Document:

Exhibit 10.7

 

Dear Ron Cogburn:

 

You are a highly-valued executive, and we consider your continued service and dedication to SourceHOV, and its affiliates (“SourceHOV”) essential to our business.

 

In lieu of a bonus for services you provided to SourceHOV to incentivize you to remain employed from April 1, 2017 through March 31, 2018 (the “Retention Period”), assuming you satisfy the eligibility criteria set forth below, you will earn a bonus in the amount of $350,000, less all applicable withholdings and deductions (the “Bonus”). The Bonus will be paid in the form of an advance on or before July 31, 2017.

 

You earn this Bonus if all of the following eligibility criteria are satisfied, to the maximum extent permitted by applicable law:

 

a)                                     You are actively employed by SourceHOV on the last day of the Retention Period;

 

b)                                     You have not given notice of your intent to resign or before the last day of the Retention Period; and

 

c)                                      SourceHOV has not given you notice of its intent to terminate your employment for Cause on or before the last day of the Retention Period.

 

By signing below, you agree that if your employment with SourceHOV ends before the close of the Retention Period and/or if you fail to satisfy all of the other eligibility criteria set forth above,  SourceHOV may deduct the entire amount of the unearned, advanced Bonus from your final paycheck, to the maximum extent permitted by applicable law. Additionally, to the extent such deduction is not permitted by applicable law and/or it is not possible to deduct the entire amount of the unearned, advanced Bonus in full from your final paycheck, you agree to re-pay to SourceHOV the remainder of the unearned, advanced Bonus within fifteen (15) business days after the termination of your employment, to the extent permitted by applicable law. If your employment is terminated (i) due to your death or disability, (ii) by you for Good Reason or (iii) for any reason by SourceHOV other than for Cause prior to the end of the Retention Period, you shall not be required to repay any amount of the unearned, advanced Bonus.

 

This letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed and administered in accordance with Section 409A.

 

This letter agreement encompasses the entire agreement of the parties relating to the Bonus, and supersedes all previous understandings and agreements between the parties with respect to the Retention Period. This letter agreement shall be binding upon and shall inure to the benefit of the parties and their successors and assigns. This letter agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts-of-law principles that would result in the application of the laws of another jurisdiction.

 

	
Agreed and accepted
    	
Compensation Committee
    
	
 
    	
 
    
	
/s/ Ron Cogburn
    	
 
    	
/s/ James G. Reynolds
    
	
Ron CogburnExhibit 10.8

 

Dear Suresh Yannamani :

 

You are a highly-valued executive, and we consider your continued service and dedication to SourceHOV, and its affiliates (“SourceHOV”) essential to our business.

 

In lieu of a bonus for services you provided to SourceHOV to incentivize you to remain employed from April 1, 2017 through March 31, 2018 (the “Retention Period”), assuming you satisfy the eligibility criteria set forth below, you will earn a bonus in the amount of $450,000, less all applicable withholdings and deductions (the “Bonus”). The Bonus will be paid in the form of an advance on or before July 31, 2017.

 

You earn this Bonus if all of the following eligibility criteria are satisfied, to the maximum extent permitted by applicable law:

 

a)                                     You are actively employed by SourceHOV on the last day of the Retention Period;

 

b)                                     You have not given notice of your intent to resign or before the last day of the Retention Period; and

 

c)                                      SourceHOV has not given you notice of its intent to terminate your employment for Cause on or before the last day of the Retention Period.

 

By signing below, you agree that if your employment with SourceHOV ends before the close of the Retention Period and/or if you fail to satisfy all of the other eligibility criteria set forth above,  SourceHOV may deduct the entire amount of the unearned, advanced Bonus from your final paycheck, to the maximum extent permitted by applicable law. Additionally, to the extent such deduction is not permitted by applicable law and/or it is not possible to deduct the entire amount of the unearned, advanced Bonus in full from your final paycheck, you agree to re-pay to SourceHOV the remainder of the unearned, advanced Bonus within fifteen (15) business days after the termination of your employment, to the extent permitted by applicable law. If your employment is terminated (i) due to your death or disability, (ii) by you for Good Reason or (iii) for any reason by SourceHOV other than for Cause prior to the end of the Retention Period, you shall not be required to repay any amount of the unearned, advanced Bonus.

 

This letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed and administered in accordance with Section 409A.

 

This letter agreement encompasses the entire agreement of the parties relating to the Bonus, and supersedes all previous understandings and agreements between the parties with respect to the Retention Period. This letter agreement shall be binding upon and shall inure to the benefit of the parties and their successors and assigns. This letter agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts-of-law principles that would result in the application of the laws of another jurisdiction.

 

	
Agreed and accepted
    	
Compensation Committee
    
	
 
    	
 
    
	
/s/ Suresh Yannamani
    	
 
    	
/s/ James G. Reynolds
    
	
Suresh YannamaniExhibit 10.9

 

Dear Mark Fairchild:

 

You are a highly-valued executive, and we consider your continued service and dedication to SourceHOV, and its affiliates (“SourceHOV”) essential to our business.

 

In lieu of a bonus for services you provided to SourceHOV to incentivize you to remain employed from April 1, 2017 through March 31, 2018 (the “Retention Period”), assuming you satisfy the eligibility criteria set forth below, you will earn a bonus in the amount of $200,000, less all applicable withholdings and deductions (the “Bonus”). The Bonus will be paid in the form of an advance on or before July 31, 2017.

