) no Excepted Holder shall Beneficially Own or Constructively Own shares of Series A Preferred Stock in excess of
the Excepted Holder Limit for such Excepted Holder.
(ii) No
Person shall Beneficially or Constructively Own shares of Series A Preferred Stock to the extent that, taking into account other
Capital Stock of the Corporation Beneficially or Constructively Owned by such Person, such Beneficial or Constructive Ownership of shares
of Series A Preferred Stock could result in, (A) the Corporation being “closely held” within the meaning of Section 856(h) of
the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or (B) otherwise failing
to qualify as a REIT (including but not limited to Beneficial or Constructive Ownership that could result in the Corporation Constructively
Owning an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Corporation
from such tenant, taking into account any other income of the Corporation that would not qualify under the gross income requirements of
Section 856(c) of the Code, would cause the Corporation to fail to satisfy any of such gross income requirements).
(iii) Any
Transfer of shares of Series A Preferred Stock that, if effective, would result in the Capital Stock being beneficially owned by
fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio,
and the intended transferee shall acquire no rights in such shares of Series A Preferred Stock.
Without limitation
of the application of any other provision of this Section 9, it is expressly intended that the restrictions on ownership and Transfer
described in this Section 9(b)(i) shall apply to restrict the rights of any members or partners in limited liability companies
or partnerships to exchange their interest in such entities for shares of Capital Stock of the Corporation.
(B) Transfer
in Trust. If any Transfer of shares of Series A Preferred Stock (whether or not such Transfer is the result of a transaction
entered into through the facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system)
occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning shares of Series A Preferred
Stock in violation of Section 9(b)(i)(A)(i) or (ii):
(i) then
that number of shares of the Series A Preferred Stock, the Beneficial Ownership or Constructive Ownership of which otherwise would
cause such Person to violate Section 9(b)(i)(A)(i) or (ii) (rounded up to the nearest whole share) shall be automatically
transferred to a Trust for the benefit of a Charitable Beneficiary, as described in Section 9(c), effective as of the close of business
on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such shares; or
(ii) if
the transfer to the Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation
of Section 9(b)(i)(A)(i) or (ii), then the Transfer of that number of shares of Series A Preferred Stock that otherwise
would cause any Person to violate Section 9(b)(i)(A)(i) or (ii) shall be void ab initio, and the intended transferee
shall acquire no rights in such shares of Series A Preferred Stock.
(iii) In
determining which shares of Series A Preferred Stock are to be transferred to a Trust in accordance with this Section 9(b)(i)(B) and
Section 9(c) hereof, shares shall be so transferred to a Trust in such manner as minimizes the aggregate value of the shares
that are transferred to the Trust (except as provided in Section 9(b)(vi)) and, to the extent not inconsistent therewith, on a pro
rata basis (unless otherwise determined by the Board of Directors in its sole and absolute discretion). To the extent that, upon a transfer
of shares of Series A Preferred Stock pursuant to this Section 9(b)(i)(B), a violation of any provision of Section 9(b)(i)(A) would
nonetheless be continuing (as, for example, where the ownership of shares of Series A Preferred Stock by a single Trust would result
in the shares of Capital Stock being Beneficially Owned (determined under the principles of Section 856(a)(5) of the Code) by
fewer than 100 Persons), then shares of Series A Preferred Stock shall be transferred to that number of Trusts, each having a Trustee
and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Trust, such that there is no violation of any
provision of Section 9(b)(i)(A) hereof.
(ii) Remedies
for Breach. If the Board of Directors shall at any time determine in good faith that a Transfer or other event has taken place that
results in a violation of Section 9(b)(i) or that a Person intends or has attempted to acquire Beneficial Ownership or Constructive
Ownership of any shares of Series A Preferred Stock in violation of Section 9(b)(i) (whether or not such violation is intended),
the Board of Directors or a committee thereof shall take such action as it deems advisable, in its sole and absolute discretion, to refuse
to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Corporation to redeem shares,
refusing to give effect to such Transfer on the books of the Corporation or instituting proceedings to enjoin such Transfer or other event; provided,
however, that any Transfer or attempted Transfer or other event in violation of Section 9(b)(i) shall automatically
result in the transfer to the Trust described above, or, where applicable, such Transfer (or other event) shall be void ab initio as
provided above irrespective of any action (or non-action) by the Board of Directors or a committee thereof.
