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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 13, 2024
Office
Properties Income Trust
(Exact Name of Registrant as Specified in
Its Charter)
Maryland
(State or Other Jurisdiction of Incorporation)
001-34364 |
|
26-4273474 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
Two Newton Place,
255 Washington Street, Suite 300
Newton, Massachusetts |
|
02458-1634 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
617-219-1440
(Registrant's Telephone Number, Including
Area Code)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title Of Each Class |
|
Trading Symbol(s) |
|
Name Of Each Exchange On
Which Registered |
Common Shares of Beneficial Interest |
|
OPI |
|
The Nasdaq Stock Market LLC |
6.375% Senior Notes due 2050 |
|
OPINL |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
In this Current Report on Form 8-K, the terms “we”,
“us”, “our” and “the Company” refer to Office Properties Income Trust.
Item 5.03. | Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On June 13, 2024, our Board of Trustees (the “Board”)
approved and adopted our Third Amended and Restated Bylaws (the “Amended Bylaws”), to (1) reduce the permitted ownership
of our shares on a prospective basis, from 9.8% to 5%, in order to preserve our cumulative net operating losses, as further described
below, (2) eliminate provisions which, subject to certain exceptions, allowed for the resolution of disputes, claims or controversies
brought by a shareholder against us or any Trustee, officer, manager, agent or employee of us on such shareholder’s own behalf,
on behalf of us or on behalf of any series or class of shares or shareholders, including derivative and class actions, through binding
and final arbitration in accordance with specified procedures, and (3) make certain clarifying, administrative and conforming changes.
The new Article X of the Amended Bylaws generally provides that
transfers of our shares (and certain other securities) to a person, entity or group which is then, or would become as a result, an owner
of 5% or more of our outstanding shares would be void in total for transferees then already owning 5% or more of our shares and, for transferees
that would otherwise become owners of 5% or more of our shares, to the extent the transfer would so result in such level of ownership
by the proposed transferee. The prohibited transfer threshold was set at 5% because transfers at or above that level could result in limitations
on our ability to use our net operating losses and other tax benefits to reduce our future taxable income, as provided under the United
States Internal Revenue Code of 1986, as amended from time to time, and the regulations and rulings issued thereunder. Shares relating
to attempted transfers in violation of the Article X prohibition may be subject to transfer to a charitable trust in accordance with
the provisions of Article VII of our Declaration of Trust. Article VII of our Declaration of Trust also governs the treatment
for our shares which are subject to other provisions of our Declaration of Trust and Amended Bylaws, including shares owned in excess
of the 9.8% ownership limitation included in our Declaration of Trust and shares required to be divested due to a shareholder's failure
to comply with certain regulatory matters, as further provided in the Amended Bylaws.
With respect to shareholders who held in excess of 5% of our shares
outstanding prior to June 13, 2024, none of such shareholders’ shares were deemed under the new limitation to be excess securities
subject to automatic transfer to a charitable trust; instead such shareholders will not be permitted to acquire additional shares while
owning 5% or more of our outstanding shares or thereafter to the extent any such subsequent acquisition would result in them owning 5%
or more of our outstanding shares. The Board or an authorized committee may approve transfers otherwise prohibited by these provisions
of the Amended Bylaws.
The foregoing description of the Amended Bylaws is not complete and
is subject to and qualified in its entirety by reference to the Amended Bylaws, a copy of which is filed as Exhibit 3.2 to this Current
Report on Form 8-K and incorporated herein by reference. In addition, a marked copy of the Amended Bylaws indicating changes made
to our bylaws as they existed immediately prior to the adoption of the Amended Bylaws is filed as Exhibit 3.3 to this Current Report
on Form 8-K.
Item 5.07. | Submission of
Matters to a Vote of Security Holders. |
At the Company’s annual meeting of shareholders held on June 13,
2024 (the “2024 Annual Meeting”), the Company’s shareholders voted on the election of nine Trustees to the Board each
for a one year term of office continuing until the Company’s 2025 annual meeting of shareholders and until her, his or their respective
successor is duly elected and qualifies. The following persons were elected as Trustees and received the following votes:
Nominee | |
Votes For | |
Withhold | |
Broker Non-Votes |
Jennifer B. Clark | |
25,769,790 | |
1,800,694 | |
10,859,550 |
Donna D. Fraiche | |
25,961,459 | |
1,609,025 | |
10,859,550 |
Barbara D. Gilmore | |
25,806,964 | |
1,763,520 | |
10,859,550 |
John L. Harrington | |
25,732,225 | |
1,838,259 | |
10,859,550 |
William A. Lamkin | |
25,974,772 | |
1,595,712 | |
10,859,550 |
Elena B. Poptodorova | |
22,518,068 | |
5,052,416 | |
10,859,550 |
Adam D. Portnoy | |
18,005,741 | |
9,564,743 | |
10,859,550 |
Jeffrey P. Somers | |
21,093,047 | |
6,477,437 | |
10,859,550 |
Mark A. Talley | |
25,994,619 | |
1,575,865 | |
10,859,550 |
The Company’s shareholders also voted on a non-binding advisory
resolution on the compensation paid to the Company’s named executive officers as disclosed pursuant to Item 402 of Regulation S-K
in the Company’s proxy statement for the 2024 Annual Meeting. This proposal received the following votes:
For | |
Against | |
Abstain | |
Broker Non-Votes |
23,949,768 | |
2,771,113 | |
849,603 | |
10,859,550 |
The Company’s shareholders also ratified the appointment of Deloitte &
Touche LLP as the Company’s independent auditors to serve for the 2024 fiscal year. This proposal received the following votes:
For | |
Against | |
Abstain | |
Broker Non-Votes |
37,077,770 | |
1,002,743 | |
349,521 | |
N/A |
The results reported above are final voting results.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
OFFICE PROPERTIES INCOME TRUST |
|
|
|
|
By: |
/s/ Brian E. Donley |
|
Name: |
Brian E. Donley |
|
Title: |
Chief Financial Officer and Treasurer |
|
|
|
Date: June 13, 2024 |
|
|
Exhibit 3.2
OFFICE
PROPERTIES INCOME TRUST
THIRD
AMENDED AND RESTATED BYLAWS
As of June 13, 2024
TABLE OF CONTENTS
Page
ARTICLE I OFFICES |
1 |
Section 1.1 |
Principal Office |
1 |
Section 1.2 |
Additional Offices |
1 |
ARTICLE II MEETINGS OF SHAREHOLDERS |
1 |
Section 2.1 |
Place |
1 |
Section 2.2 |
Annual Meeting |
1 |
Section 2.3 |
Special Meetings |
1 |
Section 2.4 |
Notice of Regular or Special Meetings |
1 |
Section 2.5 |
Notice of Adjourned Meetings |
2 |
Section 2.6 |
Meeting Business |
2 |
Section 2.7 |
Organization of Shareholder Meetings |
2 |
Section 2.8 |
Quorum |
3 |
Section 2.9 |
Voting |
3 |
Section 2.10 |
Proxies |
3 |
Section 2.11 |
Record Date |
4 |
Section 2.12 |
Voting of Shares by Certain Holders |
4 |
Section 2.13 |
Inspectors |
4 |
Section 2.14 |
Nominations and Other Proposals to be Considered at Meetings of Shareholders |
5 |
Section 2.15 |
No Shareholder Actions by Written Consent |
14 |
Section 2.16 |
Voting by Ballot |
14 |
Section 2.17 |
Proposals of Business Which Are Not Proper Matters For Action By Shareholders |
14 |
Section 2.18 |
Proxy Access for Trustee Nominations |
14 |
ARTICLE III TRUSTEES |
21 |
Section 3.1 |
General Powers; Qualifications; Trustees Holding Over |
21 |
Section 3.2 |
Independent Trustees and Managing Trustees |
21 |
Section 3.3 |
Number and Tenure |
22 |
Section 3.4 |
Annual and Regular Meetings |
22 |
Section 3.5 |
Special Meetings |
22 |
Section 3.6 |
Notice |
22 |
Section 3.7 |
Quorum |
22 |
Section 3.8 |
Voting |
23 |
Section 3.9 |
Telephone Meetings |
23 |
Section 3.10 |
Action by Written Consent of Trustees |
23 |
Section 3.11 |
Waiver of Notice |
23 |
Section 3.12 |
Vacancies |
23 |
Section 3.13 |
Compensation |
23 |
Section 3.14 |
Surety Bonds |
24 |
Section 3.15 |
Reliance |
24 |
Section 3.16 |
Interested Trustee Transactions |
24 |
Section 3.17 |
Certain Rights of Trustees, Officers, Employees and Agents |
24 |
Section 3.18 |
Emergency Provisions |
24 |
Section 3.19 |
Removal for Cause |
24 |
ARTICLE IV COMMITTEES |
25 |
Section 4.1 |
Number; Tenure and Qualifications |
25 |
Section 4.2 |
Powers |
25 |
Section 4.3 |
Meetings |
25 |
Section 4.4 |
Telephone Meetings |
25 |
Section 4.5 |
Action by Written Consent of Committees |
26 |
Section 4.6 |
Changes and Vacancies |
26 |
ARTICLE V OFFICERS |
26 |
Section 5.1 |
General Provisions |
26 |
Section 5.2 |
Removal and Resignation |
26 |
Section 5.3 |
Vacancies |
26 |
Section 5.4 |
President |
26 |
Section 5.5 |
Chief Operating Officer |
27 |
Section 5.6 |
Chief Financial Officer |
27 |
Section 5.7 |
Vice Presidents |
27 |
Section 5.8 |
Secretary |
27 |
Section 5.9 |
Treasurer |
27 |
Section 5.10 |
Assistant Secretaries and Assistant Treasurers |
27 |
ARTICLE VI CONTRACTS, LOANS, CHECKS AND DEPOSITS |
28 |
Section 6.1 |
Contracts |
28 |
Section 6.2 |
Checks and Drafts |
28 |
Section 6.3 |
Deposits |
28 |
ARTICLE VII SHARES |
28 |
Section 7.1 |
Certificates |
28 |
Section 7.2 |
Transfers |
28 |
Section 7.3 |
Lost Certificates |
28 |
Section 7.4 |
Fixing of Record Date |
29 |
Section 7.5 |
Share Ledger |
29 |
Section 7.6 |
Fractional Shares; Issuance of Units |
29 |
ARTICLE VIII INDEMNIFICATION AND ADVANCEMENT OF EXPENSES |
30 |
Section 8.1 |
Indemnification and Advancement of Expenses |
30 |
ARTICLE IX REGULATORY COMPLIANCE AND DISCLOSURE |
30 |
Section 9.1 |
Actions Requiring Regulatory Compliance Implicating the Trust |
30 |
Section 9.2 |
Compliance With Law |
31 |
Section 9.3 |
Limitation on Voting Shares or Proxies |
31 |
Section 9.4 |
Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies |
31 |
Section 9.5 |
Board of Trustees’ Determinations |
31 |
ARTICLE X Restrictions on transfer AND OWNERSHIP of shares |
32 |
Section 10.1 |
Definitions |
32 |
Section 10.2 |
Transfer and Ownership Restrictions |
33 |
Section 10.3 |
Exceptions |
34 |
Section 10.4 |
Excess Securities |
34 |
Section 10.5 |
Modification of Remedies for Certain Indirect Transfers |
35 |
Section 10.6 |
Legal Proceedings; Prompt Enforcement |
35 |
Section 10.7 |
Liability |
35 |
Section 10.8 |
Obligation to Provide Information |
35 |
Section 10.9 |
Legend |
35 |
Section 10.10 |
Authority of Board of Trustees |
36 |
Section 10.11 |
Transactions on a National Securities Exchange |
36 |
Section 10.12 |
Reliance |
36 |
Section 10.13 |
Benefits of this ARTICLE X |
37 |
Section 10.14 |
Severability |
37 |
Section 10.15 |
Waiver |
37 |
Section 10.16 |
Conflict |
37 |
ARTICLE XI FISCAL YEAR |
37 |
Section 11.1 |
Fiscal Year |
37 |
ARTICLE XII DIVIDENDS AND OTHER DISTRIBUTIONS |
37 |
Section 12.1 |
Dividends and Other Distributions |
37 |
ARTICLE XIII SEAL |
37 |
Section 13.1 |
Seal |
37 |
Section 13.2 |
Affixing Seal |
37 |
ARTICLE XIV WAIVER OF NOTICE |
38 |
Section 14.1 |
Waiver of Notice |
38 |
ARTICLE XV AMENDMENT OF BYLAWS |
38 |
Section 15.1 |
Amendment of Bylaws |
38 |
ARTICLE XVI MISCELLANEOUS |
38 |
Section 16.1 |
References to Declaration of Trust |
38 |
Section 16.2 |
Costs and Expenses |
38 |
Section 16.3 |
Ratification |
39 |
Section 16.4 |
Ambiguity |
39 |
Section 16.5 |
Inspection of Bylaws |
39 |
Section 16.6 |
Election to be Subject to Part of Title 3, Subtitle 8 |
39 |
Section 16.7 |
Control Share Acquisition Act |
39 |
ARTICLE XVII EXCLUSIVE FORUM FOR CERTAIN DISPUTES |
39 |
Section 17.1 |
Exclusive Forum |
39 |
OFFICE
PROPERTIES INCOME TRUST
Third
AMENDED AND RESTATED BYLAWS
These THIRD AMENDED AND RESTATED
BYLAWS (these “Bylaws”) of Office Properties Income Trust (the “Trust”) are made as of the date
set forth above by the Board of Trustees of the Trust (the “Board of Trustees” or “Board,” and each
member thereof, a “Trustee”).
ARTICLE I
OFFICES
Section 1.1
Principal Office. The principal office of the Trust shall be
located at such place or places as the Board of Trustees may designate.
Section 1.2 Additional
Offices. The Trust may have additional offices at such places as the Board of Trustees may from time to time determine or the business
of the Trust may require.
ARTICLE II
MEETINGS OF SHAREHOLDERS
Section 2.1 Place.
All meetings of shareholders shall be held at the principal office of the Trust or at such other place as is designated by the Board of
Trustees, a Managing Trustee (as defined in Section 3.2) or the president.
Section 2.2 Annual
Meeting. An annual meeting of shareholders for the election of Trustees and the transaction of any business within the powers of the
Trust shall be held at such times as the Board of Trustees may designate. Failure to hold an annual meeting does not invalidate the Trust’s
existence or affect any otherwise valid acts of the Trust.
Section 2.3 Special
Meetings. Special meetings of shareholders may be called only by a majority of the Trustees then in office. If there shall be no Trustees,
the officers of the Trust shall promptly call a special meeting of shareholders entitled to vote for the election of successor Trustees
for the purpose of electing Trustees.
Section 2.4 Notice
of Regular or Special Meetings. Notice given in writing or by electronic transmission specifying the place, day and time of any regular
or special meeting, the purposes of the meeting, to the extent required by law to be provided, and all other matters required by law shall
be given to each shareholder of record entitled to vote, sent to his, her, their or its address appearing on the books of the Trust or
theretofore given by him or her to the Trust for the purpose of notice, by presenting it to such shareholder personally, by leaving it
at the shareholder’s residence or usual place of business or by any other means permitted by Maryland law. If mailed, such notice
shall be deemed to be given once deposited in the U.S. mail addressed to the shareholder at his, her, their or its post office address
as it appears on the records of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to
be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder
receives electronic transmissions. It shall be the duty of the secretary to give notice of each meeting of shareholders. The Trust may
give a single notice to all shareholders who share an address, which single notice shall be effective to any shareholder at such address,
unless a shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give
notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed
in accordance with this ARTICLE II or the validity of any proceedings at any such meeting.
Section 2.5 Notice
of Adjourned Meetings. It shall not be necessary to give notice of the time and place of any adjourned meeting or of the business
to be transacted thereat other than by announcement at the meeting at which such adjournment is taken.
Section 2.6 Meeting
Business. Except as otherwise expressly set forth in the Declaration of Trust or elsewhere in these Bylaws, no business shall be transacted
at an annual or special meeting of shareholders except as specifically designated in the notice or otherwise properly brought before the
meeting of shareholders by or at the direction of the Board of Trustees.
Section 2.7 Organization
of Shareholder Meetings. Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be
chair of the meeting or, in the absence of such appointment or the absence of the appointed individual, by one of the following officers
present at the meeting in the following order: the chairman of the board, if there be one, a Managing Trustee (in their order of seniority),
the president, the vice presidents (in their order of seniority), the secretary, or, in the absence of such officers, a chair chosen by
the shareholders by the vote of holders of shares of beneficial interest representing a majority of the votes cast on such appointment
by shareholders present in person or represented by proxy. The secretary, an assistant secretary or a person appointed by the Board of
Trustees or, in the absence of such appointment, a person appointed by the chair of the meeting shall act as secretary of the meeting
and record the minutes of the meeting. If the secretary presides as chair at a meeting of shareholders, then the secretary shall not also
act as secretary of the meeting and record the minutes of the meeting. The order of business and all other matters of procedure at any
meeting of shareholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations
and procedures and take such action as, in the discretion of such chair, are appropriate for the proper conduct of the meeting, including,
without limitation: (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at
the meeting to shareholders of record of the Trust, their duly authorized proxies or other such persons as the chair of the meeting may
determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled to vote on such
matter, their duly authorized proxies or other such persons as the chair of the meeting may determine; (d) limiting the time allotted
to questions or comments by participants; (e) determining when and for how long the polls should be opened and when the polls should
be closed; (f) maintaining order and security at the meeting; (g) removing any shareholder or other person who refuses to comply
with meeting procedures, rules or guidelines as set forth by the chair of the meeting; (h) concluding a meeting or recessing
or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and
local laws and regulations concerning safety and security. Without limiting the generality of the powers of the chair of the meeting pursuant
to the foregoing provisions, the chair may adjourn any meeting of shareholders for any reason deemed necessary by the chair, including,
without limitation: if (i) no quorum is present for the transaction of the business; (ii) the Board of Trustees or the chair
of the meeting determines that adjournment is necessary or appropriate to enable the shareholders to consider fully information that the
Board of Trustees or the chair of the meeting determines has not been made sufficiently or timely available to shareholders; or (iii) the
Board of Trustees or the chair of the meeting determines that adjournment is otherwise in the best interests of the Trust. Unless otherwise
determined by the chair of the meeting, meetings of shareholders shall not be required to be held in accordance with the general rules of
parliamentary procedure or any otherwise established rules of order.
Section 2.8 Quorum.
At any meeting of shareholders, the presence in person or by proxy of shareholders holding or representing not less than a majority of
the total outstanding shares of beneficial interest entitled to be voted at such meeting shall constitute a quorum for the transaction
of business at that meeting; but this Section 2.8 shall not affect any requirement under any statute or the Declaration of
Trust for the vote necessary for the adoption of any measure. If, however, such quorum shall not be present at any meeting of shareholders,
the chair of the meeting shall have the power to adjourn the meeting from time to time without the Trust having to set a new record date
or provide any additional notice of such meeting, subject to any obligation of the Trust to give notice pursuant to Section 2.5.
At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting
as originally notified. The shareholders present, either in person or by proxy, at a meeting of shareholders which has been duly called
and convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal
of enough votes to leave less than a quorum then being present at the meeting.
Section 2.9 Voting.
(a) Except
as may be mandated by applicable law or the listing requirements of the principal exchange on which the Trust’s common shares of
beneficial interest are listed, and subject to the provisions of any class or series of shares of beneficial interest of the Trust hereafter
authorized and then outstanding, a plurality of all the votes cast at a meeting of shareholders duly called and at which a quorum is present
shall be sufficient to elect a Trustee. Each share may be voted for as many individuals as there are Trustees to be elected and for whose
election the share is entitled to be voted.
(b) With
regard to any other matter which may properly come before a meeting of shareholders duly called and at which a quorum is present, and
except as may be mandated by applicable law, by the listing requirements of the principal exchange on which the Trust’s common shares
of beneficial interest are listed or by a specific provision of the Declaration of Trust, the vote required for approval shall be the
affirmative vote of seventy-five percent (75%) of the votes entitled to be cast for each such matter unless such matter has been previously
approved by the Board of Trustees, in which case the vote required for approval shall be a majority of the votes cast at a meeting of
shareholders duly called and at which a quorum is present.
Section 2.10 Proxies.
A shareholder may cast the votes entitled to be cast by him or her either in person or by proxy executed by the shareholder or by his,
her, their or its duly authorized agent in any manner permitted by law. Such proxy shall be filed with such officer of the Trust or third
party agent as the Board of Trustees shall have designated for such purpose for verification at or prior to such meeting. Any proxy relating
to the shares of beneficial interest of the Trust shall be valid until the expiration date therein or, if no expiration is so indicated,
for such period as is permitted pursuant to Maryland law. At a meeting of shareholders, all questions concerning the qualification of
voters, the validity of proxies, and the acceptance or rejection of votes, shall be decided by or on behalf of the chair of the meeting,
subject to Section 2.13.
Section 2.11 Record
Date. The Board of Trustees may fix the date for determination of shareholders entitled to notice of and to vote at a meeting of shareholders.
If no date is fixed for the determination of the shareholders entitled to vote at any meeting of shareholders, only persons in whose names
shares entitled to vote are recorded on the share records of the Trust on the later of: (i) the close of business on the day on which
notice of such meeting of shareholders is first mailed by the Trust or (ii) the thirtieth (30th) day before the date of such meeting
shall be entitled to vote at such meeting.
Section 2.12 Voting
of Shares by Certain Holders. Shares of beneficial interest of the Trust registered in the name of a corporation, partnership, trust
or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner, managing member or trustee
thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed
to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote
such shares. Any trustee or other fiduciary may vote shares registered in his, her or their name as such fiduciary, either in person or
by proxy. Notwithstanding the apparent authority created by the prior two sentences of this Section 2.12, the Board of Trustees
or the chair of the meeting may require that such person acting for a corporation, partnership, trust or other entity provide documentary
evidence of his, her or their authority to vote such shares and of the fact that the beneficial owner of such shares has been properly
solicited and authorized such person to vote as voted, and in the absence of such satisfactory evidence, the Board of Trustees or the
chair may determine whether such votes have been validly cast.
Section 2.13 Inspectors.
(a) Before
or at any meeting of shareholders, the chair of the meeting may appoint one or more persons as inspectors for such meeting. Except as
otherwise provided by the chair of the meeting, such inspectors, if any, shall: (i) ascertain and report the number of shares of
beneficial interest represented at the meeting, in person or by proxy, and the validity and effect of proxies; (ii) receive and tabulate
all votes, ballots or consents; (iii) report such tabulation to the chair of the meeting; and (iv) perform such other acts as
are proper to conduct the election or voting at the meeting. In the absence of such an appointment, the secretary may act as the inspector.
(b) Each
report of an inspector shall be in writing and signed by him or her. The report of the inspector or inspectors on the number of shares
represented at the meeting and the results of the voting shall be prima facie evidence thereof.
Section 2.14 Nominations
and Other Proposals to be Considered at Meetings of Shareholders. Nominations of individuals for election to the Board of Trustees
and the proposal of other business to be considered by the shareholders at meetings of shareholders may be properly brought before the
meeting only as set forth in this Section 2.14 or Section 2.18. Nothing in this Section 2.14 shall
be deemed to affect any right of a shareholder to request inclusion of a non-binding precatory proposal in, or the right of the Trust
to omit a proposal from, any proxy statement filed by the Trust with the U.S. Securities and Exchange Commission (the “SEC”)
pursuant to Rule 14a-8 (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder (the “Exchange Act”). All judgments and determinations made by the Board of Trustees
or the chair of the meeting, as applicable, under this Section 2.14 (including, without limitation, judgments and determinations
as to the propriety of a proposed nomination or a proposal of other business for consideration by shareholders) shall be final and binding
unless determined to have been made in bad faith.
Section 2.14.1 Annual
Meetings of Shareholders.
(a) Any
shareholder may recommend to the Nominating and Governance Committee of the Board of Trustees an individual as a nominee for election
to the Board of Trustees. Such recommendation shall be made by written notice to the chair of such committee and the secretary, which
notice should contain or be accompanied by the information and documents with respect to such recommended nominee and shareholder that
such shareholder believes to be relevant or helpful to the Nominating and Governance Committee’s deliberations. In considering such
recommendation, the Nominating and Governance Committee may request additional information concerning the recommended nominee or the shareholder(s) making
the recommendation. The Nominating and Governance Committee of the Board of Trustees will consider any such recommendation in its discretion.
Any shareholder seeking to make a nomination of an individual for election to the Board of Trustees at an annual meeting of shareholders
must make such nomination in accordance with Section 2.14.1(b)(ii) or Section 2.18.
(b) Nominations
of individuals for election to the Board of Trustees and the proposal of other business to be considered by the shareholders at an annual
meeting of shareholders may be properly brought before the meeting: (i) pursuant to the Trust’s notice of meeting or otherwise
properly brought before the meeting by or at the direction of the Board of Trustees; or (ii) by any one or more shareholders who,
(A) have each continuously Owned (as defined below) shares of beneficial interest of the Trust entitled to vote in the election of
Trustees or on a proposal of other business, for at least three (3) years as of the date of the giving of the notice provided for
in Section 2.14.1(c), the record date for determining the shareholders entitled to vote at the meeting and the time of the
annual meeting (including any adjournment or postponement thereof), with the aggregate shares Owned by such shareholder(s) as of
each of such dates and during such three (3) year period representing at least one percent (1%) of the shares of beneficial interest
of the Trust, (B) holds, or hold, a certificate or certificates evidencing the aggregate number of shares of beneficial interest
of the Trust referenced in subclause (A) of this Section 2.14.1(b)(ii) as of the time of giving the notice provided
for in Section 2.14.1(c), the record date for determining the shareholders entitled to vote at the meeting and the time of
the annual meeting (including any adjournment or postponement thereof), (C) is, or are, entitled to make such nomination or propose
such other business and to vote at the meeting on such election or proposal of other business, (D) complies, or comply, with the
notice procedures set forth in this Section 2.14 as to such nomination or proposal of other business, and (E) in connection
with a nomination for election to the Board of Trustees, complies or comply, with the requirements of Rule 14a-19 promulgated under
the Exchange Act. For purposes of this Section 2.14, a shareholder shall be deemed to “Own” or have “Owned”
only those outstanding shares of beneficial interest of the Trust as to which the shareholder possesses both the full voting and investment
rights pertaining to such shares and the full economic interest in (including the opportunity for profit from and risk of loss on) such
shares; provided that the number of shares calculated in accordance with the foregoing shall not include any shares, (x) sold
by such shareholder or any of its affiliates in any transaction that has not been settled or closed, (y) borrowed by such shareholder
or any of its affiliates for any purposes or purchased by such shareholder or any of its affiliates pursuant to an agreement to resell
or (z) subject to any option, warrant, forward contract, swap, contract of sale, or other derivative or similar instrument or agreement
entered into by such shareholder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with
cash based on the notional amount or value of outstanding shares of beneficial interest of the Trust, in any such case which instrument
or agreement has, or is intended to have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the
future, such shareholder’s or its affiliates’ full right to vote or direct the voting of any such shares and/or (2) hedging,
offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares
by such shareholder or affiliate. Without limiting the foregoing, to the extent not excluded by the immediately preceding sentence, a
shareholder’s “short position” as defined in Rule 14e-4 under the Exchange Act shall be deducted from the shares
otherwise “Owned.” A shareholder shall “Own” shares held in the name of a nominee or other intermediary so long
as the shareholder retains the right to instruct how the shares are voted with respect to the election of Trustees or the proposal of
other business and possesses the full economic interest in the shares. For purposes of this Section 2.14, the term “affiliate”
or “affiliates” shall have the meaning ascribed thereto under the General Rules and Regulations under the Exchange Act.
For purposes of this Section 2.14, the period of continuous Ownership of shares must be evidenced by documentation accompanying
the nomination or proposal. The terms “Owned,” “Owning” and other variations of the word “Own” shall
have correlative meanings. Whether shares are “Owned” for purposes of this Section 2.14 shall be determined by
the Board of Trustees.
(c) For
nominations for election to the Board of Trustees or other business to be properly brought before an annual meeting by one or more shareholders
pursuant to this Section 2.14.1, such shareholder(s) shall have given timely notice thereof in writing to the secretary
in accordance with this Section 2.14 and such other business shall otherwise be a proper matter for action by shareholders.
To be timely, the notice of such shareholder(s) shall include all documentation and set forth all information required under this
Section 2.14 and shall be delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern
Time) on the one-hundred twentieth (120th) day nor earlier than the one-hundred fiftieth (150th) day prior to the first (1st) anniversary
of the date of the proxy statement for the preceding year’s annual meeting; provided, however, that if the annual
meeting is called for a date that is more than thirty (30) days earlier or later than the first (1st) anniversary of the date of the preceding
year’s annual meeting, notice by such shareholder(s) to be timely shall be so delivered not later than 5:00 p.m. (Eastern
Time) on the tenth (10th) day following the earlier of the day on which: (i) notice of the date of the annual meeting is mailed or
otherwise made available; or (ii) public announcement of the date of the annual meeting is first made by the Trust. Neither the postponement
or adjournment of an annual meeting, nor the public announcement of such postponement or adjournment, shall commence a new time period
(or extend any time period) for the giving of a notice of one or more shareholders as described above.
