Document:

mime-ex1046_795.htm

Exhibit 10.46

 

 

Dated:

2019

 

Mimecast Services Limited (1)

 

and

 

Heather Bentley (2)

 

 

Employment Contract

 

 

 

PARTIES

 

(1) MIMECAST SERVICES LIMITED incorporated and registered in England and Wales with company number 04901524 whose registered office is at 1  Finsbury Avenue, London,  EC2M 2PF (the "Company"); and

(2) Heather Bentley of  {the

"Employee" or "you")

 

AGREED TERMS

1. COMMENCEMENT AND TERM

1.1. The Company shall employ you and you shall serve the Company on the terms of this agreement

("Agreement").

 

1.2. This Agreement will commence on 25 November 2019 and will continue in force unless and until terminated by either party in accordance with the remaining terms of this Agreement.

 

1.3. No previous employment counts as part of your continuous employment with the Company.

 

2. JOB TITLE AND DUTIES

 

2.1. You are employed as SVP Customer Success and Support. Your job title may be changed from time to time where the Company considers  it reasonable or necessary to do so.

 

2.2. Your duties include all work normally associated with your job title and any specific duties which are assigned to you from time to time or contained in any job description which may be issued to you. Your duties may be reasonably modified as necessary to meet the needs of the Company's  business. The Company has the right at any time and for any reason to reasonably vary,  replace or extend your job description and to change the person to whom you report.

 

2.3. You will initially report to Peter Bauer ("Line Manager") however, you may be given instructions from any superior or director or other person as the Company  from time to time deems appropriate.  It is a condition of your employment that you are prepared to undertake reasonable duties other than those for which you have been specifically engaged.

 

2.4. You shall not, without the Company's prior written consent:

 

	
 
	
•
	
be employed or engaged in any other business during the course of your employment with the

Company; or

 

	
 
	
•
	
directly or indirectly, be concerned or interested in any trade, ousmess or organisation insofar as such concern or interest may conflict with your duties to the Company.

 

 

 

 

If you think you may be in breach of lhis clause in respect of any commilmenl or interests you must disclose this to the Company al lhe earliest available opportunity. Consent will not be unreasonably withheld.

 

2.5. You agree to familiarise yourself and comply with the rules, policies and procedures of me Company from time to lime in force (including, for the avoidance of doubt,  those mcludeo in your induction programme via our Learning Management System as well as those on the Company's Intranet), although these do not form part of your contract of employment,  unless slated otherwise. /\ll rules, policies and procedures can be found on the Company's intranet and are also available from Human Resources.  The Company has the right at any time and for any reason lo withdraw, replace or change any rules, policies and procedures that may be in place from lime lo lime. Breaching any rules, policies and procedures may result in disciplinary action being taken against you. To the extent that there is any conflict between lhe terms of this Agreement and any rule, policy or procedure then lhe terms of this Agreement shall prevail.

 

2.6. All documents, manuals, hardware and software provided for your l!Se by the Company, and any data or documents (including copies) proouced, maintained or stored on the Company's computer systems or other electronic equipment (including  mobile phones and laptop computers), remain the property of the Company.

 

3. HOURS AND PLACE  OF WORK

 

3.1. Your normal working hours are 9 a.m. to s.o.m. Monday to Friday (with an hour for lunch}, together with such additional hours as may be necessary for the proper performance of your duties.  However, start and finish times may be varied by the Company to meet local operating requirements. You acknowledge that you shall not receive further remuneration in respect of such additional hours of work.

 

3.2. Your normal place of work is the Company's office at 1  Finsbury Avenue, London, EC2M 2PF, out the Company  may require you to work at any place within Greater London on either a temporary or an indefinite basis for the proper performance and exercise of your duties.

 

3.3. You agree to travel on any Company business (both within the United Kingdom or abroad) as may be required for the proper performance of your duties, however, you shall not be required to work outside of the United Kingdom for any continuous period of more than a month.

 

3.4. You consent to the transfer of your employment under this Agreement to an Associated Employer at any time during your employment, which may entail reasonable relocation of your place of work.

 

3.5. You agree that you may work for more than an average of 48 hours a week unless you notify the Company in writing at the time of signing this Agreement that you do not wish to do so. If you change your mind about the agreement to work for more than an average of 48 hours a week, you must give the Company three months' notice in writing.

 

4. PROBATIONARY PERIOD

 

4.1. The first three months of your employment  is a probationary period and your employment may be terminated by either party during this period at any time by giving one week's notice or by payment in lieu of such notice. The Company may, at its discretion. extend the probationary  period for up to a further three months and if it shall fail to notify you either verbally or in writing that you have successfully completed your probationary period, it will be treated as having been extended for a further three months.

5. SALARY, BENEFITS & DEDUCTIONS

 

5.1. You are paid a gross salary of £225,000 per annum.

 

5.2. Your salary shall accrue from day to day and will be paid in twelve equal monthly instalments. in arrears, on or about the last Friday of each calendar month. This will be paid by way of bank credit transfer directly into your bank or building society, after the deduction of tax and National Insurance contributions and any other such deductions which are agreed or which the Company is required by law to deduct. Although the Company will make all reasonable, necessary arrangements  to ensure that salaries are paid by their due date,  it cannot be held responsible for late payment of salaries in the event of bank transfer delays.

 

 

 

5.3. Your salary may be reviewed annually at the sole discretion of the Company but a salary increase is not a contractual  entitlement. The Company is under no obligation to award an increase following a salary review. There will be no review of salary after notice has been given by either party to terminate your employment nor will salaries be reviewed when employees are still within their probationary period.

 

5.4. You will be eligible to participate in the Company's discretionary corporate bonus scheme in accordance with the rules of the scheme as amended from time lo time. The objective of the bonus scheme is to attract, motivate and retain talented and effective staff. The maximum potential bonus for which you will be eligible is 50% of your annum base salary,  pro rated if you join part was through a fiscal year. The Company will have absolute discretion over your maximum  potential bonus, targets set for each bonus period and the amount that you would receive. The Company will inform you of the targets once they have been set and of the amount you would receive if those targets were met. In considering payment of any bonus the Company will take account of whatever factors it considers appropriate which will include (but will not necessarily be limited to) targets being met, company  performance and your own individual contribution and performance.  If the Company makes any bonus payments to you during your employment it shall not become obliged to make bonus payments in future years. In any event, you will not, unless otherwise agreed at the sole discretion of the Company, be eligible to receive a bonus if your employment has terminated (for any reason) or if you are serving a period of notice (whether given by you or the Company) at lhe lime that bonuses are paid. The Company reserves the right to withdraw, replace or vary the scheme at any time.

 

5.5. You authorise the Company at any time during your employment or in any event on the termination of your employment, to deduct from your salary payment and any sums the Company is liable to pay lo you, any amount from lime to time which you owe to the Company including but not limited to any outstanding loans, advances, payments for excess holiday and overpayment of wages and you expressly consent to any such deductions pursuant to Part 11 of the Employment Rights Act 1996.

 

5.6. You are eligible for membership of the Company's non contributory Private Medical Insurance Scheme subject always to the rules of the scheme in place from time to lime, and subject to you being eligible to participate in or benefit from the scheme. The Company reserves the right to terminate its participation in any private medical insurance scheme or substitute another scheme or alter the benefits available under the scheme. This is a taxable benefit.