(iii) Notice
of Restricted Transfer. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of
shares of Series A Preferred Stock that will or may violate Section 9(b)(i)(A) or any Person who would have owned shares
of Series A Preferred Stock that resulted in a transfer to the Trust pursuant to the provisions of Section 9(b)(i)(B) shall
immediately give written notice to the Corporation of such event or, in the case of such a proposed or attempted transaction, give at
least 15 days prior written notice, and shall provide to the Corporation such other information as the Corporation may request in order
to determine the effect, if any, of such Transfer on the Corporation’s status as a REIT.
(iv) Owners
Required To Provide Information. Prior to the Restriction Termination Date, each Person who is a Beneficial Owner or Constructive
Owner of shares of Series A Preferred Stock and each Person (including the stockholder of record) who is holding shares of Series A
Preferred Stock for a Beneficial or Constructive Owner shall, on demand, provide to the Corporation in writing such information as the
Corporation may request in order to determine the effect, if any, of such Beneficial Ownership or Constructive Ownership on the Corporation’s
status as a REIT and to ensure compliance with the Series A Ownership Limit and the other restrictions set forth herein, and to comply
with requirements of any taxing authority or governmental authority or to determine such compliance.
(v) Remedies
Not Limited. Subject to Section 5.7 of the Charter, nothing contained in this Section 9(b) shall limit the authority
of the Board of Directors to take such other action as it deems necessary or advisable to protect the Corporation and the interests of
its stockholders in preserving the Corporation’s status as a REIT.
(vi) Ambiguity.
In the case of an ambiguity in the application of any of the provisions of this Section 9, including Section 9(b) Section 9(c),
or any definition contained in Section 9(a) or any defined term used in this Section 9 but defined elsewhere in these Articles
Supplementary or the Charter, the Board of Directors shall have the power to determine the application of the provisions of this Section 9
with respect to any situation based on the facts known to it. In the event Section 9(b) or Section 9(c) requires an
action by the Board of Directors and these Articles Supplementary and the Charter fail to provide specific guidance with respect to such
action, the Board of Directors shall have the power to determine the action to be taken so long as such action is not contrary to the
provisions of Section 9(a), Section 9(b) or Section 9(c).
(vii) Exceptions.
(A) Subject
to Section 9(b)(i)(A)(ii), the Board of Directors, subject to the directors’ duties under applicable law, may retroactively
exempt and shall prospectively exempt a Person from the Series A Ownership Limit, and, if necessary, shall establish or increase
an Excepted Holder Limit for such Person, if the Board of Directors determines, based on such representations, covenants and undertakings
from such Person to the extent required by the Board of Directors, and as are necessary or prudent to ascertain, as determined by the
Board of Directors in its sole discretion, that such exemption could not cause or permit:
(i) five
or fewer Individuals to Beneficially Own more than 49% in value of the outstanding Capital Stock (taking into account the then current
Series A Ownership Limit or Ownership Limit, any then existing Excepted Holder Limits, and the Excepted Holder Limit of such Person);
or
(ii) the
Corporation to Constructively Own an interest in any tenant of the Corporation or any tenant of any entity directly or indirectly owned,
in whole or in part, by the Corporation (for this purpose, the Board of Directors may determine in its sole and absolute discretion that
a tenant shall not be treated as a tenant of the Corporation if (a) the Corporation could not Constructively Own more than a 9.9%
interest (that is described in Section 856(d)(2)(B) of the Code) in any such tenant; or (b) the Corporation (directly,
or through an entity directly or indirectly owned, in whole or in part, by the Corporation) derives (and is expected to continue to derive)
a sufficiently small amount of revenue from such tenant such that, in the opinion of the Board of Directors, rent from such tenant would
not adversely affect the Corporation’s ability to qualify as a REIT).
(B) Prior
to granting any exception pursuant to Section 9(b)(vii)(A), the Board of Directors may require a ruling from the Internal Revenue
Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors in its sole and absolute
discretion, as it may deem necessary or advisable in order to determine or ensure the Corporation’s status as a REIT. Notwithstanding
the receipt of any ruling or opinion, the Board of Directors may impose such conditions or restrictions as it deems appropriate in connection
with granting such exception.