A notice of one or more shareholders
pursuant to this Section 2.14.1(c) shall set forth:
(i) separately
as to each individual whom such shareholder(s) propose to nominate for election or reelection as a Trustee (a “Proposed
Nominee”): (1) the name, age, business address, residence address and educational and professional background of such
Proposed Nominee; (2) a statement of whether such Proposed Nominee is proposed for nomination as an Independent Trustee (as defined
in Section 3.2) or a Managing Trustee and a description of such Proposed Nominee’s qualifications to be an Independent
Trustee or Managing Trustee, as the case may be, and such Proposed Nominee’s qualifications to be a Trustee pursuant to the criteria
set forth in Section 3.1; (3) the class, series and number of any shares of beneficial interest of the Trust that are,
directly or indirectly, beneficially owned or owned of record by such Proposed Nominee; (4) a description of the material terms
of each Derivative Transaction (as defined below) that such Proposed Nominee directly or indirectly, has an interest in, including, without
limitation, the counterparties to each Derivative Transaction, the class or series and number or amount of securities of the Trust to
which each Derivative Transaction relates or provides exposure, and whether or not, (x) such Derivative Transaction conveys any
voting rights directly or indirectly, to such Proposed Nominee, (y) such Derivative Transaction is required to be, or is capable
of being, settled through delivery of securities of the Trust, and (z) such Proposed Nominee and/or, to their knowledge, the counterparty
to such Derivative Transaction has entered into other transactions that hedge or mitigate the economic effect of such Derivative Transaction;
(5) a description of all direct and indirect compensation and other agreements, arrangements and understandings or any other relationships,
between or among any shareholder making the nomination, or any of its respective affiliates and associates, or others acting in concert
therewith, on the one hand, and such Proposed Nominee, or his, her or their respective affiliates and associates, on the other hand;
and (6) all other information relating to such Proposed Nominee that would be required to be disclosed in connection with a solicitation
of proxies for election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or
would otherwise be required in connection with such solicitation, in each case pursuant to Section 14 (or any successor provision)
of the Exchange Act, or that would otherwise be required to be disclosed pursuant to the rules of any national securities exchange
on which any securities of the Trust are listed or traded;
(ii) as
to any other business that such shareholder(s) propose to bring before the meeting: (1) a description of such business; (2) the
reasons for proposing such business at the meeting and any material interest in such business of such shareholder(s) or any Shareholder
Associated Person (as defined in Section 2.14.1(g)), including any anticipated benefit to such shareholder(s) or any
Shareholder Associated Person therefrom; (3) a description of all agreements, arrangements and understandings between such shareholder(s) and
Shareholder Associated Person amongst themselves or with any other person or persons (including their names) in connection with the proposal
of such business by such shareholder(s); and (4) a representation that such shareholder(s) intend to appear in person or by
proxy at the meeting to bring the business before the meeting;
(iii) separately
as to each shareholder giving the notice and any Shareholder Associated Person: (1) the class, series and number of all shares of
beneficial interest of the Trust that are owned of record by such shareholder or by such Shareholder Associated Person, if any; and (2) the
class, series and number of, and the nominee holder for, any shares of beneficial interests of the Trust that are, directly or indirectly,
beneficially owned but not owned of record by such shareholder or by such Shareholder Associated Person, if any;
(iv) separately
as to each shareholder giving the notice and any Shareholder Associated Person: (1) a description of all purchases and sales of securities
of the Trust by such shareholder or Shareholder Associated Person during the period of continuous Ownership required by Section 2.14.1(b)(ii),
including the date of the transactions, the class, series and number of securities involved in the transactions and the consideration
involved; (2) a description of the material terms of each Derivative Transaction that such shareholder or Shareholder Associated
Person, directly or indirectly, has, or during the period of continuous Ownership required by Section 2.14.1(b)(ii) had,
an interest in, including, without limitation, the counterparties to each Derivative Transaction, the class or series and number or amount
of securities of the Trust to which each Derivative Transaction relates or provides exposure, and whether or not, (x) such Derivative
Transaction conveys or conveyed any voting rights, directly or indirectly, to such shareholder or Shareholder Associated Person, (y) such
Derivative Transaction is or was required to be, or is or was capable of being, settled through delivery of securities of the Trust, and
(z) such shareholder or Shareholder Associated Person and/or, to their knowledge, the counterparty to such Derivative Transaction
has or had entered into other transactions that hedge or mitigate the economic effect of such Derivative Transaction; (3) a description
of the material terms of any performance related fees (other than an asset based fee) to which such shareholder or Shareholder Associated
Person is entitled based on any increase or decrease in the value of shares of beneficial interest of the Trust or instrument or arrangement
of the type contemplated within the definition of Derivative Transaction; and (4) any rights to dividends or other distributions
on the shares of beneficial interest of the Trust that are beneficially owned by such shareholder or Shareholder Associated Person that
are separated or separable from the underlying shares of beneficial interest of the Trust;
(v) separately
as to each shareholder giving the notice and any Shareholder Associated Person with a material interest described in clause (ii)(2) above,
an ownership interest described in clause (iii) above or a transaction or right described in clause (iv) above: (1) the
name and address of such shareholder and Shareholder Associated Person; and (2) all information relating to such shareholder and
Shareholder Associated Person that would be required to be disclosed in connection with a solicitation of proxies for election of Trustees
in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation,
in each case pursuant to Section 14 (or any successor provision) of the Exchange Act, or that would otherwise be required to be
disclosed pursuant to the rules of any national securities exchange on which any securities of the Trust are listed or traded;
(vi) to
the extent known by the shareholder(s) giving the notice, the name and address of any other person who beneficially owns or owns
of record any shares of beneficial interest of the Trust and who supports the nominee for election or reelection as a Trustee or the proposal
of other business; and
(vii) in
connection with a nomination for election to the Board of Trustees, all other information required by Rule 14a-19 under the Exchange
Act.
(d) A
notice of one or more shareholders making a nomination or proposing other business pursuant to Section 2.14.1(c) shall
be accompanied by a sworn verification of each shareholder making the nomination or proposal as to such shareholder’s continuous
Ownership of the shares referenced in subclause (A) of Section 2.14.1(b)(ii) throughout the period referenced in
such subclause, together with: (i) a copy of the share certificate(s) referenced in subclause (B) of Section 2.14.1(b)(ii) above;
(ii) if any such shareholder was not a shareholder of record of the shares referenced in subclause (A) of Section 2.14.1(b)(ii) above
continuously for the three (3) year period referenced therein, reasonable evidence of such shareholder’s continuous beneficial
ownership of such shares during such three (3) year period, such reasonable evidence may include, but shall not be limited to, (A) a
copy of a report of the shareholder on Schedule 13D or Schedule 13G under the Exchange Act filed on or prior to the beginning of the three
(3) year period and all amendments thereto, (B) a copy of a statement required to be filed pursuant to Section 16 (or any
successor provision) of the Exchange Act by a person who is a Trustee or who is directly or indirectly the beneficial owner of more than
ten percent (10%) of the shares of beneficial interest of the Trust filed on or prior to the beginning of the three (3) year period
and all amendments thereto, or (C) written evidence that each shareholder making the nomination or proposal maintained throughout
the chain of record and non-record ownership continuous Ownership of such shares (i.e. possession of full voting and investment rights
pertaining to, and full economic interest in, such shares) throughout the required period, including written verification of such Ownership
from each person who was the “record” holder of such shares during such period (including, if applicable, the Depository Trust
Company) and each participant of the Depository Trust Company, financial institution, broker-dealer or custodian through which the shares
were Owned; and (iii) with respect to nominations, (A) a completed and executed questionnaire required of the Trustees (in the
form available from the secretary) of each Proposed Nominee with respect to his, her or their background and qualification to serve as
a Trustee, the background of any other person or entity on whose behalf the nomination is being made and the information relating to such
Proposed Nominee and such other person or entity that would be required to be disclosed in connection with a solicitation of proxies for
election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise
be required in connection with such solicitation, in each case pursuant to Section 14 (or any successor provision) of the Exchange
Act, or that would otherwise be required to be disclosed pursuant to the rules of any national securities exchange on which any securities
of the Trust are listed or traded, and (B) a representation and agreement (in the form available from the secretary) executed by
each Proposed Nominee pursuant to which such Proposed Nominee: (1) represents and agrees that he, she or they are not and will not
become a party to any agreement, arrangement or understanding with, and does not have any commitment and has not given any assurance to,
any person or entity, in each case that has not been previously disclosed to the Trust, (x) as to how he, she or they, if elected
as a Trustee, will act or vote on any issue or question, or (y) that could limit or interfere with his, her or their ability to comply,
if elected as a Trustee, with his, her or their duties to the Trust; (2) represents and agrees that he, she or they are not and will
not become a party to any agreement, arrangement or understanding with any person or entity, other than the Trust, with respect to any
direct or indirect compensation, reimbursement or indemnification in connection with or related to his, her or their service as, or any
action or omission in his, her or their capacity as, a Trustee that has not been previously disclosed to the Trust; (3) represents
and agrees that if elected as a Trustee, he, she or they will be in compliance with and will comply with, applicable law and all applicable
publicly disclosed corporate governance, conflict of interest, corporate opportunity, confidentiality and share ownership and trading
policies and guidelines of the Trust; and (4) consents to being named as a nominee and to serving as a Trustee if elected.
(e) Any
shareholder(s) providing notice of a proposed nomination or other business to be considered at an annual meeting of shareholders
shall further update and supplement such notice, (i) if necessary, so that the information provided or required to be provided in
such notice pursuant to this Section 2.14 is true and correct as of the record date for such annual meeting and as of a date
that is ten (10) business days prior to such annual meeting, and any such update shall be delivered to the secretary at the principal
executive offices of the Trust not later than the close of business on the fifth (5th) business day after the record date (in the case
of an update or supplement required to be made as of the record date), and not later than the close of business on the eighth (8th) business
day prior to the date of the annual meeting (in the case of an update or supplement required to be made as of ten (10) business days
prior to the meeting) and (ii) in connection with a nomination for election to the Board of Trustees, to provide evidence that the
shareholder(s) providing notice of a proposed nomination has solicited proxies from holders representing at least sixty-seven percent
(67%) of the voting power of the shares of beneficial interest of the Trust entitled to vote in the election of trustees, and such update
and supplement shall be delivered to or be mailed and received by the secretary at the principal executive offices of the Trust not later
than five (5) business days after the shareholder files a definitive proxy statement in connection with such annual meeting of shareholders.
(f) A
shareholder making a nomination or proposal of other business for consideration at an annual meeting may withdraw the nomination or proposal
at any time before the annual meeting. After the period specified in the second sentence of Section 2.14.1(c), a shareholder
nomination or proposal of other business for consideration at an annual meeting may only be amended with the permission of the Board of
Trustees. Notwithstanding anything in the second sentence of Section 2.14.1(c) to the contrary, if the number of Trustees
to be elected to the Board of Trustees is increased and there is no public announcement of such action at least one-hundred thirty (130)
days prior to the first (1st) anniversary of the date of the proxy statement for the preceding year’s annual meeting, the notice
required by this Section 2.14.1 also shall be considered timely, but only with respect to nominees for any new positions created
by such increase, if such notice is delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern
Time) on the tenth (10th) day immediately following the day on which such public announcement is first made by the Trust. If the number
of the Trustees to be elected to the Board of Trustees is decreased, there shall be no change or expansion in the time period for shareholders
to make a nomination from the time period specified in the second sentence of Section 2.14.1(c). Any change in time period
for shareholders to make a nomination shall not change the time period to make any other proposal from the time period specified in the
second sentence of Section 2.14.1(c).
(g) For
purposes of this Section 2.14: (i) “Shareholder Associated Person” of any shareholder shall mean,
(A) any person acting in concert with, such shareholder, (B) any direct or indirect beneficial owner of shares of beneficial
interest of the Trust beneficially owned or owned of record by such shareholder, and (C) any person controlling, controlled by or
under common control with such shareholder or a Shareholder Associated Person; and (ii) “Derivative Transaction”
by a person shall mean any, (A) transaction in, or arrangement, agreement or understanding with respect to, any option, warrant,
convertible security, stock appreciation right or similar right with an exercise, conversion or exchange privilege, or settlement payment
or mechanism related to, any security of the Trust, or similar instrument with a value derived in whole or in part from the value of a
security of the Trust, in any such case whether or not it is subject to settlement in a security of the Trust or otherwise, or (B) transaction,
arrangement, agreement or understanding which included or includes an opportunity for such person, directly or indirectly, to profit or
share in any profit derived from any increase or decrease in the value of any security of the Trust, to mitigate any loss or manage any
risk associated with any increase or decrease in the value of any security of the Trust or to increase or decrease the number of securities
of the Trust which such person was, is or will be entitled to vote, in any such case whether or not it is subject to settlement in a security
of the Trust or otherwise.
Section 2.14.2 Shareholder
Nominations or Other Proposals Causing Covenant Breaches or Defaults. At the same time as the submission of any shareholder nomination
or proposal of other business to be considered at a shareholders meeting that, if approved and implemented by the Trust, would cause the
Trust or any subsidiary (as defined in Section 2.14.5(c)) of the Trust to be in breach of any covenant or otherwise cause
a default (in any case, with or without notice or lapse of time) in any existing debt instrument or agreement of the Trust or any subsidiary
of the Trust or other material contract or agreement of the Trust or any subsidiary of the Trust, the notice provided pursuant to Section 2.14.1(c) shall
disclose, (a) whether the lender or contracting party has agreed to waive the breach of covenant or default, and, if so, shall include
reasonable evidence thereof, or (b) in reasonable detail, the plan of the proponent shareholder(s) for the repayment of the
indebtedness to the lender or curing the contractual breach or default and satisfying any resulting damage claim, specifically identifying
the actions to be taken and the source of funds for any such repayment, and such notice shall be accompanied by a copy of any commitment
letter(s) or agreement(s) for the financing of such plan.
Section 2.14.3 Shareholder
Nominations or Other Proposals Requiring Governmental Action. If, (a) any shareholder nomination or proposal of other business
to be considered at a shareholders meeting could not be considered or, if approved, implemented by the Trust without the Trust, any subsidiary
of the Trust, any proponent shareholder, any Proposed Nominee of such shareholder, any Shareholder Associated Person of such shareholder,
the holder of proxies or their respective affiliates or associates filing with or otherwise notifying or obtaining the consent, approval
or other action of any federal, state, municipal or other governmental or regulatory body (a “Governmental Action”),
or (b) any proponent shareholder’s ownership of shares of beneficial interest of the Trust or any solicitation of proxies or
votes or holding or exercising proxies by such shareholder, any Proposed Nominee of such shareholder, any Shareholder Associated Person
of such shareholder, or their respective affiliates or associates would require Governmental Action, then, in the notice provided pursuant
to Section 2.14.1(c) the proponent shareholder(s) shall disclose, (x) whether such Governmental Action has
been given or obtained, and, if so, such notice shall be accompanied by reasonable evidence thereof, or (y) in reasonable detail,
the plan of such shareholder(s) for making or obtaining the Governmental Action.
Section 2.14.4 Special
Meetings of Shareholders. As set forth in Section 2.6, only business brought before the meeting pursuant to the Trust’s
notice of meeting or otherwise properly brought before the meeting by or at the direction of the Board of Trustees may be considered at
a special meeting of shareholders. Nominations of individuals for election to the Board of Trustees only may be made at a special meeting
of shareholders at which Trustees are to be elected: (a) pursuant to the Trust’s notice of meeting; (b) if the Board of
Trustees has determined that Trustees shall be elected at such special meeting; or (c) if there are no Trustees and the special meeting
is called by the officers of the Trust for the election of successor Trustees; provided, however, that nominations of individuals
to serve as Trustees at a special meeting called in the manner set forth in subclauses (a)-(c) above may only be made by: (1) the
applicable Trustees or officers of the Trust who call the special meeting of shareholders for the purpose of electing one or more Trustees;
or (2) any one or more shareholder(s) of the Trust who, (A) satisfy the Ownership amount, holding period and certificate
requirements set forth in Section 2.14.1(b)(ii), (B) have given timely notice thereof in writing to the secretary at
the principal executive offices of the Trust, which notice contains or is accompanied by the information and documents required by Section 2.14.1(c) and
Section 2.14.1(d), (C) satisfy the requirements of Section 2.14.2 and Section 2.14.3, and (D) further
update and supplement such notice in accordance with Section 2.14; provided further, that, for purposes of this Section 2.14.4,
all references in Section 2.14.1, Section 2.14.2 and Section 2.14.3 to the annual meeting and to the
notice given under Section 2.14.1 shall be deemed, for purposes of this Section 2.14.4, to be references to the
special meeting and the notice given under this Section 2.14.4. To be timely, a shareholder’s notice under this Section 2.14.4
shall be delivered to the secretary at the principal executive offices of the Trust not earlier than the one-hundred fiftieth (150th)
day prior to such special meeting and not later than 5:00 p.m. (Eastern Time) on the later of, (i) the one-hundred twentieth
(120th) day prior to such special meeting, or (ii) the tenth (10th) day following the day on which public announcement is first made
of the date of the special meeting. Neither the postponement or adjournment of a special meeting, nor the public announcement of such
postponement or adjournment, shall commence a new time period (or extend any time period) for the giving of a shareholder(s)’ notice
as described above.
Section 2.14.5 General.
(a) If
information submitted pursuant to this Section 2.14 by any shareholder proposing a nominee for election as a Trustee or
any proposal for other business at a meeting of shareholders shall be deemed by the Board of Trustees incomplete or inaccurate, any
authorized officer or the Board of Trustees or any committee thereof may treat such information as not having been provided in
accordance with this Section 2.14. Any notice submitted by a shareholder pursuant to this Section 2.14 that
is deemed by the Board of Trustees inaccurate, incomplete or otherwise fails to satisfy completely any provision of this Section 2.14
shall be deemed defective and shall thereby render all proposals and nominations set forth in such notice defective. Upon written
request by the secretary or the Board of Trustees or any committee thereof (which may be made from time to time), any shareholder
proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within
three (3) business days after such request (or such other period as may be specified in such request): (i) written
verification, satisfactory to the secretary or any other authorized officer or the Board of Trustees or any committee thereof, in
his, her, their or its discretion, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 2.14;
(ii) written responses to information reasonably requested by the secretary, the Board of Trustees or any committee thereof;
and (iii) a written update, to a current date, of any information submitted by the shareholder pursuant to this Section 2.14
as of an earlier date. If a shareholder fails to provide such written verification, information or update within such period, the
secretary or any other authorized officer or the Board of Trustees may treat the information which was previously provided and to
which the verification, request or update relates as not having been provided in accordance with this Section 2.14. It
is the responsibility of a shareholder who wishes to make a nomination or other proposal to comply with the requirements of Section 2.14;
nothing in this Section 2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees or any
committee thereof nor any officer of the Trust to inform a shareholder that the information submitted pursuant to this Section 2.14
by or on behalf of such shareholder is incomplete or inaccurate or not otherwise in accordance with this Section 2.14
nor require the Trust, the Board of Trustees, any committee of the Board of Trustees or any officer of the Trust to request
clarification or updating of information provided by any shareholder, but the Board of Trustees, a committee thereof or the
secretary acting on behalf of the Board of Trustees or a committee, may do so in his, her, their or its discretion.
(b) Only
such individuals who are nominated in accordance with this Section 2.14 or Section 2.18 shall be eligible for
election by shareholders as Trustees and only such business shall be conducted at a meeting of shareholders as shall have been properly
brought before the meeting in accordance with this Section 2.14. The chair of the meeting and the Board of Trustees shall
each have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed,
as the case may be, in accordance with this Section 2.14 and, if any proposed nomination or other business is determined not
to be in compliance with this Section 2.14 or if it is determined that the solicitation in support of the nominees other than
the Trust’s nominees was not conducted in compliance with Rule 14a-19 under the Exchange Act, to declare that such defective
nomination or proposal be disregarded.
(c) For
purposes of this Section 2.14: (i) “public announcement” shall mean disclosure in, (A) a press
release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or any other widely circulated news or wire
service, or (B) a document publicly filed by the Trust with the SEC; (ii) “subsidiary” shall include, with respect
to a person, any corporation, partnership, joint venture or other entity of which such person, (A) owns, directly or indirectly,
ten percent (10%) or more of the outstanding voting securities or other interests, or (B) has a person designated by such person
serving on, or a right, contractual or otherwise, to designate a person, so to serve on, the board of directors (or analogous governing
body); and (iii) a person shall be deemed to “beneficially own” or “have beneficially owned” any shares of
beneficial interest of the Trust not owned directly by such person if that person or a group of which such person is a member would be
the beneficial owner of such shares under Rule 13d-3 and Rule 13d-5 of the Exchange Act.
(d) Notwithstanding
the foregoing provisions of this Section 2.14, a shareholder shall also comply with all applicable legal requirements, including,
without limitation, applicable requirements of state law and the Exchange Act, with respect to the matters set forth in this Section 2.14.
Nothing in this Section 2.14 shall be deemed to require that a shareholder nomination of an individual for election to the
Board of Trustees or a shareholder proposal relating to other business be included in the Trust’s proxy statement, except as may
be required by law.
(e) The
Board of Trustees may from time to time require any individual nominated to serve as a Trustee to agree in writing with regard to matters
of business ethics and confidentiality while such nominee serves as a Trustee, such agreement to be on the terms and in a form determined
satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees. The terms
of any such agreement may be substantially similar to the Code of Business Conduct and Ethics of the Trust or any similar code promulgated
by the Trust or may differ from or supplement such Code.
(f) Determinations
required or permitted to be made under this Section 2.14 by the Board of Trustees may be delegated by the Board of Trustees
to a committee of the Board of Trustees, subject to applicable law.
(g) Notwithstanding
anything in these Bylaws to the contrary, except as otherwise determined by the chair of the meeting, if the shareholder giving notice
as provided for in this Section 2.14 does not appear in person or by proxy at such annual or special meeting to present each
nominee for election as a nominee or the proposed business, as applicable, such matter shall not be considered at the meeting.
Section 2.15 No
Shareholder Actions by Written Consent. Shareholders shall not be authorized or permitted to take any action, including whether required
or permitted to be taken at a meeting of shareholders, by written consent, and actions of shareholders may only be taken at a meeting
of shareholders called and held in accordance with the Declaration of Trust and these Bylaws.
Section 2.16 Voting
by Ballot. Voting on any question or in any election may be by voice vote unless the chair of the meeting or any shareholder shall
demand that voting be by ballot.
Section 2.17 Proposals
of Business Which Are Not Proper Matters For Action By Shareholders. Notwithstanding anything in the Declaration of Trust or these
Bylaws to the contrary, subject to applicable law, any shareholder proposal for business the subject matter or effect of which would be
within the exclusive purview of the Board of Trustees or would reasonably likely, if considered by the shareholders or approved or implemented
by the Trust, result in an impairment of the limited liability status for the shareholders, shall be deemed not to be a matter upon which
the shareholders are entitled to vote. The Board of Trustees in its discretion shall be entitled to determine whether a shareholder proposal
for business is not a matter upon which the shareholders are entitled to vote pursuant to this Section 2.17, and its decision
shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.
Section 2.18 Proxy
Access for Trustee Nominations.
(a) Whenever
the Board of Trustees solicits proxies with respect to the election of Trustees at an annual meeting of shareholders, subject to the provisions
of this Section 2.18, the Trust shall include in its proxy statement for such annual meeting, in addition to any persons nominated
for election by or at the direction of the Board of Trustees (or any duly authorized committee thereof), the name, together with the Required
Information (as defined below), of any person nominated for election to the Board of Trustees by an Eligible Shareholder pursuant to and
in accordance with this Section 2.18 (a “Shareholder Nominee”). For purposes of this Section 2.18,
the “Required Information” that the Trust will include in its proxy statement is: (i) the information provided to the
Secretary of the Trust concerning the Shareholder Nominee and the Eligible Shareholder that is required to be disclosed in the Trust’s
proxy statement pursuant to Section 14 (or any successor provision) of the Exchange Act; and (ii) if the Eligible Shareholder
so elects, a Supporting Statement (as defined in Section 2.18(h)). For the avoidance of doubt, nothing in this Section 2.18
shall limit the Trust’s ability to solicit against any Shareholder Nominee or include in its proxy materials the Trust’s own
statements or other information relating to any Eligible Shareholder or Shareholder Nominee, including any information provided to the
Trust pursuant to this Section 2.18. Subject to the provisions of this Section 2.18, the name of any Shareholder
Nominee included in the Trust’s proxy statement for an annual meeting of shareholders shall also be set forth on the form of proxy
distributed by the Trust in connection with such annual meeting.
(b) In
addition to any other requirements imposed by law, the Declaration of Trust or these Bylaws, for a nomination to be made by an Eligible
Shareholder pursuant to this Section 2.18, the Eligible Shareholder must have given timely written notice thereof (a “Notice
of Proxy Access Nomination”) in proper form to the Secretary of the Trust and must expressly request in the Notice of Proxy
Access Nomination to have such nominee included in the Trust’s proxy materials pursuant to this Section 2.18. To be
timely, a Notice of Proxy Access Nomination must be delivered to or be mailed and received at the principal executive offices of the Trust
not less than one-hundred twenty (120) days nor more than one-hundred fifty (150) days prior to the anniversary of the date of the Trust’s
proxy statement for the immediately preceding annual meeting of shareholders. In no event shall the adjournment or postponement of an
annual meeting, or the public disclosure of such an adjournment or postponement, commence a new time period (or extend any time period)
for the giving of a Notice of Proxy Access Nomination as described above.
(c) The
maximum number of Shareholder Nominees nominated by all Eligible Shareholders that will be included in the Trust’s proxy materials
with respect to an annual meeting of shareholders (as adjusted pursuant to this Section 2.18(c), the “Permitted Number”)
shall not exceed the greater of (i) two (2) or (ii) twenty percent (20%) of the number of Trustees in office as of the
last day on which a Notice of Proxy Access Nomination may be delivered pursuant to and in accordance with this Section 2.18
(the “Final Proxy Access Nomination Date”) or, if such amount is not a whole number, the closest whole number below
twenty percent (20%); provided, however, that if (x) the Trust has a classified Board of Trustees and (y) the size of the Board
of Trustees is less than nine (9) Trustees, the Permitted Number is subject to reduction so that the Permitted Number for any annual
meeting shall not exceed one-half of the number of Trustees to be elected at such annual meeting as noticed by the Trust rounded down
to the nearest whole number but only to the extent the Permitted Number after reduction pursuant to this proviso is not less than one.
In the event that one or more vacancies for any reason occurs on the Board of Trustees after the Final Proxy Access Nomination Date but
before the date of the annual meeting and the Board of Trustees resolves to reduce the size of the Board of Trustees in connection therewith,
the Permitted Number shall be calculated based on the number of Trustees in office as so reduced. In addition, the Permitted Number shall
be reduced by (i) the number of individuals who will be included in the Trust’s proxy materials as nominees recommended by
the Board of Trustees pursuant to an agreement, arrangement or other understanding with a shareholder or group of shareholders (other
than any such agreement, arrangement or understanding entered into in connection with an acquisition of shares from the Trust by such
shareholder or group of shareholders), (ii) the number of Trustees in office as of the Final Proxy Access Nomination Date who were
included in the Trust’s proxy materials as Shareholder Nominees for any of the two (2) preceding annual meetings of shareholders
(including any persons counted as Shareholder Nominees pursuant to the immediately succeeding sentence) and (x) whose term of office
does not expire at the annual meeting or (y) whose re-election at the upcoming annual meeting is being recommended by the Board of
Trustees and (iii) the number of Trustee candidates for which the Secretary of the Trust shall receive notice (whether or not subsequently
withdrawn) that a shareholder intends to nominate one or more persons for election to the Board of Trustees pursuant to Section 2.14.1,
but only to the extent the Permitted Number after such reduction with respect to this clause (iii) equals or exceeds one. For purposes
of determining when the Permitted Number has been reached, any individual nominated by an Eligible Shareholder for inclusion in the Trust’s
proxy materials pursuant to this Section 2.18 whose nomination is subsequently withdrawn or whom the Board of Trustees decides
to nominate for election to the Board of Trustees shall be counted as one of the Shareholder Nominees. Any Eligible Shareholder submitting
more than one Shareholder Nominee for inclusion in the Trust’s proxy materials pursuant to this Section 2.18 shall rank
such Shareholder Nominees based on the order in which the Eligible Shareholder desires such Shareholder Nominees to be selected for inclusion
in the Trust’s proxy materials in the event that the total number of Shareholder Nominees submitted by Eligible Shareholders pursuant
to this Section 2.18 exceeds the Permitted Number. In the event that the number of Shareholder Nominees submitted by Eligible
Shareholders pursuant to this Section 2.18 exceeds the Permitted Number, the highest ranking Shareholder Nominee who meets
the requirements of this Section 2.18 from each Eligible Shareholder will be selected for inclusion in the Trust’s proxy
materials until the Permitted Number is reached, going in order of the amount (largest to smallest) of shares of beneficial interest of
the Trust each Eligible Shareholder disclosed as Owned in its Notice of Proxy Access Nomination. If the Permitted Number is not reached
after the highest ranking Shareholder Nominee who meets the requirements of this Section 2.18 from each Eligible Shareholder
has been selected, then the next highest ranking Shareholder Nominee who meets the requirements of this Section 2.18 from
each Eligible Shareholder will be selected for inclusion in the Trust’s proxy materials, and this process will continue as many
times as necessary, following the same order each time, until the Permitted Number is reached.
(d) An
“Eligible Shareholder” is a shareholder or group of no more than twenty (20) shareholders (counting as one shareholder,
for this purpose, any two (2) or more funds that are part of the same Qualifying Fund Group (as defined below)) that (i) has
Owned (as defined in Section 2.18(e)) continuously for at least three (3) years (the “Minimum Holding Period”)
a number of shares of beneficial interest of the Trust that represents at least three percent (3%) of the outstanding shares of beneficial
interest of the Trust as of the most recent date for which such number is given in any filing by the Trust with the SEC prior to the date
the Notice of Proxy Access Nomination is received at the principal executive offices of the Trust in accordance with this Section 2.18
(the “Required Shares”), (ii) continues to Own the Required Shares through the date of the annual meeting and
(iii) meets all other requirements of this Section 2.18. A “Qualifying Fund Group” means two (2) or
more funds that are (i) under common management and investment control, (ii) under common management and funded primarily by
the same employer or (iii) a “group of investment companies” as such term is defined in Section 12(d)(1)(G)(ii) of
the Investment Company Act of 1940, as amended. Whenever the Eligible Shareholder consists of a group of shareholders (including a group
of funds that are part of the same Qualifying Fund Group), (i) each provision in this Section 2.18 that requires the
Eligible Shareholder to provide any written statements, representations, undertakings, agreements or other instruments or to meet any
other conditions shall be deemed to require each shareholder (including each individual fund) that is a member of such group to provide
such statements, representations, undertakings, agreements or other instruments and to meet such other conditions (except that the members
of such group may aggregate the shares of beneficial interest of the Trust that each member has Owned continuously throughout the Minimum
Holding Period in order to meet the three percent (3%) Ownership requirement of the “Required Shares” definition) and (ii) a
breach of any obligation, agreement or representation under this Section 2.18 by any member of such group shall be deemed
a breach by the Eligible Shareholder. No shareholder may be a member of more than one group of shareholders constituting an Eligible Shareholder
with respect to any annual meeting.
(e) For
purposes of this Section 2.18, the terms “Owned,” “Owning” and other variations of the word “Own”
shall have the meanings assigned to such terms in Section 2.14.1(b); provided, that, for purposes of this Section 2.18
only, a shareholder’s Ownership of shares of beneficial interest of the Trust shall be deemed to continue during any period in which
(i) the shareholder has loaned such shares, provided that the shareholder has the power to recall such loaned shares on five (5) business
days’ notice and includes in the Notice of Proxy Access Nomination an agreement that it (A) will promptly recall such loaned
shares upon being notified that any of its Shareholder Nominees will be included in the Trust’s proxy materials and (B) will
continue to hold such recalled shares through the date of the annual meeting or (ii) the shareholder has delegated any voting power
by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by the shareholder. Whether outstanding
shares of beneficial interest of the Trust are “Owned” for purposes of this Section 2.18 shall be decided by the
Board of Trustees.