 

5. 7. All eligible employees will be automatically enrolled into the Group Personal Pension Plan set up by the Company.  New members of staff will be automatically enrolled, providing they are eligible, after three months service with the Company,  but can elect to opt in sooner should they wish to do so.  Employees are required to contribute a minimum of 3.5% of their total pay and the company will also pay 3.5% into their pension Plan. Entry to the Plan is by default on the basis of salary exchange unless you opt out of

the salary exchange  arrangements.  Details can be obtained from HR and are available on the Company's intranet.

 

6. HOLIDAYS

6.1. You shall be entitled to 25 days' paid holiday in each holiday year together with the usual public holidays in England and Wales. The Company's holiday year runs between 1  April and 31 March.  If you work part-time, this entitlement will be pro-rated as appropriate. If your employment commences or terminates part way through a holiday year, your entitlement during that holiday year shall be calculated

on a pro-rata basis rounded to the nearest half day.

 

6.2. You must give reasonable  notice of proposed holiday dales which must be agreed in advance with your Line Manager and in accordance with the Company's holiday request procedures, in place from time to time. You may carry rorward any unused holiday entitlement into the next holiday year, this is known as overdue holiday. Any such overdue holiday carried forward must be taken within the first 6 months of the following holiday year or such leave will be forfeited. There will be no payment in lieu of overdue leave in any circumstances.

 

6.3. You shall have no entitlement to any payment in lieu of accrued but untaken holiday save on termination of your employment. If you have taken more than your accrued entitlement, you will be required 

 

 

to reimburse the Company in respect of the excess days taken and the Company is authorised to deduct the appropriate amount from any sums due to you.  Subject to clause 6.4 the amount of such payment in lieu shall be based on your entitlement under clause 6. 1   for the leave year in which termination takes place and shall be paid at the rate of 1/26Dth of your salary for each untaken day.

 

6.4. On termination of your employment, the Company may either require you lo take any unused and accrued holiday entitlement during any notice period by giving you at least one day's notice or make a payment in lieu of that entitlement.

 

7. ABSENCE

 

7.1. If you are absent from work for any reason, you must notify your line Manager of your absence and the reason for your absence by 9.15 a. m. or as soon as possible on the first day of absence.  If the absence is due to illness you are required to give details of the nature of the illness and any indication that can be given of your anticipated length of absence. Failure to do so may result in disciplinary action or the withholding of sick pay.

 

7.2.  In all cases of absence a self-certification form, which is available on the Company's intranet or from Human Resources, must be completed on your return to work and supplied to Human Resources. You must also register your absence on the Intranet. The Company may take whatever steps it considers reasonably necessary to verify that a self-certification form is accurate and valid.

 

7.3. For any period of incapacity due to sickness or injury which lasts for seven consecutive  days or more. a doctor's certificate stating the reason for absence must be obtained at your own cost and supplied lo Human Resources. Further certificates must be obtained if the absence continues for longer than the period of the original certificate.

 

7.4. You agree to consent to a medical examination (at the Company's expense) by a doctor or specialist nominated by the Company should the Company so require. You agree that any report produced in connection with any such examination  be disclosed to the Company  and the Company may discuss \he contents of the report with the relevant doctor/specialist. Alternatively, you may be asked to obtain a medical report from your GP or another person responsible for your clinical care and to provide this lo the Company and to give permission to the Company  to discuss the report with your GP or other person. The purpose of this report is to ascertain medical opinion as to \he effects of any condition on your ability to undertake your role and to highlight any reasonable adjustments for consideration.

 

7.5. While the Employer will normally be sympathetic to cases of genuine sickness,  illness or accident, prolonged,  persistent or regular absence may be dealt with through the Company's Sickness and Health and/or disciplinary procedure(s), in place from time to time. The Company reserves the right to terminate employment on grounds of ill-health if you are no longer capable of fulfilling the requirements of the role.

7.6. You shall abide by the Company's policies on sickness and incapacity as communicated and as amended from time to time. Any abuse of the Company's sickness and incapacity policies will result in disciplinary action being taken against you. All policies referred to in this section can be found on the Company's intranet ano are not incorporated into this Agreement by reference.

 

8. SICK PAY

 

8.1. You will be entitled to Company Sick Pay (being normal basic salary) for a total of 10 days over 3 instances of sickness  in any 12 month rolling period. Thereafter, you will be entitled to Statutory Sick Pay ("SSP") in accordance with the rules laid down by law subject to meeting any qualifying conditions. Company Sick Pay and SSP are paid conditional  upon your compliance with the Company's sickness absence procedures. Company sick pay is inclusive of any SSP to which you may be entitled for those days.

 

8.2. Qualifying days for SSP purposes are defined as those days of the week on which you are contracted to work. Should the Company, in its absolute judgement make any discretionary payment in times of sickness. this includes any entitlement to SSP.

 

 

 

8.3. You will forfeit your entitlement to Company Sick Pay if you refuse to attend a medical examination pursuant to clause 7.4 or if your incapacity has been caused by participation in dangerous  sports or activities. You may also forfeit your entitlement to SSP if you fail to comply with the notification procedures or if you make or produce any misleading or untrue statement or document  concerning your fitness for work.

 

8.4. You agree to repay the Company on request such sums as you may receive by way of sick pay if you recover compensation and/or damages from any third party including the Company as a consequence of your suffering illness and/or injury.

 

9. CONFIDENTIAL INFORMATION

 

9.1. Without prejudice to your common law duties, you shall not (except in the proper course of your duties, as authorised or required by law or as authorised by the Company) either during your employment or at any time after termination of your employment (howsoever arising):

 

9.1.1. use any Confidential Information; or

 

9.1.2. make or use any Copies; or

 

9.1.3. disclose any Confidential tnformation to any person, company or other organisation whatsoever.

 

9.2. The restriction in clause 9.1 does not apply to any Confidential Information which is or becomes in the public domain other than through your or any unauthorised disclosure.

 

9.3. You must familiarise yourself with any policy or procedure relating to the Company's  information and its security and you shall be responsible for protecting the confidentiality of the Confidential Information and shall:

 

9.3.1. use your best endeavours to prevent the use or communication of any Confidential Information by any person. company or organisation (except in the proper course of your duties, as required by law or as authorised by the Company); and

 

9.3.2. inform the Company  immediately on becoming aware, or suspecting, that any such person, company or organisation knows or has used any Confidential Information.

9.4. All Confidential Information and Copies shall be the property of the Company and on termination of your employment. or at the request of the Company, you agree that you will:

 

9.4.1. hand over all Confidential Information or Copies to the your Line Manager or Human Resources;

 

9.4.2. forward a copy to us and then irretrievably delete any Confidential Information stored on any magnetic or optical disk or memory,  including personal computer networks, personal e-mail accounts or personal accounts on websites, and all matter derived from such sources which is in his possession or under your control outside the Company's premises; and

 

9.4.3. provide a signed statement that you have complied fully with your obligations  under this clause 9.

 

9.5. Any breaches of this clause 9 will render you subject to disciplinary action, including,  but not limited to summary dismissal. However, nothing in this clause 9 shall prevent you from disclosing information which you are entitled to disclose under the Public Interest Disclosure Act 1998, provided that the disclosure is made in accordance with the provisions of that Act and you have complied with the Company's policy from time to time in force regarding such disclosures.

 

10. INTELLECTUAL PROPERTY

 

10.1. You acknowledge that all Employment IPRs.  Employment Inventions and all materials embodying them shall automatically belong to the Company to the fullest extent permitted by law.