(C) Subject
to Section 9(b)(i)(A)(ii), an underwriter which participates in a public offering or a private placement of Series A Preferred
Stock (or securities convertible into or exchangeable for Series A Preferred Stock) may Beneficially Own or Constructively Own shares
of Series A Preferred Stock (or securities convertible into or exchangeable for Series A Preferred Stock) in excess of the Series A
Ownership Limit, but only to the extent necessary to facilitate such public offering or private placement.
(D) The
Board of Directors may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted
Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted
Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced
to a percentage that is less than the Series A Ownership Limit.
(viii) Increase
or Decrease in Series A Ownership Limit. Subject to Section 9(b)(i)(A)(ii) and the rest of this Section 9(b)(vii),
the Board of Directors may, in its sole and absolute discretion, from time to time increase or decrease the Series A Ownership Limit
for one or more Persons; provided, however, that a decreased Series A Ownership Limit will not be effective for any
Person who Beneficially Owns or Constructively Owns, as applicable, shares of Series A Preferred Stock in excess of such decreased
Series A Ownership Limit at the time such limit is decreased, until such time as such Person’s Beneficial Ownership or Constructive
Ownership of shares of Series A Preferred Stock, as applicable, equals or falls below the decreased Series A Ownership Limit,
but any further acquisition of shares of Series A Preferred Stock or increased Beneficial Ownership or Constructive Ownership of
shares of Series A Preferred Stock, during the period that such decreased Series A Ownership Limit is not effective with respect
to such Person, will be in violation of the Series A Ownership Limit and, provided further, that the new Series A Ownership
Limit (taking into account any then existing Excepted Holder Limits to the extent appropriate as determined by the Corporation) would
not allow five or fewer Persons to Beneficially Own more than 49% in value of the outstanding Capital Stock.
(ix) Legend.
Each certificate representing shares of Series A Preferred Stock, if any, shall bear substantially the following legend, in addition
to any other legend that may be required in order to comply with applicable federal and state laws:
The shares represented by this
certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for the purpose of the Corporation’s
maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”).
Subject to certain further restrictions and except as expressly provided in the Articles Supplementary for the Series A Preferred
Stock, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Series A Preferred Stock in excess
of the Series A Ownership Limit unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable);
(ii) no Person may Beneficially or Constructively Own Series A Preferred Stock that, taking into account other Capital Stock
of the Corporation Beneficially or Constructively Owned by such Person, would result in the Corporation being “closely held”
under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iii) no Person
may Transfer shares of Series A Preferred Stock if such Transfer would result in the Capital Stock of the Corporation being owned
by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or attempts to Beneficially or Constructively Own shares
of Series A Preferred Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Series A Preferred
Stock in excess or in violation of the above limitations must immediately notify the Corporation. If any of the restrictions on transfer
or ownership set forth in (i) and (ii) above are violated, the shares of Series A Preferred Stock in excess or in violation
of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries.
In addition, the Corporation may take other actions, including redeeming shares upon the terms and conditions specified by the Board
of Directors in its sole and absolute discretion if the Board of Directors determines that ownership or a Transfer or other event may
violate the restrictions described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the
restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the
Articles Supplementary for the Series A Preferred Stock, as the same may be amended from time to time, a copy of which, including
the restrictions on transfer and ownership, will be furnished to each holder of Series A Preferred Stock of the Corporation on request
and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its Principal Office.
Instead of the foregoing
legend, a certificate may state that the Corporation will furnish a full statement about certain restrictions on ownership and transfer
of the shares to a stockholder on request and without charge.
(c) Transfer
of Series A Preferred Stock in Trust.
(i) Ownership
in Trust. Upon any purported Transfer or other event described in Section 9(b)(i)(B) that would result in a transfer of
shares of Series A Preferred Stock to a Trust, such shares of Series A Preferred Stock shall be deemed to have been transferred
to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall
be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results
in the transfer to the Trust pursuant to Section 9(b)(i)(B). The Trustee shall be appointed by the Corporation and shall be a Person
unaffiliated with the Corporation and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Corporation as provided
in Section 9(c)(vi).
