Document:

Exhibit

Exhibit 10.11

Execution Version

RETIREMENT AGREEMENT

This Retirement Agreement (the “Agreement”) is dated as of September 4, 2018, by and among ADT Inc., a Delaware corporation (“ADT”), The ADT Security Corporation, a Delaware corporation (the “Company”), and, solely for purposes of Sections 3.E, 11, 14.J, and 14.K, Prime Security Services TopCo Parent, L.P., a Delaware limited partnership (“TopCo”), and Timothy J. Whall (the “Executive”).

WHEREAS, the Executive is employed by the Company and is a party to an Amended & Restated Employment Agreement, dated as of December 19, 2017 (as amended, modified, or supplemented from time to time, the “Employment Agreement”);

WHEREAS, the Executive serves TopCo, ADT, the Company, and their respective subsidiaries and affiliates (the “Company Group”) in the office of Chief Executive Officer and serves as a member of the board of directors of ADT (the “ADT Board”), the Company, and certain members of the Company Group;

WHEREAS, ADT, the Company, and the Executive have agreed that the Executive’s employment with the Company is scheduled to terminate effective as of November 30, 2018, or such earlier date as mutually agreed by the parties and that the Executive shall assist in the smooth transition of the Executive’s functions as reasonably directed by the ADT Board;

WHEREAS, on November 30, 2018, the Executive shall resign as Chief Executive Officer of the Company and shall cease to be an executive officer and employee of the Company;

WHEREAS, the Company wishes to provide the Executive with a retirement package, which is conditioned on the Executive’s timely, irrevocable execution of this Agreement and fulfilling all of his obligations in both the Employment Agreement, as applicable, and this Agreement, and including his continued compliance with certain restrictive covenants that survive his employment termination and his cooperation with the Company Group in transitioning of his duties; and

WHEREAS, the Parties desire to set forth in this Agreement the terms and conditions of the Executive’s termination from employment, and this Agreement shall govern the Executive’s, ADT’s, and the Company’s respective rights and obligations in connection with such termination.

NOW THEREFORE, in consideration of the promises, mutual covenants and other good and valuable consideration set forth in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the Executive, ADT, and the Company (the “Parties”) and TopCo, with respect to Sections 3.E, 11, 14.J, and 14.K only, agree as follows:

		
	1.
	Entire Agreement.

Except as otherwise expressly provided herein, this Agreement, and the Release (as defined below), is the entire agreement between the Parties with respect to the subject matter hereof and contains all agreements, whether written, oral, express, or implied, between the Parties relating

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thereto and supersedes and extinguishes all other agreements relating thereto, whether written, oral, express, or implied, between the Parties.

		
	2.
	Termination of Employment.

A.    General. The Executive hereby acknowledges and agrees that his separation from service with the Company Group and his resignation from any and all titles, positions, and appointments the Executive holds with the Company or any member of the Company Group, whether as an officer, director, employee, consultant, trustee, committee member, agent or otherwise, will become effective as of  the  close  of  business  on  November  30,  2018 (the “Anticipated Date of Retirement”); provided, that such separation from service shall occur earlier upon the Executive’s death, a termination due to his Disability (as defined in the Employment Agreement), a termination by mutual agreement of the ADT Board and the Executive, or a termination by the Company for Cause (as defined in the Employment Agreement) (in any case, an “Early Retirement,” and the Executive’s ultimate date of such separation from service, the “Retirement Date”); provided, further that following the Retirement Date other than following an Early Retirement due to death, Disability, or a termination by the Company for Cause, the Executive shall remain a member of the ADT Board as contemplated by Section 2.B.2 below. Except as otherwise expressly set forth herein, effective as of the Retirement Date, the Executive shall have no authority to act on behalf of any member of the Company Group and shall not hold himself out as having such authority, enter into any agreement or incur any obligations on behalf of any member of the Company Group, commit any member of the Company Group in any manner, or otherwise act in an executive or other decision-making capacity with respect to any member of the Company Group. The Executive agrees to promptly execute such documents as the Company, in its sole discretion, shall reasonably deem necessary to effect such resignations. The Retirement Date shall be the termination date of the Executive’s employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or through the Company, except as otherwise provided herein. The terms and conditions set forth herein shall exclusively govern the Executive’s continued employment with the Company from and after the date of this Agreement. For the avoidance of doubt, the Retirement Date will be the last day of the term of the Employment Agreement, and such separation from service will be deemed a voluntary resignation from employment without Good Reason (as defined in the Employment Agreement).

		
	B.
	Duties.

1.    Transition Period. During the period commencing on the date of this Agreement and ending on the Retirement Date (the “Transition Period”), the Executive shall continue to perform such duties as reasonably assigned by ADT and/or the Company consistent with his then-current position, including without limitation transitional matters relating to the transition of his duties to his successor.

2.    Board Service and Engagement as Consultant. Following the Transition Period, the Executive will continue to serve as a member of the ADT Board through his current ADT Board term, which expires at the regular annual stockholders meeting of ADT to occur in 2020 (the “Board Term”). Except as otherwise determined by the Board, the Executive’s service on all committees of the Board shall cease as of the Retirement Date. During the Board Term, ADT will

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engage the Executive on behalf of the Company Group, and the Executive agrees to serve the Company Group, as a consultant in addition to serving as a member of the ADT Board, providing senior-level advisory services on a limited basis as reasonably requested by the ADT Board and/or senior management from time to time. Either the ADT Board or the Executive may elect to terminate the Board Term earlier than as set forth herein for any reason or no reason.

		
	3.
	Entitlements.

In consideration for, and subject to, the Executive’s entering into this Agreement, (x) the satisfaction of the Release Condition set forth in Section 5 below, (y) the Executive’s continued compliance with all restrictive covenants with the Company Group to which he is subject (including the restrictive covenants in Sections 6 and 7 of the Employment Agreement, which are incorporated by reference herein), and (z) the Executive’s not otherwise engaging in conduct constituting Cause (collectively, the “Preconditions”), the Executive shall be entitled to the payments and benefits set forth in this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, the payments and benefits described in this Agreement (other than those described in Section 3.A) are subject to (i) the Executive’s execution and delivery of this Agreement within twenty-one (21) days following the date hereof and (ii) the Executive’s continued compliance with this Agreement (including satisfaction of the Release Condition). No payments or benefits described in this Agreement (other than those described in Section 3.A) shall be made until the “Release of All Claims” becomes irrevocable and effective in accordance with its terms, and any payments or benefits that would have been due or payable prior to such date shall be aggregated and paid promptly, but not later than the second payroll period following the Release Effective Date (as defined in the Release).