 

 

 

10.2. You hereby assign as appropriate and to the fullest extent permitted by law all existing and future rights {including Employment  IPRs), titles and interests in all Employment Inventions to the Company. To the extent that they do not vest in the Company automatically, you hold them on trust for the Company.

 

10.3. You undertake to use your best endeavours to execute all documents  and do all acts both during and after your employment by the Company as may, in the opinion of the Company, be necessary or desirable to vest the Employment I PRs in the Company, to register them in the name of the Company and to protect and maintain the Employment IPRs and the Employment Inventions anywhere in the world. Such documents may, at the Company's request, include waivers of all and any statutory moral rights relating to any copyright works which form part of the Employment IPRs. The Company agrees to reimburse your reasonable  expenses of complying with this clause 10. 3.

 

10.4. You agree to give all necessary assistance to the Company to enable it to enforce its Intellectual Property Rights against third parties, to defend claims for infringement of third party Intellectual Property Rights and to apply for registration of Intellectual Property Rights, where appropriate  throughout the world, and for the full term of those rights.

 

10.5.  Notwithstanding the foregoing, this Agreement  does not obligate you to assign to the Company any invention which, in the Company's reasonable judgment  is: (i) developed entirely on your own time; (ii) developed without the use of any Company resources; and (iii) unrelated to the business efforts or research and development efforts in which the Company is engaged or reasonably could be expected  to engage in during your employment with the Company. However. you will promptly disclose to the Company any such inventions for the purpose of determining whether they qualify for such exclusion.

 

10.6. To preclude any possible uncertainty, you agree that you have set forth on Exhibit A attached hereto a complete list of inventions (including any issued or pending patents for which you are named as an inventor) that you (alone or jointly with others) have conceived or developed or began developing prior to your employment with the Company which you consider to be your property or the property of third parties and that you wish to have excluded from the scope of this Agreement ("Prior Inventions"). If,  in the course of your employment with the Company, you incorporate a Prior Invention into a Company product, service,  process, machine, or other work done for the Company, you hereby grant to the Company a nonexclusive,  royalty-free,  paid-up, irrevocable, worldwide license to make, have made, modify, use, sell,

offer for sale and import such Prior Invention. Notwithstanding the foregoing, you will not incorporate, or permit to be incorporate Prior Inventions in any Employment  Invention.

 

11. TERMINATION OF EMPLOYMENT

 

11.1.  During your probationary period (including any period by which your probationary period is extended), your employment may be terminated at any time by the Company giving one week's notice in writing.

 

11.2. Subject to the provisions regarding earlier termination contained in this Agreement and following successful completion of your probationary period, this Agreement shall continue until terminated by either party giving one months' notice in writing to the other in the first 4 years of employment and thereafter one week's notice for each complete  year of employment up to a maximum of 12 weeks after

12 or more complete years of employment.

 

11.3.  Notwithstanding clause 11.2, the Company  may (in its sole and absolute discretion) terminate your employment al any lime and with immediate effect by making you a payment in lieu of all or part of your notice period consisting your basic salary only,  less the usual tax and national insurance contributions.

 

11.4. You will have no right to receive a payment in lieu of notice unless the Company has exercised its discretion in clause 11.3 above.  Nothing in this clause 11  shall prevent the Company from terminating your employment and electing not to make you any payment in lieu of notice.

 

 

 

11.5.  If at any lime either you or the Company gives notice of termination of this Agreement then the Company may in its absolute discretion place you on garden leave during your notice period.  During any period of garden leave the Company will be under no obligation to provide any work for you and you will have no right to perform any duties or services for the Company or any member of the Group. The Company will be entitled to exclude you from any premises of the Company or any other member of the Group and to require you lo resign from any or all offices of the Company  and of any member of the Group. You must also comply with any conditions  laid down by the Company  including but not limited to the prohibition of any contact and/or dealings between you and the customers, clients, suppliers, employees, agents, distributors and/or consultants of the Company or any member of the Group but for the avoidance of doubt you will remain an employee and remain bound by all your obligations (except those from which you are explicitly released) and be entitled to all your remuneration and benefits in this Agreement.

 

11.6. The Company may also terminate your employment at any time with immediate effect without notice and without payment in lieu of notice if you:-

 

11.6.1. are guilty of gross misconduct or commit any material or (after warning) repeated or continued breach or non-observance  of your obligations to the Company (whether under this Agreement or otherwise) or if you refuse or neglect to comply with any reasonable and lawful directions of the Company; and/or if you

 

11.6.2. are guilty of any fraud or dishonesty or act in a manner which in the opinion of the Company

brings or is likely lo bring you or the Company  into disrepute or is materially adverse to the interests of the

Company; and/or if you

 

11.6.3. are found guilty of having committed a criminal offence other than minor road traffic offences for which no custodial penalty is imposed.

 

11.7. The rights of the Company  under clause  11.6 are without prejudice to any other rights that it might have at law to terminate your employment or to accept any breach by you of this Agreement as having brought this Agreement to an end. Any delay by the Company in exercising  its rights to terminate shall not constitute a waiver thereof.

12. OBLIGATIONS UPON TERMINATION

 

12.1. On termination of your employment (howsoever arising) you will:

 

12.1.1. immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located and including any copies or notes relating to it) relating to the business or affairs of ils business contacts, any keys or keycards, and any other property of the Company including any laptop computer, mobile phone, blackberry or other electronic device which is in your possession or under your control;

 

12.1.2. forward a copy to us and then irretrievably delete any information relating to the business of the Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in your possession or under your control outside the Company's premises;

 

12.1.3. provide us with details on request of any passwords or passcodes used by you; and

 

12.1.4. if requested to do so by the Company provide a signed statement that you have complied fully with your obligations under this clause 12. 1.

 

12.2. On termination of your employment howsoever arising you shall not be entitled to any compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company  in which you may participate.

 

12.3.  If your employment is terminated at any time in connection with any reconstruction or amalgamation of the Company whether by winding up or otherwise and you receive an offer of employment (on terms no less favourable overall than the terms of this Agreement) from an undertaking involved in or resulting from such reconstruction or amalgamation you will have no claim whatsoever against the Company arising out of or connected with such termination.

 

 

 

13. RETIREMENT

 

13.1. Subject to the provisions regarding earlier termination contained in this Agreement, this Agreement shall terminate on the date that you reach age 65 (subject to any statutory procedures applicable on retirement and in accordance with any applicable  Retirement Policy set out by the Company from time to time) or such age as may from time to time be determined by the Company as the normal retirement age.

 

14. DISCIPLINARY AND GRIEVANCE PROCEDURES

 

14.1.  You are subject to the Company's Disciplinary and Grievance procedures, copies of which are available  from Human Resources and on the Company's Intranet. These procedures do not form part of your contract of employment and the Company  reserves the right to replace or amend these procedures from time lo lime lo improve clarity,  reflect best practice or keep in line with changing legislation.

 

14.2.  If you wish to appeal against a disciplinary decision you may appeal in writing in accordance with the Company's Disciplinary procedure in place from lime to time.

 

14.3. You may be suspended  al any time during any period in which the Company is carrying out a disciplinary  investigation into any alleged acts or defaulls. During any period of suspension you shall continue to receive your salary and contractual benefits for a period of up to 20 working days, or such longer period as shall reasonably be necessary  to conclude the investigation.

 

14.4. If you wish to raise a grievance, you may apply in writing to your Line Manager in accordance with the Company's Grievance procedure.