(ii) Status
of Shares Held by the Trustee. Shares of Series A Preferred Stock held by the Trustee shall be issued and outstanding shares
of Series A Preferred Stock of the Corporation. The Prohibited Owner shall have no rights in the shares held by the Trustee. The
Prohibited Owner shall not benefit economically from ownership of any shares held in trust by the Trustee, shall have no rights to dividends
or other distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Trust. The Prohibited
Owner shall have no claim, cause of action, or any other recourse whatsoever against the purported transferor of such Series A Preferred
Stock.
(iii) Dividend
and Voting Rights. The Trustee shall have all voting rights and rights to dividends or other distributions with respect to shares
of Series A Preferred Stock held in the Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary.
Any dividend or other distribution paid prior to the discovery by the Corporation that the shares of Series A Preferred Stock have
been transferred to the Trustee shall be paid by the recipient of such dividend or other distribution to the Trustee upon demand and any
dividend or other distribution authorized but unpaid shall be paid when due to the Trustee. Any dividend or distribution so paid to the
Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to shares
held in the Trust and, subject to Maryland law, effective as of the date that the shares of Series A Preferred Stock have been transferred
to the Trustee, the Trustee shall have the authority (at the Trustee’s sole and absolute discretion) (i) to rescind as
void any vote cast by a Prohibited Owner prior to the discovery by the Corporation that the shares of Series A Preferred Stock have
been transferred to the Trustee and (ii) to recast such vote in accordance with the desires of the Trustee acting for the benefit
of the Charitable Beneficiary; provided, however, that if the Corporation has already taken irreversible corporate action,
then the Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Section 9,
until the Corporation has received notification that shares of Series A Preferred Stock have been transferred into a Trust, the Corporation
shall be entitled to rely on its share transfer and other stockholder records for purposes of preparing lists of stockholders entitled
to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of stockholders.
(iv) Sale
of Shares by Trustee. Within 20 days of receiving notice from the Corporation that shares of Series A Preferred Stock have been
transferred to the Trust, the Trustee of the Trust shall sell the shares held in the Trust to a Person or Persons, designated by the Trustee,
whose ownership of the shares will not violate the ownership limitations set forth in Section 9(b)(i)(A). Upon such sale, the interest
of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net proceeds of the sale to the
Prohibited Owner and to the Charitable Beneficiary as provided in this Section 9(c)(iv). The Prohibited Owner shall receive the lesser
of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection
with the event causing the shares to be held in the Trust (e.g., in the case of a gift, devise or other such transaction), the
Market Price of the shares on the day of the event causing the shares to be held in the Trust and (2) the price per share received
by the Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the shares held in the Trust.
The Trustee shall reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been
paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 9(c)(iii). Any net sales proceeds
in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary. If, prior to the discovery
by the Corporation that shares of Series A Preferred Stock have been transferred to the Trustee, such shares are sold by a Prohibited
Owner, then (i) such shares shall be deemed to have been sold on behalf of the Trust and (ii) to the extent that the Prohibited
Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 9(c)(iv),
such excess shall be paid to the Trustee upon demand.
(v) Purchase
Right in Series A Preferred Stock Transferred to the Trustee. Shares of Series A Preferred Stock transferred to the Trustee
shall be deemed to have been offered for sale to the Corporation, or its designee, at a price per share equal to the lesser of (i) the
price per share in the transaction that resulted in such transfer to the Trust (or, in the case of a gift, devise or other transaction,
the Market Price at the time of such gift, devise or other transaction) and (ii) the Market Price on the date the Corporation, or
its designee, accepts such offer. The Corporation shall reduce the amount payable to the Prohibited Owner by the amount of dividends and
distributions which has been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 9(c)(iii).
The Corporation shall pay the amount of such reduction to the Trustee for the benefit of the Charitable Beneficiary. The Corporation shall
have the right to accept such offer until the Trustee has sold the shares held in the Trust pursuant to Section 9(c)(iv). Upon such
a sale to the Corporation, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute
the net proceeds of the sale to the Prohibited Owner.