A.    Accrued Salary and Benefits. The Company shall pay to the Executive in a lump sum on the first regular payroll date that follows the Retirement Date (or such earlier date as required by law) any base salary that is accrued but unpaid as of such date. The Executive shall be entitled to all benefits accrued up to the Retirement Date (including, for the avoidance of doubt, accrued but unused vacation pay), to the extent vested, under all employee benefit plans of the Company Group in which the Executive participates (except for any plan that provides for bonus, severance, tax gross-up, separation pay or termination benefits, or benefits continuation) in accordance with the terms of such plans, and any amounts required to be paid pursuant to applicable law; provided, that this Section 3.A shall not result in duplication of benefits with any other payment or benefit under this Agreement or any other agreement or plan. For the avoidance of doubt, any medical, dental, and other health insurance coverage in which the Executive (and his beneficiaries) participate as of the Retirement Date shall continue through the end of the month during which the Retirement Date takes place. The Executive shall also be entitled to receive from the Company any reimbursable expenses owed to the Executive under Section 3(e) of the Employment Agreement.

B.    Remuneration for Transition Period. During the Transition Period, the Executive will continue to receive his current base salary, to be eligible to participate in the health insurance, deferred compensation, and other benefit plans of the Company Group in which he is currently eligible to participate, and to receive the perquisites and other personal benefits currently provided to him in the Employment Agreement and otherwise, subject in all cases to the discretion of the Company Group to amend or terminate any or all of such plans or arrangements at any time and

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from time to time in accordance with the terms thereof. Subject to the satisfaction of the Preconditions, the Executive will also remain eligible to earn an annual cash bonus for fiscal year 2018 in accordance with the terms and conditions of the Company’s bonus program that are applicable to the Executive for such year (the “FY18 Bonus”) in respect of services performed through the Retirement Date. Such FY18 Bonus shall be prorated for the period from January 1, 2018, through the Retirement Date and payable if and when annual bonuses are paid to other senior executives of the Company with respect to 2018.

C.    Remuneration for Board Service and Engagement as Consultant. The Executive will receive a cash retainer at the annual rate of $500,000 (the “Retainer Fee”) and payable in substantially equal monthly installments during the period commencing on the day immediately following the Retirement Date and continuing through the twenty-four (24) month anniversary of the Retirement Date, except as otherwise provided in Section 3.F below. In addition to the Retainer Fee, and subject to the satisfaction of the Preconditions, the Executive will continue vesting during, and following the expiration of, the Board Term in the following equity incentive awards currently held by him, which shall remain outstanding during such period in accordance with their terms as if he remained in active service as an employee (the “Continued Performance Vesting”):

1.    100% of the “Tranche B Option” granted pursuant to each of those two Nonqualified Option Award Agreements between the Executive and ADT dated January 18, 2018 (i.e., a total of 1,081,200 Tranche B Options), and

2.    100% of the “Performance Tranche” of the shares of ADT common stock distributed to the Executive in connection with ADT’s initial public offering in respect of his Class B Units in TopCo, as described in that certain Letter Regarding Class B Unit Matters from TopCo to the Executive dated January 16, 2018 (i.e., a total of 1,865,865 shares of ADT common stock).

The Company’s obligation to make any payments or to provide the Continued Performance Vesting under Section 3.B and 3.C of this Agreement shall terminate in the event that the Executive breaches any of the terms of this Agreement, and the Company shall, in addition, be entitled to recover damages in the event of any breach as set forth in Section 14.D.

D.    Full Satisfaction. The Executive acknowledges and agrees that, except as expressly provided in this Agreement, (i) the Executive is not entitled to any other compensation or benefits from the Company or any member of the Company Group (including without limitation any
(x) retainer, meeting, or other fees otherwise payable by ADT to its non-employee directors (whether, in cash, equity, or other forms of compensation); provided, that the Executive will be entitled to customary reimbursement of business expenses pursuant to the Company’s policies for reimbursement of business expenses of non-employee directors and consultants, or (y) severance or termination compensation or benefits upon or at any time following the Retirement Date (including upon his ultimate separation from the ADT Board or as a consultant), whether pursuant to the Employment Agreement, any severance plan or policy of the Company Group, or otherwise) and (ii) as of and after the Retirement Date, except for purposes of continued equity vesting as described in Section 3.C of this Agreement and any medical, dental, and other health insurance coverage that the Executive (and his beneficiaries) participate in pursuant to Section 3.A of this Agreement, the Executive shall no longer participate in, accrue service credit, or have contributions made on his behalf under any employee benefit plan sponsored by any member of

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the Company Group in respect of periods commencing on and following the Retirement Date, including without limitation, any plan that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”).

E.    Equity. Except as otherwise provided in Section 3.C of this Agreement, the Executive’s shares of ADT common stock, restricted stock units, and options to purchase ADT common stock shall be subject to the terms and conditions of the ADT Inc. Management Investor Rights Agreement (the “MIRA”), the ADT Inc. 2018 Omnibus Incentive Plan (the “Equity Incentive Plan”), the Class B Unit redemption notice, dated January 16, 2018 (and the documents referenced therein), the Restricted Stock Unit Award Agreement by and between the Executive and ADT, dated January 18, 2018, and the Nonqualified Option Award Agreements by and between the Executive and ADT, each dated January 18, 2018, as applicable. For purposes of clarity, as of the Retirement Date, the Executive shall forfeit 100% of the three-year cliff-vesting stock options (with respect to 590,861 shares of ADT common stock) and shall forfeit 100% of the three-year cliff-vesting restricted stock units (with respect to 160,714 shares of ADT Common Stock) granted to him by ADT on January 18, 2018, which shall immediately terminate and expire as of the Retirement Date. For the avoidance of doubt, the Executive’s Class A-2 units in TopCo shall remain subject to all terms and conditions set forth in the Fourth Amended and Restated Limited Partnership Agreement of TopCo dated November 7, 2016 (the “Partnership Agreement”). Without limiting their respective rights under the Partnership Agreement and the MIRA, TopCo and ADT do not anticipate exercising their respective rights to repurchase the Executive’s equity interests in connection with his retirement.

F.    Early Retirement. Notwithstanding anything herein to the contrary, in the event of an Early Retirement by the Company for Cause, or an Early Retirement based on a voluntary termination by the Executive prior to the six-month anniversary of the Retirement Date, then following such Early Retirement situations, other than any accrued salary or benefits provided in accordance with Section 3.A, the Executive shall not be entitled to any further payments or benefits from the Company, including without limitation any future payments of the Retainer Fee. For the avoidance of doubt, in the event of an Early Retirement by the Company without Cause, an Early Retirement based on a termination by the Company due to the Executive’s death or due to the Executive’s Disability, or an Early Retirement based on a voluntary termination by the Executive after the six-month anniversary of the Retirement Date, subject to the satisfaction of the Preconditions, the Executive shall continue to receive the Retainer Fee and the FY18 Bonus and shall remain eligible for the Continued Performance Vesting.

4.    Post-Employment Cooperation. The Executive hereby acknowledges his obligations pursuant to Section 10 of the Employment Agreement, which is incorporated herein by reference, and the Executive further acknowledges that such obligations shall survive his termination of employment with the Company Group.