15. COLLECTIVE AGREEMENT

 

15.1. There is no collective agreement in force which directly affects your employment.

 

16. HEALTH AND SAFETY

 

16.1. The Company will take all reasonable steps to ensure your health and safety and welfare while al work. You must comply with any rules or regulations made from time to time by the Company  for Ille health safety and welfare of its employees and familiarise yourself with such rules or regulations including the Health and Safety Policy and the Company's Health and Safety Manual which is available on the Company's Intranet. This policy/manual is for information purposes and does not incorporate into this agreement by reference.

 

16.2. You must also take care of your own health and safely and that of your colleagues or others who may be affected by your acts or omissions at work. You must inform your Line Manager or a member of Human Resources if you feel that your health is affected by any work-related issue.

 

16.3. Wilful breaches of U1e Company's Health and Safely policies will be dealt with through the

Company's Disciplinary procedure.

 

17. STATUTORY  LEAVE ENTITLEMENT

 

17.1.  Employees who are eligible for maternity, paternity, parental or adoption leave will be given those statutory rights which are, from time to time, in force.

 

17.2. Should you be eligible for, and wish to take, maternity, paternity, parental or adoption leave, please consult the Company's policies and procedures for further details. These can be found on the Company's intranet and provide information and guidance,  in place from time to time, but is not legally binding.

 

 

 

18. E-MAIL ANO INTERNET

 

18.1. Telephone calls made and received by you using the Company's equipment, use of the email system to send or receive business or personal correspondence  and use of the Internet may be monitored andlor recorded by the Company for the purposes of ensuring appropriate use, including

(without limitation) compliance with the Company's policies, assisting in the investigation of wrongful acts, complying with legal obligations and finding or retrieving lost messages. You acknowledge  that the

content of any communications using the Company's systems or anything stored on such systems will not be private and confidential to you but will belong to the Company and that such systems should be used for business purposes.

 

18.2. Further details are contained in the Company's policies regarding email and internet usage, copies of which can be found on the Company's intranet. Any breach of the Company's email and internet policies will resu It in disciplinary action being taken against you.

 

19. DATA PROTECTION

 

19.1.  You consent lo the Company processing data relating to you for legal, personnel, administrative and management purposes and in particular to the processing of any sensitive personal data (as defined in the Data Protection Act 1998) relating to you including, as appropriate:

 

19.1.1. information about your physical or mental health or condition in order to monitor sick leave and take decisions as to your fitness for work;

 

19.1.2. your racial or ethnic origin or religious or similar beliefs in order to monitor compliance with equal opportunities legislation;

19.1.3. information relating to any criminal proceedings in which you have been involved for insurance purposes and in order to comply with legal requirements and obligations to third parties.

 

19.2.  If the Company deems it necessary it may make such information available lo those who provide products or services to the Company (such as advisers and payroll administrators),  regulatory authorities, potential or future employers, governmental or quasi-governmental organisations and potential

purchasers of the Company or the business in which you work.

 

19.3. You consent to the transfer of such information to the Company's  business contacts outside the European Economic Area in order to further its business interests even where the country or territory in question does not maintain adequate data protection standards.

 

19.4. You are responsible for informing the Company of all changes to your personal data,  including but not limited to your name, address, marital status, contact details and next of kin. You shall also use reasonable endeavours  to ensure that any personal data of other employees,  including that which you may use or access during the Employment or in accordance with your duties and responsibilities, is kept secure from unauthorised access or disclosure and must not be discussed or disclosed except in accordance with the Company's Data Protection Policy and the Data Protection Act 1998 and as amended.

 

19.5. Please familiarise yourself with the Company's Data Protection Policy which contains furtller details relating to data protection. All Company polices can be found on the Company's intranel and are not incorporated  by references into this agreement.

 

20. RESTRICTIVE COVENANTS

 

20.1.  In this clause:

 

"Client" means any Person who at any time during the Relevant Period was a client of the Company or any Relevant Group Company:

 

 

 

	
 
	
•
	
With whom you had material dealings or for whom you had responsibility on behalf of the Company or any Relevant Group Company at any time during the Relevant Period; or

 

	
 
	
•
	
in respect of whom you obtained or otherwise received confidential information;

 

"Directly or Indirectly" means directly or indirectly on either your own account or in conjunction with or on behalf of any other Person;

 

"Key Person" means any individual:

 

	
 
	
•
	
who at any time during tile Relevant Period was engaged or employed as an employee, director or consultant by the Company or any Relevant Group Company  (other than an individual in business on his/her own account providing professional independent advisory services  to us or any Relevant Group Company);
	
 

 

	
 
	
• 
	
with whom you worked to a material extent or for whom you had managerial responsibility at any time during the Relevant Period; and
	
 

 

	
 
	
• 
	
who was employed or engaged during the Relevant Period in a senior. sales, marketing, financial, managerial, professional or equivalent capacity;
	
 

 

"Materially Involved" means Directly or Indirectly employed or engaged by or interested in, other than as a shareholder of up to 3% of the issued shares of any company  listed on any recognised investment exchange for the purposes of investment only, where recognised investment exchange has the meaning given in section 285 of the Financial Services and Markets Act 2000;

"Person" means individual, firm, company, association, corporation or other organisation;

"Prospective Client" means any Person who at any time during the Relevant Period had Relevant Discussions  in which you were materially involved, for which you had responsibilities or about which you obtained or otherwise received confidential information;

 

"Relevant Discussions" mean any discussion, pitch, tender,  presentation, negotiation or invitation to enter into or participate in any discussion, pitch, tender, presentation or negotiation, with the Company or any Relevant Group Company, with a view to receiving services from us or any Relevant Group Company;

 

"Relevant Group Company" means any Group Company for which you carried out work or had responsibility during the Relevant Period;

 

"Relevant Period" means the period of 12 months prior to the Termination Date;

 

"Restricted Arca" means the United Kingdom and any other territories or countries for which you had responsibility or in respect of which your duties for the Company  or any Relevant Group Company were materially involved at any time in the 24 months immediately prior to the Termination Date;

 

"Restricted Products and Services" means any products or services which compete with or are of the same or similar kind as any products or services:

 

	
 
	
• 
	
provided by the Company or any Relevant Group Company in the ordinary course of its or their business during the Relevant Period; and
	
 

 

	
 
	
• 
	
in respect of which you were directly concerned, were materially involved or had responsibility during the Relevant Period or about which you obtained or otherwise received confidential information;
	
 

 

 

 

20.2 In order to protect the Company's and any Relevant Group Company's confidential information, trade secrets, goodwill, customer/client base, potential customer/client base, other business connections and stable workforce, you agree to be bound by the restrictions set out below.

 

20.3 For a period of 6 months immediately following the Termination Date you will not either Directly or Indirectly without written consent from the Company:

 

20.3.1  in competition with the Company or any Relevant Group Company  be Materially Involved with any Person providing Restricted Products and Services within the Restricted Area;

 

20.3.2 encourage  or try to encourage any Client or any Prospective  Client either not to give custom or to take custom away from the Company or any Relevant Group Company;

 

20.3.3 in competition with the Company or any Relevant Group Company either:

 

20.3.3.1  solicit or try to solicit the custom of any Client or any Prospective Client with a view to supplying that Client or Prospective Client with Restricted Products and Services; and/or

 

20.3.3.2 supply Restricted Products and Services to any Client or any Prospective Client;

 

20.3.4 entice away or try to entice away from the Company  or any Relevant Group Company any KeyPerson and/or;

 

20.3.5 employ or enter into partnership or association with or retain the services of any Key Person or offer to do so;

 

20.4 You undertake that if you receive an offer of employment or engagement with a Person other than the Company or any Group Company during lhe period for which the restrictions set out above remain in force, you will immediately provide that Person with a complete copy of this clause and the relevant definitions.