(vi) Designation
of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations
to be the Charitable Beneficiary of the interest in the Trust such that the shares of Series A Preferred Stock held in the Trust
would not violate the restrictions set forth in Section 9(b)(i)(A) in the hands of such Charitable Beneficiary. Neither the
failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee before the automatic transfer
provided for in Section 9(b)(i)(B)(i) shall make such transfer ineffective, provided that the Corporation thereafter makes such
designation and appointment. The designation of a nonprofit organization as a Charitable Beneficiary shall not entitle such nonprofit
organization to continue to serve in such capacity and the Corporation may, in its sole discretion, designate a different nonprofit organization
as the Charitable Beneficiary at any time and for any or no reason, provided, however, that if a Charitable Beneficiary was designated
at the time the shares of Series A Preferred Stock were placed in the Trust, such Charitable Beneficiary shall be entitled to the
rights set forth in herein with respect to such shares of Series A Preferred Stock, unless and until the Corporation opts to purchase
such shares.
(d) NYSE
Transactions. Nothing in this Section 9 shall preclude the settlement of any transaction entered into through the facilities
of the NYSE or any other national securities exchange or automated inter-dealer quotation system. The fact that the settlement of any
transaction occurs shall not negate the effect of any other provision of this Section 9 and any transferee in such a transaction
shall be subject to all of the provisions and limitations set forth in this Section 9.
(e) Enforcement.
The Corporation is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Section 9.
(f) Non-Waiver.
No delay or failure on the part of the Corporation or the Board of Directors in exercising any right hereunder shall operate as a waiver
of any right of the Corporation or the Board of Directors, as the case may be, except to the extent specifically waived in writing.
(g) Severability.
If any provision of this Section 9 or any application of any such provision is determined to be invalid by any federal or state court
having jurisdiction over the issues, the validity of the remaining provisions shall not be affected and other applications of such provisions
shall be affected only to the extent necessary to comply with the determination of such court.
(h) Applicability
of Section 9. The provisions set forth in this Section 9 shall apply to the Series A Preferred Stock notwithstanding
any contrary provisions of the Series A Preferred Stock provided for elsewhere in these Articles Supplementary.
Section 10. No
Conversion Rights. The shares of Series A Preferred Stock shall not be convertible into or exchangeable for any other property
or securities of the Corporation or any other entity, except as otherwise provided herein.
Section 11. Record
Holders. The Corporation and its transfer agent may deem and treat the record holder of any Series A Preferred Stock as the true
and lawful owner thereof for all purposes, and neither the Corporation nor its transfer agent shall be affected by any notice to the contrary.
Section 12. No
Maturity or Sinking Fund. The Series A Preferred Stock has no maturity date, and no sinking fund has been established for the
retirement or redemption of Series A Preferred Stock; provided, however, that the Series A Preferred
Stock owned by a stockholder in excess of the Series A Ownership Limit shall be subject to the provisions of Section 5 and Section 9
of these Articles Supplementary.
Section 13. Exclusion
of Other Rights. The Series A Preferred Stock shall not have any preferences or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications or terms or conditions of redemption other than expressly set forth in the Charter
and these Articles Supplementary.
Section 14. Headings
of Subdivisions. The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation
of any of the provisions hereof.
Section 15. Severability
of Provisions. If any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions,
qualifications or terms or conditions of redemption of the Series A Preferred Stock set forth in the Charter and these Articles Supplementary
are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other
rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption
of Series A Preferred Stock set forth in the Charter which can be given effect without the invalid, unlawful or unenforceable provision
thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series A Preferred Stock herein
set forth shall be deemed dependent upon any other provision thereof unless so expressed therein.
Section 16. No
Preemptive Rights. No holder of Series A Preferred Stock shall be entitled to any preemptive rights to subscribe for or acquire
any unissued shares of capital stock of the Corporation (whether now or hereafter authorized) or securities of the Corporation convertible
into or carrying a right to subscribe to or acquire shares of capital stock of the Corporation.
Section 17. Provision
of Financial Information. Whether or not it is subject to Section 13 or 15(d) of the Exchange Act, the Corporation will,
to the extent permitted under the Exchange Act, file with the Securities and Exchange Commission (the “SEC”) the annual
reports, quarterly reports and other documents that the Corporation would have been required to file with the SEC pursuant to such Section 13
or 15(d) if it were so subject, such documents to be filed with the SEC on or prior to the respective dates (the “Required
Filing Dates”) by which the Corporation would have been required so to file such documents if it were so subject.