5.    Release Condition. The Executive agrees to execute, and not subsequently revoke, a customary, comprehensive release of all claims against each member of the Company Group and its respective related parties (including without limitation its officers and directors, and Apollo), substantially in the form attached hereto as Exhibit A, upon (and covering all claims arising through) the Retirement Date, and agrees to bring down such release of claims upon (and covering all claims arising through) the last day of the Board Term (the “Release Condition”).

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	6.
	Restrictive Covenants.

A.    Generally. The Executive agrees that Sections 6, 7, 8, and 10 of the Employment Agreement survive the termination of his employment, and he confirms that he is bound by such provisions, including but not limited to the non-competition, non-solicitation, and non- disparagement obligations set forth therein. The Company hereby acknowledges and reaffirms its obligations with respect to Section 7(d) of the Employment Agreement, which shall survive termination of Executive’s employment. The Executive also agrees that he is subject to continuing obligations under the Partnership Agreement, the Equity Incentive Plan and the award agreements issued thereunder that survive the termination of his employment, and he confirms that he is bound by such provisions, including but not limited to the non-competition and non-solicitation obligations set forth therein. If there is a conflict between the Executive’s continuing obligations under the Employment Agreement, the Partnership Agreement, the Equity Incentive Plan and the award agreements issued thereunder, the provisions more protective of the Company Group’s interests shall apply, as determined by the Company Group in its sole discretion. Notwithstanding anything herein to the contrary, for purposes of those restrictive covenants that survive for a fixed period of time based on the date on which the Executive’s employment terminates, and solely for those purposes, the Executive’s employment will be deemed to continue through, and to terminate upon, the last day of the Board Term. Further, Section 6(a)(i) of the Employment Agreement shall be amended by deleting the language in the agreement and replacing it with the following language:

“directly or indirectly engage in, have any equity interest in, or manage or operate any Person, firm, corporation, partnership, business or entity (whether as director, officer, employee, agent, representative, partner, security holder, consultant, or otherwise) that engages in (either directly or through any subsidiary or Affiliate thereof) any business or activity that competes with any of the businesses of the Company or any entity owned by the Company as of November 30, 2018, and any businesses as to which the Company has, as of November 30, 2018, undertaken material steps to enter into. Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business.”

B.    Return of Property. The Executive acknowledges that all notes, memoranda, specifications, devices, formulas, records, files, lists, drawings, documents, models, equipment, computers, phones, software, and intellectual property, in whatever form (including electronic), and all copies thereof, and any and all other assets and property of the Company Group or relating to the businesses of the Company Group that are received, held, or created by the Executive while an employee of the Company Group are and shall remain the property of the Company Group, and the Executive shall immediately return all such property to the Company Group upon the Retirement Date.

7.    No Complaints, Claims, or Actions Filed. The Executive represents that the Executive has not filed any complaints, claims, or actions against the Company or any Released Party (as defined in Section 8 below) with any state, federal, or local agency or court. The Executive covenants and agrees that the Executive will not file any complaints, claims, or actions against the Company or

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any Released Party with respect to a claim released pursuant to Section 8 below at any time hereafter. The Executive warrants and represents that, as of the date of execution of this Agreement, the Executive is not aware of any facts that would establish, tend to establish, or in any way support an allegation that the Company or any Released Party has engaged in conduct that the Executive believes could violate any federal, state, or local law, or to the extent that the Executive has or ever had any such information, the Executive has reported that information to the Company in accordance with Company policy.

8.    Release of All Claims. In consideration for the promises and obligations set forth in this Agreement, the Executive hereby irrevocably, unconditionally, and fully releases TopCo, ADT, the Company, and any affiliated entities, and each and all of its/their current and former shareholders, officers, agents, directors, supervisors, employees, and representatives, and its/their successors and assigns, and all persons acting by, though, under, or in concert with any of them (“Released Parties”), from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”), that the Executive at any time had or claimed to have or that the Executive may have or claim to have regarding any matter as of the date of this Agreement, including, without limitation, any and all claims related to or in any manner incidental to the Executive’s employment or termination of employment with the Company. It is expressly understood by the Executive that among the various rights and claims being waived in this release include those arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act (“ADEA”), the Family and Medical Leave Act, common law and any and all other applicable federal, state, county or local statutes, ordinances, or regulations, and the law of contract and tort. The released claims also include claims of discrimination or harassment on the basis of workers’ compensation status, but do not include workers’ compensation claims. By signing this Agreement, the Executive acknowledges that the Executive intends to waive and release all rights known or unknown that Executive may have against the Released Parties under these and any other laws; provided that the Executive does not waive or release claims with respect to (A) any rights that the Executive may have to any payments or benefits pursuant to Section 3 of this Agreement, (B) any claims or rights under the indemnification policy of any member of the Company Group in accordance with its respective operating agreement and in accordance with Section 9 of the Employment Agreement, which all parties acknowledge survives the termination of the Executive’s employment pursuant to its terms, (C) rights as an equityholder of TopCo and ADT, (D) any rights that the Executive has pursuant to this Agreement and any agreements governing his equity ownership, as applicable, and (E) rights that cannot be released as a matter of law.

9.    Reemployment. The Executive hereby waives any and all claims to reemployment with the Company or any of its affiliates and affirmatively agrees not to seek further employment with the Company or any of its affiliates.

10.    Release of Claims and Notices Required under the Age Discrimination in Employment Act and the Older Workers’ Benefit Protection Act. The Executive understands and agrees that the Executive:

A.    Has been offered at least twenty-one (21) days during which to consider this Agreement before signing it and understands that if he signs this Agreement prior to the expiration of such

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twenty-one (21) day period he knowingly and voluntarily waives the remainder of such consideration period;

		
	B.
	Has carefully read and fully understands all of the provisions of this Agreement;

C.    Is waiving and releasing any rights under the ADEA and the Older Workers Benefit Protection Act (“OWBPA”), among other claims;

		
	D.
	Knowingly and voluntarily agrees to all of the terms set forth in this Agreement;

		
	E.
	Knowingly and voluntarily intends to be legally bound by the terms of this Agreement;

F.    Was advised and hereby is advised in writing to consider the terms of this Agreement and consult with an attorney of the Executive’s choice prior to executing this Agreement;

G.    Has a full seven (7) days from the date of execution of this to revoke this Agreement (including, without limitation, any and all claims arising under the ADEA) by sending written notice to P. Gray Finney, Chief Legal Officer, and that neither the Company nor any other person is obligated to provide any payments or benefits to the Executive pursuant to Section 3.B or 3.C of this Agreement until eight (8) days have passed since the Executive’s signing of this Agreement without the Executive’s having revoked this Agreement (such eighth (8th) day, on which the “Release of All Claims” under this Agreement becomes irrevocable and effective, the “Release Effective Date”);

H.    Understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.) that may arise after the date this Agreement is executed are not waived;

I.    Understands that nothing in this Agreement (including Section 8) prevents or precludes the Executive from challenging or seeking a determination of the validity of this waiver under the ADEA or the OWBPA in good faith, nor that it imposes any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law; and

J.    Understands that once the Company has made its final offer of severance, any changes, whether material or immaterial, to this Agreement do not restart the twenty-one day period in which to consider the Agreement before signing it.

