Document:

EXHIBIT 10.17

 

UNITED COMMUNITY BANKS, INC.

AMENDED AND RESTATED

2000 KEY EMPLOYEE STOCK OPTION PLAN

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

(Key Employee)

 

	
Grantee:

	 ________________________________ 
	  	  
	
Number of RSUs:

	
___________________________ RSUs

	  	  
	
Date of Grant:

	 ________________________________
	  	  
	
Vesting Schedule:

	
Per attached Grantee Statement referred to

herein as “Exhibit A”

	  	  
	
Territory:

	
Any county and any contiguous county

and any metropolitan statistical area in

which any of the Company’s subsidiary

banks has an office as of the date hereof.

 

THIS AGREEMENT (the “Agreement”) is entered into as of the _____day of ______, _________, by and between UNITED COMMUNITY BANKS, INC., a Georgia corporation (the “Company”), and the individual designated above (the “Grantee”).

 

WHEREAS, the Company maintains the United Community Banks, Inc. Amended and Restated 2000 Key Employee Stock Option Plan (the “Plan”), and the Grantee has been selected by the Committee to receive a Restricted Stock Unit Award under the Plan;

 

NOW, THEREFORE, IT IS AGREED, by and between the Company and the Grantee, as follows:

 

1.           Award of Restricted Stock Units

 

1.1           The Company hereby grants to the Grantee an award of Restricted Stock Units (“RSUs”) in the amount set forth above, subject to, and in accordance with, the restrictions, terms, and conditions set forth in this Agreement and the Plan.  The grant date of this award of RSUs is set forth above (the “Date of Grant”).

 

1.2           This Agreement (including any Exhibits) shall be construed in accordance and consistent with, and subject to, the provisions of the Plan (the provisions of which are incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan.

 

    	  

    	 

    
 

 

1.3           This Award is conditioned on the Grantee’s execution of this Agreement.  If this Agreement is not executed by the Grantee and returned to the Company within seven days of receipt of Agreement, it may be canceled by the Committee resulting in the immediate forfeiture of all RSUs.

 

2.           Vesting and Termination of Employment

 

2.1           Vesting.  Subject to Sections 2.2 through 2.5 below and Section 8, if the Grantee remains employed by the Company, the RSUs shall vest in accordance with the provisions of Exhibit A.  Each date on which the RSUs vest is hereinafter referred to as a “Vesting Date”.  Notwithstanding the foregoing, no Vesting Date can be any earlier than the day immediately after the day which is twelve (12) months and thirty (30) days following the Date of Grant (the period from the Date of Grant until the day which is twelve (12) months and thirty (30) days following the Date of Grant being hereinafter referred to as the “Initial Restriction Period”).

 

Except as otherwise provided below, on the Vesting Date, a number of Shares equal to the number of vested RSUs shall be issued to the Grantee free and clear of all restrictions imposed by this Agreement (except those imposed by Sections 3.3 and 8 below).  The Company shall transfer such Shares to an unrestricted account in the name of the Grantee as soon as practical (and no later than thirty (30) days) after the Vesting Date.  For purposes of this Agreement, employment with a Subsidiary of the Company or service as a member of the Board of Directors of the Company or a Subsidiary shall be considered employment with the Company.

 

2.2           Termination for Cause.  If the Grantee’s employment is terminated by the Company for Cause (as defined in the Plan), the unvested RSUs shall be forfeited immediately as of the date of termination of employment.

 

2.3           Termination of Employment Without Cause or For Good Reason.

 

(1)           If the Grantee’s employment with the Company is terminated involuntarily by the Company without Cause (as defined in the Plan) or is terminated by the Grantee for Good Reason (as defined in subsection (2) below), in either event after the expiration of the Initial Restriction Period, the unvested RSUs shall continue to vest in accordance with the original vesting schedule and shall be subject to performance criteria, if provided for, in Exhibit A (just as if the Grantee had remained employed).  In the event of the Grantee’s death after a termination covered by this Section 2.3, the unvested RSUs shall continue to vest as if the Grantee had lived and upon vesting, a number of Shares equal to the number of vested RSUs shall be transferred to the Grantee’s surviving spouse or, if none, to his estate.