(f) To
be in proper written form, a Notice of Proxy Access Nomination must set forth or be accompanied by the following:
(i) a
statement by the Eligible Shareholder (A) setting forth and certifying as to the number of shares of beneficial interest of the Trust
it Owns and has Owned continuously throughout the Minimum Holding Period, (B) agreeing to continue to Own the Required Shares through
the date of annual meeting and (C) indicating whether it intends to continue to own the Required Shares for at least one year following
the annual meeting;
(ii) one
or more written statements from the record holder of the Required Shares (and from each intermediary through which the Required Shares
are or have been held during the Minimum Holding Period) verifying that, as of a date within seven (7) calendar days prior to the
date the Notice of Proxy Access Nomination is delivered to or mailed and received at the principal executive offices of the Trust, the
Eligible Shareholder Owns, and has Owned continuously throughout the Minimum Holding Period, the Required Shares, and the Eligible Shareholder’s
agreement to provide, within five (5) business days following the later of the record date for determining the shareholders entitled
to receive notice of the annual meeting and the date notice of the record date is first publicly disclosed, one or more written statements
from the record holder and such intermediaries verifying the Eligible Shareholder’s continuous Ownership of the Required Shares
through the record date;
(iii) a
copy of the Schedule 14N that has been or is concurrently being filed with the SEC as required by Rule 14a-18 under the Exchange
Act;
(iv) the
information, representations, agreements and other documents that would be required to be set forth in or included with a notice of nomination
pursuant to Section 2.14 (including the written consent of each Shareholder Nominee to being named as a nominee and to serving
as a Trustee if elected and the written representation and agreement of each Shareholder Nominee required by Section 2.14.1);
(v) a
representation that the Eligible Shareholder (A) did not acquire, and is not holding, any securities of the Trust for the purpose
or with the intent of changing or influencing control of the Trust, (B) has not nominated and will not nominate for election to the
Board of Trustees at the annual meeting any person other than the Shareholder Nominee(s) it is nominating pursuant to this Section 2.18,
(C) has not engaged and will not engage in, and has not and will not be a “participant” in another person’s, “solicitation”
within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a Trustee at the
annual meeting other than its Shareholder Nominee(s) or a nominee of the Board of Trustees, (D) has not distributed and will
not distribute to any shareholder of the Trust any form of proxy for the annual meeting other than the form distributed by the Trust,
(E) has complied and will comply with all laws, rules and regulations applicable to solicitations and the use, if any, of soliciting
material in connection with the annual meeting and (F) has provided and will provide facts, statements and other information in all
communications with the Trust and its shareholders that are or will be true and correct in all material respects and do not and will not
omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made,
not misleading;
(vi) an
undertaking that the Eligible Shareholder agrees to (A) assume all liability stemming from any legal or regulatory violation arising
out of the Eligible Shareholder’s communications with the shareholders of the Trust or out of the information that the Eligible
Shareholder provided to the Trust, (B) indemnify and hold harmless the Trust, each of its Trustees and officers, the manager of the
Trust and each of the directors, officers and employees of the manager of the Trust or such manager’s parent individually against
any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative
or investigative, against the Trust, any of its Trustees or officers, the manager of the Trust or any of the directors, officers or employees
of the manager of the Trust or such manager’s parent, arising out of any nomination submitted by the Eligible Shareholder pursuant
to this Section 2.18 or any solicitation or other activity in connection therewith and (C) file with the SEC any solicitation
materials with the shareholders of the Trust relating to the meeting at which its Shareholder Nominee(s) will be nominated, regardless
of whether any such filing is required under Regulation 14A of the Exchange Act or whether any exemption from filing is available for
such solicitation or other communication under Regulation 14A of the Exchange Act;
(vii) in
the case of a nomination by an Eligible Shareholder consisting of a group of shareholders, the designation by all group members of one
member of the group that is authorized to receive communications, notices and inquiries from the Trust and to act on behalf of all members
of the group with respect to all matters relating to the nomination under this Section 2.18 (including withdrawal of the nomination);
and
(viii) in
the case of a nomination by an Eligible Shareholder consisting of a group of shareholders in which two (2) or more funds are intended
to be treated as one shareholder for purposes of qualifying as an Eligible Shareholder, documentation reasonably satisfactory to the Trust
that demonstrates that the funds are part of the same Qualifying Fund Group.
(g) In
addition to the information required or requested pursuant to Section 2.18(f) or any other provision of these Bylaws,
(i) the Trust may require any proposed Shareholder Nominee to furnish any other information (A) that may reasonably be requested
by the Trust to determine whether the Shareholder Nominee would meet the qualifications of an Independent Trustee, be independent under
the rules and listing standards of any national securities exchange upon which any securities the Trust are listed or traded, be
independent under any applicable rules of the SEC or any publicly disclosed standards used by the Board of Trustees in determining
and disclosing the independence of Trustees (collectively, the “Independence Standards”), (B) that could be material
to a reasonable shareholder’s understanding of the independence, or lack thereof, of such Shareholder Nominee or (C) that may
reasonably be requested by the Trust to determine the eligibility of such Shareholder Nominee to be included in the Trust’s proxy
materials pursuant to this Section 2.18 or to serve as a Trustee, and (ii) the Trust may require the Eligible Shareholder
to furnish any other information that may reasonably be requested by the Trust to verify the Eligible Shareholder’s continuous Ownership
of the Required Shares throughout the Minimum Holding Period and through the date of the annual meeting.
(h) For
each of its Shareholder Nominees, the Eligible Shareholder may, at its option, provide to the Secretary of the Trust, at the time the
Notice of Proxy Access Nomination is provided, a written statement, not to exceed five hundred (500) words, in support of such Shareholder
Nominee’s candidacy (a “Supporting Statement”). Only one Supporting Statement may be submitted by an Eligible
Shareholder (including any group of shareholders together constituting an Eligible Shareholder) in support of each of its Shareholder
Nominee(s). Notwithstanding anything to the contrary contained in this Section 2.18, the Trust may omit from its proxy materials
any information or Supporting Statement (or portion thereof) that it, in good faith, believes would violate any applicable law, rule or
regulation.
(i) In
the event that any information or communications provided by an Eligible Shareholder or a Shareholder Nominee to the Trust or its shareholders
is not, when provided, or thereafter ceases to be true and correct in all material respects or omits to state a material fact necessary
to make the statements made, in light of the circumstances under which they were made, not misleading, such Eligible Shareholder or Shareholder
Nominee, as the case may be, shall promptly notify the Secretary of the Trust of any such defect and of the information that is required
to correct any such defect. Without limiting the foregoing, an Eligible Shareholder shall provide immediate notice to the Trust if the
Eligible Shareholder ceases to Own any of the Required Shares prior to the date of the annual meeting. In addition, any person providing
any information to the Trust pursuant to this Section 2.18 shall further update and supplement such information, if necessary,
so that all such information shall be true and correct as of the record date for determining the shareholders entitled to receive notice
of the annual meeting, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal
executive offices of the Trust not later than five (5) business days following the later of the record date for determining the shareholders
entitled to receive notice of the annual meeting and the date notice of the record date is first publicly disclosed. For the avoidance
of doubt, no notification, update or supplement provided pursuant to this Section 2.18(i) or otherwise shall be deemed
to cure any defect in any previously provided information or communications or limit the remedies available to the Trust relating to any
such defect (including the right to omit a Shareholder Nominee from its proxy materials pursuant to this Section 2.18).
(j) Notwithstanding
anything to the contrary contained in this Section 2.18, the Trust shall not be required to include in its proxy materials,
pursuant to this Section 2.18, any Shareholder Nominee (i) who would not be independent under any of the Independence
Standards, (ii) whose election as a member of the Board of Trustees would cause the Trust to be in violation of these Bylaws, the
Declaration of Trust, the rules and listing standards of any national securities exchange upon which any securities of the Trust
are listed or traded, or any applicable law, rule or regulation, (iii) who is or has been, within the past three (3) years,
an officer, director or trustee of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, of the Trust or its
manager, (iv) who is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or
has been convicted in such a criminal proceeding within the past ten (10) years, (v) who is subject to any order of the type
specified in Rule 506(d) of Regulation D promulgated under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (the “Securities Act”), or (vi) who shall have provided any information to the Trust or
its shareholders that was untrue in any material respect or that omitted to state a material fact necessary to make the statements made,
in light of the circumstances in which they were made, not misleading.
(k) Notwithstanding
anything to the contrary set forth herein, if (i) a Shareholder Nominee and/or the applicable Eligible Shareholder breaches any of
its agreements or representations or fails to comply with any of its obligations under this Section 2.18 or (ii) a Shareholder
Nominee otherwise becomes ineligible for inclusion in the Trust’s proxy materials pursuant to this Section 2.18, or
dies, becomes disabled or otherwise becomes ineligible or unavailable for election at the annual meeting, in each case as determined by
the Board of Trustees (or any duly authorized committee thereof) or the chair of the annual meeting, (A) the Trust may omit or, to
the extent feasible, remove the information concerning such Shareholder Nominee and the related Supporting Statement from its proxy materials
and/or otherwise communicate to its shareholders that such Shareholder Nominee will not be eligible for election at the annual meeting,
(B) the Trust shall not be required to include in its proxy materials any successor or replacement nominee proposed by the applicable
Eligible Shareholder or any other Eligible Shareholder and (C) the chair of the annual meeting shall declare such nomination to be
invalid and such nomination shall be disregarded, notwithstanding that proxies in respect of such vote may have been received by the Trust.
(l) Any
Shareholder Nominee who is included in the Trust’s proxy materials for a particular annual meeting of shareholders but either (i) withdraws
from or becomes ineligible or unavailable for election at the annual meeting, or (ii) does not receive at least twenty percent (20%)
of the votes cast in favor of such Shareholder Nominee’s election, will be ineligible to be a Shareholder Nominee pursuant to this
Section 2.18 for the next two (2) annual meetings of shareholders. For the avoidance of doubt, the immediately preceding
sentence shall not prevent any shareholder from nominating any person to the Board of Trustees pursuant to and in accordance with Section 2.14.1.
(m) Other
than pursuant to Rule 14a-19 of the Exchange Act, this Section 2.18 provides the exclusive method for a shareholder to
include nominees for election to the Board of Trustees in the Trust’s proxy materials.
ARTICLE III
TRUSTEES
Section 3.1 General
Powers; Qualifications; Trustees Holding Over. The business and affairs of the Trust shall be managed under the direction of its Board
of Trustees. A Trustee shall be an individual at least twenty-one (21) years of age who is not under legal disability. To qualify for
nomination or election as a Trustee, an individual, at the time of nomination and election, shall, without limitation, (a) have substantial
expertise or experience relevant to the business of the Trust and its subsidiaries (as determined by the Board of Trustees), (b) not
have been convicted of a felony, (c) meet the qualifications of an Independent Trustee or a Managing Trustee, as the case may be,
depending upon the position for which such individual may be nominated and elected, and (d) have been nominated for election to the
Board of Trustees in accordance with Section 2.14 or Section 2.18. In case of failure to elect Trustees at an
annual meeting of shareholders, the incumbent Trustees shall hold over and continue to direct the management of the business and affairs
of the Trust until they may resign or until their successors are elected and qualify. The failure of shareholders to elect Trustees at
an annual meeting of shareholders shall not cause vacancies on the Board of Trustees requiring the officers of the Trust to call a special
meeting of shareholders to elect Trustees unless all Trustees, including holdover Trustees, are unwilling or unable to continue to serve.
Section 3.2 Independent
Trustees and Managing Trustees. A majority of the Trustees holding office shall at all times be Independent Trustees; provided,
however, that upon a failure to comply with this requirement as a result of the creation of a temporary vacancy which shall be
filled by an Independent Trustee, whether as a result of enlargement of the Board of Trustees or the resignation, removal or death of
a Trustee who is an Independent Trustee, such requirement shall not be applicable. An “Independent Trustee” is one
who is not an employee of the Manager (as defined in the Declaration of Trust), who is not involved in the Trust’s day to day activities
and who meets the qualifications of an independent director (not including the specific independence requirements applicable only to members
of the Audit Committee or Compensation Committee of the Board of Trustees) under the applicable rules of each securities exchange
upon which shares of beneficial interest of the Trust are listed for trading and the SEC, as those requirements may be amended from time
to time. If the number of Trustees, at any time, is set at less than five (5), at least one (1) Trustee shall be a Managing Trustee.
So long as the number of Trustees shall be five (5) or greater, at least two (2) Trustees shall be Managing Trustees. A “Managing
Trustee” is one who has been an employee, officer or director of the Manager or involved in the day to day activities of the
Trust for at least one (1) year prior to their election. If at any time the Board of Trustees shall not be comprised of a majority
of Independent Trustees, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that
the Board of Trustees does not have a majority of Independent Trustees or has not taken such action at any time or from time to time shall
not affect the validity of any action taken by the Board of Trustees. If at any time the Board of Trustees shall not be comprised of a
number of Managing Trustees as is required under this Section 3.2, the Board of Trustees shall take such actions as will cure
such condition; provided that the fact that the Board of Trustees does not have the requisite number of Managing Trustees or has
not taken such action at any time or from time to time shall not affect the validity of any action taken by the Board of Trustees.
Section 3.3 Number
and Tenure. The number of Trustees constituting the entire Board of Trustees may be increased or decreased from time to time only
by a vote of the Trustees; provided, however, that the tenure of office of a Trustee shall not be affected by any decrease in the
number of Trustees. The number of Trustees shall be five (5) until increased or decreased by the Board of Trustees.
Section 3.4 Annual
and Regular Meetings. An annual meeting of the Board of Trustees shall be held immediately after the annual meeting of shareholders,
no notice other than this Bylaw being necessary. The time and place of the annual meeting of the Board of Trustees may be changed by the
Board of Trustees. The Board of Trustees may provide, by resolution, the time and place, either within or without the State of Maryland,
for the holding of regular meetings of the Trustees without other notice than such resolution. If any such regular meeting is not so provided
for, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings
of the Board of Trustees.
Section 3.5 Special
Meetings. Special meetings of the Board of Trustees may be called at any time by any Managing Trustee, the president or the secretary
pursuant to the request of any two (2) Trustees then in office. The person or persons authorized to call special meetings of the
Board of Trustees may fix any place, either within or without the State of Maryland, as the place for holding any special meeting of the
Board of Trustees called by them.
Section 3.6 Notice.
Notice of any special meeting shall be given by written notice delivered personally or by electronic mail, telephoned, facsimile transmitted,
overnight couriered (with proof of delivery) or mailed to each Trustee at his, her or their business or residence address. Personally
delivered, telephoned, facsimile transmitted or electronically mailed notices shall be given at least twenty-four (24) hours prior to
the meeting. Notice by mail shall be deposited in the U.S. mail at least seventy-two (72) hours prior to the meeting. If mailed, such
notice shall be deemed to be given when deposited in the U.S. mail properly addressed, with postage thereon prepaid. Electronic mail notice
shall be deemed to be given upon transmission of the message to the electronic mail address given to the Trust by the Trustee. Telephone
notice shall be deemed given when the Trustee is personally given such notice in a telephone call to which he is a party. Facsimile transmission
notice shall be deemed given upon completion of the transmission of the message to the number given to the Trust by the Trustee and receipt
of a completed answer back indicating receipt. If sent by overnight courier, such notice shall be deemed given when delivered to the courier.
Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Board of Trustees need be
stated in the notice, unless specifically required by statute or these Bylaws.
Section 3.7 Quorum.
A majority of the Trustees then in office shall constitute a quorum for transaction of business at any meeting of the Board of Trustees,
provided that, if less than a majority of the Trustees then in office are present at a meeting, a majority of the Trustees present
may adjourn the meeting from time to time without further notice, and provided further that if, pursuant to the Declaration of
Trust, these Bylaws or a resolution of the Board of Trustees, the vote of a particular group or committee of the Board of Trustees is
required for action, a quorum for that action shall be a majority of the Trustees then in office that comprise such group or committee.
The Trustees present at a meeting of the Board of Trustees which has been duly called and convened and at which a quorum was established
may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of such number of Trustees as would
otherwise result in less than a quorum then being present at the meeting.
Section 3.8 Voting.
The action of the majority of the Trustees present at a meeting at which a quorum is or was present shall be the action of the Board of
Trustees, unless the concurrence of a greater proportion is required for such action by specific provision of an applicable statute, the
Declaration of Trust or these Bylaws. If enough Trustees have withdrawn from a meeting to leave fewer than are required to establish a
quorum, but the meeting is not adjourned, the action of the majority of that number of Trustees necessary to constitute a quorum at such
meeting shall be the action of the Board of Trustees, unless the concurrence of a greater proportion is required for such action by applicable
law, the Declaration of Trust or these Bylaws.
Section 3.9 Telephone
Meetings. Trustees may participate in a meeting by means of a conference telephone or similar communications equipment if all persons
participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence
in person at the meeting. Such meeting shall be deemed to have been held at a place designated by the Board of Trustees at the meeting.
Section 3.10 Action
by Written Consent of Trustees. Any action required or permitted to be taken at any meeting of the Board of Trustees may be taken
without a meeting, if a majority of the Trustees shall individually or collectively consent in writing or by electronic transmission to
such action, unless the concurrence of a greater proportion is required for such action by a specific provision of an applicable statute,
the Declaration of Trust or these Bylaws, in which case, such greater proportion of Trustees shall be required to consent in writing or
by electronic transmission to such action. Such written or electronic consent or consents shall be filed with the records of the Trust
and shall have the same force and effect as the affirmative vote of such Trustees at a duly held meeting of the Board of Trustees at which
a quorum was present.
Section 3.11 Waiver
of Notice. The actions taken at any meeting of the Board of Trustees, however called and noticed or wherever held, shall be as valid
as though taken at a meeting duly held after regular call and notice if a quorum is present and if, either before or after the meeting,
each of the Trustees not present waives notice, consents to the holding of such meeting or approves the minutes thereof.
Section 3.12 Vacancies.
If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the
powers of the remaining Trustees hereunder (even if fewer than three (3) Trustees remain). Any vacancy on the Board of Trustees may
be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum. Any Trustee elected
to fill a vacancy, whether occurring due to an increase in size of the Board of Trustees or by the death, resignation or removal of any
Trustee, shall hold office for the remainder of the full term of the class of Trustees in which the vacancy occurred or was created and
until a successor is elected and qualifies.
Section 3.13 Compensation.
The Trustees shall be entitled to receive such reasonable compensation for their services as Trustees as the Board of Trustees may determine
from time to time. Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board
of Trustees or of any committee thereof; and for their expenses, if any, in connection with each property visit and any other service
or activity performed or engaged in as Trustees. The Trustees shall be entitled to receive remuneration for services rendered to the Trust
in any other capacity, and such services may include, without limitation, services as an officer of the Trust, services as an employee
of the Manager, legal, accounting or other professional services, or services as a broker, transfer agent or underwriter, whether performed
by a Trustee or any person affiliated with a Trustee.
Section 3.14 Surety
Bonds. Unless specifically required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance
of any of his, her or their duties.
Section 3.15 Reliance.
Each Trustee, officer, employee and agent of the Trust shall, in the performance of his, her or their duties with respect to the Trust,
be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared
or presented by an officer or employee of the Trust or by the Manager, accountants, appraisers or other experts or consultants selected
by the Board of Trustees or officers of the Trust, regardless of whether the Manager or any such accountant, appraiser or other expert
or consultant may also be a Trustee.
Section 3.16 Interested
Trustee Transactions. Section 2-419 of the Maryland General Corporation Law, or any successor statute (the “MGCL”),
shall be available for and apply to any contract or other transaction between the Trust and any of its Trustees or between the Trust and
any other trust, corporation, firm or other entity in which any of its Trustees is a trustee or director or has a material financial interest.
Section 3.17 Certain
Rights of Trustees, Officers, Employees and Agents. A Trustee shall have no responsibility to devote his, her or their full time to
the affairs of the Trust. Any Trustee or officer, employee or agent of the Trust, in his, her or their personal capacity or in a capacity
as an affiliate, employee or agent of any other person, or otherwise, may have business interests and engage in business activities similar
or in addition to those of or relating to the Trust.
Section 3.18 Emergency
Provisions. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 3.18 shall apply
during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees
under ARTICLE III cannot readily be obtained (an “Emergency”). During any Emergency, unless otherwise provided
by the Board of Trustees, (a) a meeting of the Board of Trustees may be called by any Managing Trustee or officer of the Trust by
any means feasible under the circumstances and (b) notice of any meeting of the Board of Trustees during such an Emergency may be
given less than twenty-four (24) hours prior to the meeting to as many Trustees and by such means as it may be feasible at the time, including
publication, television or radio.
Section 3.19 Removal
for Cause. A shareholder(s) proposing to remove one or more Trustees for cause shall meet and comply with all requirements in
these Bylaws for a nomination of an individual for election to the Board of Trustees at an annual meeting of shareholders or a proposal
of other business to be properly brought by such shareholder(s) at a meeting of shareholders as set forth in Section 2.14.1,
including the timely written notice, Ownership amount, holding period, certificate, information and documentation requirements of Section 2.14.1(b),
Section 2.14.1(c), Section 2.14.1(d), Section 2.14.2 and Section 2.14.3. For purposes
of the provisions in the Declaration of Trust regarding the removal of a Trustee, “cause” shall mean, with respect to any
particular Trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable,
material harm to the Trust through bad faith or active and deliberate dishonesty.
ARTICLE IV
COMMITTEES
Section 4.1 Number;
Tenure and Qualifications. The Board of Trustees shall appoint an Audit Committee, a Compensation Committee and a Nominating and Governance
Committee. Each of these committees shall be composed of three (3) or more Trustees, to serve at the pleasure of the Board of Trustees.
The Board of Trustees may also appoint other committees from time to time composed of one or more members, at least one (1) of whom
shall be a Trustee, to serve at the pleasure of the Board of Trustees. The Board of Trustees shall adopt a charter with respect to the
Audit Committee, the Compensation Committee and the Nominating and Governance Committee, which charter shall specify the purposes, the
criteria for membership and the responsibility and duties and may specify other matters with respect to each committee. The Board of Trustees
may also adopt a charter with respect to other committees.
Section 4.2 Powers.
The Board of Trustees may delegate any of the powers of the Board of Trustees to committees appointed under Section 4.1 and
composed solely of Trustees, except as prohibited by law. If a charter has been adopted with respect to a committee composed solely of
Trustees, the charter shall constitute a delegation by the Board of Trustees of the powers of the Board of Trustees necessary to carry
out the purposes, responsibilities and duties of a committee provided in the charter or reasonably related to those purposes, responsibilities
and duties, to the extent permitted by law. Except as may be otherwise provided by the Board of Trustees, any committee may delegate some
or all of its power and authority to one or more subcommittees, composed of one or more members, as the committee deems appropriate in
its sole discretion.
Section 4.3 Meetings.
Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees. One-third (1/3),
but not less than one, of the members of any committee shall be present in person at any meeting of a committee in order to constitute
a quorum for the transaction of business at a meeting, and the act of a majority present at a meeting at the time of a vote if a quorum
is then present shall be the act of a committee. The Board of Trustees or, if authorized by the Board in a committee charter or otherwise,
the committee members may designate a chairman of any committee, and the chairman or, in the absence of a chairman, a majority of any
committee may fix the time and place of its meetings unless the Board shall otherwise provide. In the absence or disqualification of any
member of any committee, the members thereof present at any meeting and not disqualified from voting, whether or not they constitute a
quorum, may unanimously appoint another Trustee to act at the meeting in the place of absent or disqualified members.
Section 4.4 Telephone
Meetings. Members of a committee may participate in a meeting by means of a conference telephone or similar communications equipment
and participation in a meeting by these means shall constitute presence in person at the meeting.
Section 4.5 Action
by Written Consent of Committees. Any action required or permitted to be taken at any meeting of a committee of the Board of Trustees
may be taken without a meeting, if a consent in writing or by electronic transmission to such action is signed by a majority of the committee,
unless the concurrence of a greater proportion is required for such action by a specific provision of an applicable statute, the committee’s
charter, the Declaration of Trust or these Bylaws, in which case, such greater proportion of members of the committee shall be required
to consent in writing or by electronic transmission to such action, and such written or electronic consent is filed with the minutes of
proceedings of such committee.
Section 4.6 Changes
and Vacancies. Subject to the provisions hereof, the Board of Trustees shall have the power at any time to change the membership of
any committee, to fill any vacancy, to designate alternate members to replace any absent or disqualified member, to dissolve any such
committee or to withdraw or add any powers previously delegated to a committee.
ARTICLE V
OFFICERS
Section 5.1 General
Provisions. The officers of the Trust shall include a president, a secretary and a treasurer. In addition, the Board of Trustees may
from time to time elect such other officers with such titles, powers and duties as set forth herein or as the Board of Trustees shall
deem necessary or desirable, including a chairman of the board, a vice chairman of the board, a chief executive officer, a chief operating
officer, a chief financial officer, one or more vice presidents, one or more assistant secretaries and one or more assistant treasurers.
The officers of the Trust shall be elected annually by the Board of Trustees. Each officer shall hold office until his, her or their successor
is elected and qualifies or until his, her or their death, resignation or removal in the manner hereinafter provided. Any two (2) or
more offices, except that of president and vice president, may be held by the same person. In their discretion, the Board of Trustees
may leave unfilled any office except that of president, treasurer and secretary. Election of an officer or agent shall not of itself create
contract rights between the Trust and such officer or agent.
Section 5.2 Removal
and Resignation. Any officer or agent of the Trust may be removed, with or without cause, by the Board of Trustees if in its judgment
the best interests of the Trust would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of
the person so removed. Any officer of the Trust may resign at any time by delivering his, her or their resignation to the Board of Trustees,
the president or the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the
resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such
resignation shall be without prejudice to the contract rights, if any, of the Trust.
Section 5.3 Vacancies.
A vacancy in any office may be filled by the Board of Trustees for the balance of the term.
Section 5.4 President.
Except as the Board of Trustees may otherwise provide, the president shall have the duties usually vested in a president. The president
shall have such other duties as may be assigned to the president by the Board of Trustees from time to time. The president may execute
any deed, mortgage, bond, lease, contract or other instrument, except in cases where the execution thereof shall be expressly delegated
by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed.
Section 5.5 Chief
Operating Officer. If elected, except as the Board of Trustees may otherwise provide, the chief operating officer shall have the duties
usually vested in a chief operating officer. The chief operating officer shall have such other duties as may be assigned to the chief
operating officer by the president or the Board of Trustees from time to time.
Section 5.6 Chief
Financial Officer. If elected, except as the Board of Trustees may otherwise provide, the chief financial officer shall have the duties
usually vested in a chief financial officer. The chief financial officer shall have such other duties as may be assigned to the chief
financial officer by the president or the Board of Trustees from time to time.
Section 5.7 Vice
Presidents. In the absence or disability of the president, the vice president, if any (or if there is more than one, the vice presidents
in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties and exercise
the powers of the president. The vice president(s) shall have such other duties as may be assigned to such vice president by the
president or the Board of Trustees from time to time. The Board of Trustees may designate one or more vice presidents as executive vice
president, senior vice president or vice presidents for particular areas of responsibility.
Section 5.8 Secretary.
Except as the Board of Trustees may otherwise provide, the secretary (or his, her or their designee) shall: (a) keep the minutes
of the proceedings of the shareholders, the Board of Trustees and committees of the Board of Trustees in one or more books provided for
that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be
custodian of the Trust records and of the seal of the Trust, if any; and (d) maintain a share register, showing the ownership and
transfers of ownership of all shares of beneficial interest of the Trust, unless a transfer agent is employed to maintain and does maintain
such a share register. The secretary shall have such other duties as may be assigned to the secretary by the president or the Board of
Trustees from time to time.
Section 5.9 Treasurer.
Except as the Board of Trustees may otherwise provide, the treasurer shall (a) have general charge of the financial affairs of the
Trust; (b) have or oversee in accordance with Section 6.3 the custody of the funds, securities and other valuable documents
of the Trust; (c) maintain or oversee the maintenance of proper financial books and records of the Trust; and (d) have the duties
usually vested in a treasurer. The treasurer shall have such other duties as may be assigned to the treasurer by the president or the
Board of Trustees from time to time.
Section 5.10 Assistant
Secretaries and Assistant Treasurers. The assistant secretaries and assistant treasurers, in general, shall perform such duties as
shall be assigned to them by the secretary or treasurer, respectively, or by the president or the Board of Trustees from time to time.
ARTICLE VI
CONTRACTS, LOANS, CHECKS AND DEPOSITS
Section 6.1 Contracts.
The Board of Trustees may authorize any Trustee, officer or agent (including the Manager or any affiliate or any officer of the Manager
or any affiliate) to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or
confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Trust when
duly authorized or ratified by action of the Board of Trustees and executed by an authorized person.
Section 6.2 Checks
and Drafts. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name
of the Trust shall be signed by such officer or agent of the Trust in such manner as the Board of Trustees, the president, the treasurer
or any other officer designated by the Board of Trustees may determine.
Section 6.3 Deposits.
All funds of the Trust not otherwise employed shall be deposited or invested from time to time to the credit of the Trust as the Board
of Trustees, the president, the treasurer or any other officer designated by the Board of Trustees may determine.
ARTICLE VII
SHARES
Section 7.1 Certificates.
Ownership of shares of any class of shares of beneficial interest of the Trust shall be evidenced in book entry form, or at the election
of a shareholder by certificates. Unless otherwise determined by the Board of Trustees, any such certificates shall be signed by the officers
of the Trust in any manner permitted by Maryland law and may be sealed with the seal, if any, of the Trust. The signatures may be either
manual or facsimile. Certificates shall be consecutively numbered and if the Trust shall from time to time issue several classes of shares,
each class may have its own number series. A certificate is valid and may be issued whether or not an officer who signed it is still an
officer when it is issued.
Section 7.2 Transfers.
(a) Shares
of beneficial interest of the Trust shall be transferable in the manner provided by applicable law, the Declaration of Trust and these
Bylaws. Certificates shall be treated as negotiable and title thereto and to the shares they represent shall be transferred by delivery
thereof to the same extent as those of a Maryland stock corporation.
(b) The
Trust shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or
not it shall have express or other notice thereof, except as otherwise expressly provided in these Bylaws or by the laws of the State
of Maryland.