 

You earn this Bonus if all of the following eligibility criteria are satisfied, to the maximum extent permitted by applicable law:

 

a)                                     You are actively employed by SourceHOV on the last day of the Retention Period;

 

b)                                     You have not given notice of your intent to resign or before the last day of the Retention Period; and

 

c)                                      SourceHOV has not given you notice of its intent to terminate your employment for Cause on or before the last day of the Retention Period.

 

By signing below, you agree that if your employment with SourceHOV ends before the close of the Retention Period and/or if you fail to satisfy all of the other eligibility criteria set forth above,  SourceHOV may deduct the entire amount of the unearned, advanced Bonus from your final paycheck, to the maximum extent permitted by applicable law. Additionally, to the extent such deduction is not permitted by applicable law and/or it is not possible to deduct the entire amount of the unearned, advanced Bonus in full from your final paycheck, you agree to re-pay to SourceHOV the remainder of the unearned, advanced Bonus within fifteen (15) business days after the termination of your employment, to the extent permitted by applicable law. If your employment is terminated (i) due to your death or disability, (ii) by you for Good Reason or (iii) for any reason by SourceHOV other than for Cause prior to the end of the Retention Period, you shall not be required to repay any amount of the unearned, advanced Bonus.

 

This letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed and administered in accordance with Section 409A.

 

This letter agreement encompasses the entire agreement of the parties relating to the Bonus, and supersedes all previous understandings and agreements between the parties with respect to the Retention Period. This letter agreement shall be binding upon and shall inure to the benefit of the parties and their successors and assigns. This letter agreement, for all purposes, shall be construed in accordance with the laws of Delaware without regard to conflicts-of-law principles that would result in the application of the laws of another jurisdiction.

 

	
Agreed and accepted
    	
Compensation Committee
    
	
 
    	
 
    
	
/s/ Mark Fairchild
    	
 
    	
/s/ James G. Reynolds
    
	
Mark FairchildExhibit 10.1

 

AMENDMENT NO. 2 TO

EMPLOYMENT AGREEMENT

(James H. Reinhart)

 

THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (this “Amendment”) is made as of March 15, 2018 (“Effective Date”), by and among QTS Realty Trust, Inc., a Maryland corporation (together with any successor general partner of the Operating Partnership (the “Company”), QualityTech, LP, a Delaware limited partnership (the “Operating Partnership”), Quality Technology Services, LLC, a Delaware limited liability company and an affiliate of the Company (the “Employer”) and James H. Reinhart, an individual (“Executive”), with respect to the following facts and circumstances:

 

RECITALS

 

WHEREAS, the Company, the Operating Partnership, the Employer and the Executive have entered into that certain Employment Agreement, effective April 3, 2017 (the “Employment Agreement”), and;

 

WHEREAS, Executive’s employment with the Company will terminate effective March 31, 2018 (“Termination Date”) without Cause, as defined in the Employment Agreement, and;

 

WHEREAS, pursuant to the Employment Agreement, Executive will receive (i) all Accrued Obligations in a lump sum in cash within twenty (20) days after the Termination Date; (ii) in a lump sum in cash on the first payroll date following sixty (60) days after the Termination Date, an amount equal to one (1) year of Executive’s Base Pay plus the Target Bonus as in effect on the Termination Date; (iii) if Executive elects COBRA coverage, reimbursement by the Employer for his premiums for such coverage for a period of eighteen (18) months following the Termination Date; and (iv) reimbursement by the Employer of outplacement services and support, the scope and provider of which will be selected by Executive, for a period of one (1) year following the Termination Date, and;

 

WHEREAS, the parties now desire to amend the Employment Agreement on the terms set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows:

 

 

1.                                            Amendments

 

(a) Section 4.3.2 (d) of the Employment Agreement shall be amended to read as follows:

 

“(d) If not previously vested in full, the Equity Awards and any other equity awards granted to Executive that otherwise would vest during the then-current term of this Agreement (whether the initial term or any renewal term) shall continue to vest from the Termination Date until the then-current term of the Agreement shall expire (March 31, 2019) (“Complete Vest Date”). Further, Executive shall have ninety (90) days from the Complete Vest Date in which to exercise any Options that he holds. Any Equity Award or any other equity awards that do not vest by the Complete Vest Date shall be forfeited.

 

2.                                            Employment Agreement Unchanged. Except as otherwise specifically set forth herein, the provisions of the Agreement shall continue in full force and effect in accordance with their terms.

 

3.                                            Governing Law. This Amendment, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Kansas, but not including the choice-of-law rules thereof.

 

 

	
 
    	
COMPANY
    
	
 
    	
 
    
	
 
    	
QTS Realty Trust, Inc.
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Shirley E. Goza
    
	
 
    	
Name: Shirley E. Goza
    
	
 
    	
Title: General Counsel & Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OPERATING   PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
QualityTech, LP
    
	
 
    	
 
    
	
 
    	
By: QTS Realty Trust, Inc., General Partner
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Shirley E. Goza
    
	
 
    	
Name: Shirley E. Goza
    
	
 
    	
Title: General Counsel & Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EMPLOYER
    
	
 
    	
 
    
	
 
    	
Quality Technology Services, LLC
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Shirley E. Goza
    
	
 
    	
Name: Shirley E. Goza
    
	
 
    	
Title: General Counsel & Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ James H. Reinhart
    
	
 
    	
Name: James H. Reinhart
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
3/15/2018
    
	
 
    	
Date Signed

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