 

(2)           For purposes of this Agreement, the Grantee shall be entitled to terminate his or her employment with the Company for Good Reason in the event of, without the Grantee’s express written consent, any one of the acts by the Company set forth below, after the expiration of the Initial Restriction Period, and satisfaction of the following conditions:  (a)  Grantee provides notice to Company of such Good Reason condition within 90 days of his learning of its initial existence; (b) Company is given 30 days to remedy the Good Reason condition and fails to do so; and (c) Grantee terminates employment within 6 months of his learning of the initial existence of the Good Reason condition.  The Good Reason conditions are:

 

(i)           a material reduction in the Grantee’s responsibilities at the Company; or

 

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(ii)           the required relocation of the Grantee’s employment to a location outside of the market area of the Company; or

 

(iii)           a material reduction in the levels of coverage of the Grantee under the Company’s director and officer liability insurance policy or indemnification commitments; or

 

(iv)           a substantial reduction in the Grantee’s base salary, a material reduction in his incentive compensation or the taking of any action by the Company which would, directly or indirectly, materially reduce any of the benefits provided to the Grantee under any of the Company’s pension, 401(k), deferred compensation, life insurance, medical, accident or disability plans in which the Grantee is participating.

 

The Grantee’s right to terminate employment for Good Reason shall not be affected by the Grantee’s incapacity due to physical or mental illness, except for a Disability as defined in the Plan.  The Grantee’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder.

 

2.4           Termination of Employment Due to Death or Disability.  Subject to Exhibit A (just as if the Grantee had remained employed), if the Grantee’s employment is terminated by the Company as a result of death or Disability, the unvested portion of the grant for the current year, if any, and the unvested portion of the grant for the subsequent year following termination, shall remain outstanding and payable upon attainment of the original vest date(s), and shall be subject to performance criteria, if provided for, on Exhibit A attached hereto.  All remaining unvested RSUs shall be immediately forfeited.  In the event Grantee’s employment is terminated as a result of death, the number of outstanding RSUs shall be transferred to the Grantee’s surviving spouse or, if none, to his estate upon attainment of the original vest date(s), and subject to performance criteria, if provided for, on Exhibit A attached hereto.

 

2.5           Termination of Employment for Other Reasons Including Retirement.  If the Grantee voluntarily terminates his or her employment including Retirement (except for Good Reason), the outstanding unvested RSUs shall immediately be forfeited as of the date of termination of employment.

 

2.6           Nontransferability. The RSUs may not be sold, assigned, transferred, pledged, or otherwise encumbered prior to the date the Grantee becomes vested in the RSUs and the Shares are issued.

 

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2.7           Section 409A Compliance.  To the extent applicable, this Agreement shall at all times be interpreted and operated in compliance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the standards, regulations or other guidance promulgated thereunder (“Section 409A”).  Any action that may be taken (and, to the extent possible, any action actually taken) by the Company shall not be taken (or shall be void and without effect), if such action violates the requirements of Section 409A.  Any provision in this Agreement that is determined to violate the requirements of Section 409A shall be void and without effect.  In addition, any provision that is required to appear in this Agreement in accordance with Section 409A that is not expressly set forth herein shall be deemed to be set forth herein, and the Agreement shall be administered in all respects as if such provision were expressly set forth.  The Company shall delay the commencement of any delivery of Shares that are payable to Grantee upon his separation from service if Grantee is a “key employee” of the Company (as determined by the Company in accordance with procedures established by the Company that are consistent with Section 409A) to the date which is immediately following the earlier of (i) six months after the date of Grantee’s separation from service or (ii) Grantee’s death, to the extent such delay is required under the provisions of Section 409A to avoid imposition of additional income and other taxes, provided that the Company and Grantee agree to take into account any exemptions available under Section 409A.  For purposes of this Agreement, termination of employment shall be construed consistent with the meaning of a separation from service within the meaning of Section 409A.

 

3.           Change in Capitalization; Deferral Rights

 

3.1           During the period the RSUs are not vested, the Grantee shall be credited with dividend equivalents or other distributions declared on the Shares represented by the RSUs in the manner determined by the Committee.  Within thirty (30) days after a Vesting Date and subject to Exhibit A, Grantee shall be paid in cash the dividend equivalents or other distributions with respect to the vested RSUs to which the dividend equivalents or other distributions relate.