Section 7.3 Lost
Certificates. For shares evidenced by certificates, any officer designated by the Board of Trustees may direct a new certificate to
be issued in place of any certificate previously issued by the Trust alleged to have been lost, stolen or destroyed upon the making of
an affidavit of that fact by the person claiming the certificate to be lost, stolen or destroyed. When authorizing the issuance of a new
certificate, an officer designated by the Board of Trustees may, in such officer’s discretion and as a condition precedent to the
issuance thereof, require the owner of such lost, stolen or destroyed certificate or the owner’s legal representative to advertise
the same in such manner as he shall require and/or to give bond, with sufficient surety, to the Trust to indemnify it against any loss
or claim which may arise as a result of the issuance of a new certificate.
Section 7.4 Fixing
of Record Date.
(a) The
Board of Trustees may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any
meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights,
or in order to make a determination of shareholders for any other proper purpose.
(b) If
no record date is fixed for the determination of shareholders, (i) the record date for the determination of shareholders entitled
to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed
or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (ii) the record date for the determination
of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day
on which the resolution of the Board of Trustees, declaring the dividend or allotment of rights, is adopted.
(c) When
a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this Section 7.4,
such determination shall apply to any adjournment or postponement thereof unless the Board of Trustees shall set a new record date with
respect thereto.
Section 7.5 Share
Ledger. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent a share ledger
containing the name and address of each shareholder and the number of shares of each class of shares of beneficial interest of the Trust
held by such shareholder.
Section 7.6 Fractional
Shares; Issuance of Units. The Board of Trustees may issue fractional shares or provide for the issuance of scrip, all on such terms
and under such conditions as it may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Trustees
may issue units consisting of different securities of the Trust. Any security issued in a unit shall have the same characteristics as
any identical securities issued by the Trust, except that the Trustees may provide that for a specified period securities of the Trust
issued in such unit may be transferred on the books of the Trust only in such unit.
ARTICLE VIII
INDEMNIFICATION AND ADVANCEMENT OF EXPENSES
Section 8.1 Indemnification
and Advancement of Expenses.
(a) To
the maximum extent permitted by Maryland law in effect from time to time, the Trust shall indemnify and, without requiring a preliminary
determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition
of a proceeding to (i) any individual who is a present or former Trustee or officer of the Trust and who is made or threatened to
be made a party to the proceeding by reason of his, her or their service in that capacity or (ii) any individual who, while a Trustee
or officer of the Trust and at the request of the Trust, serves or has served as a Trustee, director, officer or partner of another real
estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or
threatened to be made a party to the proceeding by reason of his, her or their service in that capacity. The rights to indemnification
and advance of expenses provided by the Declaration of Trust and these Bylaws shall vest immediately upon election of a Trustee or officer.
The Trust may, with the approval of its Board of Trustees, provide such indemnification and advance for expenses to an individual who
served a predecessor of the Trust in any of the capacities described in (a)(i) or (ii) above and to any shareholder, employee
or agent of the Trust or a predecessor of the Trust.
(b) Notwithstanding
anything in these Bylaws to the contrary, except with respect to proceedings to enforce rights to indemnification, the Trust shall indemnify
any person referenced in Section 8.1(a)(i) or (ii) above in connection with any proceeding initiated by such
person against the Trust only if such proceeding was authorized by the Board of Trustees.
(c) The
indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way
other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any
bylaw, regulation, insurance, agreement or otherwise.
(d) Neither
the amendment nor repeal of this ARTICLE VIII, nor the adoption or amendment of any other provision of these Bylaws or the Declaration
of Trust inconsistent with this ARTICLE VIII, shall apply to or affect in any respect the applicability of the preceding paragraph
with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.
ARTICLE IX
REGULATORY COMPLIANCE AND DISCLOSURE
Section 9.1 Actions
Requiring Regulatory Compliance Implicating the Trust. If any shareholder (whether individually or constituting a group, as determined
by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or actions taken by the shareholder affecting
the Trust, triggers the application of any requirement or regulation of any federal, state, municipal or other governmental or regulatory
body on the Trust or any subsidiary (for purposes of this ARTICLE IX, as defined in Section 2.14.5(c)) of the Trust or
any of their respective businesses, assets or operations, including, without limitation, any obligations to make or obtain a Governmental
Action (as defined in Section 2.14.3), such shareholder shall promptly take all actions necessary and fully cooperate with
the Trust to ensure that such requirements or regulations are satisfied without restricting, imposing additional obligations on or in
any way limiting the business, assets, operations or prospects of the Trust or any subsidiary of the Trust. If the shareholder fails or
is otherwise unable to promptly take such actions so to cause satisfaction of such requirements or regulations, the shareholder shall
promptly divest a sufficient number of shares of beneficial interest of the Trust necessary to cause the application of such requirement
or regulation to not apply to the Trust or any subsidiary of the Trust. If the shareholder fails to cause such satisfaction or divest
itself of such sufficient number of shares of beneficial interest of the Trust by not later than the tenth (10th) day after triggering
such requirement or regulation referred to in this Section 9.1, then any shares of beneficial interest of the Trust beneficially
owned by such shareholder at and in excess of the level triggering the application of such requirement or regulation shall, to the fullest
extent permitted by law, be deemed to constitute shares held in violation of the ownership limitations set forth in Article VII of
the Declaration of Trust and be subject to the provisions of Article VII of the Declaration of Trust and any actions triggering the
application of such a requirement or regulation may be deemed by the Trust to be of no force or effect. Moreover, if the shareholder who
triggers the application of any regulation or requirement fails to satisfy the requirements or regulations or to take curative actions
within such ten (10) day period, the Trust may take all other actions which the Board of Trustees deems appropriate to require compliance
or to preserve the value of the Trust’s assets; and the Trust may charge the offending shareholder for the Trust’s costs and
expenses as well as any damages which may result to the Trust.
Section 9.2 Compliance
With Law. Shareholders shall comply with all applicable requirements of federal and state laws, including all rules and regulations
promulgated thereunder, in connection with such shareholder’s ownership interest in the Trust and all other laws which apply to
the Trust or any subsidiary of the Trust or their respective businesses, assets or operations and which require action or inaction on
the part of the shareholder.
Section 9.3 Limitation
on Voting Shares or Proxies. Without limiting the provisions of Section 9.1, if a shareholder (whether individually or
constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or
its receipt or exercise of proxies to vote shares owned by other shareholders, would not be permitted to vote such shares or proxies for
such shares in excess of a certain amount pursuant to applicable law (including by way of example, applicable state insurance regulations)
but the Board of Trustees determines that the excess shares or shares represented by the excess proxies are necessary to obtain a quorum,
then such shareholder shall not be entitled to vote any such excess shares or proxies, and instead such excess shares or proxies may,
to the fullest extent permitted by law, be voted by the Manager (or by another person designated by the Board of Trustees) in proportion
to the total shares otherwise voted on such matter and such shares may be counted for purposes of determining the presence of a quorum.
Section 9.4 Representations,
Warranties and Covenants Made to Governmental or Regulatory Bodies. To the fullest extent permitted by law, any representation, warranty
or covenant made by a shareholder with any governmental or regulatory body in connection with such shareholder’s interest in the
Trust or any subsidiary of the Trust shall be deemed to be simultaneously made to, for the benefit of and enforceable by, the Trust and
any applicable subsidiary of the Trust.
Section 9.5 Board
of Trustees’ Determinations. The Board of Trustees shall be empowered to make all determinations regarding the interpretation,
application, enforcement and compliance with any matters referred to or contemplated by these Bylaws.
ARTICLE X
Restrictions on transfer AND OWNERSHIP of shares
Section 10.1 Definitions.
As used in this ARTICLE X, the following terms have the following meanings (and any references to any portions of Treasury Regulation
Sections 1.382-2, 1.382-2T, 1.382-3 and 1.382-4 shall include any successor provisions):
(a) “5-percent
Shareholder” means a Person or group of Persons that is a “5-percent shareholder” of the Trust pursuant to Treasury
Regulation Section 1.382-2T(g).
(b) “5-percent
Transaction” means any Transfer described in clause (a) or (b) of Section 10.2.
(c) “Code”
means the United States Internal Revenue Code of 1986, as amended from time to time, and the rulings issued thereunder.
(d) “Effective
Date” means June 13, 2024.
(e) “Excess
Securities” has the meaning given such term in Section 10.4.
(f) “Expiration
Date” means the earlier of (i) the repeal of Section 382 of the Code or any successor statute if the Board of Trustees
determines that this ARTICLE X is no longer necessary for the preservation of Tax Benefits, (ii) the beginning of a taxable
year of the Trust to which the Board of Trustees determines that no Tax Benefits may be carried forward, or (iii) such date as the
Board of Trustees shall fix in accordance with Section 10.10.
(g) “Grandfathered
Owner” has the meaning given such term in Section 10.2.
(h) “Percentage
Share Ownership” means the percentage Share Ownership interest of any Person or group (as the context may require) for purposes
of Section 382 of the Code as determined in accordance with the Treasury Regulation Sections 1.382-2T(g), (h), (j) and (k) and
1.382-4.
(i) “Person”
means any individual, firm, corporation, company, limited liability company, partnership, joint venture, estate, trust, or other legal
entity, including a group of persons treated as an entity pursuant to Treasury Regulation Section 1.382-3(a)(1)(i), and any successor
of any such individual or entity.
(j) “Prohibited
Transfer” means any Transfer or purported Transfer of Trust Securities to the extent that such Transfer is prohibited and/or
void under this ARTICLE X.
(k) “Public
Group” has the meaning set forth in Treasury Regulation Section 1.382-2T(f)(13), excluding any “direct public group”
with respect to the Trust, as that term is used in Treasury Regulation Section 1.382-2T(j)(2)(ii).
(l) “Purported
Transferee” has the meaning set forth in Section 10.4.
(m) “Securities”
and “Security” each has the meaning set forth in Section 10.5.
(n) “Shares”
means any interest that would be treated as “stock” of the Trust pursuant to Treasury Regulation Sections 1.382-2(a)(3) and
1.382-2T(f)(18).
(o) “Share
Ownership” means any direct or indirect ownership of Shares, including any ownership by virtue of application of constructive
ownership rules, with such direct, indirect, and constructive ownership determined under the provisions of Section 382 of the Code
and the Treasury Regulations.
(p) “Tax
Benefits” means the net operating loss carryforwards, capital loss carryforwards, general business credit carryforwards, alternative
minimum tax credit carryforwards and foreign tax credit carryforwards, as well as any loss or deduction attributable to a “net unrealized
built-in loss” of the Trust or any direct or indirect subsidiary thereof, within the meaning of Section 382 of the Code.
(q) “Transfer”
means, any direct or indirect (by operation of law or otherwise) sale, transfer, assignment, conveyance, pledge, devise or other disposition
or other action taken by a Person, other than the Trust, that alters the Percentage Share Ownership of any Person. A Transfer also shall
include the creation or grant of an option (including an option within the meaning of Treasury Regulation Sections 1.382-2T(h)(4)(v) and
1.382-4). For the avoidance of doubt, a Transfer shall not include the creation or grant by the Trust of an option to purchase securities
of the Trust, nor shall a Transfer include the issuance of Shares by the Trust.
(r) “Transferee”
means any Person to whom Trust Securities are Transferred.
(s) “Treasury
Regulations” means the regulations, including temporary regulations or any successor regulations, promulgated under the Code,
as amended from time to time.
(t) “Trust
Security” or “Trust Securities” means (i) common shares of beneficial interest of the Trust, (ii) preferred
shares of beneficial interest of the Trust (other than preferred stock described in Section 1504(a)(4) of the Code), (iii) warrants,
rights, or options (including options within the meaning of Treasury Regulation Sections 1.382-2T(h)(4)(v) and 1.382-4) to purchase
Securities issued by the Trust, and (iv) any Shares not included within the preceding clauses (i) through (iii) of this
definition.
Section 10.2 Transfer
and Ownership Restrictions. From and after the Effective Date, any attempted Transfer of Trust Securities prior to the Expiration
Date and any attempted Transfer of Trust Securities pursuant to an agreement entered into prior to the Expiration Date shall be prohibited
and void ab initio to the extent that, as a result of such Transfer (or any series of Transfers of which such Transfer is a part), either
(a) any Person or Persons would become a 5-percent Shareholder or (b) the Percentage Share Ownership of any 5-percent Shareholder
would be increased. Any 5-percent Shareholder as of the Effective Date (the “Grandfathered Owner”) shall not be required,
solely as a result of the adoption of this ARTICLE X and the occurrence of the Effective Date, pursuant to this ARTICLE X, to
reduce or dispose of any Trust Securities owned by such Grandfathered Owner as of the Effective Date and none of such Trust Securities
owned by such Grandfathered Owner as of the Effective Date shall be deemed, solely as a result of the adoption of this ARTICLE X
and the occurrence of the Effective Date, to be Excess Securities; provided, however, that such Grandfathered Owner may
not acquire any additional Trust Securities at any time such Grandfathered Owner remains a 5-percent Shareholder and, upon such Grandfathered
Owner no longer being a 5-percent Shareholder, the provisions of this ARTICLE X shall apply in their entirety to such Grandfathered
Owner.
Section 10.3 Exceptions.
(a) Notwithstanding
anything to the contrary herein, Transfers to a Public Group (including a new Public Group created under Treasury Regulation Section 1.382-2T(j)(3)(i))
shall be permitted.
(b) The
restrictions set forth in Section 10.2 shall not apply to an attempted Transfer that is a 5-percent Transaction if the transferor
or the Transferee obtains the written approval of the Board of Trustees or a duly authorized committee thereof. The Board of Trustees
may impose conditions in connection with such approval, including, without limitation, restrictions on the ability or right of any Transferee
to Transfer Shares acquired through a Transfer. Approvals of the Board of Trustees hereunder may be given prospectively or retroactively.
Section 10.4 Excess
Securities.
(a) No
officer or agent of the Trust shall record any Prohibited Transfer in the share register for the Trust, and the purported transferee of
such a Prohibited Transfer (the “Purported Transferee”) shall not be recognized as a shareholder for any purpose whatsoever
in respect of the Trust Securities which are the subject of the Prohibited Transfer (the “Excess Securities”). The
Purported Transferee shall not be entitled with respect to such Excess Securities to any rights of shareholders, including, without limitation,
the right to vote such Excess Securities or to receive dividends or distributions, whether liquidating or otherwise, in respect thereof,
if any, and the Excess Securities shall be deemed to constitute shares of the Trust in excess of the Ownership Limit (as defined in Section 7.1
of the Declaration of Trust) and be subject to Article VII of the Declaration of Trust. Any Transfer of Excess Securities in accordance
with the provisions of this ARTICLE X shall cease to be Excess Securities upon consummation of such Transfer.
(b) The
Trust may require as a condition to the registration of the Transfer of any Trust Securities in the share register of the Trust or the
payment of any distribution on any Trust Securities that the proposed Transferee or payee furnish to the Trust all information reasonably
requested by the Trust with respect to its direct or indirect ownership interests in such Trust Securities. The Trust may make such arrangements
or issue such instructions to its officers or agents as may be determined by the Board of Trustees to be necessary or advisable to implement
this ARTICLE X, including, without limitation, authorizing its officers or agents to require, as a condition to registering any Transfer
in the share register of the Trust, an affidavit from a Purported Transferee regarding such Person’s actual and constructive ownership
of shares and other evidence that a Transfer will not be prohibited by this ARTICLE X.
Section 10.5 Modification
of Remedies for Certain Indirect Transfers. In the event of any Transfer which does not involve a transfer of securities of the Trust
within the meaning of Maryland law (“Securities,” and individually, a “Security”) but which would
cause a 5-percent Shareholder to violate a restriction on Transfers provided for in this ARTICLE X, a sufficient amount of Securities
of such 5-percent Shareholder and/or any Person whose ownership of Securities is attributed to such 5-percent Shareholder shall be deemed
to be Excess Securities and shall be treated as provided in Section 10.4, including, without limitation, being deemed to constitute
shares of the Trust in excess of the Ownership Limit and be subject to Article VII of the Declaration of Trust. For the avoidance
of doubt, no such 5-percent Shareholder shall be required, pursuant to this Section 10.5, to dispose of any interest that
is not a Security. The purpose of this Section 10.5 is to extend the restrictions in Section 10.2 to situations
in which there is a 5-percent Transaction without a direct Transfer of Securities, and this Section 10.5, along with the other
provisions of this ARTICLE X, shall be interpreted to produce the same results, with such differences as the context requires or
as determined by the Board of Trustees, as a direct Transfer of Trust Securities.
Section 10.6 Legal
Proceedings; Prompt Enforcement. The Board of Trustees may authorize such additional actions, beyond those provided for or contemplated
by this ARTICLE X, to give effect to or in furtherance of the provisions of this ARTICLE X. Nothing in this Section 10.6
shall (a) be deemed inconsistent with any Transfer of the Excess Securities provided in this ARTICLE X being void ab initio,
(b) preclude the Trust in the sole discretion of the Board of Trustees from immediately bringing legal proceedings without a prior
demand, or (c) cause any failure of the Trust to act within any particular time period to constitute a waiver or loss of any right
of the Trust under this ARTICLE X.
Section 10.7 Liability.
To the fullest extent permitted by law and without limiting any other remedies of the Trust and related matters provided elsewhere in
these Bylaws or in the Declaration of Trust, any shareholder subject to the provisions of this ARTICLE X who knowingly violates the
provisions of this ARTICLE X and any Persons controlling, controlled by or under common control with such shareholder shall be jointly
and severally liable to the Trust for, and shall indemnify and hold the Trust harmless against, any and all damages suffered as a result
of such violation, including but not limited to damages resulting from a reduction in, or elimination of, the Trust’s (or any of
its subsidiaries’) ability or right to utilize its Tax Benefits, and attorneys’ and auditors’ fees incurred in connection
with such violation.
Section 10.8 Obligation
to Provide Information. As a condition to the registration of the Transfer of any Shares in the share register for the Trust, any
Person who is a beneficial, legal or record holder of Shares, and any proposed Transferee and any Person controlling, controlled by or
under common control with the proposed Transferee, shall provide such information as the Trust may request from time to time in order
to determine compliance with this ARTICLE X or the status of the Tax Benefits of the Trust (or any of its subsidiaries).
Section 10.9 Legend.
Unless otherwise provided by the Board of Trustees, each certificate or account statement evidencing or representing Shares (or securities
exercisable for or convertible into Shares) shall bear a legend with respect to the restrictions contained in this ARTICLE X in such
form as shall be prescribed by the Board of Trustees. Instead of the foregoing legend, the certificate or account statement may state
that the Trust will furnish a full statement about certain restrictions on transferability to a shareholder on request and without charge.
Section 10.10 Authority
of Board of Trustees.
(a) The
Board of Trustees shall have the power to determine all matters necessary for assessing compliance with this ARTICLE X, including,
without limitation, (i) the identification of 5-percent Shareholders, (ii) whether a Transfer is a 5-percent Transaction or
a Prohibited Transfer, (iii) the Percentage Share Ownership of any 5-percent Shareholder, (iv) whether an instrument constitutes
a Trust Security, (v) the application of Section 10.4, including, without limitation, the application of Article VII
of the Declaration of Trust to Excess Securities, and Section 10.5, and (vi) any other matters which the Board of Trustees
determines to be relevant. The determination of the Board of Trustees on all of the foregoing and any related matters shall be conclusive
and binding for all the purposes of this ARTICLE X.
(b) Nothing
contained in this ARTICLE X shall limit the authority of the Board of Trustees to take such other action to the extent permitted
by law as it deems necessary or advisable to protect the Trust and its shareholders in preserving the Tax Benefits. Without limiting the
generality of the foregoing, the Board of Trustees may, by adopting a written resolution, (i) accelerate or extend the Expiration
Date, (ii) modify the ownership interest percentage in the Trust or the Persons or groups covered by this ARTICLE X, (iii) modify
the definitions of any terms set forth in this ARTICLE X or (iv) modify the terms of this ARTICLE X as appropriate, in
each case, in order to prevent an ownership change for purposes of Section 382 of the Code as a result of any changes in applicable
Treasury Regulations or otherwise. Shareholders may be notified of such determination through a filing with the SEC or such other method
of notice as the Board of Trustees may determine. All actions, calculations, interpretations and determinations which are done or made
by the Board of Trustees shall be conclusive and binding on the Trust and all other parties for all other purposes of this ARTICLE X.
(c) The
Board of Trustees may delegate all or any portion of its duties and powers under this ARTICLE X to a committee of the Board of Trustees
as it deems necessary or advisable and, to the fullest extent permitted by law, may exercise the authority granted by this ARTICLE X
through duly authorized officers or agents of the Trust.
Section 10.11 Transactions
on a National Securities Exchange. Nothing in this ARTICLE X shall preclude the settlement of any transaction entered into through
the facilities of a national securities exchange or any automated inter-dealer quotation system. The fact that the settlement of any transaction
takes place shall not negate the effect of any other provision of this ARTICLE X and any transferor and transferee in such a transaction
shall be subject to all of the provisions and limitations set forth in this ARTICLE X.
Section 10.12 Reliance.
For purposes of determining the existence, identity and amount of any Trust Securities owned by any shareholder, the Trust is entitled
to rely on the existence and absence of filings of Schedule 13D or 13G under the Exchange Act (or similar filings), as of any date, subject
to its actual knowledge of the ownership of Trust Securities.
Section 10.13 Benefits
of this ARTICLE X. Nothing in this ARTICLE X shall be construed to give to any Person, other than the Trust and the Charitable
Trustee (as defined in Section 7.1 of the Declaration of Trust), any legal or equitable right, remedy or claim under this ARTICLE X.
This ARTICLE X shall be for the sole and exclusive benefit of the Trust and the Charitable Trustee.
Section 10.14 Severability.
If any provision of this ARTICLE X or the application of any such provision to any Person or under any circumstance shall be held
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision of this ARTICLE X.
Section 10.15 Waiver.
With regard to any power, remedy or right provided herein or otherwise available to the Trust under this ARTICLE X, (a) no waiver
will be effective unless authorized by the Board of Trustees and expressly contained in a writing signed by the Trust; and (b) no
alteration, modification or impairment will be implied by reason of any previous waiver, extension of time, delay or omission in exercise,
or other indulgence.
Section 10.16 Conflict.
If there shall be any conflict between the provisions of this ARTICLE X or the application thereof and the provisions of Article VII
of the Declaration of Trust or the application thereof to the matters addressed in this ARTICLE X, as contemplated by this ARTICLE X,
the provisions of this ARTICLE X and the application thereof shall control.
ARTICLE XI
FISCAL YEAR
Section 11.1 Fiscal
Year. The fiscal year of the Trust shall be the calendar year.
ARTICLE XII
DIVIDENDS AND OTHER DISTRIBUTIONS
Section 12.1 Dividends
and Other Distributions. Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized and
declared by the Board of Trustees. Dividends and other distributions may be paid in cash, property or shares of beneficial interest of
the Trust.
ARTICLE XIII
SEAL
Section 13.1 Seal.
The Board of Trustees may authorize the adoption of a seal by the Trust. The Board of Trustees may authorize one or more duplicate seals.
Section 13.2 Affixing
Seal. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements
of any law, rule or regulation relating to a seal to place the word “(SEAL)” adjacent to the signature of the
person authorized to execute the document on behalf of the Trust.
ARTICLE XIV
WAIVER OF NOTICE
Section 14.1 Waiver
of Notice. Whenever any notice is required to be given pursuant to the Declaration of Trust, these Bylaws or applicable law, a waiver
thereof in writing, signed by the person or persons entitled to such notice, or a waiver by electronic transmission by the person or persons
entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither
the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice or waiver by electronic transmission,
unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting,
except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that
the meeting is not lawfully called or convened.
ARTICLE XV
AMENDMENT OF BYLAWS
Section 15.1 Amendment
of Bylaws. Except for any change for which these Bylaws require approval by more than a majority vote of the Board of Trustees, these
Bylaws may be amended or repealed or new or additional Bylaws may be adopted only by the vote or written consent of a majority of the
Board of Trustees as specified in Section 3.10.
ARTICLE XVI
MISCELLANEOUS
Section 16.1 References
to Declaration of Trust. All references to the Declaration of Trust shall include any amendments and supplements thereto.
Section 16.2 Costs
and Expenses. In addition to, and as further clarification of each shareholder’s obligation to indemnify and hold the Trust
harmless pursuant to these Bylaws or Section 8.6 of the Declaration of Trust, to the fullest extent permitted by law, each shareholder
will be liable to the Trust (and any subsidiaries or affiliates thereof) for, and indemnify and hold harmless the Trust (and any subsidiaries
or affiliates thereof) from and against, all costs, expenses, penalties, fines or other amounts, including, without limitation, reasonable
attorneys’ and other professional fees, whether third party or internal, arising from such shareholder’s breach of or failure
to fully comply with any covenant, condition or provision of these Bylaws or the Declaration of Trust (including Section 2.14)
or any action by or against the Trust (or any subsidiaries or affiliates thereof) in which such shareholder is not the prevailing party,
and shall pay such amounts to such indemnitee on demand, together with interest on such amounts, which interest will accrue at the lesser
of eighteen percent (18%) per annum and the maximum amount permitted by law, from the date such costs or the like are incurred until the
receipt of payment.
Section 16.3 Ratification.
The Board of Trustees or the shareholders may ratify and make binding on the Trust any action or inaction by the Trust or its officers
to the extent that the Board of Trustees or the shareholders could have originally authorized the matter. Moreover, any action or inaction
questioned in any shareholder’s derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles
or practices of accounting, or otherwise, may be ratified, before or after judgment, by the Board of Trustees or by the shareholders and,
if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and
such ratification shall be binding upon the Trust and its shareholders and shall constitute a bar to any claim or execution of any judgment
in respect of such questioned action or inaction.
Section 16.4 Ambiguity.
In the case of an ambiguity in the application of any provision of these Bylaws or any definition contained in these Bylaws, the Board
of Trustees shall have the sole power to determine the application of such provisions with respect to any situation based on the facts
known to it and such determination shall be final and binding unless determined by a court of competent jurisdiction to have been made
in bad faith.
Section 16.5 Inspection
of Bylaws. The Trust shall keep at the principal office for the transaction of business of the Trust the original or a copy of these
Bylaws, as amended or otherwise altered to date, certified by the secretary, which shall be open to inspection by the shareholders at
all reasonable times during office hours.
Section 16.6 Election
to be Subject to Part of Title 3, Subtitle 8. Notwithstanding any other provision contained in the Declaration of Trust or these
Bylaws, the Trust hereby elects to be subject to Section 3-804(b) and (c) of Title 3, Subtitle 8 of the MGCL. This Section 16.6
only may be repealed, in whole or in part, by a subsequent amendment to these Bylaws.
Section 16.7 Control
Share Acquisition Act. Notwithstanding any other provision contained in the Declaration of Trust or these Bylaws, Title 3, Subtitle
7 of the MGCL shall not apply to any acquisition by any person of shares of beneficial interest of the Trust. This Section 16.7
may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may,
to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.
ARTICLE XVII
EXCLUSIVE FORUM FOR CERTAIN DISPUTES
Section 17.1 Exclusive
Forum. Other than any action arising under the Securities Act, the Circuit Court for Baltimore City, Maryland shall be the sole and
exclusive forum for (a) any Internal Corporate Claim, as such term is defined in the MGCL, (b) any derivative action or proceeding
brought on behalf of the Trust, (c) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer, manager,
agent or employee of the Trust to the Trust or the shareholders, (d) any action asserting a claim against the Trust or any Trustee,
officer, manager, agent or employee of the Trust arising pursuant to Maryland law, any provisions of the Maryland REIT Law, any applicable
provisions of the MGCL, the Declaration of Trust or these Bylaws, including any disputes, claims or controversies brought by or on behalf
of any shareholder (which, for purposes of this ARTICLE XVII, shall mean any shareholder of record or any beneficial owner of any
class or series of shares of beneficial interest of the Trust, or any former holder of record or beneficial owner of any class or series
of shares of beneficial interest of the Trust), either on his, her, their or its own behalf, on behalf of the Trust or on behalf of any
series or class of shares of beneficial interest of the Trust or shareholders against the Trust or any Trustee, officer, manager, agent
or employee of the Trust, including any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance
or enforcement of the Declaration of Trust or these Bylaws, including this ARTICLE XVII, and (e) any action asserting a claim
against the Trust or any Trustee, officer, manager, agent or employee of the Trust governed by the internal affairs doctrine of the State
of Maryland.
Unless the Trust consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest
extent permitted by law, be the sole and exclusive forum for the resolution of any claim arising under the Securities Act; provided, however,
that if the foregoing provisions of this paragraph are, or the application of such provisions to any person or entity or any circumstance
is, illegal, invalid or unenforceable, the sole and exclusive state court forum for any claim arising under the Securities Act shall be
the circuit courts of the State of Maryland.
Failure to enforce any of
the foregoing provisions of this ARTICLE XVII would cause the Trust irreparable harm and the Trust shall be entitled to equitable
relief, including injunctive relief and specific performance (without the need to post bond), to enforce the foregoing provisions. Any
person or entity purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be deemed
to have notice of and consented to the provisions of this ARTICLE XVII.