The Corporation will also
in any event (1) within 15 days of each Required Filing Date transmit by mail or electronic transmittal to all holders, as their
names and addresses appear in the security register, without cost to such holders, copies of the annual reports, quarterly reports and
other documents that the Corporation is required to file or would have been required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act if it were subject to such sections, provided that the foregoing transmittal requirement will be deemed
satisfied if the foregoing reports and documents are available on the SEC’s EDGAR system or on the Corporation’s website within
the applicable time period specified above, and (2) if filing such documents with the SEC is not permitted under the Exchange Act,
promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of such documents to any prospective
holder.
SECOND: The
Series A Preferred Stock has been classified and designated by the Board of Directors, or a duly authorized committee thereof, under
the authority contained in the Charter and Sections 2-105 and 2-208 of the MGCL.
THIRD: These
Articles Supplementary have been approved by the Board of Directors, or a duly authorized committee thereof, in the manner and by the
vote required by law.
FOURTH: These
Articles Supplementary shall be effective at 8:30 a.m., Eastern Time, on January 22, 2024.
FIFTH: The
undersigned acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required
to be verified under oath, the undersigned acknowledges that to the best of such officer’s knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is made under the penalties for perjury.
[Signature page follows]
IN WITNESS WHEREOF, the Corporation
has caused these Articles Supplementary to be executed in its name and on its behalf by its President and Chief Executive Officer and
attested to by its Executive Vice President, Chief Legal Officer, General Counsel and Secretary as of this 19th day of January, 2024.
ATTEST: |
|
REALTY INCOME CORPORATION |
|
|
|
|
/s/ Michelle Bushore |
|
By: |
/s/
Sumit Roy |
Michelle Bushore |
|
|
Sumit Roy |
Executive Vice President, Chief Legal Officer, General Counsel and Secretary |
|
|
President and Chief Executive Officer |
Exhibit 4.1
NUMBER
*PRA1*
THIS CERTIFICATE
IS TRANSFERABLE IN
NEW YORK, N.Y. |
REALTY
INCOME CORPORATION
INCORPORATED
UNDER THE LAWS OF THE STATE OF MARYLAND |
SHARES
SEE REVERSE FOR
IMPORTANT NOTICE
ON TRANSFER RESTRICTIONS
AND OTHER INFORMATION
CUSIP 756109
880 |
THIS CERTIFIES THAT
**SPECIMEN**
IS THE OWNER OF
fully paid
and nonassessable shares of the 6.000% Series A Cumulative REDEEMABLE Preferred Stock, par value $0.01 per share, of
Realty Income Corporation
(the "Company") transferable on the books of the Company
by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate
and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the Corporation (the
“Charter”) and the Bylaws of the Corporation and any amendments or supplements thereto. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.
IN WITNESS WHEREOF, the Company has caused this
Certificate to be executed on its behalf by its duly authorized officers.
Countersigned and Registered: |
Computershare Trust Company, N.A. |
|
|
Transfer Agent and Registrar |
_____________________________________(SEAL) |
[Seal]
REALTY INCOME CORPORATION
IMPORTANT NOTICE
Classes of Stock
THE COMPANY
IS AUTHORIZED TO ISSUE CAPITAL STOCK OF MORE THAN ONE CLASS OR SERIES, CONSISTING OF COMMON STOCK AND ONE OR MORE CLASSES OR SERIES
OF PREFERRED STOCK. THE BOARD OF DIRECTORS IS AUTHORIZED TO DETERMINE THE PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF ANY CLASS OR
SERIES OF THE PREFERRED STOCK BEFORE THE ISSUANCE OF SHARES OF SUCH CLASS OR SERIES OF PREFERRED STOCK. THE COMPANY WILL FURNISH
a full statement of the information required by Section 2-211(b) of the Corporations
and Associations Article of the Annotated Code of Maryland, WITHOUT CHARGE, TO ANY STOCKHOLDER ON REQUEST THEREFOR, A COPY OF THE
COMPANY’S CHARTER AND A FULL WRITTEN STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES, CONVERSION OR OTHER RIGHTS, VOTING
POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS, QUALIFICATIONS AND TERMS AND CONDITIONS OF REDEMPTION OF THE
STOCK OF EACH CLASS WHICH THE COMPANY HAS THE AUTHORITY TO ISSUE AND, IF THE COMPANY IS AUTHORIZED TO ISSUE ANY PREFERRED OR
SPECIAL CLASS IN SERIES, (i) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE
EXTENT SET, AND (ii) THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET SUCH RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES. REQUESTS FOR
SUCH WRITTEN STATEMENT MAY BE DIRECTED TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL OFFICE.