 

3.2           In the event of a change in capitalization, the Committee shall make appropriate adjustments in accordance with Section 4.3 of the Plan to reflect the change in capitalization, provided that any such additional Shares or additional or different shares or securities reflected in any such adjustment shall remain subject to the restrictions in this Agreement.

 

3.3           The Grantee represents and warrants that he is acquiring the Shares under this Agreement for investment purposes only, and not with a view to distribution thereof.  The Grantee is aware that the Shares may not be registered under the federal or any state securities laws and that in that event, in addition to the other restrictions on the Shares, they will not be able to be transferred unless an exemption from registration is available or the Shares are registered.  By making this award of RSUs, the Company is not undertaking any obligation to register the RSUs under any federal or state securities laws.

 

3.4           To the extent the Grantee is eligible to participate in a deferred compensation plan established for such purpose, the Grantee may elect to defer delivery of the Shares that would otherwise be due by virtue of the lapse or waiver of the vesting requirements as set forth in Section 2.  If such deferral election is made, the Committee shall, in its sole discretion, establish the rules and procedures for such deferrals which shall be in compliance with Section 409A.

 

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4.           No Right to Continued Employment

 

Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Grantee any right with respect to continuance of employment by the Company, nor shall this Agreement or the Plan interfere in any way with the right of the Company to terminate the Grantee’s employment at any time.

 

5.           Taxes and Withholding

 

The Grantee shall be responsible for all federal, state, and local income taxes payable with respect to this award of RSUs and any dividends paid on such RSUs.  The Company and the Grantee agree to report the value of the RSUs in a consistent manner for federal income tax purposes.  The Company shall have the right to retain and withhold from any payment of Shares (but only for the minimum required withholdings) or cash the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to such payment.  At its discretion, the Company may require the Grantee to reimburse the Company for any such taxes required to be withheld and may withhold any distribution in whole or in part until the Company is so reimbursed.  In lieu thereof, the Company shall have the right to withhold from any other cash amounts due to the Grantee an amount equal to such taxes required to be withheld or withhold and cancel (but only for the minimum required withholdings) (in whole or in part) a number of Shares having a market value not less than the amount of such taxes.

 

6.           The Grantee Bound By The Plan

 

The Grantee hereby acknowledges receipt of a copy of the Plan and the prospectus for the Plan, and agrees to be bound by all the terms and provisions thereof.

 

7.           Modification of Agreement; Severability

 

This Agreement may be modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.  Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

 

8.           Cancellation and Rescission of Award; Return of Shares

 

8.1           If, during his employment with the Company or at any time during the one (1) year period after the Date of Termination, the Grantee violates the restrictive covenants set forth in Section 8.2 below, then the Committee shall, notwithstanding any other provision in this Agreement to the contrary, (i) cancel the outstanding RSUs that are not yet vested or with respect to which Shares have not yet been issued to the Grantee, and (ii) require the Grantee to return to the Company any Shares issued to the Grantee pursuant to vesting of the RSUs (or to pay to the Company the then current value of such Shares) that occurred (or will occur) during the period six (6) months prior to and one (1) year after the Date of Termination.

 

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8.2           The Grantee will not directly or indirectly, individually, or on behalf of any Person other than the Company or a Subsidiary:

 

(i)            solicit any Customers for the purpose of providing services identical to or reasonably substitutable for the Company’s Business;

 

 

(ii)            solicit or induce, or in any manner attempt to solicit or induce, any Person employed by the Company to leave such employment, whether or not such employment is pursuant to a written contract with the Company or any Subsidiary or is at will;

 

(iii)           engage in any Restricted Activities within the Territory or from a business location servicing any part of the Territory;

 

(iv)           manage any personnel engaging in any Restricted Activities within the Territory; or

 

(v)            knowingly or intentionally damage or destroy the goodwill and esteem of the Company, any Subsidiary, the Company’s Business or the Company’s or any Subsidiary’s suppliers, employees, patrons, customers , and others who may at any time have or have had relations with the Company or any Subsidiary.

 

If any term of this Section 8 shall be held to be illegal or invalid by a court of competent jurisdiction, the remaining terms shall remain in full force and effect.  If any court of competent jurisdiction shall determine that the restrictions set forth in any provision of this Section 8 or the application thereof are unenforceable in whole or in part because of the time, geographic area or scope of such restriction or provision, the parties hereto agree that such court in making such determination shall have the power to modify the time, geographic area or scope of such restriction or provision to the extent necessary to make it enforceable, and that the restriction or provision in its modified form shall be valid and enforceable to the full extent permitted by law.