Exhibit 3.3
OFFICE
PROPERTIES INCOME TRUST
SECONDTHIRD
AMENDED AND RESTATED BYLAWS
As of June 13, 20232024
TABLE OF CONTENTS
|
|
Page |
ARTICLE I OFFICES |
1 |
Section 1.1 |
Principal Office |
1 |
Section 1.2 |
Additional Offices |
1 |
ARTICLE II MEETINGS OF SHAREHOLDERS |
1 |
Section 2.1 |
Place |
1 |
Section 2.2 |
Annual Meeting |
1 |
Section 2.3 |
Special Meetings |
1 |
Section 2.4 |
Notice of Regular or Special Meetings |
1 |
Section 2.5 |
Notice of Adjourned Meetings |
2 |
Section 2.6 |
Meeting Business |
2 |
Section 2.7 |
Organization of Shareholder Meetings |
2 |
Section 2.8 |
Quorum |
3 |
Section 2.9 |
Voting |
3 |
Section 2.10 |
Proxies |
4 |
Section 2.11 |
Record Date |
4 |
Section 2.12 |
Voting of Shares by Certain Holders |
4 |
Section 2.13 |
Inspectors |
4 |
Section 2.14 |
Nominations and Other Proposals to be Considered at Meetings of Shareholders |
5 |
Section 2.15 |
No Shareholder Actions by Written Consent |
14 |
Section 2.16 |
Voting by Ballot |
14 |
Section 2.17 |
Proposals of Business Which Are Not Proper Matters For Action By Shareholders |
14 |
Section 2.18 |
Proxy Access for Trustee Nominations |
15 |
ARTICLE III TRUSTEES |
21 |
Section 3.1 |
General Powers; Qualifications; Trustees Holding Over |
21 |
Section 3.2 |
Independent Trustees and Managing Trustees |
22 |
Section 3.3 |
Number and Tenure |
22 |
Section 3.4 |
Annual and Regular Meetings |
22 |
Section 3.5 |
Special Meetings |
22 |
Section 3.6 |
Notice |
22 |
Section 3.7 |
Quorum |
23 |
Section 3.8 |
Voting |
23 |
Section 3.9 |
Telephone Meetings |
23 |
Section 3.10 |
Action by Written Consent of Trustees |
23 |
Section 3.11 |
Waiver of Notice |
24 |
Section 3.12 |
Vacancies |
24 |
Section 3.13 |
Compensation |
24 |
Section 3.14 |
Surety Bonds |
24 |
Section 3.15 |
Reliance |
24 |
Section 3.16 |
Interested Trustee Transactions |
24 |
Section 3.17 |
Certain Rights of Trustees, Officers, Employees and Agents |
24 |
Section 3.18 |
Emergency Provisions |
25 |
Section 3.19 |
Removal for Cause |
25 |
ARTICLE IV COMMITTEES |
25 |
Section 4.1 |
Number; Tenure and Qualifications |
25 |
Section 4.2 |
Powers |
25 |
Section 4.3 |
Meetings |
26 |
Section 4.4 |
Telephone Meetings |
26 |
Section 4.5 |
Action by Written Consent of Committees |
26 |
Section 4.6 |
Changes and Vacancies |
26 |
ARTICLE V OFFICERS |
26 |
Section 5.1 |
General Provisions |
26 |
Section 5.2 |
Removal and Resignation |
27 |
Section 5.3 |
Vacancies |
27 |
Section 5.4 |
President |
27 |
Section 5.5 |
Chief Operating Officer |
27 |
Section 5.6 |
Chief Financial Officer |
27 |
Section 5.7 |
Vice Presidents |
27 |
Section 5.8 |
Secretary |
28 |
Section 5.9 |
Treasurer |
28 |
Section 5.10 |
Assistant Secretaries and Assistant Treasurers |
28 |
ARTICLE VI CONTRACTS, LOANS, CHECKS AND DEPOSITS |
28 |
Section 6.1 |
Contracts |
28 |
Section 6.2 |
Checks and Drafts |
28 |
Section 6.3 |
Deposits |
28 |
ARTICLE VII SHARES |
29 |
Section 7.1 |
Certificates |
29 |
Section 7.2 |
Transfers |
29 |
Section 7.3 |
Lost Certificates |
29 |
Section 7.4 |
Closing of Transfer Books or Fixing of Record Date |
29 |
Section 7.5 |
Share Ledger |
30 |
Section 7.6 |
Fractional Shares; Issuance of Units |
30 |
ARTICLE VIII INDEMNIFICATION AND ADVANCEMENT OF EXPENSES |
30 |
Section 8.1 |
Indemnification and Advancement of Expenses |
30 |
ARTICLE IX REGULATORY COMPLIANCE AND DISCLOSURE |
31 |
Section 9.1 |
Actions Requiring Regulatory Compliance Implicating the Trust |
31 |
Section 9.2 |
Compliance With Law |
32 |
Section 9.3 |
Limitation on Voting Shares or Proxies |
32 |
Section 9.4 |
Representations, Warranties and Covenants Made to Governmental or Regulatory Bodies |
32 |
Section 9.5 |
Board of Trustees’ Determinations |
32 |
ARTICLE X FISCAL YEARRestrictions on transfer AND OWNERSHIP of shares |
32 |
Section 10.1 |
Fiscal YearDefinitions |
32 |
Section 10.2 |
Transfer and Ownership Restrictions |
34 |
Section 10.3 |
Exceptions |
35 |
Section 10.4 |
Excess Securities |
35 |
Section 10.5 |
Modification of Remedies for Certain Indirect Transfers |
36 |
Section 10.6 |
Legal Proceedings; Prompt Enforcement |
36 |
Section 10.7 |
Liability |
36 |
Section 10.8 |
Obligation to Provide Information |
36 |
Section 10.9 |
Legend |
36 |
Section 10.10 |
Authority of Board of Trustees |
37 |
Section 10.11 |
Transactions on a National Securities Exchange |
37 |
Section 10.12 |
Reliance |
37 |
Section 10.13 |
Benefits of this ARTICLE X |
37 |
Section 10.14 |
Severability |
38 |
Section 10.15 |
Waiver |
38 |
Section 10.16 |
Conflict |
38 |
ARTICLE XI FISCAL YEAR |
38 |
Section 11.1 |
Fiscal Year |
38 |
ARTICLE XIXII DIVIDENDS AND OTHER DISTRIBUTIONS |
3238 |
Section 11.112.1 |
Dividends and Other Distributions |
3238 |
ARTICLE XIIXIII SEAL |
3238 |
Section 12.113.1 |
Seal |
3238 |
Section 12.213.2 |
Affixing Seal |
3338 |
ARTICLE XIIIXIV WAIVER OF NOTICE |
3339 |
Section 13.114.1 |
Waiver of Notice |
3339 |
ARTICLE XIVXV AMENDMENT OF BYLAWS |
3339 |
Section 14.115.1 |
Amendment of Bylaws |
3339 |
ARTICLE XVXVI MISCELLANEOUS |
3339 |
Section 15.116.1 |
References to Declaration of Trust |
3339 |
Section 15.216.2 |
Costs and Expenses |
3339 |
Section 15.316.3 |
Ratification |
3440 |
Section 15.416.4 |
Ambiguity |
3440 |
Section 15.516.5 |
Inspection of Bylaws |
3440 |
Section 15.616.6 |
Election to be Subject to Part of Title 3, Subtitle 8 |
3440 |
Section 15.716.7 |
Control Share Acquisition Act |
3440 |
ARTICLE XVI ARBITRATION PROCEDURES FOR DISPUTES |
41 |
Section 16.1 |
Procedures for Arbitration of Disputes |
41 |
Section 16.2 |
Arbitrators |
41 |
Section 16.3 |
Place of Arbitration |
42 |
Section 16.4 |
Discovery |
42 |
Section 16.5 |
Awards |
42 |
Section 16.6 |
Costs and Expenses |
42 |
Section 16.7 |
Appeals |
42 |
Section 16.8 |
Final and Binding |
42 |
Section 16.9 |
Beneficiaries |
43 |
ARTICLE XVII EXCLUSIVE FORUM FOR CERTAIN DISPUTES |
3743 |
Section 17.1 |
Exclusive Forum |
3743 |
OFFICE
PROPERTIES INCOME TRUST
SECONDThird
AMENDED AND RESTATED BYLAWS
These SECONDTHIRD
AMENDED AND RESTATED BYLAWS (these “Bylaws”) of Office Properties Income Trust (the “Trust”) are
made as of the date set forth above by the Board of Trustees of the Trust (the “Board of Trustees” or “Board,”
and each member thereof, a “Trustee”).
ARTICLE I
OFFICES
Section 1.1 Principal
Office. The principal office of the Trust shall be located at such place or places as the Board of Trustees may designate.
Section 1.2 Additional
Offices. The Trust may have additional offices at such places as the Board of Trustees may from time to time determine or the business
of the Trust may require.
ARTICLE II
MEETINGS
OF SHAREHOLDERS
Section 2.1 Place.
All meetings of shareholders shall be held at the principal office of the Trust or at such other place as is designated by the Board of
Trustees, a Managing Trustee (as defined in Section 3.2) or the president.
Section 2.2 Annual
Meeting. An annual meeting of the shareholders for the election of Trustees and the
transaction of any business within the powers of the Trust shall be held at such times as the Board
of Trustees may designate. Failure to hold an annual meeting does not invalidate the Trust’s existence or affect any otherwise
valid acts of the Trust.
Section 2.3 Special
Meetings. Special meetings of shareholders may be called only by a majority of the Trustees then in office. If there shall be no Trustees,
the officers of the Trust shall promptly call a special meeting of the shareholders entitled
to vote for the election of successor Trustees for the purpose of electing Trustees.
Section 2.4 Notice
of Regular or Special Meetings. Notice given in writing or by electronic transmission specifying the place, day and hourtime
of any regular or special meeting, the purposes of the meeting, to the extent required by law to be provided, and all other matters required
by law shall be given to each shareholder of record entitled to vote, sent to his or,
her, their or its address appearing on the books of the Trust or theretofore
given by him or her to the Trust for the purpose of notice, by presenting it to such shareholder personally, by leaving it at the shareholder’s
residence or usual place of business or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given
once deposited in the U.S. mail addressed to the shareholder at his or,
her, their or its post office address as it appears on the records
of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to
the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic
transmissions. It shall be the duty of the secretary to give notice of each meeting of the shareholders.
The Trust may give a single notice to all shareholders who share an address, which single notice shall be effective to any shareholder
at such address, unless a shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice.
Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of
any meeting fixed in accordance with this ARTICLE II or the validity of any proceedings at any such meeting.
Section 2.5 Notice
of Adjourned Meetings. It shall not be necessary to give notice of the time and place of any adjourned meeting or of the business
to be transacted thereat other than by announcement at the meeting at which such adjournment is taken.
Section 2.6 Meeting
Business. Except as otherwise expressly set forth in the Declaration
of Trust or elsewhere in these Bylaws, no business shall be transacted at an annual or special meeting of shareholders except
as specifically designated in the notice or otherwise properly brought before the meeting of shareholders by or at the direction of the
Board of Trustees.
Section 2.7 Organization
of Shareholder Meetings. Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be
chairpersonchair
of the meeting or, in the absence of such appointment or the absence of the appointed individual, by one of the following officers present
at the meeting in the following order: the chairman of the board, if there be one, a Managing Trustee (in their order of seniority), the
president, the vice presidents (in their order of seniority), the secretary, or, in the absence of such officers, a chairpersonchair
chosen by the shareholders by the vote of holders of shares of beneficial interest representing a majority of the votes cast on such appointment
by shareholders present in person or represented by proxy. The secretary, an assistant secretary or a person appointed by the Board
of Trustees or, in the absence of such appointment, a person appointed by the chairpersonchair
of the meeting shall act as secretary of the meeting and record the minutes of the meeting. If the secretary presides as chairpersonchair
at a meeting of the shareholders, then the secretary shall not also act as secretary
of the meeting and record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders
shall be determined by the chairpersonchair
of the meeting. The chairpersonchair
of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairpersonchair,
are appropriate for the proper conduct of the meeting, including, without limitation: (a) restricting admission to the time set for
the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized
proxies or other such persons as the chairpersonchair
of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled
to vote on such matter, their duly authorized proxies or other such persons as the chairpersonchair
of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) determining when
and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting;
(g) removing any shareholder or other person who refuses to comply with meeting procedures, rules or guidelines as set forth
by the chairpersonchair
of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced
at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Without limiting
the generality of the powers of the chairpersonchair
of the meeting pursuant to the foregoing provisions, the chairpersonchair
may adjourn any meeting of shareholders for any reason deemed necessary by the chairpersonchair,
including, without limitation,:
if (i) no quorum is present for the transaction of the business,;
(ii) the Board of Trustees or the chairpersonchair
of the meeting determines that adjournment is necessary or appropriate to enable the shareholders to consider fully information that the
Board of Trustees or the chairpersonchair
of the meeting determines has not been made sufficiently or timely available to shareholders;
or (iii) the Board of Trustees or the chairpersonchair
of the meeting determines that adjournment is otherwise in the best interests of the Trust. Unless otherwise determined by the chairpersonchair
of the meeting, meetings of shareholders shall not be required to be held in accordance with the general rules of parliamentary procedure
or any otherwise established rules of order.
Section 2.8 Quorum.
At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to castholding
or representing not less than a majority of all the votestotal
outstanding shares of beneficial interest entitled to be castvoted
at such meeting shall constitute a quorum for the transaction of business
at that meeting; but this sectionSection 2.8
shall not affect any requirement under any statute or the Declaration of Trust for the vote necessary for the adoption of any measure.
If, however, such quorum shall not be present at any meeting of the shareholders, the
chairpersonchair
of the meeting shall have the power to adjourn the meeting from time to time without the Trust having to set a new record date or provide
any additional notice of such meeting, subject to any obligation of the Trust to give notice pursuant to Section 2.5. At such
adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as
originally notified. The shareholders present, either in person or by proxy, at a meeting of shareholders which has been duly called and
convened and at which a quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal of
enough votes to leave less than a quorum then being present at the meeting.
Section 2.9 Voting.
(a) Except as may be mandated by applicable law or the listing requirements of
the principal exchange on which the Trust’s common shares of beneficial interest are listed, and subject to the provisions of
any class or series of shares of beneficial interest of the Trust hereafter authorized and then outstanding, a plurality of all the
votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee. Each
share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be
voted.
(b) With
regard to any other matter which may properly come before a meeting of shareholders duly called and at which a quorum is present, and
except as may be mandated by applicable law, by the listing requirements of the principal exchange on which the Trust’s common shares
of beneficial interest are listed or by a specific provision of the Declaration of Trust, the vote required for approval shall be the
affirmative vote of seventy-five percent (75%) of the votes entitled to be cast for each such matter unless such matter has been previously
approved by the Board of Trustees, in which case the vote required for approval shall be a majority of the votes cast at a meeting of
shareholders duly called and at which a quorum is present.
Section 2.10 Proxies.
A shareholder may cast the votes entitled to be cast by him or her either in person or by proxy executed by the shareholder or by his or, her,
their or its duly authorized agent in any manner permitted by law. Such proxy shall be filed with such officer of the Trust or
third party agent as the Board of Trustees shall have designated for such purpose for verification at or prior to such meeting. Any proxy
relating to the Trust’s shares of beneficial interest of
the Trust shall be valid until the expiration date therein or, if no expiration is so indicated, for such period as is permitted
pursuant to Maryland law. At a meeting of shareholders, all questions concerning the qualification of voters, the validity of proxies,
and the acceptance or rejection of votes, shall be decided by or on behalf of the chairpersonchair
of the meeting, subject to Section 2.13.
Section 2.11 Record
Date. The Board of Trustees may fix the date for determination of shareholders entitled to notice of and to vote at a meeting of shareholders.
If no date is fixed for the determination of the shareholders entitled to vote at any meeting of shareholders, only persons in whose names
shares entitled to vote are recorded on the share records of the Trust on the later of: (i) the close of business on the day on which
notice of such meeting of shareholders is first mailed by the Trust or (ii) the thirtieth (30th) day before the date of such meeting
shall be entitled to vote at such meeting.
Section 2.12 Voting
of Shares by Certain Holders. Shares of beneficial interest of the Trust registered in the name of a corporation, partnership, trust
or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner, managing member or trustee
thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed
to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote
such shares. Any trustee or other fiduciary may vote shares registered in his or,
her or their name as such fiduciary, either in person or by
proxy. Notwithstanding the apparent authority created by the prior two sentences of this Section 2.12, the Board of Trustees
or the chairpersonchair
of the meeting may require that such person acting for a corporation, partnership, trust or other entity provide documentary evidence
of his or, her or
their authority to vote such shares and of the fact that the beneficial owner of such shares has been properly solicited and authorized
such person to vote as voted, and in the absence of such satisfactory evidence, the Board of Trustees or the chairpersonchair
may determine whether such votes have not
been validly cast.
Section 2.13 Inspectors.
(a)
Before or at any meeting of shareholders, the chairpersonchair
of the meeting may appoint one or more persons as inspectors for such meeting. SuchExcept
as otherwise provided by the chair of the meeting, such inspectors, if any, shall:
(i) ascertain and report the number of shares of beneficial interest represented at the meeting, in person or by proxy, and the
validity and effect of proxies,;
(ii) receive and tabulate all votes, ballots or consents,;
(iii) report such tabulation to the chairpersonchair
of the meeting; and (iv) perform such other acts as are
proper to conduct the election or voting at the meeting. In the absence of such a
specialan appointment, the secretary may act as
the inspector.
(b) Each
report of an inspector shall be in writing and signed by him or her. The report of the inspector or inspectors on the number of shares
represented at the meeting and the results of the voting shall be prima facie evidence thereof.
Section 2.14 Nominations
and Other Proposals to be Considered at Meetings of Shareholders. Nominations of individuals for election to the Board of Trustees
and the proposal of other business to be considered by the shareholders at meetings of shareholders may be properly brought before the
meeting only as set forth in this Section 2.14 or Section 2.18. Nothing in this Section 2.14 shall
be deemed to affect any right of a shareholder to request inclusion of a non-binding precatory proposal in, or the right of the Trust
to omit a proposal from, any proxy statement filed by the Trust with the U.S. Securities and Exchange Commission (the “SEC”)
pursuant to Rule 14a-8 (or any successor provision) under the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder (the “Exchange Act”). All judgments and determinations
made by the Board of Trustees or the chairpersonchair
of the meeting, as applicable, under this Section 2.14 (including, without limitation, judgments and determinations as to
the propriety of a proposed nomination or a proposal of other business for consideration by shareholders) shall be final and binding unless
determined to have been made in bad faith.
Section 2.14.1 Annual
Meetings of Shareholders.
(a) Any
shareholder may recommend to the Nominating and Governance Committee of the Board of Trustees an individual as a nominee for election
to the Board of Trustees. Such recommendation shall be made by written notice to the Chairchair
of such committee and the secretary, which notice should contain or be accompanied by the information and documents with respect to such
recommended nominee and shareholder that such shareholder believes to be relevant or helpful to the Nominating and Governance Committee’s
deliberations. In considering such recommendation, the Nominating and Governance Committee may request additional information concerning
the recommended nominee or the shareholder(s) making the recommendation. The Nominating and Governance Committee of the Board of
Trustees will consider any such recommendation in its discretion. Any shareholder seeking to make a nomination of an individual for election
to the Board of Trustees at an annual meeting of shareholders must make such nomination in accordance with Section 2.14.1(b)(ii) or
Section 2.18.
(b) Nominations
of individuals for election to the Board of Trustees and the proposal of other business to be considered by the shareholders at an annual
meeting of shareholders may be properly brought before the meeting:
(i) pursuant to the Trust’s notice of meeting or otherwise properly brought before the meeting by or at the direction of the
Board of Trustees; or (ii) by any one or more shareholders who,
(A) have each continuously Owned (as defined below) shares of beneficial interest of the Trust entitled to vote in the election of
Trustees or on a proposal of other business, for at least three (3) years as of the date of the giving of the notice provided for
in Section 2.14.1(c), the record date for determining the shareholders entitled to vote at the meeting and the time of the
annual meeting (including any adjournment or postponement thereof), with the aggregate shares Owned by such shareholder(s) as of
each of such dates and during such three (3) year period representing at least one percent (1%) of the Trust’s
shares of beneficial interest of the Trust, (B) holds,
or hold, a certificate or certificates evidencing the aggregate number of shares of beneficial interest of the Trust referenced in subclause
(A) of this Section 2.14.1(b)(ii) as of the time of giving the notice provided for in Section 2.14.1(c),
the record date for determining the shareholders entitled to vote at the meeting and the time of the annual meeting (including any adjournment
or postponement thereof), (C) is, or are, entitled to make such nomination or propose such other business and to vote at the meeting
on such election or proposal of other business, (D) complies, or comply, with the notice procedures set forth in this Section 2.14
as to such nomination or proposal of other business, and (E) in connection with a nomination for election to the Board of Trustees,
complies or comply, with the requirements of Rule 14a-19 promulgated under the Exchange Act. For purposes of this Section 2.14,
a shareholder shall be deemed to “Own” or have “Owned” only those outstanding shares of the
Trust’s shares of beneficial interest of the Trust
as to which the shareholder possesses both the full voting and investment rights pertaining to such shares and the full economic
interest in (including the opportunity for profit from and risk of loss on) such shares; provided that the number of shares calculated
in accordance with the foregoing shall not include any shares, (x) sold
by such shareholder or any of its affiliates in any transaction that has not been settled or closed, (y) borrowed by such shareholder
or any of its affiliates for any purposes or purchased by such shareholder or any of its affiliates pursuant to an agreement to resell
or (z) subject to any option, warrant, forward contract, swap, contract of sale, or other derivative or similar instrument or agreement
entered into by such shareholder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with
cash based on the notional amount or value of outstanding shares of beneficial interest of the Trust, in any such case which instrument
or agreement has, or is intended to have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the
future, such shareholder’s or its affiliates’ full right to vote or direct the voting of any such shares and/or (2) hedging,
offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares
by such shareholder or affiliate. Without limiting the foregoing, to the extent not excluded by the immediately preceding sentence, a
shareholder’s “short position” as defined in Rule 14e-4 under the Exchange Act shall be deducted from the shares
otherwise “Owned.” A shareholder shall “Own” shares held in the name of a nominee or other intermediary so long
as the shareholder retains the right to instruct how the shares are voted with respect to the election of Trustees or the proposal of
other business and possesses the full economic interest in the shares. For purposes of this Section 2.14, the term “affiliate”
or “affiliates” shall have the meaning ascribed thereto under the General Rules and Regulations under the Exchange Act.
For purposes of this Section 2.14, the period of continuous Ownership of shares must be evidenced by documentation accompanying
the nomination or proposal. The terms “Owned,” “Owning” and other variations of the word “Own” shall
have correlative meanings. Whether shares are “Owned” for purposes of this Section 2.14 shall be determined by
the Board of Trustees.
(c) For
nominations for election to the Board of Trustees or other business to be properly brought before an annual meeting by one or more shareholders
pursuant to this Section 2.14.1, such shareholder(s) shall have given timely notice thereof in writing to the secretary
in accordance with this Section 2.14 and such other business shall otherwise be a proper matter for action by shareholders.
To be timely, the notice of such shareholder(s) shall include all documentation and set forth all information required under this
Section 2.14 and shall be delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern
Time) on the one-hundred twentieth (120th) day nor earlier than the one-hundred fiftieth (150th) day prior to the first (1st) anniversary
of the date of the proxy statement for the preceding year’s annual meeting; provided, however, that if the annual
meeting is called for a date that is more than thirty (30) days earlier or later than the first (1st) anniversary of the date of the preceding
year’s annual meeting, notice by such shareholder(s) to be timely shall be so delivered not later than 5:00 p.m. (Eastern
Time) on the tenth (10th) day following the earlier of the day on which:
(i) notice of the date of the annual meeting is mailed or otherwise made available;
or (ii) public announcement of the date of the annual meeting is first made by the Trust. Neither the postponement or adjournment
of an annual meeting, nor the public announcement of such postponement or adjournment, shall commence a new time period (or extend any
time period) for the giving of a notice of one or more shareholders as described above.
A notice of one or more shareholders
pursuant to this Section 2.14.1(c) shall set forth:
(i) separately
as to each individual whom such shareholder(s) propose to nominate for election or reelection as a Trustee (a
“Proposed Nominee”),:
(1) the name, age, business address, residence address and educational and
professional background of such Proposed Nominee,; (2) a
statement of whether such Proposed Nominee is proposed for nomination as an Independent Trustee (as defined in Section 3.2)
or a Managing Trustee and a description of such Proposed Nominee’s qualifications to be an Independent Trustee or Managing
Trustee, as the case may be, and such Proposed Nominee’s qualifications to be a Trustee pursuant to the criteria set forth in Section 3.1,; (3) the
class, series and number of any shares of beneficial interest of the Trust that are, directly or indirectly, beneficially owned or
owned of record by such Proposed Nominee,; (4) a
description of the material terms of each Derivative Transaction (as
defined below) that such Proposed Nominee directly or indirectly, has an interest in, including, without limitation, the
counterparties to each Derivative Transaction, the class or series and number or amount of securities of the Trust to which each
Derivative Transaction relates or provides exposure, and whether or not,
(x) such Derivative Transaction conveys any voting rights directly or indirectly, to such Proposed Nominee, (y) such
Derivative Transaction is required to be, or is capable of being, settled through delivery of securities of the Trust, and
(z) such Proposed Nominee and/or, to their knowledge, the counterparty to such Derivative Transaction has entered into other
transactions that hedge or mitigate the economic effect of such Derivative Transaction,; (5) a
description of all direct and indirect compensation and other agreements, arrangements and understandings or any other
relationships, between or among any shareholder making the nomination, or any of its respective affiliates and associates, or others
acting in concert therewith, on the one hand, and such Proposed Nominee, or his
or, her or
their respective affiliates and associates, on the other hand,;
and (6) all other information relating to such Proposed Nominee that would be required to be disclosed in connection with a
solicitation of proxies for election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not
involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Section 14 (or any
successor provision) of the Exchange Act, and the rules and regulations promulgated
thereunder, or that would otherwise be required to be disclosed
pursuant to the rules of any national securities exchange on which any securities of the Trust are listed or traded;
(ii) as
to any other business that such shareholder(s) propose to bring before the meeting,:
(1) a description of such business,;
(2) the reasons for proposing such business at the meeting and any material interest in such business of such shareholder(s) or
any Shareholder Associated Person (as defined in Section 2.14.1(g)), including any anticipated benefit to such shareholder(s) or
any Shareholder Associated Person therefrom,;
(3) a description of all agreements, arrangements and understandings between such shareholder(s) and Shareholder Associated
Person amongst themselves or with any other person or persons (including their names) in connection with the proposal of such business
by such shareholder(s); and (4) a representation that such shareholder(s) intend
to appear in person or by proxy at the meeting to bring the business before the meeting;
(iii) separately
as to each shareholder giving the notice and any Shareholder Associated Person,:
(1) the class, series and number of all shares of beneficial interest of the Trust that are owned of record by such shareholder or
by such Shareholder Associated Person, if any,;
and (2) the class, series and number of, and the nominee holder for, any shares of beneficial interests of the Trust that are, directly
or indirectly, beneficially owned but not owned of record by such shareholder or by such Shareholder Associated Person, if any;
(iv) separately
as to each shareholder giving the notice and any Shareholder Associated Person,:
(1) a description of all purchases and sales of securities of the Trust by such shareholder or Shareholder Associated Person during
the period of continuous Ownership required by Section 2.14.1(b)(ii), including the date of the transactions, the class, series
and number of securities involved in the transactions and the consideration involved,;
(2) a description of the material terms of each Derivative Transaction that such shareholder or Shareholder Associated Person, directly
or indirectly, has, or during the period of continuous Ownership required by Section 2.14.1(b)(ii) had, an interest in,
including, without limitation, the counterparties to each Derivative Transaction, the class or series and number or amount of securities
of the Trust to which each Derivative Transaction relates or provides exposure, and whether or not,
(x) such Derivative Transaction conveys or conveyed any voting rights, directly or indirectly, to such shareholder or Shareholder
Associated Person, (y) such Derivative Transaction is or was required to be, or is or was capable of being, settled through delivery
of securities of the Trust, and (z) such shareholder or Shareholder
Associated Person and/or, to their knowledge, the counterparty to such Derivative Transaction has or had entered into other transactions
that hedge or mitigate the economic effect of such Derivative Transaction,;
(3) a description of the material terms of any performance related fees (other than an asset based fee) to which such shareholder
or Shareholder Associated Person is entitled based on any increase or decrease in the value of shares of beneficial interest of the Trust
or instrument or arrangement of the type contemplated within the definition of Derivative Transaction,;
and (4) any rights to dividends or other distributions on the shares of beneficial interest of the Trust that are beneficially owned
by such shareholder or Shareholder Associated Person that are separated or separable from the underlying shares of beneficial interest
of the Trust;
(v) separately
as to each shareholder giving the notice and any Shareholder Associated Person with a material interest described in clause (ii)(2) above,
an ownership interest described in clause (iii) above or a transaction or right described in clause (iv) above,:
(1) the name and address of such shareholder and Shareholder Associated Person,;
and (2) all information relating to such shareholder and Shareholder Associated Person that would be required to be disclosed
in connection with a solicitation of proxies for election of Trustees in an election contest (even if an election contest is not involved),
or would otherwise be required in connection with such solicitation, in each case pursuant to Section 14 (or any successor provision)
of the Exchange Act and the rules and regulations promulgated thereunder, or
that would otherwise be required to be disclosed pursuant to the rules of any national securities exchange on which any securities
of the Trust are listed or traded;
(vi) to
the extent known by the shareholder(s) giving the notice, the name and address of any other person who beneficially owns or owns
of record any shares of beneficial interest of the Trust and who supports the nominee for election or reelection as a Trustee or the proposal
of other business; and
(vii) in
connection with a nomination for election to the Board of Trustees, all other information required by Rule 14a-19 under the Exchange
Act.
(d) A
notice of one or more shareholders making a nomination or proposing other business pursuant to Section 2.14.1(c) shall
be accompanied by a sworn verification of each shareholder making the nomination or proposal as to such shareholder’s continuous
Ownership of the shares referenced in subclause (A) of Section 2.14.1(b)(ii) throughout the period referenced in
such subclause, together with: (i) a copy of the share certificate(s) referenced
in subclause (B) of Section 2.14.1(b)(ii) above; (ii) if any such shareholder was not a shareholder of record
of the shares referenced in subclause (A) of Section 2.14.1(b)(ii) above continuously for the three (3) year
period referenced therein, reasonable evidence of such shareholder’s continuous beneficial ownership of such shares during such
three (3) year period, such reasonable evidence may include, but shall not be limited to, (A) a copy of a report of the shareholder
on Schedule 13D or Schedule 13G under the Exchange Act filed on or prior to the beginning of the three (3) year period and all amendments
thereto, (B) a copy of a statement required to be filed pursuant to Section 16 (or
any successor provision) of the Exchange Act (or any successor provisions) by
a person who is a Trustee or who is directly or indirectly the beneficial owner of more than ten percent (10%) of the shares of beneficial
interest of the Trust filed on or prior to the beginning of the three (3) year period and all amendments thereto, or (C) written
evidence that each shareholder making the nomination or proposal maintained throughout the chain of record and non-record ownership continuous
Ownership of such shares (i.e. possession of full voting and investment rights pertaining to, and full economic interest in, such shares)
throughout the required period, including written verification of such Ownership from each person who was the “record” holder
of such shares during such period (including, if applicable, the Depository Trust Company) and each participant of the Depository Trust
Company, financial institution, broker-dealer or custodian through which the shares were Owned; and (iii) with respect to nominations,
(A) a completed and executed questionnaire required of the Trustees (in the form available from the secretary) of each Proposed Nominee
with respect to his or,
her or their background and qualification to serve as a Trustee, the
background of any other person or entity on whose behalf the nomination is being made and the information relating to such Proposed Nominee
and such other person or entity that would be required to be disclosed in connection with a solicitation of proxies for election of the
Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in
connection with such solicitation, in each case pursuant to Section 14 (or any successor provision) of the Exchange Act, and
the rules and regulations promulgated thereunder, or that would otherwise be required to be disclosed pursuant to
the rules of any national securities exchange on which any securities of the Trust are listed or traded, and (B) a representation
and agreement (in the form available from the secretary) executed by each Proposed Nominee pursuant to which such Proposed Nominee:
(1) represents and agrees that he or,
she isor they are
not and will not become a party to any agreement, arrangement or understanding with, and does not have any commitment and has not given
any assurance to, any person or entity, in each case that has not been previously disclosed to the Trust, (x) as to how he or,
she or they, if elected as a Trustee, will act or vote on any issue
or question, or (y) that could limit or interfere with his or,
her or their ability to comply, if elected as a Trustee, with his or, her or
their duties to the Trust,;
(2) represents and agrees that he or,
she isor they are
not and will not become a party to any agreement, arrangement or understanding with any person or entity, other than the Trust, with respect
to any direct or indirect compensation, reimbursement or indemnification in connection with or related to his or,
her or their service as, or any action or omission in his or,
her or their capacity as, a Trustee that has not been previously disclosed
to the Trust,; (3) represents
and agrees that if elected as a Trustee, he or,
she or they will be in compliance with and will comply with, applicable
law and all applicable publicly disclosed corporate governance, conflict of interest, corporate opportunity, confidentiality and share
ownership and trading policies and guidelines of the Trust; and (4) consents
to being named as a nominee and to serving as a Trustee if elected.