11.    Company Release of Claims. In consideration for the Executive’s release and waiver of claims herein and other good and valuable consideration and subject to the Executive’s satisfaction of the Preconditions, TopCo, ADT and the Company, on behalf of themselves and the Released Parties, hereby irrevocably, unconditionally, and fully release the Executive and his heirs, agents, executors, successors, assigns and administrators, from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”), that TopCo, ADT, the Company or any Released Party at any time had or claimed to have or that TopCo, ADT, the Company or any Released Party may have or claim to have regarding any matter as of the date of this Agreement, including, without limitation, any and all claims related to or in any manner incidental to the Executive’s employment

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or termination of employment with any member of the Company Group. Notwithstanding the foregoing, TopCo, ADT, the Company and the Released Parties do not release or waive (i) any right or claim that arises against the Executive after the date of this Agreement, (ii) any claim against the Executive based on his intentional misconduct, fraud, criminal acts or gross neglect, or
(iii) any act that would not be covered under the Executive’s rights to indemnification from TopCo, ADT, the Company or any Released Party.

12.    No Admission of Liability. This Agreement and compliance with this Agreement shall not be construed as an admission by ADT, the Company, or any Released Party of any liability whatsoever, or as an admission by ADT, the Company, or any Released Party of any violations of the rights of the Executive or any person or violation of any order, law, statute, duty, or contract whatsoever against the Executive or any person. ADT, the Company, and each Released Party specifically disclaims any liability to the Executive or any other person for any alleged violation of the rights of the Executive or any person, or for any alleged violation of any order, law, statute, duty, or contract on the part of ADT, the Company, or any Released Party.

13.    Communication with Government Agency. Nothing in this Agreement, including Sections 6.A, 7, and 8, (A) limits or affects the Executive’s right to challenge the validity of this Agreement, including, without limitation, a challenge under the ADEA; (B) in any way interferes with the Executive’s right and responsibility to give truthful testimony under oath; or (C) precludes the Executive from participating in an investigation, filing a charge or otherwise communicating with any federal, state or local government office, official or agency, including, but not limited to, the Equal Employment Opportunity Commission, Department of Labor, or National Labor Relations Board. However, the Executive promises never to seek or accept any compensatory damages, back pay, front pay, or reinstatement remedies for the Executive personally with respect to any claims released by this Agreement.

		
	14.
	Miscellaneous.

A.    Modification. This Agreement may not be modified or amended, nor may any rights hereunder be waived, except in a writing signed and agreed to by the parties hereto.

B.    Notices. Any notice given pursuant to this Agreement to any party hereto shall be deemed to have been duly given when mailed by registered or certified mail, return receipt requested, or by overnight courier, or when hand delivered as follows:

If to ADT or the Company or TopCo: 
ADT Inc.
The ADT Security Corporation 1501 Yamato Road
Boca Raton, FL 33431 Attention:  Chief Legal Officer

with a copy (which shall not constitute notice) to: 
Paul, Weiss, Rifkind, Wharton & Garrison LLP

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1285 Avenue of the Americas New York, New York 10019 
Attention: Taurie Zeitzer
                                                     Lawrence I. Witdorchic

If to the Executive, at the Executive’s most recent address on the payroll records of the Company.
with a copy (which shall not constitute notice) to: 
Nick Day Law
95 River St., Suite 202
Hoboken, NJ 07030 
Attention:  Nick Day, Esq.

or at such other address any party shall from time to time designate by written notice, in the manner provided herein, to the other parties hereto.

C.    Successors and Assigns. This Agreement, including the “Release of All Claims,” shall be binding upon the Executive and the Company Group and upon their respective heirs, administrators, representatives, executors, successors, and assigns, and shall inure to the benefit of said parties, and each of them, and to their respective heirs, administrators, representatives, executors, successors, and assigns. The Executive expressly warrants that the Executive has not transferred to any party or entity any rights, causes of action, or claims released in this Agreement. The Executive agrees that each successor or affiliate of the Company shall be an express third- party beneficiary hereto and shall be entitled to enforce the provisions of this Agreement.

D.    General Consequences of Breach. If any party to this Agreement breaches this Agreement, for example, by bringing a lawsuit based on claims that such party has released, by making a false representation in this Agreement, or by a past or future breach of Section 6 of this Agreement, the non-breaching party will be entitled to recover all damages flowing from such breach; specifically, including, but not limited to reasonable attorneys’ fees and all other costs incurred by the non-breaching party as a result of the breach or false representation, such as the cost of defending any suit brought with respect to a released claim by the breaching party.

E.    Taxes. The Executive shall be responsible for the payment of any and all required federal, state, local, and foreign taxes incurred, or to be incurred, in connection with any amounts payable to the Executive under this Agreement. Notwithstanding any other provision of this Agreement to the contrary, the Company or any member of the Company Group, as applicable, may withhold from all amounts payable under this Agreement all federal, state, local, and foreign taxes that are required to be withheld pursuant to any applicable laws and regulations.

F.    Section 409A. The Parties intend that the compensation and benefits under this Agreement either be exempt from or compliant with Section 409A of the Code, and Section 11 of the Employment Agreement is hereby incorporated by reference mutatis mutandis as if fully set forth herein.

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G.    Severability. In the event that any provision of this Agreement is determined to be invalid or unenforceable, the remaining terms and conditions of this Agreement shall be unaffected and shall remain in full force and effect. In addition, if any provision is determined to be invalid or unenforceable due to its duration and/or scope, the duration and/or scope of such provision, as the case may be, shall be reduced, such reduction shall be to the smallest extent necessary to comply with applicable law, and such provision shall be enforceable, in its reduced form, to the fullest extent permitted by applicable law.

H.    Entire Agreement Between Parties. This Agreement (and the documents referenced herein) sets forth the entire agreement between the Parties hereto and, unless otherwise set forth herein, fully supersedes any and all prior agreements or understandings, written or oral, between the Parties hereto pertaining to the subject matter hereof; provided, however, if there is a conflict between this Agreement and any confidentiality, non-compete, or non-solicitation agreement the Executive previously signed, the provisions more protective of ADT’s and the Company’s interests shall apply, as determined by ADT and the Company in their sole discretion.

I.    Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by the Executive and a duly authorized officer of ADT or the Company (other than the Executive) that expressly identifies the amended provision of this Agreement. By an instrument in writing similarly executed and similarly identifying the waived compliance, the Executive or a duly authorized officer of ADT or the Company may waive compliance by the other party or parties with any provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure to comply or perform. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

J.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION THAT WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF DELAWARE.