Restriction on Ownership and Transfer
THE SHARES
OF THE COMPANY’S 6.000% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK (“SERIES A PREFERRED STOCK”) REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE OF THE COMPANY’S MAINTENANCE
OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT
TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE ARTICLES SUPPLEMENTARY FOR THE SERIES A PREFERRED STOCK, (I) NO
PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE COMPANY’S SERIES A PREFERRED STOCK IN EXCESS OF THE SERIES A OWNERSHIP
LIMIT UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (II) NO PERSON MAY BENEFICIALLY
OR CONSTRUCTIVELY OWN SERIES A PREFERRED STOCK THAT, TAKING INTO ACCOUNT OTHER CAPITAL STOCK OF THE COMPANY BENEFICIALLY OR CONSTRUCTIVELY
OWNED BY SUCH PERSON, WOULD RESULT IN THE COMPANY BEING “CLOSELY HELD” UNDER SECTION 856(H) OF THE CODE OR OTHERWISE
CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT; AND (Iii) NO PERSON MAY TRANSFER SHARES OF SERIES A PREFERRED STOCK IF SUCH TRANSFER
WOULD RESULT IN THE CAPITAL STOCK OF THE COMPANY BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY
OWNS OR ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF SERIES A PREFERRED STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO BENEFICIALLY
OR CONSTRUCTIVELY OWN SHARES OF SERIES A PREFERRED STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE
COMPANY. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP SET FORTH IN (I) AND (II) ABOVE ARE VIOLATED, THE SHARES OF SERIES
A PREFERRED STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS WILL BE AUTOMATICALLY TRANSFERRED TO A TRUSTEE OF A TRUST FOR THE
BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES. IN ADDITION, THE COMPANY MAY TAKE OTHER ACTIONS, INCLUDING REDEEMING SHARES
UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS IN ITS SOLE AND ABSOLUTE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES
THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN
EVENTS, ATTEMPTED TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB INITIO. ALL TERMS IN THIS LEGEND WHICH
ARE DEFINED IN THE ARTICLES SUPPLEMENTARY FOR THE SERIES A PREFERRED STOCK SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN SUCH ARTICLES SUPPLEMENTARY,
AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE
FURNISHED TO EACH HOLDER OF SERIES A PREFERRED STOCK ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE
SECRETARY OF THE COMPANY AT ITS PRINCIPAL OFFICE.
Keep this Certificate
in a safe place. If it is lost, stolen, or destroyed, the Company will require a bond of indemnity as a condition to the issuance of
a replacement certificate.
The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:
|
TEN COM |
- |
as tenants in common |
|
UNIF
GIFT MIN ACT __________ |
Custodian |
|
TEN ENT |
- |
as tenants by the
entireties |
|
|
|
(Custodian) |
|
(Minor) |
|
JT TEN |
- |
as joint tenants with right
of |
|
|
|
under Uniform Gifts
to Minors Act of |
|
|
|
survivorship and
not as tenants |
|
|
__________________________ |
|
|
|
|
in common |
|
|
|
(State) |
|
Additional abbreviations may also be used though
not in the above list.
FOR VALUE RECEIVED,
_______________________________________________________________________ DOES HEREBY SELL, ASSIGN AND TRANSFER UNTO
PLEASE INSERT SOCIAL SECURITY OR OTHER |
|
IDENTIFYING NUMBER OF ASSIGNEE |
|
|
|
(Please Print or Typewrite Name and Address, Including
Zip Code, of Assignee)
shares of the
6.000% Series A Cumulative Redeemable Preferred Stock represented by the within Certificate and does hereby irrevocably constitute
and appoint
to transfer the said stock on the books
of the within named Company with full power of substitution in the premises.
Dated _______________________
|
X ___________________________________________________ |
|
|
|
X ___________________________________________________ |
|
NOTICE: |
THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAMES AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. |
Signature(s) Guaranteed
By |
|
|
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. |
|
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