(e) Any
shareholder(s) providing notice of a proposed nomination or other business to be considered at an annual meeting of shareholders
shall further update and supplement such notice, (i) if necessary, so that the information provided or required to be provided in
such notice pursuant to this Section 2.14 is true and correct as of the record date for such annual meeting and as of a date
that is ten (10) business days prior to such annual meeting, and any such update shall be delivered to the secretary at the principal
executive offices of the Trust not later than the close of business on the fifth (5th) business day after the record date (in the case
of an update or supplement required to be made as of the record date), and not later than the close of business on the eighth (8th) business
day prior to the date of the annual meeting (in the case of an update or supplement required to be made as of ten (10) business days
prior to the meeting) and (ii) in connection with a nomination for election to the Board of Trustees, to provide evidence that the
shareholder(s) providing notice of a proposed nomination has solicited proxies from holders representing at least sixty-seven percent
(67%) of the voting power of the shares of beneficial interest of the Trust entitled to vote in the election of trustees, and such update
and supplement shall be delivered to or be mailed and received by the secretary at the principal executive offices of the Trust not later
than five (5) business days after the shareholder files a definitive proxy statement in connection with such annual meeting of shareholders.
(f) A
shareholder making a nomination or proposal of other business for consideration at an annual meeting may withdraw the nomination or proposal
at any time before the annual meeting. After the period specified in the second sentence of Section 2.14.1(c), a shareholder
nomination or proposal of other business for consideration at an annual meeting may only be amended with the permission of the Board of
Trustees. Notwithstanding anything in the second sentence of Section 2.14.1(c) to the contrary, if the number of Trustees
to be elected to the Board of Trustees is increased and there is no public announcement of such action at least one-hundred thirty (130)
days prior to the first (1st) anniversary of the date of the proxy statement for the preceding year’s annual meeting, the notice
required by this Section 2.14.1 also shall be considered timely, but only with respect to nominees for any new positions created
by such increase, if such notice is delivered to the secretary at the principal executive offices of the Trust not later than 5:00 p.m. (Eastern
Time) on the tenth (10th) day immediately following the day on which such public announcement is first made by the Trust. If the number
of the Trustees to be elected to the Board of Trustees is decreased, there shall be no change or expansion in the time period for shareholders
to make a nomination from the time period specified in the second sentence of Section 2.14.1(c). Any change in time period
for shareholders to make a nomination shall not change the time period to make any other proposal from the time period specified in the
second sentence of Section 2.14.1(c).
(g) For
purposes of this Section 2.14,:
(i) “Shareholder Associated Person” of any shareholder shall mean,
(A) any person acting in concert with, such shareholder, (B) any direct or indirect beneficial owner of shares of beneficial
interest of the Trust beneficially owned or owned of record by such shareholder,
and (C) any person controlling, controlled by or under common control with such shareholder or a Shareholder Associated Person; and
(ii) “Derivative Transaction” by a person shall mean any,
(A) transaction in, or arrangement, agreement or understanding with respect to, any option, warrant, convertible security, stock
appreciation right or similar right with an exercise, conversion or exchange privilege, or settlement payment or mechanism related to,
any security of the Trust, or similar instrument with a value derived in whole or in part from the value of a security of the Trust, in
any such case whether or not it is subject to settlement in a security of the Trust or otherwise,
or (B) any transaction, arrangement, agreement or understanding which included or
includes an opportunity for such person, directly or indirectly, to profit or share in any profit derived from any increase or decrease
in the value of any security of the Trust, to mitigate any loss or manage any risk associated with any increase or decrease in the value
of any security of the Trust or to increase or decrease the number of securities of the Trust which such person was, is or will be entitled
to vote, in any such case whether or not it is subject to settlement in a security of the Trust or otherwise.
Section 2.14.2 Shareholder
Nominations or Other Proposals Causing Covenant Breaches or Defaults. At the same time as the submission of any shareholder nomination
or proposal of other business to be considered at a shareholders meeting that, if approved and implemented by the Trust, would cause the
Trust or any subsidiary (as defined in Section 2.14.5(c)) of the Trust to be in breach of any covenant or otherwise cause
a default (in any case, with or without notice or lapse of time) in any existing debt instrument or agreement of the Trust or any subsidiary
of the Trust or other material contract or agreement of the Trust or any subsidiary of the Trust, the notice provided pursuant to Section 2.14.1(c) shall
disclose:, (a) whether
the lender or contracting party has agreed to waive the breach of covenant or default, and, if so, shall include reasonable evidence thereof,
or (b) in reasonable detail, the plan of the proponent shareholder(s) for the repayment of the indebtedness to the lender or
curing the contractual breach or default and satisfying any resulting damage claim, specifically identifying the actions to be taken and
the source of funds for any such repayment, and such notice shall be accompanied by a copy of any commitment letter(s) or agreement(s) for
the financing of such plan.
Section 2.14.3 Shareholder
Nominations or Other Proposals Requiring Governmental Action. If,
(a) any shareholder nomination or proposal of other business to be considered at a shareholders meeting could not be considered or,
if approved, implemented by the Trust without the Trust, any subsidiary of the Trust, any proponent shareholder, any Proposed Nominee
of such shareholder, any Shareholder Associated Person of such shareholder, the holder of proxies or their respective affiliates or associates
filing with or otherwise notifying or obtaining the consent, approval or other action of any federal, state, municipal or other governmental
or regulatory body (a “Governmental Action”), or
(b) any proponent shareholder’s ownership of shares of beneficial interest of the Trust or any solicitation of proxies or votes
or holding or exercising proxies by such shareholder, any Proposed Nominee of such shareholder, any Shareholder Associated Person of such
shareholder, or their respective affiliates or associates would require Governmental Action, then, in the notice provided pursuant to
Section 2.14.1(c) the proponent shareholder(s) shall disclose,
(x) whether such Governmental Action has been given or obtained, and, if so, such notice shall be accompanied by reasonable evidence
thereof, or (y) in reasonable detail, the plan of such shareholder(s) for making or obtaining the Governmental Action.
Section 2.14.4 Special
Meetings of Shareholders. As set forth in Section 2.6, only business brought before the meeting pursuant to the Trust’s
notice of meeting or otherwise properly brought before the meeting by or at the direction of the Board of Trustees may be considered
at a special meeting of shareholders. Nominations of individuals for election to the Board of Trustees only may be made at a special
meeting of shareholders at which Trustees are to be elected: (a) pursuant to the Trust’s notice of meeting; (b) if the
Board of Trustees has determined that Trustees shall be elected at such special meeting; or (c) if there are no Trustees and the
special meeting is called by the officers of the Trust for the election of successor Trustees; provided, however, that
nominations of individuals to serve as Trustees at a special meeting called in the manner set forth in subclauses (a)-(c) above
may only be made by: (1) the applicable Trustees or officers
of the Trust who call the special meeting of shareholders for the purpose of electing one or more Trustees;
or (2) any one or more shareholder(s) of the Trust who,
(A) satisfy the Ownership amount, holding period and certificate requirements set forth in Section 2.14.1(b)(ii),
(B) have given timely notice thereof in writing to the secretary at the principal executive offices of the Trust, which notice contains
or is accompanied by the information and documents required by Section 2.14.1(c) and Section 2.14.1(d),
(C) satisfy the requirements of Section 2.14.2 and Section 2.14.3,
and (D) further update and supplement such notice in accordance with Section 2.14; provided further, that, for
purposes of this Section 2.14.4, all references in Section 2.14.1, Section 2.14.2 and Section 2.14.3
to the annual meeting and to the notice given under Section 2.14.1 shall be deemed, for purposes of this Section 2.14.4,
to be references to the special meeting and the notice given under this Section 2.14.4. To be timely, a shareholder’s
notice under this Section 2.14.4 shall be delivered to the secretary at the principal executive offices of the Trust not
earlier than the one-hundred fiftieth (150th) day prior to such special meeting and not later than 5:00 p.m. (Eastern Time) on the
later of, (i) the one-hundred twentieth (120th) day prior to such special
meeting, or (ii) the tenth (10th) day following the day on which public
announcement is first made of the date of the special meeting. Neither the postponement or adjournment of a special meeting, nor the
public announcement of such postponement or adjournment, shall commence a new time period (or extend any time period) for the giving
of a shareholder(s)’ notice as described above.
Section 2.14.5 General.
(a) If
information submitted pursuant to this Section 2.14 by any shareholder proposing a nominee for election as a Trustee or any
proposal for other business at a meeting of shareholders shall be deemed by the Board of Trustees incomplete or inaccurate, any authorized
officer or the Board of Trustees or any committee thereof may treat such information as not having been provided in accordance with this
Section 2.14. Any notice submitted by a shareholder pursuant to this Section 2.14 that is deemed by the Board
of Trustees inaccurate, incomplete or otherwise fails to satisfy completely any provision of this Section 2.14 shall be deemed
defective and shall thereby render all proposals and nominations set forth in such notice defective. Upon written request by the secretary
or the Board of Trustees or any committee thereof (which may be made from time to time), any shareholder proposing a nominee for election
as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within three (3) business days after
such request (or such other period as may be specified in such request),:
(i) written verification, satisfactory to the secretary or any other authorized officer or the Board of Trustees or any committee
thereof, in his, her, their or its discretion, to demonstrate the
accuracy of any information submitted by the shareholder pursuant to this Section 2.14,;
(ii) written responses to information reasonably requested by the secretary, the Board of Trustees or any committee thereof;
and (iii) a written update, to a current date, of any information submitted by the shareholder pursuant to this Section 2.14 as of an earlier date. If a shareholder fails to provide such written verification, information or update within such period, the
secretary or any other authorized officer or the Board of Trustees may treat the information which was previously provided and to which
the verification, request or update relates as not having been provided in accordance with this Section 2.14. It is the responsibility
of a shareholder who wishes to make a nomination or other proposal to comply with the requirements of Section 2.14; nothing
in this Section 2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees or any committee thereof
nor any officer of the Trust to inform a shareholder that the information submitted pursuant to this Section 2.14 by or on
behalf of such shareholder is incomplete or inaccurate or not otherwise in accordance with this Section 2.14 nor require the
Trust, the Board of Trustees, any committee of the Board of Trustees or any officer of the Trust to request clarification or updating
of information provided by any shareholder, but the Board of Trustees, a committee thereof or the secretary acting on behalf of the Board
of Trustees or a committee, may do so in its, his or,
her, their or its discretion.
(b) Only
such individuals who are nominated in accordance with this Section 2.14 or Section 2.18 shall be eligible for
election by shareholders as Trustees and only such business shall be conducted at a meeting of shareholders as shall have been properly
brought before the meeting in accordance with this Section 2.14. The chairpersonchair
of the meeting and the Board of Trustees shall each have the power to determine whether a nomination or any other business proposed to
be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 2.14 and, if any proposed
nomination or other business is determined not to be in compliance with this Section 2.14 or if it is determined that the
solicitation in support of the nominees other than the Trust’s nominees was not conducted in compliance with Rule 14a-19 under
the Exchange Act, to declare that such defective nomination or proposal be disregarded.
(c) For
purposes of this Section 2.14: (i) “public announcement” shall mean disclosure in,
(A) a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or any other widely circulated
news or wire service, or (B) a document publicly filed by the
Trust with the SEC; (ii) “subsidiary” shall include, with respect to a person, any corporation, partnership, joint venture
or other entity of which such person, (A) owns, directly or indirectly,
ten percent (10%) or more of the outstanding voting securities or other interests,
or (B) has a person designated by such person serving on, or a right, contractual or otherwise, to designate a person, so to serve
on, the board of directors (or analogous governing body); and (iii) a person shall be deemed to “beneficially own” or
“have beneficially owned” any shares of beneficial interest of the Trust not owned directly by such person if that person
or a group of which such person is a member would be the beneficial owner of such shares under Rule 13d-3 and Rule 13d-5 of
the Exchange Act.
(d) Notwithstanding
the foregoing provisions of this Section 2.14, a shareholder shall also comply with all applicable legal requirements, including,
without limitation, applicable requirements of state law and the Exchange Act and the rules and
regulations thereunder, with respect to the matters set forth in this Section 2.14. Nothing in this Section 2.14
shall be deemed to require that a shareholder nomination of an individual for election to the Board of Trustees or a shareholder proposal
relating to other business be included in the Trust’s proxy statement, except as may be required by law.
(e) The
Board of Trustees may from time to time require any individual nominated to serve as a Trustee to agree in writing with regard to matters
of business ethics and confidentiality while such nominee serves as a Trustee, such agreement to be on the terms and in a form determined
satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees. The terms
of any such agreement may be substantially similar to the Code of Business Conduct and Ethics of the Trust or any similar code promulgated
by the Trust or may differ from or supplement such Code.
(f)
Determinations required or permitted to be made under this Section 2.14 by
the Board of Trustees may be delegated by the Board of Trustees to a committee of the Board of Trustees, subject to applicable
law.
(g) Notwithstanding
anything in these Bylaws to the contrary, except as otherwise determined by the chair of the meeting, if the shareholder giving notice
as provided for in this Section 2.14 does not appear in person or by proxy at such annual or special meeting to present each nominee
for election as a nominee or the proposed business, as applicable, such matter shall not be considered at the meeting.
Section 2.15 No
Shareholder Actions by Written Consent. Shareholders shall not be authorized or permitted to take any action,
including whether required or permitted to be taken at a meeting of shareholders,
by written consent, and may take such actionactions
of shareholders may only be taken at a shareholders
meeting of the shareholders
called and held in accordance with the Declaration of Trust and these
Bylaws.
Section 2.16 Voting
by Ballot. Voting on any question or in any election may be by voice vote unless the chairpersonchair
of the meeting or any shareholder shall demand that voting be by ballot.
Section 2.17 Proposals
of Business Which Are Not Proper Matters For Action By Shareholders. Notwithstanding anything in the
Declaration of Trust or these Bylaws to the contrary, subject to applicable law, any shareholder proposal for business the subject
matter or effect of which would be within the exclusive purview of the Board of Trustees or would reasonably likely, if considered by
the shareholders or approved or implemented by the Trust, result in an impairment of the limited liability status for the shareholders,
shall be deemed not to be a matter upon which the shareholders are entitled to vote. The Board of Trustees in its discretion shall be
entitled to determine whether a shareholder proposal for business is not a matter upon which the shareholders are entitled to vote pursuant
to this Section 2.17, and its decision shall be final and binding unless determined by a court of competent jurisdiction to
have been made in bad faith.
Section 2.18 Proxy
Access for Trustee Nominations.
(a) Whenever
the Board of Trustees solicits proxies with respect to the election of Trustees at an annual meeting of shareholders, subject to the provisions
of this Section 2.18, the Trust shall include in its proxy statement for such annual meeting, in addition to any persons nominated
for election by or at the direction of the Board of Trustees (or any duly authorized committee thereof), the name, together with the Required
Information (as defined below), of any person nominated for election to the Board of Trustees by an Eligible Shareholder pursuant to and
in accordance with this Section 2.18 (a “Shareholder Nominee”). For purposes of this Section 2.18,
the “Required Information” that the Trust will include in its proxy statement is:
(i) the information provided to the Secretary of the Trust concerning the Shareholder Nominee and the Eligible Shareholder that is
required to be disclosed in the Trust’s proxy statement pursuant to Section 14 (or
any successor provision) of the Exchange Act and the rules and regulations promulgated thereunder;
and (ii) if the Eligible Shareholder so elects, a Supporting Statement (as defined in Section 2.18(h)). For the avoidance
of doubt, nothing in this Section 2.18 shall limit the Trust’s ability to solicit against any Shareholder Nominee or
include in its proxy materials the Trust’s own statements or other information relating to any Eligible Shareholder or Shareholder
Nominee, including any information provided to the Trust pursuant to this Section 2.18. Subject to the provisions of this
Section 2.18, the name of any Shareholder Nominee included in the Trust’s proxy statement for an annual meeting of shareholders
shall also be set forth on the form of proxy distributed by the Trust in connection with such annual meeting.
(b) In
addition to any other requirements imposed by law, the Declaration of Trust or these Bylaws, for a nomination to be made by an Eligible
Shareholder pursuant to this Section 2.18, the Eligible Shareholder must have given timely written notice thereof (a “Notice
of Proxy Access Nomination”) in proper form to the Secretary of the Trust and must expressly request in the Notice of Proxy
Access Nomination to have such nominee included in the Trust’s proxy materials pursuant to this Section 2.18. To be
timely, a Notice of Proxy Access Nomination must be delivered to or be mailed and received at the principal executive offices of the Trust
not less than one-hundred twenty (120) days nor more than one-hundred fifty (150) days prior to the anniversary of the date of the Trust’s
proxy statement for the immediately preceding annual meeting of shareholders. In no event shall the adjournment or postponement of an
annual meeting, or the public disclosure of such an adjournment or postponement, commence a new time period (or extend any time period)
for the giving of a Notice of Proxy Access Nomination as described above.
(c) The
maximum number of Shareholder Nominees nominated by all Eligible Shareholders that will be included in the Trust’s proxy materials
with respect to an annual meeting of shareholders (as adjusted pursuant to this Section 2.18(c), the “Permitted Number”)
shall not exceed the greater of (i) two (2) or (ii) twenty percent (20%) of the number of Trustees in office as of the
last day on which a Notice of Proxy Access Nomination may be delivered pursuant to and in accordance with this Section 2.18
(the “Final Proxy Access Nomination Date”) or, if such amount is not a whole number, the closest whole number below
twenty percent (20%); provided, however, that if (x) the Trust has a classified Board of Trustees and (y) the size of the Board
of Trustees is less than nine (9) Trustees, the Permitted Number is subject to reduction so that the Permitted Number for any annual
meeting shall not exceed one-half of the number of Trustees to be elected at such annual meeting as noticed by the Trust rounded down
to the nearest whole number but only to the extent the Permitted Number after reduction pursuant to this proviso is not less than one.
In the event that one or more vacancies for any reason occurs on the Board of Trustees after the Final Proxy Access Nomination Date but
before the date of the annual meeting and the Board of Trustees resolves to reduce the size of the Board of Trustees in connection therewith,
the Permitted Number shall be calculated based on the number of Trustees in office as so reduced. In addition, the Permitted Number shall
be reduced by (i) the number of individuals who will be included in the Trust’s proxy materials as nominees recommended by
the Board of Trustees pursuant to an agreement, arrangement or other understanding with a shareholder or group of shareholders (other
than any such agreement, arrangement or understanding entered into in connection with an acquisition of shares from the Trust by such
shareholder or group of shareholders), (ii) the number of Trustees in office as of the Final Proxy Access Nomination Date who were
included in the Trust’s proxy materials as Shareholder Nominees for any of the two (2) preceding annual meetings of shareholders
(including any persons counted as Shareholder Nominees pursuant to the immediately succeeding sentence) and (x) whose term of office
does not expire at the annual meeting or (y) whose re-election at the upcoming annual meeting is being recommended by the Board of
Trustees and (iii) the number of Trustee candidates for which the Secretary of the Trust shall receive notice (whether or not subsequently
withdrawn) that a shareholder intends to nominate one or more persons for election to the Board of Trustees pursuant to Section 2.14.1
of these Bylaws, but only to the extent the Permitted Number after such reduction with
respect to this clause (iii) equals or exceeds one. For purposes of determining when the Permitted Number has been reached, any individual
nominated by an Eligible Shareholder for inclusion in the Trust’s proxy materials pursuant to this Section 2.18 whose
nomination is subsequently withdrawn or whom the Board of Trustees decides to nominate for election to the Board of Trustees shall be
counted as one of the Shareholder Nominees. Any Eligible Shareholder submitting more than one Shareholder Nominee for inclusion in the
Trust’s proxy materials pursuant to this Section 2.18 shall rank such Shareholder Nominees based on the order in which
the Eligible Shareholder desires such Shareholder Nominees to be selected for inclusion in the Trust’s proxy materials in the event
that the total number of Shareholder Nominees submitted by Eligible Shareholders pursuant to this Section 2.18 exceeds the
Permitted Number. In the event that the number of Shareholder Nominees submitted by Eligible Shareholders pursuant to this Section 2.18
exceeds the Permitted Number, the highest ranking Shareholder Nominee who meets the requirements of this Section 2.18 from
each Eligible Shareholder will be selected for inclusion in the Trust’s proxy materials until the Permitted Number is reached, going
in order of the amount (largest to smallest) of shares of beneficial interest of the Trust each Eligible Shareholder disclosed as Owned
in its Notice of Proxy Access Nomination. If the Permitted Number is not reached after the highest ranking Shareholder Nominee who meets
the requirements of this Section 2.18 from each Eligible Shareholder has been selected, then the next highest ranking Shareholder
Nominee who meets the requirements of this Section 2.18 from each Eligible Shareholder will be selected for inclusion in the
Trust’s proxy materials, and this process will continue as many times as necessary, following the same order each time, until the
Permitted Number is reached.
(d) An
“Eligible Shareholder” is a shareholder or group of no more than twenty (20) shareholders (counting as one shareholder,
for this purpose, any two (2) or more funds that are part of the same Qualifying Fund Group (as defined below)) that (i) has
Owned (as defined in Section 2.18(e)) continuously for at least three (3) years
(the “Minimum Holding Period”) a number of shares of beneficial interest of the Trust that represents at least three
percent (3%) of the outstanding shares of beneficial interest of the Trust as of the most recent date for which such number is given in
any filing by the Trust with the SEC prior to the date the Notice of Proxy Access Nomination is received at the principal executive offices
of the Trust in accordance with this Section 2.18 (the “Required Shares”), (ii) continues to Own the
Required Shares through the date of the annual meeting and (iii) meets all other requirements of this Section 2.18. A
“Qualifying Fund Group” means two (2) or more funds that are (i) under common management and investment control,
(ii) under common management and funded primarily by the same employer or (iii) a “group of investment companies”
as such term is defined in Section 12(d)(1)(G)(ii) of the Investment Company Act of 1940, as amended. Whenever the Eligible
Shareholder consists of a group of shareholders (including a group of funds that are part of the same Qualifying Fund Group), (i) each
provision in this Section 2.18 that requires the Eligible Shareholder to provide any written statements, representations,
undertakings, agreements or other instruments or to meet any other conditions shall be deemed to require each shareholder (including each
individual fund) that is a member of such group to provide such statements, representations, undertakings, agreements or other instruments
and to meet such other conditions (except that the members of such group may aggregate the shares of beneficial interest of the Trust
that each member has Owned continuously throughout the Minimum Holding Period in order to meet the three percent (3%) Ownership requirement
of the “Required Shares” definition) and (ii) a breach of any obligation, agreement or representation under this Section 2.18
by any member of such group shall be deemed a breach by the Eligible Shareholder. No shareholder may be a member of more than one group
of shareholders constituting an Eligible Shareholder with respect to any annual meeting.
(e) For
purposes of this Section 2.18, the terms “Owned,” “Owning” and other variations of the word “Own”
shall have the meanings assigned to such terms in Section 2.14.1(b); provided, that, for purposes of this
Section 2.18 only, a shareholder’s Ownership of shares of beneficial interest
of the Trust shall be deemed to continue during any period in which (i) the shareholder has loaned such shares, provided that the
shareholder has the power to recall such loaned shares on five (5) business days’ notice and includes in the Notice of Proxy
Access Nomination an agreement that it (A) will promptly recall such loaned shares upon being notified that any of its Shareholder
Nominees will be included in the Trust’s proxy materials and (B) will continue to hold such recalled shares through the date
of the annual meeting or (ii) the shareholder has delegated any voting power by means of a proxy, power of attorney or other instrument
or arrangement which is revocable at any time by the shareholder. Whether outstanding shares of beneficial interest of the Trust are “Owned”
for purposes of this Section 2.18
shall be decided by the Board of Trustees.
(f)
To be in proper written form, a Notice of Proxy Access Nomination must set forth or be
accompanied by the following:
(i)
a statement by the Eligible Shareholder (A) setting forth and
certifying as to the number of shares of beneficial interest of the Trust it Owns and has Owned continuously throughout the Minimum
Holding Period, (B) agreeing to continue to Own the Required Shares through the date of annual meeting and (C) indicating
whether it intends to continue to own the Required Shares for at least one year following the annual meeting;
(ii) one
or more written statements from the record holder of the Required Shares (and from each intermediary through which the Required Shares
are or have been held during the Minimum Holding Period) verifying that, as of a date within seven (7) calendar days prior to the
date the Notice of Proxy Access Nomination is delivered to or mailed and received at the principal executive offices of the Trust, the
Eligible Shareholder Owns, and has Owned continuously throughout the Minimum Holding Period, the Required Shares, and the Eligible Shareholder’s
agreement to provide, within five (5) business days following the later of the record date for determining the shareholders entitled
to receive notice of the annual meeting and the date notice of the record date is first publicly disclosed, one or more written statements
from the record holder and such intermediaries verifying the Eligible Shareholder’s continuous Ownership of the Required Shares
through the record date;
(iii) a
copy of the Schedule 14N that has been or is concurrently being filed with the SEC as required by Rule 14a-18 under the Exchange
Act;
(iv) the
information, representations, agreements and other documents that would be required to be set forth in or included with a notice of nomination
pursuant to Section 2.14 of these Bylaws (including the written consent of
each Shareholder Nominee to being named as a nominee and to serving as a Trustee if elected and the written representation and agreement
of each Shareholder Nominee required by Section 2.14.1);
(v) a
representation that the Eligible Shareholder (A) did not acquire, and is not holding, any securities of the Trust for the purpose
or with the intent of changing or influencing control of the Trust, (B) has not nominated and will not nominate for election to the
Board of Trustees at the annual meeting any person other than the Shareholder Nominee(s) it is nominating pursuant to this Section 2.18,
(C) has not engaged and will not engage in, and has not and will not be a “participant” in another person’s, “solicitation”
within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a Trustee at the
annual meeting other than its Shareholder Nominee(s) or a nominee of the Board of Trustees, (D) has not distributed and will
not distribute to any shareholder of the Trust any form of proxy for the annual meeting other than the form distributed by the Trust,
(E) has complied and will comply with all laws, rules and regulations applicable to solicitations and the use, if any, of soliciting
material in connection with the annual meeting and (F) has provided and will provide facts, statements and other information in all
communications with the Trust and its shareholders that are or will be true and correct in all material respects and do not and will not
omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made,
not misleading;
(vi) an
undertaking that the Eligible Shareholder agrees to (A) assume all liability stemming from any legal or regulatory violation arising
out of the Eligible Shareholder’s communications with the shareholders of the Trust or out of the information that the Eligible
Shareholder provided to the Trust, (B) indemnify and hold harmless the Trust, each of its Trustees and officers, the manager of the
Trust and each of the directors, officers and employees of the manager of the Trust or such manager’s parent individually against
any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative
or investigative, against the Trust, any of its Trustees or officers, the manager of the Trust or any of the directors, officers or employees
of the manager of the Trust or such manager’s parent, arising out of any nomination submitted by the Eligible Shareholder pursuant
to this Section 2.18 or any solicitation or other activity in connection therewith and (C) file with the SEC any solicitation
materials with the shareholders of the Trust relating to the meeting at which its Shareholder Nominee(s) will be nominated, regardless
of whether any such filing is required under Regulation 14A of the Exchange Act or whether any exemption from filing is available for
such solicitation or other communication under Regulation 14A of the Exchange Act;
(vii) in
the case of a nomination by an Eligible Shareholder consisting of a group of shareholders, the designation by all group members of one
member of the group that is authorized to receive communications, notices and inquiries from the Trust and to act on behalf of all members
of the group with respect to all matters relating to the nomination under this Section 2.18 (including withdrawal of the nomination);
and
(viii) in
the case of a nomination by an Eligible Shareholder consisting of a group of shareholders in which two (2) or more funds are intended
to be treated as one shareholder for purposes of qualifying as an Eligible Shareholder, documentation reasonably satisfactory to the Trust
that demonstrates that the funds are part of the same Qualifying Fund Group.
(g) In
addition to the information required or requested pursuant to Section 2.18(f) or any other provision of these Bylaws,
(i) the Trust may require any proposed Shareholder Nominee to furnish any other information (A) that may reasonably be requested
by the Trust to determine whether the Shareholder Nominee would meet the qualifications of an independent
trustee under the Declaration of TrustIndependent Trustee,
be independent under the rules and listing standards of any national securities exchange upon which any securities the Trust are
listed or traded, be independent under any applicable rules of the SEC or any publicly disclosed standards used by the Board of Trustees
in determining and disclosing the independence of Trustees (collectively, the “Independence Standards”), (B) that
could be material to a reasonable shareholder’s understanding of the independence, or lack thereof, of such Shareholder Nominee
or (C) that may reasonably be requested by the Trust to determine the eligibility of such Shareholder Nominee to be included in the
Trust’s proxy materials pursuant to this Section 2.18 or to serve as a Trustee, and (ii) the Trust may require
the Eligible Shareholder to furnish any other information that may reasonably be requested by the Trust to verify the Eligible Shareholder’s
continuous Ownership of the Required Shares throughout the Minimum Holding Period and through the date of the annual meeting.