 

20.5 You agree that the Company is entering into lhe above restrictions and all relevant definitions for its own benefit and as trustee for each Relevant Group Company.

 

20.6 Any period during which you are required by the Company to remain on garden leave shall be deducted from each of the period of restriction referred in clause 20. 3 above.

 

21. AMENDMENTS

 

21.1. The Company  is entitled to introduce or make reasonable changes to your tenns of employment from time to time by notifying you of such in writing either by way of an individual notice or a general notice to all employees.

 

22. THIRD PARTY RIGHTS

 

22.1. Any Group Company may enjoy the benefit and enforce the terms of this Agreement in accordance with the Contracts (Rights of Third Parties) Act 1999 (lhe "Act"), but otherwise the Act shall not apply lo this Agreement.  No person other than you and the Company shall have any rights under this Agreement and this Agreement shall not be enforceable by any person other than you and the Company.

 

23. ENTIRE AGREEMENT

 

23.1. This Agreement supersedes all previous agreements and discussions between you and the Company and forms the entire agreement between you and the Company in respect of your terms of employment save for the offer letter from the Company to you dated 11/1 0/2019 which shall be read in conjunction with this Agreement (although in the event of a conflict the terms of this Agreement shall prevail).

 

 

 

24. NOTICES

 

24.1. Any notice to be given under this Agreement shall be in writing.  Notices may be given by either party by personal delivery or post or by fax addressed to the other party at (in the case of lhe Company) its registered office for the time being and {in your case) either to your address shown in this Agreement or to your last known address and shall be deemed to have been served at the lime at which it was delivered personally or transmitted or, if sent by post, would be delivered in the ordinary course of post. For the avoidance of doubt, no notices may be served by email except with the written consent of the other party.

 

25. GOVERNING  LAW

 

25.1.  This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be govemed by and construed in accordance with English law.

 

25.2. The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

 

26. MISCELLANEOUS

 

26. 1.  Unless otherwise specified, references to any enactment shall be construed as references to such enactment as, from time to time. amended or re-enacted or as its application  is modified by other provisions (whether before or after the date of this Agreement) and to any previous enactment consolidated  in it and to any regulation or order made under il.

 

26.2. Unless the context otherwise  requires in this Agreement words denoting the singular shall include the plural, and vice versa, and words denoting any gender shall include all genders.

 

26.3. Unless otherwise stated any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.

 

26.4. The clause headings in this Agreement are for the convenience  of the parties only and shall not affect its interpretation in any way.

 

27. DEFINITIONS

 

 

27.1. In this Agreement the following terms have the following meaning:

 

	
"Associated

Employer"
	
 
	
has the meaning given to it in the Employment Rights Act 1996.

	
 
	
 
	
 

	
118oard11
	
 
	
means the board of directors of the Company  (including any committee of the board duly appointed by it).

	
 
	
 
	
 

	
"Confidential

Information"
	
 
	
means information in whatever form (including, without limitation,  in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever  located) relating to the business, clients, customers, prospective clients and customers, products, affairs, business plans, marketing strategies and finances of the Company or any Group Company which is confidential to the Company or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or of any Group Company or any of its suppliers, clients, customers, agents, distributors, shareholders or management, including (but not limited to) that you create, develop, receive or obtain in connection with your employment, whether or not such information (if in anything other than oral form) is marked confidential.

	
 
	
 
	
 

 

 

	
"Copies"
	
 
	
means copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever  located) including, without limitation, extracts, analysis, studies,  plans, compilations or any other way of representing  or recording and recalling information which contains,  reflects or is derived or generated  from Confidential Information.

	
 
	
 
	
 

	
"Employment

Inventions"
	
 
	
means any Invention which is made wholly or partially by you al any time during lhe course of your employment with the Company (whether or not during working hours or using Company premises or resources, and whether or not recorded in material form).

	
 
	
 
	
 

	
"Employment IPRs"
	
 
	
means Intellectual Property Rights created by you in lhe course of your employment with the Company (whether or not during working  hours or using Company  premises or resources).

	
 
	
 
	
 

	
"Group Company"
	
 
	
means the Company, any company of which it is a subsidiary (its holding company) from time lo time and any subsidiaries of the Company or of any such holding company from time lo time. Subsidiary and holding company shall have the meanings given in s.1159 of the Companies Act 2006.

	
 
	
 
	
 

	
"Incapacity" "Intellectual

Property Rights"
	
 
	
means any sickness or injury which prevents you from carrying out your duties. means patents,  petty patents. rights to inventions, copyright and related rights, trade marks, service marks, brand and trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, rights in any compilation of data, unfair competition rights, rights in designs, rights in computer software, database rights. topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

	
 
	
 
	
 

	
"Invention":
	
 
	
means any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium.

	
 
	
 
	
 

	
"Termination"
	
 
	
means the termination of your employment with the Company  however caused including, without limitation, termination by the Company in repudiatory breach of contract.

 

Vice President, Talent Acquisition

SIGNED for and on behalf of the Mimecast Services  Limited: Oate:4 November 2019

 

SIGNED and Acknowledged by Employee:

 

I  acknowledge  that I  have read and accept the terms and conditions detailed in this Agreement as being my contract of employment with the Company.

 

I  consent to the deductions from my pay referred to in section 5 of this Agreement.

 

I  consent to the Company processing my personal and sensitive data for the purposes set out in section

19 of this Agreement.

 

 

 

	
Name
	
 

	
Heather Bentley
	

	
 

	
 

	
Exhibit A: Prior InventionsExhibit

Exhibit 4.1
[FORM OF NOTE]
WESTERN ALLIANCE BANK
5.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE JUNE 1, 2030
CUSIP No.     95763P EF4
ISIN No.    US95763PEF45
THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF CEDE & CO., THE NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”). UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO WESTERN ALLIANCE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.
THIS SECURITY IS SUBORDINATED ON LIQUIDATION, AS TO PRINCIPAL, INTEREST AND PREMIUM, TO ALL CLAIMS AGAINST WESTERN ALLIANCE BANK THAT HAVE THE SAME PRIORITY AS SAVINGS ACCOUNTS, DEPOSIT OR A HIGHER PRIORITY, IS NOT SECURED BY THE ASSETS OF WESTERN ALLIANCE BANK OR BY THE ASSETS OF ANY OF ITS AFFILIATES, AND IS INELIGIBLE AS COLLATERAL TO SECURE A LOAN BY WESTERN ALLIANCE BANK.
THIS SECURITY IS ISSUABLE IN A MINIMUM DENOMINATION OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS OF $100,000 AND MAY NOT BE EXCHANGED FOR SECURITIES OF WESTERN ALLIANCE BANK WITH A SMALLER DENOMINATION. EACH OWNER OF A BENEFICIAL INTEREST IN THE SECURITIES IS REQUIRED TO HOLD SUCH BENEFICIAL INTEREST IN A PRINCIPAL AMOUNT OF $100,000 OR AN INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF AT ALL TIMES.
THIS SECURITY HAS NOT BEEN, AND IS NOT REQUIRED TO BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND WAS OFFERED PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY
SECTION 3(a)(2) OF THE SECURITIES ACT OF 1933. THIS SECURITY HAS NOT BEEN APPROVED OR DISAPPROVED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION.