 

The Grantee further agrees that he or she will not, except as necessary to carry out his duties as an employee of the Company, disclose or use Confidential Information.  The Grantee further agrees that, upon termination or expiration of employment with the Company for any reason whatsoever or at any time, the Grantee will upon request by the Company deliver promptly to the Company all materials (including electronically-stored materials), documents, plans, records, notes, or other papers, and any copies in the Grantee’s possession or control, relating in any way to the Company’s Business, which at all times shall be the property of the Company.

 

8.3           For purposes of this Section 8, the following terms shall have the meanings specified below:

 

(i)            “Company’s Business” means the business of operating a commercial or retail bank, savings association, mutual thrift, credit union, trust company, securities brokerage or insurance agency.

 

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(ii)            “Confidential Information” means information, without regard to form, relating to the Company’s or any Subsidiary’s customers, operation, finances, and business that derives economic value, actual or potential, from not being generally known to other Persons, including, but not limited to, technical or non-technical data (including personnel data), formulas, patterns, compilations (including compilations of customer information), programs, devices, methods, techniques, processes, financial data or lists of actual or potential customers (including identifying information about customers), whether or not in writing.  Confidential Information includes information disclosed to the Company or any Subsidiary by third parties that the Company or any Subsidiary is obligated to maintain as confidential.  Confidential Information subject to this Agreement may include information that is not a trade secret under applicable law, but information not constituting a trade secret only shall be treated as Confidential Information under this Agreement for a two (2) year period after the Date of Termination.

 

(iii)            “Customers” means all Persons that (1) the Grantee serviced or solicited on behalf of the Company or any Subsidiary, (2) whose dealings with the Company or any Subsidiary were coordinated or supervised, in whole or in part, by the Grantee, or (3) about whom the Grantee obtained Confidential Information, in each case during the term of this Agreement or while otherwise employed by the Company.

 

(iv)            “Date of Termination” means the date upon which the Grantee’s employment with the Company ceases for any reason.

 

(v)            “Person” means any individual, corporation, bank, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or other entity.

 

(vi)           “Restricted Activities” means serving as a director, officer, executive, manager, employee or business consultant for a commercial or retail bank, savings association, mutual thrift, credit union, trust company, securities brokerage or insurance agency.

 

9.            Governing Law

 

The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the state of Georgia without giving effect to the conflicts of laws principles thereof.

 

10.           Successors in Interest

 

This Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns, whether by merger, consolidation, reorganization, sale of assets, or otherwise.  This Agreement shall inure to the benefit of the Grantee’s legal representatives.  All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be final, binding, and conclusive upon the Grantee’s heirs, executors, administrators, and successors.

 

11.           Entire Agreement

 

This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. Wherever appropriate in this Agreement, personal pronouns shall be deemed to include the other genders and the singular to include the plural.  Wherever used in this Agreement, the term “including” means “including, without limitation.”

 

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12.           Resolution of Disputes

 

12.1           Any dispute or disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement and the Plan shall be determined by the Committee.  Any determination made by the Committee shall be final, binding and conclusive on the Grantee and the Company and their successors, assigns, heirs, executors, administrators and legal representatives for all purposes.

 

12.2           To the extent permitted by applicable law, any dispute, disagreement or claim which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement or the Plan, any breach hereof or thereof, or relating to the enforcement or arbitrability of any provision hereof or thereof, shall be settled by binding arbitration in Atlanta, Georgia by the American Arbitration Association.  Judgment on the arbitrator’s award shall be final and may be entered in any court having jurisdiction thereof.  Except as may otherwise be determined by the arbitrator(s), each party shall be solely responsible for any expenses (including attorneys’ fees and disbursements, court costs and expert witness fees) incurred by it or on its behalf in investigating and enforcing any rights under this Agreement, and each party shall bear one-half of the fees and expenses of the arbitrator(s) in connection with any arbitration or other proceeding.

 

12.3           THIS AGREEMENT CONTAINS AN ARBITRATION CLAUSE.  BY SIGNING THIS AGREEMENT, THE PARTIES AGREE THAT EACH PARTY TO THIS AGREEMENT IS GIVING UP THE RIGHT TO SUE THE OTHER PARTY IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY.  ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED.  THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS. THE ARBITRATOR(S) DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD. THE ARBITRATION RULES MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION.  IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION COULD HAVE OTHERWISE BEEN BROUGHT IN COURT.