(h) For
each of its Shareholder Nominees, the Eligible Shareholder may, at its option, provide to the Secretary of the Trust, at the time the
Notice of Proxy Access Nomination is provided, a written statement, not to exceed five hundred (500) words, in support of such Shareholder
Nominee’s candidacy (a “Supporting Statement”). Only one Supporting Statement may be submitted by an Eligible
Shareholder (including any group of shareholders together constituting an Eligible Shareholder) in support of each of its Shareholder
Nominee(s). Notwithstanding anything to the contrary contained in this Section 2.18, the Trust may omit from its proxy materials
any information or Supporting Statement (or portion thereof) that it, in good faith, believes would violate any applicable law, rule or
regulation.
(i)
In the event that any information or communications provided by an Eligible
Shareholder or a Shareholder Nominee to the Trust or its shareholders is not, when provided, or thereafter ceases to be true and
correct in all material respects or omits to state a material fact necessary to make the statements made, in light of the
circumstances under which they were made, not misleading, such Eligible Shareholder or Shareholder Nominee, as the case may be,
shall promptly notify the Secretary of the Trust of any such defect and of the information that is required to correct any such
defect. Without limiting the foregoing, an Eligible Shareholder shall provide immediate notice to the Trust if the Eligible
Shareholder ceases to Own any of the Required Shares prior to the date of the annual meeting. In addition, any person providing any
information to the Trust pursuant to this Section 2.18 shall further update and supplement such information, if
necessary, so that all such information shall be true and correct as of the record date for determining the shareholders entitled to
receive notice of the annual meeting, and such update and supplement shall be delivered to or be mailed and received by the
Secretary at the principal executive offices of the Trust not later than five (5) business days following the later of the
record date for determining the shareholders entitled to receive notice of the annual meeting and the date notice of the record date
is first publicly disclosed. For the avoidance of doubt, no notification, update or supplement provided pursuant to this Section 2.18(i) or
otherwise shall be deemed to cure any defect in any previously provided information or communications or limit the remedies
available to the Trust relating to any such defect (including the right to omit a Shareholder Nominee from its proxy materials
pursuant to this Section 2.18).
(j)
Notwithstanding anything to the contrary contained in this Section 2.18,
the Trust shall not be required to include in its proxy materials, pursuant to this Section 2.18, any Shareholder
Nominee (i) who would not be independent under any of the Independence Standards, (ii) whose election as a member of the
Board of Trustees would cause the Trust to be in violation of these Bylaws, the Declaration of Trust, the rules and listing
standards of any national securities exchange upon which any securities of the Trust are listed or traded, or any applicable law,
rule or regulation, (iii) who is or has been, within the past three (3) years, an officer, director or trustee of a
competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, of the Trust or its manager, (iv) who is a named
subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a
criminal proceeding within the past ten (10) years, (v) who is subject to any order of the type specified in
Rule 506(d) of Regulation D promulgated under the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder (the “Securities Act”), or (vi) who shall have
provided any information to the Trust or its shareholders that was untrue in any material respect or that omitted to state a
material fact necessary to make the statements made, in light of the circumstances in which they were made, not
misleading.
(k) Notwithstanding
anything to the contrary set forth herein, if (i) a Shareholder Nominee and/or the applicable Eligible Shareholder breaches any of
its agreements or representations or fails to comply with any of its obligations under this Section 2.18 or (ii) a Shareholder
Nominee otherwise becomes ineligible for inclusion in the Trust’s proxy materials pursuant to this Section 2.18, or
dies, becomes disabled or otherwise becomes ineligible or unavailable for election at the annual meeting, in each case as determined by
the Board of Trustees (or any duly authorized committee thereof) or the chairpersonchair
of the annual meeting, (A) the Trust may omit or, to the extent feasible, remove the information concerning such Shareholder Nominee
and the related Supporting Statement from its proxy materials and/or otherwise communicate to its shareholders that such Shareholder Nominee
will not be eligible for election at the annual meeting, (B) the Trust shall not be required to include in its proxy materials any
successor or replacement nominee proposed by the applicable Eligible Shareholder or any other Eligible Shareholder and (C) the chairpersonchair
of the annual meeting shall declare such nomination to be invalid and such nomination shall be disregarded, notwithstanding that proxies
in respect of such vote may have been received by the Trust.
(l)
Any Shareholder Nominee who is included in the Trust’s proxy
materials for a particular annual meeting of shareholders but either (i) withdraws from or becomes ineligible or unavailable
for election at the annual meeting, or (ii) does not receive at least twenty percent (20%) of the votes cast in favor of such
Shareholder Nominee’s election, will be ineligible to be a Shareholder Nominee pursuant to this Section 2.18 for
the next two (2) annual meetings of shareholders. For the avoidance of doubt, the immediately preceding sentence shall not
prevent any shareholder from nominating any person to the Board of Trustees pursuant to and in accordance with Section 2.14.1.
(m) Other
than pursuant to Rule 14a-19 of the Exchange Act, this Section 2.18 provides the exclusive method for a shareholder to
include nominees for election to the Board of Trustees in the Trust’s proxy materials.
ARTICLE III
TRUSTEES
Section 3.1
General Powers; Qualifications; Trustees Holding Over. The business and affairs
of the Trust shall be managed under the direction of its Board of Trustees. A Trustee shall be an individual at least twenty-one (21)
years of age who is not under legal disability. To qualify for nomination or election as a Trustee, an individual, at the time of nomination
and election, shall, without limitation, (a) have substantial expertise or experience relevant to the business of the Trust and
its subsidiaries (as determined by the Board of Trustees), (b) not have been convicted of a felony, (c) meet the qualifications
of an Independent Trustee or a Managing Trustee, as the case may be, depending upon the position for which such individual may be nominated
and elected, and (d) have been nominated for election to the Board of Trustees in accordance with Section 2.14 or Section 2.18.
In case of failure to elect Trustees at an annual meeting of the shareholders, the incumbent
Trustees shall hold over and continue to direct the management of the business and affairs of the Trust until they may resign or until
their successors are elected and qualify. The failure of shareholders to elect Trustees at an annual meeting of shareholders shall not
cause vacancies on the Board of Trustees requiring the officers of the Trust to call a special meeting of shareholders to elect Trustees
unless all Trustees, including holdover Trustees, are unwilling or unable to continue to serve.
Section 3.2
Independent Trustees and Managing Trustees. A majority of the Trustees
holding office shall at all times be Independent Trustees; provided, however, that upon a failure to comply with this
requirement as a result of the creation of a temporary vacancy which shall be filled by an Independent Trustee, whether as a result
of enlargement of the Board of Trustees or the resignation, removal or death of a Trustee who is an Independent Trustee, such
requirement shall not be applicable. An “Independent Trustee” is one who is not an employee of the Manager (as
defined in the Declaration of Trust), who is not involved in the Trust’s day to day activities and who meets the
qualifications of an independent director (not including the specific independence requirements applicable only to members of the
Audit Committee or Compensation Committee of the Board of Trustees) under the applicable rules of each securities exchange upon
which shares of beneficial interest of the Trust are listed for trading and the SEC, as those requirements may be amended from time
to time. If the number of Trustees, at any time, is set at less than five (5), at least one (1) Trustee shall be a Managing
Trustee. So long as the number of Trustees shall be five (5) or greater, at least two (2) Trustees shall be Managing
Trustees. A “Managing Trustees”
shall mean Trustees who have been employees, officers or directorsTrustee”
is one who has been an employee, officer or director of the Manager or involved in the day to day activities of the Trust for
at least one (1) year prior to their election. If at any time the Board of Trustees shall not be comprised of a majority of
Independent Trustees, the Board of Trustees shall take such actions as will cure such condition; provided that the fact that
the Board of Trustees does not have a majority of Independent Trustees or has not taken such action at any time or from time to time
shall not affect the validity of any action taken by the Board of Trustees. If at any time the Board of Trustees shall not be
comprised of a number of Managing Trustees as is required under this Section 3.2, the Board of Trustees shall take such
actions as will cure such condition; provided that the fact that the Board of Trustees does not have the requisite number of
Managing Trustees or has not taken such action at any time or from time to time shall not affect the validity of any action taken by
the Board of Trustees.
Section 3.3
Number and Tenure. The number of Trustees constituting the entire Board of Trustees may be
increased or decreased from time to time only by a vote of the Trustees; provided, however,
that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. The number of Trustees
shall be five (5) until increased or decreased by the Board of Trustees.
Section 3.4
Annual and Regular Meetings. An annual meeting of the Board
of Trustees shall be held immediately after the annual meeting of shareholders, no notice other than this Bylaw being necessary.
The time and place of the annual meeting of the Board of Trustees
may be changed by the Board of Trustees. The Board of Trustees may
provide, by resolution, the time and place, either within or without the State of Maryland, for the holding of regular meetings of the
Trustees without other notice than such resolution. If any such regular meeting is not so provided for, the meeting may be held at such
time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Trustees.
Section 3.5
Special Meetings. Special meetings of the Board
of Trustees may be called at any time by any Managing Trustee, the president or the
secretary pursuant to the request of any two (2) Trustees then in office. The person or persons authorized to call
special meetings of the Board of Trustees may fix any place,
either within or without the State of Maryland, as the place for holding any special meeting of the Board
of Trustees called by them.
Section 3.6
Notice. Notice of any special meeting shall be given by written notice
delivered personally or by electronic mail, telephoned, facsimile transmitted, overnight couriered (with proof of delivery) or
mailed to each Trustee at his or,
her or their business or residence address. Personally
delivered, telephoned, facsimile transmitted or electronically mailed notices shall be given at least twenty-four (24) hours prior
to the meeting. Notice by mail shall be deposited in the U.S. mail at least seventy-two (72) hours prior to the meeting. If mailed,
such notice shall be deemed to be given when deposited in the U.S. mail properly addressed, with postage thereon prepaid. Electronic
mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Trust by the
Trustee. Telephone notice shall be deemed given when the Trustee is personally given such notice in a telephone call to which he is
a party. Facsimile transmission notice shall be deemed given upon completion of the transmission of the message to the number given
to the Trust by the Trustee and receipt of a completed answer back indicating receipt. If sent by overnight courier, such notice
shall be deemed given when delivered to the courier. Neither the business to be transacted at, nor the purpose of, any annual,
regular or special meeting of the Board of Trustees need be
stated in the notice, unless specifically required by statute or these Bylaws.
Section 3.7 Quorum. A majority of the Trustees then
in office shall constitute a quorum for transaction of business at any meeting of the Board
of Trustees, provided that, if less than a majority of suchthe
Trustees then in office are present at a meeting, a majority of
the Trustees present may adjourn the meeting from time to time without further notice, and provided further that if, pursuant
to the Declaration of Trust or,
these Bylaws or a resolution of the Board of Trustees, the vote
of a majority of a particular group or
committee of the Board of Trustees is required for action, a quorum for that action shall also
includebe a majority of the
Trustees then in office that comprise such group or
committee. The Trustees present at a meeting of the Board of Trustees which has been duly called and convened and at which a
quorum was established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of such
number of Trustees as would otherwise result in less than a quorum then being present at the meeting.
Section 3.8
Voting. The action of the majority of the Trustees present at a meeting at
which a quorum is or was present shall be the action of the Board of Trustees,
unless the concurrence of a greater proportion is required for such action by specific provision of an applicable statute, the
Declaration of Trust or these Bylaws. If enough Trustees have withdrawn from a meeting to leave fewer than are required to establish
a quorum, but the meeting is not adjourned, the action of the majority of that number of Trustees necessary to constitute a quorum
at such meeting shall be the action of the Board of Trustees, unless the concurrence of a greater proportion is required for such
action by applicable law, the Declaration of Trust or these Bylaws.
Section 3.9
Telephone Meetings. Trustees may participate in a meeting by means of a
conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same
time. Participation in a meeting by these means shall constitute presence in person at the meeting. Such meeting shall be deemed to
have been held at a place designated by the Board of Trustees at
the meeting.
Section 3.10 Action
by Written Consent of Trustees. Unless specifically otherwise provided in the Declaration of Trust,
anyAny action required or permitted to be taken at
any meeting of the Board of Trustees may be taken without a meeting,
if a majority of the Trustees shall individually or collectively consent
in writing or by electronic transmission to such action, unless the concurrence of a greater proportion is required for such action by
a specific provision of an applicable statute, the Declaration of Trust or these Bylaws, in which case, such greater proportion of Trustees
shall be required to consent in writing or by electronic transmission to such action. Such written or electronic consent or consents
shall be filed with the records of the Trust and shall have the same force and effect as the affirmative vote of such Trustees at a duly
held meeting of the Board of Trustees at which a quorum was present.
Section 3.11 Waiver
of Notice. The actions taken at any meeting of the Board of Trustees,
however called and noticed or wherever held, shall be as valid as though taken at a meeting duly held after regular call and notice if
a quorum is present and if, either before or after the meeting, each of the Trustees not present waives notice, consents to the holding
of such meeting or approves the minutes thereof.
Section 3.12 Vacancies.
If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the
powers of the remaining Trustees hereunder (even if fewer than three (3) Trustees
remain). Any vacancy on the Board of Trustees may be filled only by a majority of the remaining Trustees, even if the remaining Trustees
do not constitute a quorum. Any Trustee elected to fill a vacancy, whether occurring due to an increase in size of the Board of Trustees
or by the death, resignation or removal of any Trustee, shall hold office for the remainder of the full term of the class of Trustees
in which the vacancy occurred or was created and until a successor is elected and qualifies.
Section 3.13 Compensation.
The Trustees shall be entitled to receive such reasonable compensation for their services as Trustees as the Board
of Trustees may determine from time to time. Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular
or special meeting of the Board of Trustees or of any committee thereof;
and for their expenses, if any, in connection with each property visit and any other service or activity performed or engaged in as Trustees.
The Trustees shall be entitled to receive remuneration for services rendered to the Trust in any other capacity, and such services may
include, without limitation, services as an officer of the Trust, services as an employee of the Manager, legal, accounting or other professional
services, or services as a broker, transfer agent or underwriter, whether performed by a Trustee or any person affiliated with a Trustee.
Section 3.14 Surety
Bonds. Unless specifically required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance
of any of his or,
her or their duties.
Section 3.15 Reliance.
Each Trustee, officer, employee and agent of the Trust shall, in the performance of his or,
her or their duties with respect to the Trust, be entitled to rely
on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by
an officer or employee of the Trust or by the Manager, accountants, appraisers or other experts or consultants selected by the Board of
Trustees or officers of the Trust, regardless of whether the Manager or any such accountant, appraiser or other expert or consultant may
also be a Trustee.
Section 3.16 Interested
Trustee Transactions. Section 2-419 of the Maryland General Corporation Law,
or any successor statute (the “MGCL”) (or any successor statute),
shall be available for and apply to any contract or other transaction between the Trust and any of its Trustees or between the
Trust and any other trust, corporation, firm or other entity in which any of its Trustees is a trustee or director or has a material
financial interest.
Section 3.17 Certain
Rights of Trustees, Officers, Employees and Agents. A Trustee shall have no responsibility to devote his or,
her or their full time to the affairs of the Trust. Any Trustee
or officer, employee or agent of the Trust, in his or,
her or their personal capacity or in a capacity as an affiliate,
employee or agent of any other person, or otherwise, may have business interests and engage in business activities similar or in addition
to those of or relating to the Trust.
Section 3.18 Emergency
Provisions. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 3.18 shall apply
during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees
under ARTICLE III cannot readily be obtained (an “Emergency”). During any Emergency, unless otherwise provided
by the Board of Trustees, (a) a meeting of the Board of Trustees may be called by any Managing Trustee or officer of the Trust by
any means feasible under the circumstances and (b) notice of any meeting of the Board of Trustees during such an Emergency may be
given less than twenty-four (24) hours prior to the meeting to as many Trustees and by such means as it may be feasible at the time, including
publication, television or radio.
Section 3.19 Removal
for Cause. A shareholder(s) proposing to remove one or more Trustees for cause shall meet and comply with all requirements in
these Bylaws for a nomination of an individual for election to the Board of Trustees at an annual meeting of shareholders or a proposal
of other business to be properly brought by such shareholder(s) at a meeting of the shareholders
as set forth in Section 2.14.1, including the timely written notice, Ownership amount, holding period, certificate, information
and documentation requirements of Section 2.14.1(b), Section 2.14.1(c), Section 2.14.1(d), Section 2.14.2
and Section 2.14.3. For purposes of the provisions in the Declaration of Trust regarding the removal of a Trustee, “cause”
shall mean, with respect to any particular Trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding
that such Trustee caused demonstrable, material harm to the Trust through bad faith or active and deliberate dishonesty.
ARTICLE IV
COMMITTEES
Section 4.1 Number;
Tenure and Qualifications. The Board of Trustees shall appoint an Audit Committee, a Compensation Committee and a Nominating and Governance
Committee. Each of these committees shall be composed of three (3) or
more Trustees, to serve at the pleasure of the Board of Trustees. The Board of Trustees may also appoint other committees from time to
time composed of one or more members, at least one (1) of whichwhom
shall be a Trustee, to serve at the pleasure of the Board of Trustees. The Board of Trustees shall adopt a charter with respect to the
Audit Committee, the Compensation Committee and the Nominating and Governance Committee, which charter shall specify the purposes, the
criteria for membership and the responsibility and duties and may specify other matters with respect to each committee. The Board of Trustees
may also adopt a charter with respect to other committees.
Section 4.2 Powers.
The Board of Trustees may delegate any of the powers of the Board
of Trustees to committees appointed under Section 4.1 and composed solely of Trustees, except as prohibited by
law. If a charter has been adopted with respect to a committee composed solely of Trustees, the charter shall constitute a
delegation by the Board of Trustees of the powers of the Board
of Trustees necessary to carry out the purposes, responsibilities and duties of a committee provided in the charter or reasonably
related to those purposes, responsibilities and duties, to the extent permitted by law. Except as
may be otherwise provided by the Board of
Trustees, any committee may delegate some or all of its power and authority to one or more subcommittees, composed of one or more
members, as the committee deems appropriate in its sole discretion.
Section 4.3 Meetings.
Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees. One-third (1/3),
but not less than one, of the members of any committee shall be present in person at any meeting of a committee in order to constitute
a quorum for the transaction of business at a meeting, and the act of a majority present at a meeting at the time of a vote if a quorum
is then present shall be the act of a committee. The Board of Trustees or, if authorized by the Board in a committee charter or otherwise,
the committee members may designate a chairman of any committee, and the chairman or, in the absence of a chairman, a majority of any
committee may fix the time and place of its meetings unless the Board shall otherwise provide. In the absence or disqualification of any
member of any committee, the members thereof present at any meeting and not disqualified from voting, whether or not they constitute a
quorum, may unanimously appoint another Trustee to act at the meeting in the place of absent or disqualified members.
Section 4.4 Telephone
Meetings. Members of a committee may participate in a meeting by means of a conference telephone or similar communications equipment
and participation in a meeting by these means shall constitute presence in person at the meeting.
Section 4.5 Action
by Written Consent of Committees. Any action required or permitted to be taken at any meeting of a committee of the Board
of Trustees may be taken without a meeting, if a consent in writing or by electronic transmission to such action is signed by a
majority of the committee, unless the concurrence of a greater proportion
is required for such action by a specific provision of an applicable statute, the committee’s charter, the Declaration of Trust
or these Bylaws, in which case, such greater proportion of members of the committee shall be required to consent in writing or by electronic
transmission to such action, and such written or electronic consent is filed with the minutes of proceedings of such committee.
Section 4.6 Changes
and Vacancies. Subject to the provisions hereof, the Board of Trustees shall have the power
at any time to change the membership of any committee, to fill all vacanciesany
vacancy, to designate alternate members to replace any absent or disqualified member or,
to dissolve any such committee or to withdraw or add any powers previously
delegated to a committee.
ARTICLE V
OFFICERS
Section 5.1 General
Provisions. The officers of the Trust shall include a president, a secretary and a treasurer. In addition, the Board of Trustees may
from time to time elect such other officers with such titles, powers and duties as set forth herein or as the Board of Trustees shall
deem necessary or desirable, including a chairman of the board, a vice chairman of the board, a chief executive officer, a chief operating
officer, a chief financial officer, one or more vice presidents, one or more assistant secretaries and one or more assistant treasurers.
The officers of the Trust shall be elected annually by the Board of Trustees. Each officer shall hold office until his or,
her or their successor is elected and qualifies or until his or,
her or their death, resignation or removal in the manner hereinafter
provided. Any two (2) or more offices, except that of president and vice president, may be held by the same person. In their discretion,
the Board of Trustees may leave unfilled any office except that of
president, treasurer and secretary. Election of an officer or agent shall not of itself create contract rights between the Trust and such
officer or agent.
Section 5.2 Removal
and Resignation. Any officer or agent of the Trust may be removed, with or without cause, by the Board of Trustees if in its judgment
the best interests of the Trust would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of
the person so removed. Any officer of the Trust may resign at any time by delivering his or,
her or their resignation to the Board of Trustees, the president or
the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The
acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall
be without prejudice to the contract rights, if any, of the Trust.
Section 5.3 Vacancies.
A vacancy in any office may be filled by the Board of Trustees for the balance of the term.
Section 5.4 President.
Except as the Board of Trustees may otherwise provide, the president shall have the duties usually vested in a president. The president
shall have such other duties as may be assigned to the president by the Board of Trustees from time to time. The president may execute
any deed, mortgage, bond, lease, contract or other instrument, except in cases where the execution thereof shall be expressly delegated
by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed.
Section 5.5 Chief
Operating Officer. If elected, except as the Board of Trustees may otherwise provide, the chief operating officer shall have the duties
usually vested in a chief operating officer. The chief operating officer shall have such other duties as may be assigned to the chief
operating officer by the president or the Board of Trustees from time to time.
Section 5.6 Chief
Financial Officer. If elected, except as the Board of Trustees may otherwise provide, the chief financial officer shall have the duties
usually vested in a chief financial officer. The chief financial officer shall have such other duties as may be assigned to the chief
financial officer by the president or the Board of Trustees from time to time.
Section 5.7 Vice
Presidents. In the absence or disability of the president, the vice president, if any (or if there is more than one, the vice presidents
in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties and exercise
the powers of the president. The vice president(s) shall have such other duties as may be assigned to such vice president by the
president or the Board of Trustees from time to time. The Board of Trustees may designate one or more vice presidents as executive vice
president, senior vice president or vice presidents for particular areas of responsibility.
Section 5.8 Secretary.
Except as the Board of Trustees may otherwise provide, the secretary (or his or,
her or their designee) shall:
(a) keep the minutes of the proceedings of the shareholders, the Board of Trustees and committees of the Board of Trustees in one
or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws
or as required by law; (c) be custodian of the Trust records and of the seal of the Trust, if any; and (d) maintain a share
register, showing the ownership and transfers of ownership of all shares of beneficial interest of the Trust, unless a transfer agent
is employed to maintain and does maintain such a share register. The secretary shall have such other duties as may be assigned to the
secretary by the president or the Board of Trustees from time to time.
Section 5.9 Treasurer.
Except as the Board of Trustees may otherwise provide, the treasurer shall (a) have general charge of the financial affairs of the
Trust; (b) have or oversee in accordance with Section 6.3 the custody of the funds, securities and other valuable documents
of the Trust; (c) maintain or oversee the maintenance of proper financial books and records of the Trust; and (d) have the duties
usually vested in a treasurer. The treasurer shall have such other duties as may be assigned to the treasurer by the president or the
Board of Trustees from time to time.
Section 5.10 Assistant
Secretaries and Assistant Treasurers. The assistant secretaries and assistant treasurers, in general, shall perform such duties as
shall be assigned to them by the secretary or treasurer, respectively, or by the president or the Board of Trustees from time to time.
ARTICLE VI
CONTRACTS,
LOANS, CHECKS AND DEPOSITS
Section 6.1 Contracts.
The Board of Trustees may authorize any Trustee, officer or agent (including the Manager or any affiliate
or any officer of the Manager or any affiliate) to execute
and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances.
Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Trust when duly authorized or ratified by action
of the Board of Trustees and executed by an authorized person.
Section 6.2 Checks
and Drafts. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name
of the Trust shall be signed by such officer or agent of the Trust in such manner as the Board of Trustees, the president, the treasurer
or any other officer designated by the Board of Trustees may determine.
Section 6.3 Deposits.
All funds of the Trust not otherwise employed shall be deposited or invested from time to time to the credit of the Trust as the Board
of Trustees, the president, the treasurer or any other officer designated by the Board of Trustees may determine.
ARTICLE VII
SHARES
Section 7.1 Certificates.
Ownership of shares of any class of shares of beneficial interest of the Trust shall be evidenced by
certificatesin book entry form, or at the election
of a shareholder in book entry formby
certificates. Unless otherwise determined by the Board of Trustees, any such certificates shall be signed by the president
or a vice president and countersigned by the secretary or an assistant secretary or the treasurer or an assistant treasurerofficers
of the Trust in any manner permitted by Maryland law and may be sealed with the seal, if any, of the Trust. The signatures may
be either manual or facsimile. Certificates shall be consecutively numbered and if the Trust shall from time to time issue several classes
of shares, each class may have its own number series. A certificate is valid and may be issued whether or not an officer who signed it
is still an officer when it is issued.
Section 7.2 Transfers.
(a) Shares
of beneficial interest of the Trust shall be transferable in the manner provided by applicable law, the Declaration of Trust and these
Bylaws. Certificates shall be treated as negotiable and title thereto and to the shares they represent shall be transferred by delivery
thereof to the same extent as those of a Maryland stock corporation.
(b) The
Trust shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or
not it shall have express or other notice thereof, except as otherwise expressly provided in these Bylaws or by the laws of the State
of Maryland.
Section 7.3 Lost
Certificates. For shares evidenced by certificates, any officer designated by the Board
of Trustees may direct a new certificate to be issued in place of any certificate previously issued by the Trust alleged to have
been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming the certificate to be lost, stolen
or destroyed. When authorizing the issuance of a new certificate, an officer designated by the Board
of Trustees may, in such officer’s discretion and as a condition precedent to the issuance thereof, require the owner of
such lost, stolen or destroyed certificate or the owner’s legal representative to advertise the same in such manner as he shall
require and/or to give bond, with sufficient surety, to the Trust to indemnify it against any loss or claim which may arise as a result
of the issuance of a new certificate.
Section 7.4 Closing
of Transfer Books or Fixing of Record Date.
(a) The
Board of Trustees may set, in advance, a record date for the purpose
of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive
payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper
purpose.
(b) In lieu of fixing
a record date, the Trustees may provide that the share transfer books shall be closed for a stated period but not longer than twenty (20)
days. If the share transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting
of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.
(b) (c) If
no record date is fixed and the share transfer books are not closed for the determination
of shareholders, (i) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders
shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting,
whichever is the closer date to the meeting; and (ii) the record date for the determination of shareholders entitled to receive payment
of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Board
of Trustees, declaring the dividend or allotment of rights, is adopted.
(c) (d) When
a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this sectionSection 7.4,
such determination shall apply to any adjournment or postponement thereof
unless the Board of Trustees shall set a new record date with respect thereto.
Section 7.5 Share
Ledger. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent a share ledger
containing the name and address of each shareholder and the number of shares of each class of shares of beneficial interest of the Trust
held by such shareholder.
Section 7.6 Fractional
Shares; Issuance of Units. The Board of Trustees may issue fractional
shares or provide for the issuance of scrip, all on such terms and under such conditions as theyit
may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Trustees may issue units consisting
of different securities of the Trust. Any security issued in a unit shall have the same characteristics as any identical securities issued
by the Trust, except that the Trustees may provide that for a specified period securities of the Trust issued in such unit may be transferred
on the books of the Trust only in such unit.
ARTICLE VIII
INDEMNIFICATION
AND ADVANCEMENT OF EXPENSES
Section 8.1 Indemnification
and Advancement of Expenses.
(a) To
the maximum extent permitted by Maryland law in effect from time to time, the Trust shall indemnify and, without requiring a preliminary
determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition
of a proceeding to (i) any individual who is a present or former Trustee or officer of the Trust and who is made or threatened to
be made a party to the proceeding by reason of his or,
her or their service in that capacity or (ii) any individual
who, while a Trustee or officer of the Trust and at the request of the Trust, serves or has served as a Trustee, director, officer or
partner of another real estate investment trust, corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
and who is made or threatened to be made a party to the proceeding by reason of his or,
her or their service in that capacity. The rights to indemnification
and advance of expenses provided by the Declaration of Trust and these Bylaws shall vest immediately upon election of a Trustee or officer.
The Trust may, with the approval of its Board of Trustees, provide such indemnification and advance for expenses to an individual who
served a predecessor of the Trust in any of the capacities described in (a)(i) or (ii) above and to any shareholder, employee
or agent of the Trust or a predecessor of the Trust.
(b) Notwithstanding
anything in these Bylaws to the contrary, except with respect to proceedings to enforce rights to indemnification, the Trust shall indemnify
any person referenced in Section 8.1(a)(i) or (ii) above in connection with any proceeding initiated by such
person against the Trust only if such proceeding was authorized by the Board of Trustees.
(c) The
indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way
other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any
bylaw, regulation, insurance, agreement or otherwise.
(d) Neither
the amendment nor repeal of this ARTICLE VIII, nor the adoption or amendment of any other provision of these Bylaws or the Declaration
of Trust inconsistent with this ARTICLE VIII, shall apply to or affect in any respect the applicability of the preceding paragraph
with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.
ARTICLE IX
REGULATORY
COMPLIANCE AND DISCLOSURE
Section 9.1 Actions
Requiring Regulatory Compliance Implicating the Trust. If any shareholder (whether individually or constituting a group, as determined
by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or actions taken by the shareholder affecting
the Trust, triggers the application of any requirement or regulation of any federal, state, municipal or other governmental or regulatory
body on the Trust or any subsidiary (for purposes of this ARTICLE IX, as defined in Section 2.14.5(c)) of the Trust or
any of their respective businesses, assets or operations, including, without limitation, any obligations to make or obtain a Governmental
Action (as defined in Section 2.14.3), such shareholder shall promptly take all actions necessary and fully cooperate with
the Trust to ensure that such requirements or regulations are satisfied without restricting, imposing additional obligations on or in
any way limiting the business, assets, operations or prospects of the Trust or any subsidiary of the Trust. If the shareholder fails or
is otherwise unable to promptly take such actions so to cause satisfaction of such requirements or regulations, the shareholder shall
promptly divest a sufficient number of shares of beneficial interest of the Trust necessary to cause the application of such requirement
or regulation to not apply to the Trust or any subsidiary of the Trust. If the shareholder fails to cause such satisfaction or divest
itself of such sufficient number of shares of beneficial interest of the Trust by not later than the tenth (10th) day after triggering
such requirement or regulation referred to in this Section 9.1, then any shares of beneficial interest of the Trust beneficially
owned by such shareholder at and in excess of the level triggering the application of such requirement or regulation shall, to the fullest
extent permitted by law, be deemed to constitute shares held in violation of the ownership limitations set forth in ARTICLEArticle VII
of the Declaration of Trust and be subject to the provisions of ARTICLEArticle VII
of the Declaration of Trust and any actions triggering the application of such a requirement or regulation may be deemed by the Trust
to be of no force or effect. Moreover, if the shareholder who triggers the application of any regulation or requirement fails to satisfy
the requirements or regulations or to take curative actions within such ten (10) day period, the Trust may take all other actions
which the Board of Trustees deems appropriate to require compliance or to preserve the value of the Trust’s assets; and the Trust
may charge the offending shareholder for the Trust’s costs and expenses as well as any damages which may result to the Trust.