K.    Dispute Resolution. The parties agree that any suit, action, or proceeding brought by or against a party in connection with this Agreement shall be brought solely in any state or federal court within the State of Delaware. Each party expressly and irrevocably consents and submits to the jurisdiction and venue of each such court in connection with any such legal proceeding, including to enforce any settlement, order or award, and such party agrees to accept service of process by the other party or any of its agents in connection with any such proceeding. In the event of any dispute between the Company and the Executive (including, but not limited to, under or with respect to this Agreement), subject to the Executive prevailing on at least one material claim or issue asserted in such dispute, the Company shall reimburse the Executive for all attorneys’ fees and other litigation costs incurred by the Executive in connection with such dispute. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN

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ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER.

L.    Headings. The headings in this Agreement are for convenience of identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

M.    Construction. This Agreement shall be deemed drafted equally by the parties hereto. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections, or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the contrary: (i) the plural includes the singular, and the singular includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,” “all,” “each,” or “every” means “any and all,” and “each and every”; (iv) “includes” and “including” are each “without limitation”; and (v) “herein,” “hereof,” “hereunder,” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section, or subsection.

N.    Counterparts. The Agreement may be executed by one or more of the Parties hereto on any number of separate counterparts and all such counterparts shall be deemed to be one and the same instrument. Each party hereto confirms that any facsimile copy or .pdf of such party’s executed counterpart of the Agreement (or its signature page thereof) shall be deemed to be an executed original thereof.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date written below.

	
						
	EXECUTIVE

	 
	 
	 
	 
	 
	 

	Date:
	September 4, 2018
	 
	   /s/ Timothy J. Whall
	 

	 
	 
	 
	TIMOTHY J. WHALL
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	ADT

	 
	 
	 
	ADT INC.
	 

	 
	 
	 
	 
	 
	 

	Date:
	September 4, 2018
	 
	By:
	   /s/ P. Gray Finney
	 

	 
	 
	 
	 
	Name: P. Gray Finney
	 

	 
	 
	 
	 
	Title: Senior Vice President, Chief
	 

	 
	 
	 
	 
	          Legal Officer and Secretary
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	COMPANY

	 
	 
	 
	THE ADT SECURITY CORPORATION

	 
	 
	 
	 
	 
	 

	Date:
	September 4, 2018
	 
	By:
	   /s/ P. Gray Finney
	 

	 
	 
	 
	 
	Name: P. Gray Finney
	 

	 
	 
	 
	 
	Title: Senior Vice President, Chief
	 

	 
	 
	 
	 
	          Legal Officer and Secretary
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	For purposes of Section 3.E, Section 11, Section 14.J, and Section 14.K only:

	 
	 
	 
	 
	 
	 

	TOPCO

	 
	 
	 
	PRIME SECURITY SERVICES TOPCO

	 
	 
	 
	PARENT, L.P.

	 
	 
	 
	 
	 
	 

	Date:
	September 4, 2018
	 
	By:
	   /s/ P. Gray Finney
	 

	 
	 
	 
	 
	Name: P. Gray Finney
	 

	 
	 
	 
	 
	Title: Senior Vice President, Chief
	 

	 
	 
	 
	 
	          Legal Officer and Secretary
	 

	 
	 
	 
	 
	 
	 

[Signature Page to Retirement Agreement]

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Exhibit 10.11

Exhibit A

RELEASE OF CLAIMS (“Release”)

1.Release of All Claims. In consideration for the promises and obligations set forth in the Retirement Agreement dated as of September    , 2018, by and among ADT, Inc. (“ADT”), The ADT Security Corporation (the “Company”), solely for purposes of Sections 3.E and 11, Prime Security Services TopCo Parent, L.P., a Delaware limited partnership (“TopCo”), and Timothy J. Whall (“Whall”) (the “Retirement Agreement”), Whall hereby irrevocably, unconditionally, and fully releases TopCo Parent, L.P. (“TopCo”), ADT, the Company, and any affiliated entities, and each and all of its/their current and former shareholders, officers, agents, directors, supervisors, employees, and representatives, and its/their successors and assigns, and all persons acting by, though, under, or in concert with any of them (“Released Parties”), from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”), that Whall at any time had or claimed to have or that Whall may have or claim to have regarding any matter as of the date of this Release, including, without limitation, any and all claims related to or in any manner incidental to Whall’s employment or termination of employment with the Company. It is expressly understood by Whall that among the various rights and claims being waived in this release include those arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act (“ADEA”), the Family and Medical Leave Act, common law and any and all other applicable federal, state, county or local statutes, ordinances, or regulations, and the law of contract and tort. The released claims also include claims of discrimination or harassment on the basis of workers’ compensation status, but do not include workers’ compensation claims. By signing this Release, Whall acknowledges that Whall intends to waive and release all rights known or unknown that Whall may have against the Released Parties under these and any other laws; provided that Whall does not waive or release claims with respect to (A) any rights he may have to any payments or benefits pursuant to Section 3 of the Retirement Agreement, (B) any claims or rights under the indemnification policy of Topco, ADT, the Company, or any of their respective subsidiaries in accordance with their respective operating agreements and in accordance with Section 9 of the Employment Agreement, which all parties acknowledge survives the termination of Whall’s employment pursuant to its terms, (C) rights as an equityholder of TopCo and ADT, (D) any rights that Whall has pursuant to the Retirement Agreement and any agreements governing his equity ownership, as applicable, and (E) rights that cannot be released as a matter of law.

2.No Complaints, Claims, or Actions Filed. Whall represents that Whall has not filed any complaints, claims, or actions against the Company or any Released Party with any state, federal, or local agency or court. Whall covenants and agrees that Whall will not file any complaints, claims, or actions against the Company or any Released Party with respect to a claim released pursuant to Section 1 above at any time hereafter. Whall warrants and represents that, as of the date of execution of this Release, Whall is not aware of any facts that would establish, tend to establish, or in any way support an allegation that the Company or any Released Party has engaged in conduct that Whall believes could violate any federal, state, or local law, or to the extent that Whall has or ever had any such information, Whall has reported that information to the Company in accordance with Company policy.