 

[EXECUTION PAGE FOLLOWS]

 

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

	 	 	 
	 	
UNITED COMMUNITY BANKS, INC.

	 	 	 
	
 

	
By: 

	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title: 	 

 

By signing below, the Grantee hereby accepts the RSU grant subject to all its terms and provisions and agrees to be bound by the terms and provisions of this Agreement, including Exhibit A and Section 8, and the Plan.  The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board of Directors of the Company, or the Compensation Committee or other Committee responsible for the administration of the Plan, upon any questions arising under the Plan.

	 	 	 
	 	

GRANTEE

	 	 	 
	
 

	
By: 

	 
	 	 	 
	 	Name: 	 

 

[EXHIBIT A FOLLOWS]

 

    	9EX-10.21

 Exhibit 10.21 

SEVERANCE AGREEMENT 
 AND
GENERAL RELEASE OF ALL 
 CLAIMS 

This Severance Agreement and Release of All Claims (the “Agreement”) is made and entered into by and between Eric B. Brown
(hereinafter referred to as the “Employee”) and Quanta Services, Inc., a Delaware corporation, (hereinafter collectively referred to as the “Company”). 

The purpose of this Agreement is to arrange a settlement of the Employee’s employment with the Company that is satisfactory both to the
Company and to the Employee. By signing this Agreement, the Company and the Employee agree as follows: 
  

	1.	Termination of Employment. The Employee and the Company are entering into this Agreement as a way of amicably concluding the employment relationship between them on September 15, 2014
(“Separation Date”), and of resolving voluntarily any dispute or potential dispute or claim that the Employee has or might have with the Company, whether known or unknown by the Employee at this time. This Agreement is not and should not
be construed as an allegation by Employee, or as an admission on the part of the Company, that the Company has acted unlawfully or violated any state or federal law or regulation. The Company, including its parent companies, affiliates, associated
companies, and subsidiaries, specifically disclaim any liability to the Employee or any other person for any alleged violation of rights or for any alleged violation of any order, law, statute, duty, policy or contract. 

 

	2.	Severance Benefits. As consideration for the Employee agreeing to release the Company from all claims and liabilities that are described in Paragraph 6 herein and subject to the provisions of Paragraph 10
herein, the Company will pay Employee the following as severance benefits (the “Severance Benefits”): 

  

	 	a.	a lump sum, equal to nine (9) months of Employee’s base salary, in the amount of Two Hundred Ninety Two Thousand Five Hundred Dollars ($292,500), less applicable taxes and authorized withholdings, with such
amount to be paid within ten (10) days after the expiration of the period for Employee to revoke his acceptance to this Agreement under Paragraph 9, but in no event later than November 15, 2014; and 

 

	 	b.	 a lump sum amount equal to Employee’s 2014 annual cash bonus, pro rated from January 1, 2014 through the Separation Date. The amount of the
bonus will be established on or around February 28, 2015, in accordance with the Company’s customary practice for setting bonus amounts, and will be paid to Employee in a lump sum, less applicable taxes and authorized withholdings, within
ten (10) days after the date the bonus amount is set, but in no event later than March 15, 2015. 

	 	
For purposes of pro-rating the bonus, Employee’s annual bonus amount shall be multiplied by 70.7% to pro-rate the bonus for the period of January 1, 2014 through the Separation Date.

 Each payment payable under this Agreement is intended to be exempt from or compliant with Section 409A of Internal
Revenue Code and constitutes a separate payment for purposes of Section 409A of the Internal Revenue Code. The timing of payment pursuant to this Paragraph shall be determined as established herein and Employee may not designate the time of
payment of any of the Severance Benefits. 
  

	3.	Entire Consideration. The Employee agrees that the Severance Benefits set forth in Paragraph 2, herein, constitute the entire amount of consideration provided to him under this Agreement. The Employee
further agrees that he will make no claim for any additional or other severance benefits or payments and that he will not seek any further compensation for any other claimed damage, costs, severance, income or attorneys’ fees.