Section 9.2 Compliance
With Law. Shareholders shall comply with all applicable requirements of federal and state laws, including all rules and regulations
promulgated thereunder, in connection with such shareholder’s ownership interest in the Trust and all other laws which apply to
the Trust or any subsidiary of the Trust or their respective businesses, assets or operations and which require action or inaction on
the part of the shareholder.
Section 9.3 Limitation
on Voting Shares or Proxies. Without limiting the provisions of Section 9.1, if a shareholder (whether individually or
constituting a group, as determined by the Board of Trustees), by virtue of such shareholder’s ownership interest in the Trust or
its receipt or exercise of proxies to vote shares owned by other shareholders, would not be permitted to vote such shares or proxies for
such shares in excess of a certain amount pursuant to applicable law (including by way of example, applicable state insurance regulations)
but the Board of Trustees determines that the excess shares or shares represented by the excess proxies are necessary to obtain a quorum,
then such shareholder shall not be entitled to vote any such excess shares or proxies, and instead such excess shares or proxies may,
to the fullest extent permitted by law, be voted by the Manager (or by another person designated by the Board
of Trustees) in proportion to the total shares otherwise voted on such matter and
such shares may be counted for purposes of determining the presence of a quorum.
Section 9.4 Representations,
Warranties and Covenants Made to Governmental or Regulatory Bodies. To the fullest extent permitted by law, any representation, warranty
or covenant made by a shareholder with any governmental or regulatory body in connection with such shareholder’s interest in the
Trust or any subsidiary of the Trust shall be deemed to be simultaneously made to, for the benefit of and enforceable by, the Trust and
any applicable subsidiary of the Trust.
Section 9.5 Board
of Trustees’ Determinations. The Board of Trustees shall be empowered to make all determinations regarding the interpretation,
application, enforcement and compliance with any matters referred to or contemplated by these Bylaws.
ARTICLE X
Restrictions on transfer AND OWNERSHIP of shares
Section 10.1 Definitions.
As used in this ARTICLE X, the following terms have the following meanings (and any references to any portions of Treasury Regulation
Sections 1.382-2, 1.382-2T, 1.382-3 and 1.382-4 shall include any successor provisions):
(a) “5-percent
Shareholder” means a Person or group of Persons that is a “5-percent shareholder” of the Trust pursuant to Treasury
Regulation Section 1.382-2T(g).
(b) “5-percent
Transaction” means any Transfer described in clause (a) or (b) of Section 10.2.
(c) “Code”
means the United States Internal Revenue Code of 1986, as amended from time to time, and the rulings issued thereunder.
(d) “Effective
Date” means June 13, 2024.
(e) “Excess
Securities” has the meaning given such term in Section 10.4.
(f) “Expiration
Date” means the earlier of (i) the repeal of Section 382 of the Code or any successor statute if the Board of Trustees
determines that this ARTICLE X is no longer necessary for the preservation of Tax Benefits, (ii) the beginning of a taxable
year of the Trust to which the Board of Trustees determines that no Tax Benefits may be carried forward, or (iii) such date as the
Board of Trustees shall fix in accordance with Section 10.10.
(g) “Grandfathered
Owner” has the meaning given such term in Section 10.2.
(h) “Percentage
Share Ownership” means the percentage Share Ownership interest of any Person or group (as the context may require) for purposes
of Section 382 of the Code as determined in accordance with the Treasury Regulation Sections 1.382-2T(g), (h), (j) and (k) and
1.382-4.
(i) “Person”
means any individual, firm, corporation, company, limited liability company, partnership, joint venture, estate, trust, or other legal
entity, including a group of persons treated as an entity pursuant to Treasury Regulation Section 1.382-3(a)(1)(i), and any successor
of any such individual or entity.
(j) “Prohibited
Transfer” means any Transfer or purported Transfer of Trust Securities to the extent that such Transfer is prohibited and/or void
under this ARTICLE X.
(k) “Public
Group” has the meaning set forth in Treasury Regulation Section 1.382-2T(f)(13), excluding any “direct public group”
with respect to the Trust, as that term is used in Treasury Regulation Section 1.382-2T(j)(2)(ii).
(l) “Purported
Transferee” has the meaning set forth in Section 10.4.
(m) “Securities”
and “Security” each has the meaning set forth in Section 10.5.
(n) “Shares”
means any interest that would be treated as “stock” of the Trust pursuant to Treasury Regulation Sections 1.382-2(a)(3) and
1.382-2T(f)(18).
(o) “Share
Ownership” means any direct or indirect ownership of Shares, including any ownership by virtue of application of constructive ownership
rules, with such direct, indirect, and constructive ownership determined under the provisions of Section 382 of the Code and the
Treasury Regulations.
(p) “Tax
Benefits” means the net operating loss carryforwards, capital loss carryforwards, general business credit carryforwards, alternative
minimum tax credit carryforwards and foreign tax credit carryforwards, as well as any loss or deduction attributable to a “net unrealized
built-in loss” of the Trust or any direct or indirect subsidiary thereof, within the meaning of Section 382 of the Code.
(q) “Transfer”
means, any direct or indirect (by operation of law or otherwise) sale, transfer, assignment, conveyance, pledge, devise or other disposition
or other action taken by a Person, other than the Trust, that alters the Percentage Share Ownership of any Person. A Transfer also shall
include the creation or grant of an option (including an option within the meaning of Treasury Regulation Sections 1.382-2T(h)(4)(v) and
1.382-4). For the avoidance of doubt, a Transfer shall not include the creation or grant by the Trust of an option to purchase securities
of the Trust, nor shall a Transfer include the issuance of Shares by the Trust.
(r) “Transferee”
means any Person to whom Trust Securities are Transferred.
(s) “Treasury
Regulations” means the regulations, including temporary regulations or any successor regulations, promulgated under the Code, as
amended from time to time.
(t) “Trust
Security” or “Trust Securities” means (i) common shares of beneficial interest of the Trust, (ii) preferred
shares of beneficial interest of the Trust (other than preferred stock described in Section 1504(a)(4) of the Code), (iii) warrants,
rights, or options (including options within the meaning of Treasury Regulation Sections 1.382-2T(h)(4)(v) and 1.382-4) to purchase
Securities issued by the Trust, and (iv) any Shares not included within the preceding clauses (i) through (iii) of this
definition.
Section 10.2 Transfer
and Ownership Restrictions. From and after the Effective Date, any attempted Transfer of Trust Securities prior to the Expiration Date
and any attempted Transfer of Trust Securities pursuant to an agreement entered into prior to the Expiration Date shall be prohibited
and void ab initio to the extent that, as a result of such Transfer (or any series of Transfers of which such Transfer is a part), either
(a) any Person or Persons would become a 5-percent Shareholder or (b) the Percentage Share Ownership of any 5-percent Shareholder
would be increased. Any 5-percent Shareholder as of the Effective Date (the “Grandfathered Owner”) shall not be required,
solely as a result of the adoption of this ARTICLE X and the occurrence of the Effective Date, pursuant to this ARTICLE X,
to reduce or dispose of any Trust Securities owned by such Grandfathered Owner as of the Effective Date and none of such Trust Securities
owned by such Grandfathered Owner as of the Effective Date shall be deemed, solely as a result of the adoption of this ARTICLE X
and the occurrence of the Effective Date, to be Excess Securities; provided, however, that such Grandfathered Owner may not acquire any
additional Trust Securities at any time such Grandfathered Owner remains a 5-percent Shareholder and, upon such Grandfathered Owner no
longer being a 5-percent Shareholder, the provisions of this ARTICLE X shall apply in their entirety to such Grandfathered Owner.
Section 10.3 Exceptions.
(a) Notwithstanding
anything to the contrary herein, Transfers to a Public Group (including a new Public Group created under Treasury Regulation Section 1.382-2T(j)(3)(i))
shall be permitted.
(b) The
restrictions set forth in Section 10.2 shall not apply to an attempted Transfer that is a 5-percent Transaction if the transferor
or the Transferee obtains the written approval of the Board of Trustees or a duly authorized committee thereof. The Board of Trustees
may impose conditions in connection with such approval, including, without limitation, restrictions on the ability or right of any Transferee
to Transfer Shares acquired through a Transfer. Approvals of the Board of Trustees hereunder may be given prospectively or retroactively.
Section 10.4 Excess
Securities.
(a) No
officer or agent of the Trust shall record any Prohibited Transfer in the share register for the Trust, and the purported transferee
of such a Prohibited Transfer (the “Purported Transferee”) shall not be recognized as a shareholder for any purpose whatsoever
in respect of the Trust Securities which are the subject of the Prohibited Transfer (the “Excess Securities”). The Purported
Transferee shall not be entitled with respect to such Excess Securities to any rights of shareholders, including, without limitation,
the right to vote such Excess Securities or to receive dividends or distributions, whether liquidating or otherwise, in respect thereof,
if any, and the Excess Securities shall be deemed to constitute shares of the Trust in excess of the Ownership Limit (as defined in Section 7.1
of the Declaration of Trust) and be subject to Article VII of the Declaration of Trust. Any Transfer of Excess Securities in accordance
with the provisions of this ARTICLE X shall cease to be Excess Securities upon consummation of such Transfer.
(b) The
Trust may require as a condition to the registration of the Transfer of any Trust Securities in the share register of the Trust or the
payment of any distribution on any Trust Securities that the proposed Transferee or payee furnish to the Trust all information reasonably
requested by the Trust with respect to its direct or indirect ownership interests in such Trust Securities. The Trust may make such arrangements
or issue such instructions to its officers or agents as may be determined by the Board of Trustees to be necessary or advisable to implement
this ARTICLE X, including, without limitation, authorizing its officers or agents to require, as a condition to registering any Transfer
in the share register of the Trust, an affidavit from a Purported Transferee regarding such Person’s actual and constructive ownership
of shares and other evidence that a Transfer will not be prohibited by this ARTICLE X.
Section 10.5 Modification
of Remedies for Certain Indirect Transfers. In the event of any Transfer which does not involve a transfer of securities of the Trust within the meaning of Maryland law (“Securities,” and individually, a “Security”) but which would cause a 5-percent
Shareholder to violate a restriction on Transfers provided for in this ARTICLE X, a sufficient amount of Securities of such 5-percent
Shareholder and/or any Person whose ownership of Securities is attributed to such 5-percent Shareholder shall be deemed to be Excess Securities
and shall be treated as provided in Section 10.4, including, without limitation, being deemed to constitute shares of the Trust in
excess of the Ownership Limit and be subject to Article VII of the Declaration of Trust. For the avoidance of doubt, no such 5-percent
Shareholder shall be required, pursuant to this Section 10.5, to dispose of any interest that is not a Security. The purpose of this
Section 10.5 is to extend the restrictions in Section 10.2 to situations in which there is a 5-percent Transaction without a
direct Transfer of Securities, and this Section 10.5, along with the other provisions of this ARTICLE X, shall be interpreted
to produce the same results, with such differences as the context requires or as determined by the Board of Trustees, as a direct Transfer
of Trust Securities.
Section 10.6 Legal
Proceedings; Prompt Enforcement. The Board of Trustees may authorize such additional actions, beyond those provided for or contemplated
by this ARTICLE X, to give effect to or in furtherance of the provisions of this ARTICLE X. Nothing in this Section 10.6
shall (a) be deemed inconsistent with any Transfer of the Excess Securities provided in this ARTICLE X being void ab initio,
(b) preclude the Trust in the sole discretion of the Board of Trustees from immediately bringing legal proceedings without a prior
demand, or (c) cause any failure of the Trust to act within any particular time period to constitute a waiver or loss of any right
of the Trust under this ARTICLE X.
Section 10.7 Liability.
To the fullest extent permitted by law and without limiting any other remedies of the Trust and related matters provided elsewhere in
these Bylaws or in the Declaration of Trust, any shareholder subject to the provisions of this ARTICLE X who knowingly violates the
provisions of this ARTICLE X and any Persons controlling, controlled by or under common control with such shareholder shall be jointly
and severally liable to the Trust for, and shall indemnify and hold the Trust harmless against, any and all damages suffered as a result
of such violation, including but not limited to damages resulting from a reduction in, or elimination of, the Trust’s (or any of
its subsidiaries’) ability or right to utilize its Tax Benefits, and attorneys’ and auditors’ fees incurred in connection
with such violation.
Section 10.8 Obligation
to Provide Information. As a condition to the registration of the Transfer of any Shares in the share register for the Trust, any Person
who is a beneficial, legal or record holder of Shares, and any proposed Transferee and any Person controlling, controlled by or under
common control with the proposed Transferee, shall provide such information as the Trust may request from time to time in order to determine
compliance with this ARTICLE X or the status of the Tax Benefits of the Trust (or any of its subsidiaries).
Section 10.9 Legend.
Unless otherwise provided by the Board of Trustees, each certificate or account statement evidencing or representing Shares (or securities
exercisable for or convertible into Shares) shall bear a legend with respect to the restrictions contained in this ARTICLE X in
such form as shall be prescribed by the Board of Trustees. Instead of the foregoing legend, the certificate or account statement may
state that the Trust will furnish a full statement about certain restrictions on transferability to a shareholder on request and without
charge.
Section 10.10 Authority
of Board of Trustees.
(a) The
Board of Trustees shall have the power to determine all matters necessary for assessing compliance with this ARTICLE X, including,
without limitation, (i) the identification of 5-percent Shareholders, (ii) whether a Transfer is a 5-percent Transaction or
a Prohibited Transfer, (iii) the Percentage Share Ownership of any 5-percent Shareholder, (iv) whether an instrument constitutes
a Trust Security, (v) the application of Section 10.4, including, without limitation, the application of Article VII of
the Declaration of Trust to Excess Securities, and Section 10.5, and (vi) any other matters which the Board of Trustees determines
to be relevant. The determination of the Board of Trustees on all of the foregoing and any related matters shall be conclusive and binding
for all the purposes of this ARTICLE X.
(b) Nothing
contained in this ARTICLE X shall limit the authority of the Board of Trustees to take such other action to the extent permitted
by law as it deems necessary or advisable to protect the Trust and its shareholders in preserving the Tax Benefits. Without limiting the
generality of the foregoing, the Board of Trustees may, by adopting a written resolution, (i) accelerate or extend the Expiration
Date, (ii) modify the ownership interest percentage in the Trust or the Persons or groups covered by this ARTICLE X, (iii) modify
the definitions of any terms set forth in this ARTICLE X or (iv) modify the terms of this ARTICLE X as appropriate, in
each case, in order to prevent an ownership change for purposes of Section 382 of the Code as a result of any changes in applicable
Treasury Regulations or otherwise. Shareholders may be notified of such determination through a filing with the SEC or such other method
of notice as the Board of Trustees may determine. All actions, calculations, interpretations and determinations which are done or made
by the Board of Trustees shall be conclusive and binding on the Trust and all other parties for all other purposes of this ARTICLE X.
(c) The
Board of Trustees may delegate all or any portion of its duties and powers under this ARTICLE X to a committee of the Board of Trustees
as it deems necessary or advisable and, to the fullest extent permitted by law, may exercise the authority granted by this ARTICLE X
through duly authorized officers or agents of the Trust.
Section 10.11 Transactions
on a National Securities Exchange. Nothing in this ARTICLE X shall preclude the settlement of any transaction entered into through
the facilities of a national securities exchange or any automated inter-dealer quotation system. The fact that the settlement of any
transaction takes place shall not negate the effect of any other provision of this ARTICLE X and any transferor and transferee in
such a transaction shall be subject to all of the provisions and limitations set forth in this ARTICLE X.
Section 10.12 Reliance.
For purposes of determining the existence, identity and amount of any Trust Securities owned by any shareholder, the Trust is entitled
to rely on the existence and absence of filings of Schedule 13D or 13G under the Exchange Act (or similar filings), as of any date, subject
to its actual knowledge of the ownership of Trust Securities.
Section 10.13 Benefits
of this ARTICLE X. Nothing in this ARTICLE X shall be construed to give to any Person, other than the Trust and the Charitable
Trustee (as defined in Section 7.1 of the Declaration of Trust), any legal or equitable right, remedy or claim under this ARTICLE X.
This ARTICLE X shall be for the sole and exclusive benefit of the Trust and the Charitable Trustee.
Section 10.14 Severability.
If any provision of this ARTICLE X or the application of any such provision to any Person or under any circumstance shall be held
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision of this ARTICLE X.
Section 10.15 Waiver.
With regard to any power, remedy or right provided herein or otherwise available to the Trust under this ARTICLE X, (a) no waiver
will be effective unless authorized by the Board of Trustees and expressly contained in a writing signed by the Trust; and (b) no
alteration, modification or impairment will be implied by reason of any previous waiver, extension of time, delay or omission in exercise,
or other indulgence.
Section 10.16 Conflict.
If there shall be any conflict between the provisions of this ARTICLE X or the application thereof and the provisions of Article VII
of the Declaration of Trust or the application thereof to the matters addressed in this ARTICLE X, as contemplated by this ARTICLE X,
the provisions of this ARTICLE X and the application thereof shall control.
ARTICLE XIARTICLE X
FISCAL
YEAR
Section 11.1 Section 10.1
Fiscal Year. The fiscal year of the Trust shall be the calendar year.
ARTICLE XIIARTICLE XI
DIVIDENDS
AND OTHER DISTRIBUTIONS
Section 12.1 Section 11.1
Dividends and Other Distributions. Dividends and other distributions upon the shares
of beneficial interest of the Trust may be authorized and declared by the Board
of Trustees. Dividends and other distributions may be paid in cash, property or shares of beneficial interest of the Trust.
ARTICLE XIIIARTICLE XII
SEAL
Section 13.1 Section 12.1
Seal. The Board of Trustees
may authorize the adoption of a seal by the Trust. The Board of Trustees
may authorize one or more duplicate seals.
Section 13.2 Section 12.2
Affixing Seal. Whenever the Trust is permitted or required to affix its seal to a
document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word “(SEAL)”
adjacent to the signature of the person authorized to execute the document on behalf of the Trust.
ARTICLE XIVARTICLE XIII
WAIVER
OF NOTICE
Section 14.1 Section 13.1
Waiver of Notice. Whenever any notice is required to be given pursuant to the Declaration
of Trust, these Bylaws or applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, or a waiver
by electronic transmission by the person or persons entitled to such notice, whether before or after the time stated therein, shall be
deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth
in the waiver of notice or waiver by electronic transmission, unless specifically required by statute. The attendance of any person at
any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
ARTICLE XVARTICLE XIV
AMENDMENT
OF BYLAWS
Section 15.1 Section 14.1
Amendment of Bylaws. Except for any change for which these Bylaws require approval
by more than a majority vote of the Board of Trustees, these Bylaws
may be amended or repealed or new or additional Bylaws may be adopted only by the vote or written consent of a majority of the Board
of Trustees as specified in Section 3.10.
ARTICLE XVIARTICLE XV
MISCELLANEOUS
Section 16.1 Section 15.1
References to Declaration of Trust. All references to the Declaration of Trust shall
include any amendments and supplements thereto.
Section 16.2 Section 15.2
Costs and Expenses. In addition to, and as further clarification of each shareholder’s
obligation to indemnify and hold the Trust harmless pursuant to these Bylaws or Section 8.6 of the Declaration of Trust, to the fullest
extent permitted by law, each shareholder will be liable to the Trust (and any subsidiaries or affiliates thereof) for, and indemnify
and hold harmless the Trust (and any subsidiaries or affiliates thereof) from and against, all costs, expenses, penalties, fines or other
amounts, including, without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising
from such shareholder’s breach of or failure to fully comply with any covenant, condition or provision of these Bylaws or the Declaration
of Trust (including Section 2.14 of these Bylaws) or any action by or against
the Trust (or any subsidiaries or affiliates thereof) in which such shareholder is not the prevailing party, and shall pay such amounts
to such indemnitee on demand, together with interest on such amounts, which interest will accrue at the lesser of eighteen percent (18%)
per annum and the maximum amount permitted by law, from the date such costs or the like are incurred until the receipt of payment.
Section 16.3 Section 15.3
Ratification. The Board of Trustees or the shareholders may ratify and make binding
on the Trust any action or inaction by the Trust or its officers to the extent that the Board of Trustees or the shareholders could have
originally authorized the matter. Moreover, any action or inaction questioned in any shareholder’s derivative proceeding or any
other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder,
non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before
or after judgment, by the Board of Trustees or by the shareholders and, if so ratified, shall have the same force and effect as if the
questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders
and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.
Section 16.4 Section 15.4
Ambiguity. In the case of an ambiguity in the application of any provision of these
Bylaws or any definition contained in these Bylaws, the Board of Trustees shall have the sole power to determine the application of such
provisions with respect to any situation based on the facts known to it and such determination shall be final and binding unless determined
by a court of competent jurisdiction to have been made in bad faith.
Section 16.5 Section 15.5
Inspection of Bylaws. The TrusteesTrust
shall keep at the principal office for the transaction of business of the Trust the original or a copy of these Bylaws, as amended or
otherwise altered to date, certified by the secretary, which shall be open to inspection by the shareholders at all reasonable times during
office hours.
Section 16.6 Section 15.6
Election to be Subject to Part of Title 3, Subtitle 8. Notwithstanding any other
provision contained in the Declaration of Trust or these Bylaws, the Trust hereby elects to be subject to Section 3-804(b) and
(c) of Title 3, Subtitle 8 of the MGCL. This Section 15.616.6
only may be repealed, in whole or in part, by a subsequent amendment to these Bylaws.
Section 16.7 Section 15.7
Control Share Acquisition Act. Notwithstanding any other provision contained in the
Declaration of Trust or these Bylaws, Title 3, Subtitle 7 of the MGCL shall not apply to any acquisition by any person of shares of beneficial
interest of the Trust. This sectionSection 16.7
may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may,
to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.
ARTICLE XVI
ARBITRATION
PROCEDURES FOR DISPUTES
Section 16.1
Procedures for Arbitration of Disputes. Any disputes, claims or controversies brought by or
on behalf of any shareholder (which, for purposes of this ARTICLE XVI,
shall mean any shareholder of record or any beneficial owner of shares
of beneficial interest of the Trust, or
any former shareholder of record or beneficial owner of shares
of beneficial interest of the Trust),
either on his, her or its own behalf, on behalf of
the Trust or on behalf
of any series or class of shares of beneficial interest of the Trust or shareholders against the Trust or any Trustee, officer, manager
(including The RMR Group LLC or its successor), agent or employee of
the Trust, including any
disputes, claims or controversies relating to the application or enforcement of the Declaration of Trust or these Bylaws (all of which
are referred to as “Disputes”) or relating in any way to such a Dispute or Disputes shall, on the demand of any party to
such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the
“Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified
in this ARTICLE XVI. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against
Trustees, officers or managers of the Trust and class actions by shareholders against those individuals or entities and
the Trust. For the avoidance of doubt, a
Dispute shall include a Dispute made derivatively on behalf of one party against another party. Notwithstanding the foregoing, (a) the
provisions of this ARTICLE XVI
shall not apply to any request for a declaratory judgment or similar action regarding the meaning, interpretation or validity of any
provision of the Declaration of Trust or these Bylaws, but such request shall be heard and determined in the exclusive forum provided
for in ARTICLE XVII; and (b) in the event a Dispute involves both a question of the meaning, interpretation or validity of
any provision of the Declaration of Trust or these Bylaws and any other matter in dispute, the arbitration of such other matter in dispute,
if dependent upon a determination of the meaning, interpretation or validity of any provision of the Declaration of Trust or these Bylaws,
shall be stayed until a final, non-appealable judgement regarding such meaning, interpretation or validity has been rendered by the exclusive
forum provided for in ARTICLE XVII.
Section 16.2
Arbitrators. There shall be three (3) arbitrators. If there are only two (2) parties
to the Dispute, each party shall select one (1) arbitrator within fifteen (15) days after receipt by respondent of a copy of the
demand for arbitration. The arbitrators may be affiliated or interested persons of the parties. If there are more than two (2) parties
to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority
of the claimants or the respondents, as the case may be, one (1) arbitrator within fifteen (15) days after receipt of the demand
for arbitration. The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If
either a claimant (or all claimants) or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party
(or parties) who has selected an arbitrator may request AAA to provide a list of three (3) proposed arbitrators in
accordance with the Rules (each
of whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator
shall have ten (10) days from the date AAA provides the list to select one (1) of the three (3) arbitrators proposed by
AAA. If the party (or parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed
the first (1st) arbitrator shall then have ten (10) days to select one (1) of the three (3) arbitrators proposed by AAA
to be the second (2nd) arbitrator; and, if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select,
within fifteen (15) days thereafter, one (1) of the three (3) arbitrators it had proposed as the second (2nd) arbitrator. The
two (2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial
and unaffiliated with any party) within fifteen (15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator
has not been appointed within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in
accordance with the Rules,
and the arbitrator shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited
number of strikes, excluding strikes for cause.
Section 16.3 Place
of Arbitration. The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.
Section 16.4
Discovery. There shall be only limited documentary discovery of documents directly related to
the issues in dispute, as may be ordered
by the arbitrators. For
the avoidance of doubt, it
is intended that there
shall be no depositions
and no other discovery other than limited documentary discovery as described in the preceding sentence.
Section 16.5 Awards.
In rendering an award or decision (an “Award”), the arbitrators shall be required
to follow the laws of the
State of Maryland. Any arbitration proceedings or Award shall be governed
by the Federal Arbitration Act, 9 U.S.C. §1 et seq. An Award shall be in writing and shall state the findings of fact and conclusions
of law on which it is based. Any monetary Award shall be made and payable in U.S. dollars free of any tax, deduction or offset. Subject
to Section 16.7, each party against which an Award assesses a monetary obligation shall pay that obligation on or before the thirtieth
(30th) day following the date of such Award or such other date
as such Award may provide.
Section 16.6 Costs
and Expenses. Except as otherwise set forth in the Declaration of Trust
or these Bylaws, including Section 15.2 of these Bylaws, or as
otherwise agreed by the parties thereto, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’
fees), and the arbitrators shall not render an Award that would include shifting of any such costs or expenses (including attorneys’
fees) or, in a derivative case or class action, award any portion of the Trust’s Award to the claimant or the claimant’s
attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there
are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally
bear the costs and expenses of the third (3rd) appointed arbitrator.
Section 16.7 Appeals.
Any Award, including but not limited to any interim Award, may be appealed pursuant to the AAA’s Optional Appellate Arbitration
Rules (“Appellate Rules”). An Award shall not be considered final until after the time for filing the notice of appeal
pursuant to the Appellate Rules has expired. Appeals must be initiated within thirty (30) days of receipt of an Award by filing a
notice of appeal with any AAA office. Following the appeal process, the decision rendered by the appeal tribunal may be entered in any
court having jurisdiction thereof. For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, Section 16.6
shall apply to any appeal pursuant to this Section 16.7 and the appeal tribunal shall not render an Award that would include shifting
of any costs or expenses (including attorneys’ fees) of any party.
Section 16.8 Final
and Binding. Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal
process set forth in Section 16.7, an Award shall be final and binding upon the parties thereto and shall be
the sole and exclusive remedy between those parties relating to the
Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment upon an Award may be entered
in any court having jurisdiction. To the fullest extent permitted
by law, no application or appeal to any court
of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration
or with respect to any Award, except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any
court of competent jurisdiction.
Section 16.9 Beneficiaries.
This ARTICLE XVI is intended to benefit and be enforceable by the shareholders, Trustees, officers, managers (including The RMR
Group Inc. or its successor and The RMR Group LLC or its successor), agents or employees of the
Trust and the Trust and shall be binding on the shareholders and the
Trust, as applicable, and be in addition to, and not in substitution
for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.
ARTICLE XVII
EXCLUSIVE
FORUM FOR CERTAIN DISPUTES
Section 17.1 Exclusive
Forum. TheOther than
any action arising under the Securities Act, the Circuit Court for Baltimore City, Maryland shall be the sole and exclusive forum
for (1a) any Internal Corporate
Claim, as such term is defined in the MGCL, (b) any derivative action or proceeding brought on behalf of the Trust, (2c)
any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer, manager, agent or employee of the Trust to the
Trust or the shareholders, (3d)
any action asserting a claim against the Trust or any Trustee, officer, manager, agent or employee of the Trust arising pursuant to Maryland
law or, any provisions of
the Maryland REIT Law, any applicable provisions of the MGCL, the Declaration of Trust or these Bylaws, including any disputes,
claims or controversies brought by or on behalf of any shareholder (which, for purposes of this ARTICLE XVII, shall mean any shareholder
of record or any beneficial owner of any class or series of shares of beneficial interest of the Trust, or any former holder of record
or beneficial owner of any class or series of shares of beneficial interest of the Trust), either on his, her,
their or its own behalf, on behalf of the Trust or on behalf of any series or class of shares of beneficial interest of the Trust
or shareholders against the Trust or any Trustee, officer, manager, agent or employee of the Trust, including any disputes, claims or
controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of the Declaration of Trust or these
Bylaws, including this ARTICLE XVII, orand
(4e) any action asserting
a claim against the Trust or any Trustee, officer, manager, agent or employee of the Trust governed by the internal affairs doctrine of
the State of Maryland.
Unless
the Trust consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall,
to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any claim arising under the Securities Act;
provided, however, that if the foregoing provisions of this paragraph are, or the application of such provisions to any person or entity
or any circumstance is, illegal, invalid or unenforceable, the sole and exclusive state court forum for any claim arising under the Securities
Act shall be the circuit courts of the State of Maryland.
Section 17.1
Failure to enforce any of the foregoing provisions
of this ARTICLE XVII would cause the Trust irreparable harm
and the Trust shall be entitled to equitable relief, including injunctive relief and specific performance (without
the need to post bond), to enforce the foregoing provisions. Any person or entity purchasing or otherwise acquiring or
holding any interest in shares of beneficial interest of the Trust shall be deemed to have notice of and consented to the provisions
of this ARTICLE XVII. This ARTICLE XVII shall not abrogate or supersede any
other provision of these Bylaws which may require the resolution of
such disputes by arbitration.
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