WESTERN ALLIANCE BANK HAS NOT ENTERED INTO AN INDENTURE IN CONNECTION WITH THE ISSUANCE OF THIS SECURITY. EACH PURCHASER OF A BENEFICIAL INTEREST IN THIS SECURITY, IN MAKING ITS PURCHASE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED TO WESTERN ALLIANCE BANK AND THE INITIAL PURCHASERS THAT IT IS AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR AS DEFINED IN REGULATION D UNDER THE SECURITIES ACT OF 1933 (AN “INSTITUTIONAL ACCREDITED INVESTOR”) THAT IT IS PURCHASING SUCH INTEREST FOR ITS OWN ACCOUNT OR THE ACCOUNT OF ANOTHER INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR AND THAT FOLLOWING SUCH PURCHASE IT OR SUCH OTHER INSTITUTIONAL ACCREDITED INVESTOR HOLDING A BENEFICIAL INTEREST IN THIS SECURITY WILL HOLD A BENEFICIAL INTEREST IN A PRINCIPAL AMOUNT OF $100,000 OR AN INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF AT ALL TIMES.
No. A-1
		
	INITIAL PRINCIPAL AMOUNT:
	$225,000,000

		
	ISSUE DATE:
	May 22, 2020

		
	MATURITY DATE:
	June 1, 2030

		
	INTEREST PAYMENT DATE(S):
	June 1 and December 1, of each year, beginning on December 1, 2020 and ending on June 1, 2025; March 1, June 1, September 1 and December 1, of each year, beginning on June 1, 2025

Western Alliance Bank, a state charted bank organized under the laws of Arizona (herein called the “Bank”), for value received, hereby promises to pay or deliver, as the case may be, to CEDE & CO., or registered assigns, the principal sum of Two Hundred Twenty-Five Million ($225,000,000) United States dollars on the maturity date shown above (the “maturity date”) unless redeemed prior to such date.  
From and including the date of original issuance to, but excluding June 1, 2025, or the date of earlier redemption (the “fixed rate period”), this Security will bear interest at a fixed rate per annum of 5.25%, payable semi-annually in arrears on June 1 and December 1 of each year (each, a “fixed rate interest payment date”), commencing on December 1, 2020. The last fixed rate interest payment date for the fixed rate period will be June 1, 2025.
From and including June 1, 2025, to but excluding the maturity date or the date of earlier redemption (the “floating rate period”) this Security will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR) plus 512 basis points for each quarterly interest period during the floating rate period, payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year (each, a “floating rate interest payment date,” and, together with the fixed rate interest payment dates, the “interest payment dates”), commencing on June 1, 2025. Notwithstanding the foregoing, in the event that the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.
For the purpose of calculating the interest on this Security for each interest period during the floating rate period when the Benchmark is Three-Month Term SOFR, “Three-Month Term SOFR” means Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any floating rate interest period, as determined by the calculation agent after giving effect to the Three-Month Term SOFR Conventions. 

If the calculation agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark  Replacement Date (each as defined below) have occurred with respect to Three-Month Term SOFR, then the “benchmark transition provisions” (as defined below) will thereafter apply to all determinations of the interest rate on this Security for each interest period during the floating rate period. In accordance with the benchmark transition provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate on this Security for each interest period during the floating rate period will be an annual rate equal to the Benchmark Replacement (as defined below) plus 512 basis points. 
Absent manifest error, the calculation agent’s determination of the interest rate for an interest period for this Security will be binding and conclusive. The calculation agent will promptly provide its determination of any interest rate during the floating rate period to the paying agent and the Bank.
Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months during the fixed rate period and, during the floating rate period, on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts resulting from that calculation will be rounded to the nearest cent, with one-half cent being rounded upward.
Interest on this Security, subject to certain exceptions, will accrue during the applicable interest period. The term “interest period” means the period from and including the immediately preceding interest payment date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the date of issuance of this Security to, but excluding, the applicable interest payment date or the maturity date or date of earlier redemption, if applicable. If a fixed rate interest payment date or the maturity date falls on a day that is not a business day, then the interest payment or the payment of principal and interest at maturity will be postponed to the next succeeding business day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the holders of the Notes will not be entitled to any further interest or other payments in respect thereof. However, if a floating rate interest payment date falls on a day that is not a business day, then such floating rate interest payment date will be postponed to the next succeeding business day unless such day falls in the next succeeding calendar month, in which case such floating rate interest payment date will be accelerated to the immediately preceding business day, and, in each such case, the amounts payable on such business day will include interest accrued to, but excluding, such business day.
Interest on this Security will be payable to the person in whose name this Security is registered on the fifteenth day immediately preceding the applicable interest payment date, whether or not such day is a business day. Any interest which is payable, but is not punctually paid or duly provided for, on any interest payment date shall cease to be payable to the holder on the relevant record date by virtue of having been such holder, and such defaulted interest may be paid by us to the person in whose name this Security is registered at the close of business on a special record date for the payment of defaulted interest. However, interest that is paid on the maturity date will be paid to the person to whom the principal is payable. Interest will be payable by wire transfer in immediately available funds in U.S. dollars to DTC or its nominee.
If any of the foregoing provisions concerning the calculation of the interest rate and interest payments during the floating rate period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the calculation agent, then the relevant Three-Month Term SOFR Conventions will apply. Furthermore, if the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR at any time when this Security is outstanding, then the foregoing provisions concerning the calculation of the interest rate and interest payments during the floating rate period will be modified in accordance with the benchmark transition provisions. 

The following definitions apply to the foregoing definition of Three-Month Term SOFR:
“Benchmark” means, initially, Three-Month Term SOFR; provided that, if the calculation agent determines on or prior to the Reference Time for any floating rate interest period that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement for such floating rate interest period and any subsequent floating rate interest periods.
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York or any place of payment are authorized or required by law, regulation, or executive order to close.
“Corresponding Tenor” means (i) with respect to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.
“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York (the “FRBNY”) at http://www.newyorkfed.org, or any successor source. The foregoing Internet website is an inactive textual reference only, meaning that the information contained on the website is not part of this Security or incorporated by reference herein.
“Reference Time” with respect to any determination of the Benchmark means (i) if the Benchmark is Three-Month Term SOFR, the time determined by the calculation agent after giving effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is not Three-Month Term SOFR, the time determined by the calculation agent after giving effect to the Benchmark Replacement Conforming Changes.
“Relevant Governmental Body” means the Federal Reserve and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.
“SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator of the Benchmark (or any successor administrator), on the Federal Reserve Bank of New York’s website.
“Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or any successor administrator).
“Three-Month Term SOFR Conventions” means any determination, decision, or election with respect to any technical, administrative, or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the calculation agent determines may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the calculation agent determines that adoption of any portion of such market practice is not administratively feasible or if the calculation agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the calculation agent determines is reasonably necessary).
If the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of any interest period during the floating rate period, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to this Security during such interest period and all subsequent interest periods. In connection with 

the implementation of a Benchmark Replacement, the calculation agent will have the right to make Benchmark Replacement Conforming Changes from time to time.
As used herein:
“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (i) the calculation agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (ii) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the calculation agent as of the Benchmark Replacement Date:
		
	1)
	Compounded SOFR;

		
	2)
	the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

		
	3)
	the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

		
	4)
	the sum of: (a) the alternate rate that has been selected by the calculation agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

In the event that a Benchmark Replacement is unable to be determined by us or the calculation agent under the foregoing enumerated provisions, or otherwise, the Benchmark Replacement in effect for the applicable period will be the same as the Benchmark in effect for the immediately preceding interest period.
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the calculation agent as of the Benchmark Replacement Date:
		
	1)
	the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

		
	2)
	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

		
	3)
	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the calculation agent, giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative, or operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the calculation agent determines may be appropriate to reflect the adoption of such Benchmark Replacement in a manner 

substantially consistent with market practice (or, if the calculation agent determines that adoption of any portion of such market practice is not administratively feasible or if the calculation agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the calculation agent determines is reasonably necessary).
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
		
	1)
	in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;

		
	2)
	in the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

		
	3)
	in the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
		
	1)
	if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) we determine that the use of a forward-looking term rate for a tenor of three months based on SOFR is not administratively feasible;

		
	2)
	a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

		
	3)
	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

		
	4)
	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the calculation agent in accordance with:
		
	1)
	the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

		
	2)
	if, and to the extent that, the calculation agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the calculation agent giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time.