  

	4.	Nondisclosure Agreement. Without the express written agreement of the Company’s Chief Executive Officer, or unless required to do so by law, the Employee agrees never to disclose the existence, facts,
terms, or amounts paid under this Agreement, nor the substance of the negotiations leading to this Agreement, to any person or entity, other than to his personal counsel or attorney, personal accountants, or personal tax preparer, any such
disclosure to such persons to be made only if the relevant person must have such information for the performance of his or her responsibilities. To the extent required by law or applicable regulation, Employee may also disclose the provisions of
this Agreement to the appropriate taxing or regulatory authorities. If Employee receives a subpoena or other request for documents in a legal proceeding calling for production of this Agreement, Employee will immediately notify the Employer (to the
attention of the Company’s General Counsel or Chief Executive Officer) of such subpoena or request, so that the Company may determine whether to assert objections or seek legal relief to prevent disclosure of this Agreement. 

 

	5.	 The Employee’s Release Of All Claims Including Age Discrimination In Employment Act Claims. In consideration of the Severance
Benefits, the Employee, for himself, his heirs, executors, administrators, successors and assigns, does fully and forever release and discharge the Company, its parent companies, affiliates, associated companies, and subsidiaries, their respective
associated companies and subsidiaries, all of their respective present and former officers, directors, supervisors, managers, employees, stockholders, agents, attorneys and representatives, and the successors and assigns of such persons and entities
(collectively, the “Released Parties”), from all actions, lawsuits, grievances, complaints, liens, demands, obligations, damages, liabilities, and claims of any nature whatsoever, know or unknown, that the Employee had, now has, or may
hereafter claim to have against the Released Parties from the beginning of time through the date the Employee executes this Agreement. The release provided herein specifically includes, but is not limited to, all claims arising under any federal,
state or local fair employment practice laws, and any other employee relations statute, executive order, law and ordinance, including, but not limited to, Title VII of the Civil Rights Acts of 1964, as amended; the Civil Rights Acts of 1866, 1870,
and 1871, as 

  
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amended; the Civil Rights Act of 1991, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act, as amended; the Americans With
Disabilities Act of 1990, as amended; the Family and Medical Leave Act, as amended; the Equal Pay Act, as amended; the Fair Labor Standards Act, as amended; the Worker Adjustment and Retraining Notification Act of 1988, as amended; the Employee
Retirement Income Security Act of 1974, as amended; Section 806 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1514A, et seq.); the Rehabilitation Act of 1973 (29 U.S.C. Section 791 et seq.); the Occupational Safety and
Health Act (29 U.S.C. § 651, et seq.); the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA); the Texas Labor Code, as amended; the Texas Administrative Code, as amended; the Texas Commission on Human
Rights Act, as amended; any local human rights law; and any tort or contract cause of action or theory. 

 The Employee
expressly represents and agrees that he has been advised that, by entering into this Agreement, he is waiving all claims that he may have against the Company arising under the Age Discrimination in Employment Act of 1967, as amended, which have
arisen on or before the date of execution of this Agreement. 
  

	6.	Covenants Concerning Claims/Limitations on Scope of Agreement. The Employee agrees that he will not file any complaints, claims or actions against the Released Parties with any court regarding any matters
or claims that arose prior to the Employee’s execution of this Agreement. If any court assumes jurisdiction on behalf of the Employee of any complaint, claim or action against the Company, he will direct that court to withdraw from or dismiss
with prejudice the matter. 

 Notwithstanding the preceding provision or any other provision of the Agreement, Employee’s
agreement to the provisions under Paragraph 5, or any other section of this Agreement, is not intended to prohibit Employee from bringing an action to challenge the validity of the release of claims under the Age Discrimination in Employment Act, as
amended, or the Older Worker’s Benefit Protection Act, as amended. The Employee further understands and agrees that if he or someone acting on his behalf files, or causes to be filed, any such claim, charge, complaint, or action against the
Released Parties, he expressly waives any right to recover any damages or other relief, whatsoever, from the Released Parties, including costs and attorneys’ fees. 

Nothing in this Agreement is intended to, or will, interfere with Employee’s right to file a charge with, provide information to,
cooperate with, or participate in an investigation or administrative proceeding conducted by the Equal Employment Opportunity Commission or state fair employment practices agency, or by any other federal or state regulatory or law enforcement agency
or commission. However, by executing this Agreement, Employee hereby waives the right to recover, and agrees not to seek any damages, remedies or other relief for himself personally in any proceeding he may bring before such agency or in any
proceeding brought by such agency, or any other person, on his behalf. This Agreement is also not intended to apply to claims for accrued benefits (other than severance-type benefits) under any benefit plan of the Released Parties pursuant to the
terms of any such plan. 