A-1

Exhibit 10.11

3.Release of Claims and Notices Required under the Age Discrimination in Employment Act and the Older Workers’ Benefit Protection Act. Whall understands and agrees that Whall:

A.    Has been offered at least twenty-one (21) days during which to consider this Release before signing it and understands that if he signs this Release prior to the expiration of such twenty- one (21) day period he knowingly and voluntarily waives the remainder of such consideration period;

		
	B.
	Has carefully read and fully understands all of the provisions of this Release;

C.    Is waiving and releasing any rights under the ADEA and the Older Workers Benefit Protection Act (“OWBPA”), among other claims;

		
	D.
	Knowingly and voluntarily agrees to all of the terms set forth in this Release;

		
	E.
	Knowingly and voluntarily intends to be legally bound by the terms of this Release;

F.    Was advised and hereby is advised in writing to consider the terms of this Release and consult with an attorney of Whall’s choice prior to executing this Release;

G.    Has a full seven (7) days from the date of execution of this to revoke this Release (including, without limitation, any and all claims arising under the ADEA) by sending written notice to P. Gray Finney, Chief Legal Officer, and that neither the Company nor any other person is obligated to provide any payments or benefits to Whall pursuant to Section 3.B or 3.C of the Retirement Agreement until eight (8) days have passed since Whall’s signing of this Release without Whall’s having revoked this Release (such eighth (8th) day, on which this Release becomes irrevocable and effective, the “Release Effective Date”);

H.    Understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.) that may arise after the date this Release is executed are not waived;

I.    Understands that nothing in this Release (including Section 1) prevents or precludes Whall from challenging or seeking a determination of the validity of this waiver under the ADEA or the OWBPA in good faith, nor that it imposes any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law; and

J.    Understands that once the Company has made its final offer of severance, any changes, whether material or immaterial, to this Release do not restart the twenty-one day period in which to consider the Release before signing it.

4.Compliance with Obligations. Whall represents and warrants that, as of the date on which he executes this Release; he has complied in all respects with all of his obligations under the Retirement Agreement and that he is not in breach of any terms thereof.

5.Company Release of Claims. In consideration for Whall’s release and waiver of claims herein and other good and valuable consideration and subject to the Executive’s satisfaction of the Preconditions, TopCo, ADT and the Company, on behalf of themselves and the Released Parties, hereby irrevocably, unconditionally, and fully release Whall and his heirs, agents, executors,

A-2

Exhibit 10.11

successors, assigns and administrators, from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”), that TopCo, ADT, the Company or any Released Party at any time had or claimed to have or that ADT, the Company or any Released Party may have or claim to have regarding any matter as of the date of this Release, including, without limitation, any and all claims related to or in any manner incidental to Whall’s employment or termination of employment with the Company. Notwithstanding the foregoing, TopCo, ADT, the Company and the Released Parties do not release or waive (i) any right or claim that arises against Whall after the date of this Release, (ii) any claim against Whall based on his intentional misconduct, fraud, criminal acts or gross neglect, or (iii) any act that would not be covered under Whall’s rights to indemnification from TopCo, ADT, the Company or any Released Party.

6.No Admission of Liability. This Release and compliance with this Release shall not be construed as an admission by ADT, the Company, or any Released Party of any liability whatsoever, or as an admission by ADT, the Company, or any Released Party of any violations of the rights of Whall or any person or violation of any order, law, statute, duty, or contract whatsoever against Whall or any person. ADT, the Company, and each Released Party specifically disclaims any liability to Whall or any other person for any alleged violation of the rights of Whall or any person, or for any alleged violation of any order, law, statute, duty, or contract on the part of ADT, the Company, or any Released Party.

7.Communication with Government Agency. Nothing in this Release, including Sections 1 and 2, (A) limits or affects Whall’s right to challenge the validity of this Release, including, without limitation, a challenge under the ADEA; (B) in any way interferes with Whall’s right and responsibility to give truthful testimony under oath; or (C) precludes Whall from participating in an investigation, filing a charge or otherwise communicating with any federal, state or local government office, official or agency, including, but not limited to, the Equal Employment Opportunity Commission, Department of Labor, or National Labor Relations Board. However, Whall promises never to seek or accept any compensatory damages, back pay, front pay, or reinstatement remedies for Whall personally with respect to any claims released by this Release.

		
	8.
	Miscellaneous. Section 14 of the Retirement Agreement is incorporated into this Release,

mutatis mutandis.

[Signature Page Follows]

A-3

IN WITNESS WHEREOF, Whall, TopCo, ADT, and The ADT Security Corporation have executed and delivered this Release as of the date written below.

	
						
	WHALL

	 
	 
	 
	 
	 
	 

	Date:
	 
	 
	 
	 

	 
	 
	 
	TIMOTHY J. WHALL
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	ADT

	 
	 
	 
	ADT INC.
	 

	 
	 
	 
	 
	 
	 

	Date:
	 
	 
	By:
	 
	 

	 
	 
	 
	 
	Name:
	 

	 
	 
	 
	 
	Title: 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	COMPANY

	 
	 
	 
	THE ADT SECURITY CORPORATION

	 
	 
	 
	 
	 
	 

	Date:
	 
	 
	By:
	 
	 

	 
	 
	 
	 
	Name:
	 

	 
	 
	 
	 
	Title: 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	TOPCO

	 
	 
	 
	PRIME SECURITY SERVICES TOPCO

	 
	 
	 
	PARENT, L.P.

	 
	 
	 
	 
	 
	 

	Date:
	 
	 
	By:
	 
	 

	 
	 
	 
	 
	Name:
	 

	 
	 
	 
	 
	Title: 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

[Signature Page to Retirement Agreement]Exhibit

Exhibit 10.12

EXECUTION VERSION

SECOND AMENDED & RESTATED EMPLOYMENT AGREEMENT

This Second Amended & Restated Employment Agreement (the “Agreement”), entered into on September 4, 2018, is made by and between James D. DeVries (the “Executive”) and ADT LLC, a Delaware limited liability company (together with any of its subsidiaries and Affiliates as may employ the Executive from time to time, and any and all successors thereto, the “Company”).

RECITALS

A.The parties hereto have previously entered into an employment agreement, dated December 14, 2016, which was subsequently amended and restated on December 19, 2017 (the “Prior Agreement”).

B.The parties hereto wish to amend and restate the Prior Agreement in its entirety as set forth herein.

C.It is the desire of the Company to assure itself of the continued services of the Executive by engaging the Executive to perform services under the terms hereof.

D.The Executive desires to continue providing services to the Company on the terms herein provided.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as follows:

1.Certain Definitions.

(a)    “Action” shall have the meaning set forth in Section 10.

(b)    “ADT Inc.” shall mean ADT Inc., a Delaware corporation and indirect parent of the Company.

(c)    “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person, where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended.

		
	(d)
	“Agreement” shall have the meaning set forth in the preamble hereto.

		
	(e)
	“Annual Base Salary” shall have the meaning set forth in Section 3(a).

		
	(f)
	“Annual Bonus” shall have the meaning set forth in Section 3(b).

		
	(g)
	“Board” shall mean the Board of Directors of ADT Inc.