For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread specified above.
 “Interpolated Benchmark” with respect to the Benchmark means the rate determined by the calculation agent for the Corresponding Tenor by interpolating on a linear basis between: (i) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (ii) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.
 “ISDA” means the International Swaps and Derivatives Association, Inc. or any successor.
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.
 “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.
 “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
Payment of interest on this Security may be subject to prior approval by the Board of Governors of the Federal Reserve System (the “FRB”) or other applicable regulator of the Bank if the Bank is undercapitalized or has been so required by the FRB or other applicable regulatory authority.
THE SECURITY MAY NOT BE REPAID PRIOR TO MATURITY, EITHER PURSUANT TO ACCELERATION IN AN EVENT OF DEFAULT, REPURCHASE BY THE BANK OR OTHERWISE, WITHOUT PRIOR APPROVAL OF THE FRB AND THE ARIZONA DEPARTMENT OF FINANCIAL INSTITUTIONS (THE “ADFI”).
Payment of principal of and premium, if any, and interest on, this Security will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The Bank will at all times appoint and maintain an issuing and paying agent (the “Issuing and Paying Agent”) authorized by the Bank to pay the principal of, and interest on, this Security on behalf of the Bank and having an office or agency (the “Issuing and Paying Agent Office”) in the United States of America 

(the “Place of Payment”), where this Security may be presented or surrendered for payment and where notices, designations or requests in respect of payments with respect to this Security may be served. The Bank has initially appointed U.S. Bank National Association as such Issuing and Paying Agent pursuant to the Issuing and Paying Agency Agreement dated as of May 22, 2020 (the “Issuing and Paying Agency Agreement”), between the Bank and the Issuing and Paying Agent, with the Issuing and Paying Agent Office currently located at 101 N. First Avenue, Suite 1600, Phoenix, Arizona 85003, Attention: Global Corporate Trust.
The Bank will appoint a calculation agent for this Security prior to the commencement of the floating rate period. The Bank will act as the initial calculation agent. If the Bank is not the calculation agent, the Bank shall notify the Issuing and Paying Agent of the party that has been appointed as calculation agent.
Payment of the principal of, and premium, if any, and interest on, this Security due at maturity will be made in immediately available funds upon presentation and surrender of this Security to the Issuing and Paying Agent at the Issuing and Paying Agent Office in the Place of Payment; provided that this Security is presented to the Issuing and Paying Agent in time for the Issuing and Paying Agent to make such payment in accordance with its normal procedures. Payments of interest on this Security (other than at maturity) will be made by wire transfer to such account as has been appropriately designated to the Issuing and Paying Agent by the person entitled to such payments.
The Bank may, without the consent of the Holder of this Security, create and issue additional notes ranking equally with this Security and otherwise same in all respects (except for the issue date, issue price and first Interest Payment Date), provided that any such additional notes are fungible with the Securities for U.S. Federal income tax purposes. Such further notes shall be consolidated and form a single series with this Security.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
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Unless the certificate of authentication hereon has been executed by the Issuing and Paying Agent by the manual signature of an authorized signatory, this Security shall not be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed by manual or facsimile signature.
WESTERN ALLIANCE BANK
By:________________________                    
Name: Dale M. Gibbons
Title:    Vice Chairman and
Chief Financial Officer
 
Dated: May 22, 2020
ISSUING AND PAYING A CERTIFICATE OF AUTHENTICATION 
This is one of the Securities referred to in the within-mentioned Issuing and Paying Agency Agreement.
U.S. BANK NATIONAL ASSOCIATION, as Issuing and Paying Agent
By:    ____________________________                
Authorized Signatory 

REVERSE OF SECURITY
This Security is one of a duly authorized issue of 5.25% Fixed-to-Floating Rate Subordinated Notes due June 1, 2030 of the Bank (the “Securities”) issued under the Issuing and Paying Agency Agreement.
Subordination
The Bank’s indebtedness evidenced by this Security, including its obligations to pay principal and interest, is unsecured and subordinate and junior in right of payment to the Bank’s Senior Indebtedness (as defined below). In the event of any insolvency, receivership, conservatorship, reorganization, liquidation or similar proceedings of the Bank, all such senior obligations shall be entitled to be paid in full before any payment shall be made on account of the principal of, or premium, if any, or interest on, this Security. In the event of any such proceeding, after payment in full of all sums owing with respect to such senior obligations, the Holder of this Security, together with holders of any obligations of the Bank ranking on a parity with this Security, shall be entitled to be paid from the remaining assets of the Bank the unpaid principal of, premium, if any, and interest on, this Security or such other obligations before any payment or other distribution, whether in cash, property, or otherwise, shall be made on account of any capital stock or any obligations of the Bank ranking junior to this Security.
“Senior Indebtedness” includes all deposits, borrowed money (secured and unsecured), obligations of the Bank arising from off-balance sheet guarantees and direct-credit substitutes, and obligations associated with derivative products such as interest rate and foreign-exchange contracts, commodity contracts and similar arrangements and obligations to the Bank’s general creditors (other than in respect of trade receivables).
Nothing herein shall impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security in accordance with its terms.
Notwithstanding any other provisions contained in this Security, the FRB or any receiver or conservator of the Bank appointed by the FRB, as part of any transaction or plan of reorganization or liquidation may transfer or direct the transfer of the obligations represented by this Security to any bank selected by such entity that expressly assumes the obligation of the due and punctual payment of the unpaid principal, premium, if any, and interest on this Security and the due and punctual performance of all covenants and conditions contained in this Security.
Any depository institution, as that term is defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds a Security (or beneficial interest therein) shall be deemed to have agreed by acquiring such Security (or beneficial interest) to waive any rights to offset all or any portion of the indebtedness represented by such Security (or interest) against any indebtedness or other obligations of such institution to the Bank.
Event of Default; Waiver
An “Event of Default” with respect to this Security shall occur if the Bank is subject to any receivership, conservatorship, insolvency, liquidation or similar proceeding. The Bank will promptly notify, and provide copies of such notice to, the Issuing and Paying Agent, upon the occurrence of any Event of Default. The Issuing and Paying Agent will promptly send copies of such notice to the Holders of the Securities through the Depository Trust Company, as depositary (the “Depositary”).
If an Event of Default shall occur and be continuing, the Holder of this Security may declare the principal of this Security, together with any unpaid accrued interest thereon, to be immediately due and payable by written notice to the Bank. Upon such declaration and notice, such principal amount and accrued interest shall become immediately due and payable; provided, however, that, to the extent then required under or pursuant to applicable capital or other regulations (as described on the face of this Security), this Security 