  
 3 

 Employee understands that he is not releasing rights under this Agreement that cannot be waived
as a matter of law, that any claims that cannot be lawfully waived are excluded from this Agreement, and that by executing this Agreement he is not waiving any such claims. Likewise, Employee is not releasing any rights or claims that may arise
after the date on which he signs this Agreement including but not limited to rights under the Indemnity Agreement dated February 20, 2014. In addition, while this Agreement requires Employee to waive any and all claims against the Released
Parties arising under workers’ compensation laws (e.g., claims of retaliation for filing a workers’ compensation claim), it is not intended to prohibit Employee from filing in good faith for and from receiving any workers’
compensation benefits from Released Parties’ workers’ compensation carrier for compensable injuries incurred during his employment. Accordingly, pursuit of any such workers’ compensation benefits with Released Parties’
workers’ compensation carrier or third-party administrator will not be considered a violation of this Agreement. 
  

	7.	Employee Acknowledgments. Employee acknowledges and agrees that: 

  

	 	a.	In return for and in consideration of his execution, delivery and performance of this Agreement, the Company is providing to the Employee the Severance Benefits. 

 

	 	b.	The Employee is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement. 

  

	 	c.	The Employee does not waive rights or claims that may arise after the date this Agreement is signed. 

  

	 	d.	In return for signing this Agreement, the Employee will receive payment of consideration beyond that which he was entitled to receive in the absence of entering into this Agreement. 

 

	8.	Twenty-One (21) Day Review Period. The Employee acknowledges that he was provided at least twenty-one (21) days to consider whether to sign this Agreement. If the Employee signs this Agreement
prior to the end of the 21-day period, he certifies and agrees that the decision to accept such shortening of time is knowing and voluntary. Should the Employee sign this Agreement before the expiration of the 21-day period, the Company may at its
option and discretion expedite the processing of some or all of the Severance Benefits, subject to the revocation period set forth in Paragraph 9. 

  

	9.	Seven (7) Day Revocation Period. The Employee understands that he may revoke this Agreement at any time within seven (7) days after he executes it. To revoke the Agreement, the Employee must
deliver written notification of such revocation to Employer’s CEO, James F. O’Neil, III, or in his absence, to Chief Operating Officer Earl C. Austin, Jr., within seven (7) days after the date of the Employee’s execution of this
Agreement. The Employee further understands that if he does not revoke the Agreement within seven (7) days following its execution (excluding the date of execution), it will become effective, binding, and enforceable. The Employee understands
that he will not receive the Severance Benefits until this Agreement becomes effective, binding, and enforceable, which shall not occur prior to the eighth day following the Employee’s execution of this Agreement. 

  
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	10.	Company’s Release of Claims. In return for the consideration described in this Agreement, the sufficiency of which is hereby acknowledged, and subject to Employee’s execution and non-revocation
of this Agreement, the Company and its current or former parents, subsidiaries, affiliates, employees, officers, shareholders, insurers, successors, assigns, benefit plans, plan administrators, representatives, trustees, and agents, hereby release
and forever discharge the Employee from any and all actions, lawsuits, grievances, complaints, liens, demands, obligations, damages, liabilities and claims, whether known or unknown, that the Company had, now has, or may hereafter claim to have
against the Employee from the beginning of time through the date the Employee executes this Agreement, excluding claims for willful misconduct that causes material pecuniary loss to the Company, fraud, or self-dealing, where such claims are based
upon or arising from information learned by the Company subsequent to the date of execution of this Agreement. 

  

	11.	Employee Representations. The Employee represents that: 

  

	 	a.	he has reviewed all aspects of this Agreement; 

  

	 	b.	he has carefully read and fully understands all of the provisions and effects of this Agreement; 

  

	 	c.	he has had the opportunity to consult with an attorney before signing this Agreement. 