(h)    The Company shall have “Cause” to terminate the Executive’s employment pursuant to Section 4(a)(iii) hereunder upon (i) the Executive’s conviction of, or plea of nolo contendere to, any felony or other crime involving either fraud or a breach of the Executive’s duty

of loyalty with respect to ADT Inc., the Company or any subsidiaries or other Affiliates thereof, or any of its customers or suppliers that results in material injury to ADT Inc., the Company or any of their subsidiaries, (ii) the Executive’s substantial and repeated failure to perform duties as reasonably directed by the Board (not as a consequence of Disability) after written notice thereof and failure to cure within ten (10) days, (iii) the Executive’s fraud, misappropriation, embezzlement, or material misuse of funds or property belonging to ADT Inc., the Company or any of their subsidiaries, (iv) the Executive’s willful violation of the written policies of ADT Inc., the Company or any of their subsidiaries or Affiliates, or other willful misconduct in connection with the performance of his duties that in either case results in material injury to ADT Inc., the Company or any of their subsidiaries, after written notice thereof and failure to cure within ten days, (v) the Executive’s material breach of the Agreement that results in material injury to ADT Inc., the Company or any of their subsidiaries, and failure to cure such breach within ten (10) days after written notice, or (vi) the Executive’s breach of the confidentiality or non-disparagement provisions (excluding unintentional breaches that are cured within ten (10) days after the Executive becomes aware of such breaches, to the extent curable) or the non-competition and non-solicitation provisions to which the Executive is subject, including without limitation Sections 6 and 7 hereof, that results in material injury to ADT Inc., the Company or any of their subsidiaries.

		
	(i)
	“Code” shall mean the Internal Revenue Code of 1986, as amended.

(j)“Company” shall, except as otherwise provided in Sections 6 and 7, have the meaning set forth in the preamble hereto.

(k)“Date of Termination” shall mean (i) if the Executive’s employment is terminated by his death, the date of his death, (ii) if the Executive’s employment is terminated pursuant to Section 4(a)(ii)-(vi), the date specified or otherwise effective pursuant to Section 4(b), or (iii) if the Executive’s employment is terminated upon expiration of the Term due to either party’s non- renewal in accordance with Section 2(b), the last day of the then-current Term.

(l)“Disability” shall mean the disability of the Executive caused by any physical or mental injury, illness, or incapacity as a result of which Executive has been unable to effectively perform the essential functions of Executive's duties for a continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365-day period, as determined by the Board in good faith.

(m)“Effective Date” shall mean December 1, 2018 (or the day immediately following such earlier date on which the current Chief Executive Officer of ADT Inc. ceases to be the Chief Executive Officer of ADT Inc. and its subsidiaries and Affiliates).

		
	(n)
	“Executive” shall have the meaning set forth in the preamble hereto.

(o)The Executive shall have “Good Reason” to resign from his employment pursuant to Section 4(a)(v) in the event that any of the following actions are taken by the Company or any of its subsidiaries without his consent: (i) a decrease in the Executive’s annual Base Salary, (ii) a decrease in the Executive’s Target Bonus, (iii) any failure by the Company to pay any material compensation due and payable to Executive in connection with his employment or the employment agreement, (iv) any material diminution of the duties, responsibilities, authority, positions, or titles

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of the Executive, (v) the Company’s requiring Executive to be based at any location more than thirty (30) miles from the Boca Raton, Florida, area, or (vi) any material breach by the Company of any term or provision of the Agreement;

provided, however, that none of the events described in the foregoing clauses shall constitute Good Reason unless the Executive has notified the Company in writing describing the events that constitute Good Reason within forty-five (45) days following the first occurrence of such events and then only if the Company fails to cure such events within thirty (30) days after the Company’s receipt of such written notice.

		
	(o)
	“Initial Term” shall have the meaning set forth in Section 2(b).

		
	(p)
	“Notice of Termination” shall have the meaning set forth in Section 4(b).

(q)“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority, or other entity of whatever nature.

		
	(r)
	“Proprietary Information” shall have the meaning set forth in Section 7(a).

		
	(s)
	“Severance Period” shall have the meaning set forth in Section 5(b)(i).

		
	(t)
	“Target Bonus” shall have the meaning set forth in Section 3(b).

		
	(u)
	“Term” shall have the meaning set forth in Section 2(b).

		
	2.
	Employment.

(a)    In General. The Company shall continue to employ the Executive, and the Executive shall continue in the employment of the Company, for  the  period  set  forth  in Section 2(b), in the position set forth in Section 2(c), and upon the other terms and conditions herein provided.

(b)    Term of Employment. The initial term of employment under this Agreement (the “Initial Term”) shall be for the period beginning on the May 23, 2016, and ending on May 23, 2021, unless earlier terminated as provided in Section 4. The Initial Term shall automatically be extended for successive one (1) year periods (together with the Initial Term, the “Term”), unless either party hereto gives notice of the non-extension of the Term to the other party no later than ninety (90) days prior to the expiration of the then-applicable Term.

		
	(c)
	Position and Duties.

(i)    Prior to the Effective Date, the Executive shall serve as President of ADT Inc. with responsibilities, duties, and authority customary for such position. As of the Effective Date, the Executive shall (i) cease serving as President of ADT Inc. and its subsidiaries and Affiliates and (ii) serve as Chief Executive Officer of ADT Inc. with responsibilities, duties, and authority customary for such position. Such duties, responsibilities, and authority may include services for one or more subsidiaries of ADT Inc. (including, but not limited to, the Company).

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Prior to the Effective Date, the Executive shall report to the Chief Executive Officer of the Company. As of the Effective Date, the Executive shall report to the Board. The Executive agrees to observe and comply with the Company’s rules and policies as adopted from time to time by the Company. The Executive shall devote his full business time, skill, attention, and best efforts to the performance of his duties hereunder; provided, however, that the Executive shall be entitled to
(A)serve on civic, charitable, and religious boards and, with advance notice to the Board, one (1) for-profit board of directors, and (B) manage the Executive’s personal and family investments, in each case, to the extent that such activities do not materially interfere with the performance of the Executive’s duties and responsibilities hereunder, are not in conflict with the business interests of the Company or its Affiliates, and do not otherwise compete with the business of the Company or its Affiliates.

(ii)    As of the Effective Date, the Executive will be appointed as a member of the Board. During the Term, but following the Effective Date, ADT Inc. shall nominate the Executive for re-election as a director of ADT Inc. upon the expiration of the Executive’s initial term as a director and upon the expiration of each subsequent term thereafter.

(iii)    The principal place of the Executive’s employment shall be the Company’s corporate headquarters in Boca Raton, Florida. The Executive shall perform his duties and responsibilities to the Company at such principal place of employment and at such other location(s) to which the Company may reasonably require the Executive to travel for Company business purposes.

		
	3.
	Compensation and Related Matters.

(a)    Annual Base Salary. During the Term, but prior to the Effective Date, the Executive shall receive a base salary at a rate of six hundred seventy-five thousand dollars ($675,000) per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to annual review and possible increase (but not decrease) as determined by the Board in its sole discretion (the “Annual Base Salary”). As of the Effective Date, the Executive’s Annual Base Salary shall be increased to one million dollars ($1,000,000).