may not be repaid prior to maturity without the prior approval of the FRB and the ADFI. The Bank will apply to the FRB and the ADFI for prior approval of repayment promptly after receiving notice of acceleration.
Any Event of Default with respect to this Security may be waived by the Holder hereof.
The Bank waives demand, presentment for prepayment, notice of nonpayment, notice of protest and all other notices to the extent it may awfully do so.
Neither the failure to pay principal or interest on the Security nor a failure to perform any other obligation of the Bank under the Issuing and Paying Agency Agreement or the Security constitutes an “Event of Default” with respect to the Security, and no right of acceleration exists in any such case.
Optional Repayment and Redemption
The Securities shall not be subject to repayment at the option of the Holders, in whole or in part, prior to maturity. The Securities shall not be subject to any sinking fund.
The Securities are redeemable by the Bank, in whole or in part, at any time on or after June 1, 2025, and on every Interest Payment Date thereafter (or at any time on or after the 30th day prior to the Maturity Date).
The Securities are also redeemable by the Bank, in whole but not in part, upon the occurrence of the following:
		
	(i)
	a “tax event,” which means the receipt by the Bank of an opinion of independent tax counsel to the effect that (a) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities, (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation, (c) an amendment to or change in any official position with respect to, or any interpretation of, an administrative or judicial action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, or (d) a threatened challenge asserted in writing in connection with an audit of the Bank’s federal income tax returns or positions or a similar audit of any of the Bank’s subsidiaries or a publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Securities, in each case, occurring or becoming publicly known on or after the date of the issuance of the Securities, resulting in more than an insubstantial risk that the interest payable on the Securities is not, or within 90 days of receipt of such opinion of tax counsel, will not be, deductible by the Bank, in whole or in part, for U.S. federal income tax purposes;

		
	(ii)
	a “capital event,” which means the receipt by the Bank of an opinion of independent bank regulatory counsel to the effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for Western Alliance Bancorporation or the Bank or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Securities, the Securities do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 capital (or its then equivalent if the Bank is subject to such capital requirement) for purposes of capital adequacy guidelines of the FRB (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Bank; or

		
	(iii)
	an “investment company event,” which means the Bank becoming required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.

Any redemption of the Securities will be at a redemption price equal to the principal amount of the Securities redeemed, plus accrued and unpaid interest on such Securities to, but excluding, the date of redemption. Any partial redemption will be made pro rata among all of the holders of the Securities. Any redemption of the Securities would require prior approval of the FRB and the ADFI.
The Bank will give irrevocable notice of its intention to redeem the Securities not more than 60 nor less than 10 days prior to the date fixed for redemption, provided that the notice of redemption will be given no earlier than 90 days prior to the effective date of a tax event, capital event or investment company event.
From and after any redemption date, if monies for the redemption of Securities will have been made available for redemption on the redemption date, the Securities will cease to bear interest, if applicable, and the only right of the holders of the Securities shall be to receive payment of the principal amount and, if appropriate, all unpaid interest accrued to the redemption date.
Consolidation, Merger and Sale of Assets
The Bank shall not consolidate with or merge into any other entity or convey, transfer or lease its assets substantially as an entirety to any entity, unless the successor expressly assumes the Bank’s obligations on the Securities.
Miscellaneous
Beneficial interests represented by this Security are exchangeable for definitive Securities in registered form, of like tenor and of an equal aggregate principal amount, only if (x) the Depositary notifies the Bank in writing that it is unwilling or unable to act as a depositary or the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed by the Bank within 90 days, (y) the Bank, at its option, notifies the Issuing and Paying Agent in writing that it elects to cause the issuance of Securities in definitive form or (z) any event shall have occurred and be continuing that, after notice or lapse of time or both, would constitute an Event of Default with respect to the Securities. In such circumstances, upon surrender by the Depositary or a successor depositary of the Global Securities, Securities in definitive form will be issued to each person that the Depositary or a successor depositary identifies as the beneficial owner of the related Securities. Any Security representing such beneficial interests that is exchangeable pursuant to this paragraph shall be exchangeable in whole for definitive Securities in registered form, of like tenor and of an equal aggregate principal amount in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. Such definitive Securities shall be registered in the name or names of such per on or persons as the Depositary shall instruct the Security Registrar (as defined below).
In case any Security shall at any time become mutilated, destroyed, lost or stolen and such Security or evidence satisfactory to the Bank of the loss, theft or destruction thereof (together with indemnity satisfactory to the Issuing and Paying Agent and the Bank and such other documents or proof as may be required by the Issuing and Paying Agent and the Bank) shall be delivered to the Issuing and Paying Agent and the Bank, a new Security of like tenor will be issued by the Bank in exchange for the Security so mutilated, or in lieu of the Security so destroyed or lost or stolen. All expenses and reasonable charges associated with procuring the indemnity referred to above and with the preparation, authentication and delivery of a new Security shall be borne by the Holder of the Security so mutilated, destroyed, lost or stolen. If any Security which has matured or is about to mature shall become mutilated, destroyed, lost or stolen, the Bank may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) upon compliance by the Holder thereof with the provisions of this paragraph.

The Bank shall cause to be kept at the office of the Security Registrar designated below a register (the register maintained in such office or any other office or agency of the Bank in the Place of Payment herein referred to as the “Security Register”) in such form as the Security Registrar may determine, in which, subject to reasonable regulations as it may prescribe, the Security Registrar shall provide for the registration of the Securities and of transfers of the Securities. The Bank has initially appointed the Issuing and Paying Agent “Security Registrar,” pursuant to the Issuing and Paying Agency Agreement, for the purposes of registering the Securities and transfers of the Securities as herein provided.
The transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in the Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bank and the Issuing and Paying Agent duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
No service charge shall be made for any such registration of transfer or exchange, but the Bank may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
The Issuing and Paying Agent shall record any transfer of this Security that the Bank has approved, it being understood that such approval shall be based solely on matters relating to compliance with federal and state securities laws. Prior to due presentment of this Security for registration of transfer, the Bank, the Issuing and Paying Agent and any agent of the Bank or the Issuing and Paying Agent may treat the person in whose name his Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Bank, the Issuing and Paying Agent nor any such agent shall be affected by notice to the contrary.
No recourse shall be had for the payment of principal or interest on this Security, for any claim based hereon, or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or any successor corporation.
No provision of this Security shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
Any money that the Bank pays to the Issuing and Paying Agent for the purpose of making payments on this Security and that remains unclaimed two years after the payments were due will, at the Bank’s request, be returned to it. After that time, the Holder can only look to the Bank for payment on this Security.
All notices under this Security shall be in writing and in the case of the Bank, addressed to the Bank at One E. Washington Street, Suite 1400, Phoenix, Arizona 85004, Attention: Dale Gibbons, or, in the case of the Issuing and Paying Agent at 101 N. First Avenue, Suite 1600, Phoenix, Arizona 85003, Attention: Global Corporate Trust, or to such other address of the Issuing and Paying Agent as the Issuing and Paying Agent may notify the holders of the Securities. All notices to the Holder of this Security will be given to the address of the Holder as it appears in the Security Register.
This Security shall be governed by and construed in accordance with the laws of the State of New York and, where applicable, the federal laws of the United States of America.

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