  

	 	d.	he understands that in agreeing to the terms of this Agreement he is releasing the Released Parties from any and all claims he may have against the Company, and all persons acting by, through, under or in concert with
the Company, including claims under the federal Age Discrimination in Employment Act of 1967, as amended, as well as any claims for age discrimination that may exist under Texas law or any other applicable law, as more particularly described in
Paragraph 8 herein; 

  

	 	e.	he voluntarily agrees to all the terms set forth in this Agreement; 

  

	 	f.	he has not filed, caused to be filed, and presently is not a party to any claim, complaint, or action against the Released Parties in any forum or form, whether administrative or otherwise; and 

 

	 	g.	as of the time of execution of this Agreement by Employee, Employee is unaware of any facts or conduct that would give rise to a claim against the Released Parties of any type or sort, including those types of claims or
other violations set forth generally and specifically above, and further including but not limited to, any claims under the Family Medical Leave Act of 1993 or the Fair Labor Standards Act. 

  
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	12.	Return of Company Property and Confidentiality Obligations. The Employee agrees that on or before September 15, 2014, the Employee shall return or shall have returned all Company Property and
Confidential Information (as defined below). “Company Property” means all property of the Company, including, but not limited to, Company issued/owned computers, laptops, peripheral electronic equipment (e.g., printers, cameras,
projectors, computer docking stations, etc.), Blackberry or other personal digital assistants (PDAs), cellular telephones, credit cards, keys, door cards, tools, equipment on loan, and any other Company books, manuals, and journals.
“Confidential Information” means all confidential, sensitive or proprietary information belonging to the Company, including, but not be limited to, all business records, manuals, memoranda, computer records, electronic files, lists and
other property delivered to or compiled by the Employee by or on behalf of Company, or its representatives, vendors or customers that pertain to the business of Company, as well as all correspondence, reports, records, charts, and other similar data
pertaining to the business, activities or future plans of Company that was collected by the Employee during his employment with the Company. For purposes of this Paragraph 12 and Paragraph 13, “Company” shall include all parent companies,
affiliates, associated companies, and subsidiaries. 

 The Employee further acknowledges and agrees that the Employee is
obligated to not, at any time, disclose or otherwise make available to any person, company or other party Confidential Information or trade secrets of the Company, its parent, associated companies, affiliates, and subsidiaries. This Agreement shall
not limit any obligations the Employee has under any applicable federal or state law. 
  

	13.	Non-disparagement. The Employee agrees not to make any disparaging or negative statements about the Company, its services or its current or former directors, officers, supervisors, managers, or employees.
Statements made in the course of any litigation, or legal or regulatory proceeding, whether disparaging or negative, are excluded from coverage of this Paragraph. 

 

	14.	Voluntary Action. The Employee represents and agrees that he is knowingly and voluntarily entering into this Agreement, and that he has relied solely and completely upon his own judgment or the
advice of his attorney in entering into this Agreement. 

  

	15.	Entire Agreement. This Agreement sets forth the entire agreement between the Employee and the Company and fully supersedes and replaces any and all prior agreements or understandings, written or oral,
between the Company and the Employee pertaining to the subject matter of this Agreement, including the Employment Agreement dated February 20, 2014, between Employee and the Company, which is attached hereto as Exhibit A. The Employee and the
Company represent and acknowledge that in executing this Agreement they do not rely upon and have not relied upon any representation or statement made by any of the parties or by any of the parties’ agents, attorneys, employees, or
representatives with regard to the subject matter, basis, or effect of this Agreement or otherwise, other than those specifically stated in this written Agreement. 

  
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	16.	Governing Law. This Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Texas without regard to principles of conflict of laws. 

 

											
									QUANTA SERVICES, INC.:
					
			DATED:		 Sept. 10, 2014
				 /s/ James F. O’Neil, III

						
									By:		 JAMES F. O’NEIL, III

					
									EMPLOYEE
					
			DATED:		 Sept. 10, 2014
				 /s/ Eric B. Brown

									ERIC B. BROWN

  

			
	THE STATE OF		    §
			    §
	COUNTY OF		    §

 The foregoing instrument was SWORN TO AND SUBSCRIBED BEFORE ME BY ERIC B. BROWN AND GIVEN UNDER MY HAND AND
SEAL OF OFFICE on this the 10th day of September , A.D., 2014. 
  

	
	 /s/ Jodi Hensley

	 Notary Public in and for the

State of Texas

  

			
	My commission expires:		 August 14, 2017

  
 7

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