Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 1, 2022, the Compensation Committee (the "Committee") of the Board
of Directors of Digital Realty Trust, Inc. (the "REIT") approved amendments
(together, the "Amendments") to (i) the employment agreement, dated June 18,
2019, with Andrew P. Power, our President and Chief Financial Officer, and (ii)
the employment agreement, dated January 1, 2019, with Gregory S. Wright, our
Chief Investment Officer (together, the "Employment Agreements"), in each case,
entered into by the REIT, Digital Realty Trust, L.P. and DLR LLC (together, the
"Company") with each of Mr. Power and Mr. Wright (together, the "executives") on
September 8, 2022.
Pursuant to each executive's Amendment, subject to earlier termination as
provided in the applicable Employment Agreement, the term of the applicable
executive's employment with the Company will automatically be extended each year
for successive one-year periods until either the Company or the executive
provides 60 days written notice of non-extension prior to the expiration of the
then-current term.
Mr. Power's Amendment also amends his Employment Agreement to reflect (i) Mr.
Power's current title as President and Chief Financial Officer of the Company
and (ii) his current annual base salary of $650,000.
Mr. Wright's Amendment also amends his Employment Agreement to reflect (i) Mr.
Wright's principal place of employment in the Company's offices in Austin,
Texas, (ii) his current annual base salary of $625,000 per year, and (iii) his
current target and maximum annual bonus, which are equal to 125% and 250%,
respectively, of his base salary for the applicable year.
The foregoing description of the Amendments is qualified in its entirety by the
full text of the Amendments, which will be filed as exhibits to the REIT's and
Digital Realty Trust, L.P.'s combined Quarterly Report on Form 10-Q for the
quarter ending September 30, 2022.
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