(b)    Annual Bonus. With respect to each calendar year that ends during the Term, the Executive shall be eligible to receive an annual cash bonus (the “Annual Bonus”). Prior to the Effective Date, the Executive will have a target Annual Bonus amount equal to one hundred percent (100%) of the Annual Base Salary (the “Target Bonus”). As of the Effective Date, the Executive’s Target Bonus shall be increased to one hundred twenty-five percent (125%) of the Annual Base Salary. For calendar year 2018, the Executive’s Annual Bonus shall be determined using a weighted average of the Executive’s pre- and post-Effective Date Target Bonus opportunities (i.e., assuming an Effective Date occurring on December 1, 2018, 11/12ths of $675,000, plus 1/12th of $1,250,000). The Executive’s actual Annual Bonus for a given year, if any, shall be determined on the basis of the Executive’s and/or the Company’s attainment of objective financial and/or other subjective or objective criteria established by the Board and communicated to the Executive at the beginning of such year. Each such Annual Bonus shall be payable on such date as is determined by the Board, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Department of Treasury Regulations (or any successor thereto).

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Notwithstanding the foregoing, no Annual Bonus shall be payable with respect to any calendar year unless the Executive remains continuously employed with the Company on the date of payment; provided, however, that notwithstanding the foregoing, the Executive shall be entitled to a prorated portion of the Annual Bonus payable with respect to any calendar year in which his employment ends as a result of the Company’s non-extension of the Term pursuant to Section 2(b) (provided that such termination would not have constituted a termination for Cause under this Agreement), determined on a daily basis, based solely on the actual level of achievement of the applicable performance goals for such year, and payable if and when annual bonuses are paid to other senior executives of the Company with respect to such year, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Department of Treasury Regulations (or any successor thereto).

(c)    Benefits. During the Term, the Executive shall be entitled to participate in the employee benefit plans, programs, and arrangements of the Company now (or, to the extent determined by the Board, hereafter) in effect, in accordance with their terms, including, without limitation, pension benefits and medical and welfare benefits.

(d)    Vacation. During the Term, the Executive shall be entitled to four (4) weeks of paid vacation per calendar year, in accordance with the Company’s vacation policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Executive.

(e)    Equity Awards. As soon as practicable after the date of this Agreement, the Executive shall be granted additional options to purchase one million (1,000,000) shares of ADT’s common stock (“New Options”). The New Options shall have the same terms and conditions as the previous grants of options that were granted on January 18, 2018, by ADT to the Executive in connection with ADT’s initial public offering (including a three-year cliff-vesting schedule and term, which vesting schedule will commence as of the Effective Date), except that the exercise price per share of the New Options shall be equal to the fair market value of a share of ADT common stock on the date of grant (as determined under the ADT 2018 Omnibus Incentive Plan). Notwithstanding the foregoing, if the date of grant occurs at a time when ADT is in a closed trading window, then the date of grant will be the first date thereafter that occurs (i) in an open trading window and (ii) on which the New York Stock Exchange is open for trading. During the Term, following the Effective Date, in addition to the New Options, the Executive shall be eligible to participate in ADT’s long-term incentive plans as generally made available to other senior executives of the Company and its Affiliates. During the Term, commencing with the long-term incentive award for fiscal year 2019, the Executive will be eligible to receive a long-term incentive award (at the time awards are made to the other senior executives of the Company and its Affiliates) with a target value (as determined by the Compensation Committee of the Board) equal to 450% of the Executive’s then-current Annual Base Salary.

(f)    Business Expenses. During the Term, the Company shall reimburse the Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties to the Company, in accordance with the Company’s expense reimbursement policies and procedures.

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4.Termination. The Executive’s employment hereunder may be terminated prior to the expiration of the Term resulting from a non-renewal pursuant to Section 2(b) above by the Company or the Executive, as applicable, without any breach of this Agreement only under the following circumstances:

(a)    Circumstances.

(i) Death. The Executive’s employment hereunder shall terminate upon his death.
(ii)Disability. If the Executive has incurred a Disability, the Company may give the Executive written notice of its intention to terminate the Executive’s employment. In that event, the Executive’s employment with the Company shall terminate effective on the later of the thirtieth (30th) day after receipt of such notice by the Executive and the date specified in such notice, provided that within the thirty (30) day period following receipt of such notice, the Executive shall not have returned to full-time performance of his duties hereunder.

(iii)Termination with Cause. The Company may terminate the Executive’s employment with Cause.

(iv)Termination without Cause. The Company may terminate the Executive’s employment without Cause.

(v)Resignation with Good Reason. The Executive may resign from his employment with Good Reason.

(vi)Resignation without Good Reason. The Executive may resign from his employment without Good Reason upon not less than forty-five (45) days’ advance written notice to the Board.

(b)    Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive under  this  Section 4  (other  than  termination  pursuant  to Section 4(a)(i)) shall be communicated by a written notice to the other party hereto (i) indicating the specific termination provision in this Agreement relied upon, (ii) except with respect to a termination pursuant to Section 4(a)(iv) or (vi), setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) specifying a Date of Termination as provided herein (a “Notice of Termination”). If the Company delivers a Notice of Termination under Section 4(a)(ii), the Date of Termination shall be at least thirty (30) days following the date of such notice; provided, however, that such notice need not specify a Date of Termination, in which case the Date of Termination shall be determined pursuant to Section 4(a)(ii). If the Company delivers a Notice of Termination under Section 4(a)(iii) or 4(a)(iv), the Date of Termination shall be, in the Company’s sole discretion, the date on which the Executive receives such notice or any subsequent date selected by the Company. If the Executive delivers a Notice of Termination under Section 4(a)(v), the Date of Termination shall be at least thirty (30) days following the date of such notice; provided, however, that the Company may, in its sole discretion, accelerate the Date of Termination to any date that occurs following the Company’s receipt of such notice, without changing the characterization of such termination as voluntary, even if such date is prior to the

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date specified in such notice. The failure by the Company or the Executive to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Cause or Good Reason shall not waive any right of the Company or the Executive hereunder or preclude the Company or the Executive from asserting such fact or circumstance in enforcing the Company’s or the Executive’s rights hereunder.

(c)    Termination of All Positions. Upon termination of the Executive’s employment for any reason, the Executive agrees to resign, as of the Date of Termination or such other date requested by the Company, from his position on the Board and all committees thereof (and, if applicable, from the board of directors or similar governing bodies (and all committees thereof) of all other Affiliates of the Company) and from all other positions and offices that the Executive then holds with the Company and its Affiliates.

		
	5.
	Company Obligations upon Termination of Employment.

(a)    In General. Subject to Section 11(b), upon termination of the Executive’s employment for any reason, the Executive (or the Executive’s estate) shall be entitled to receive
(i)any amount of the Executive’s Annual Base Salary earned through the Date of Termination not theretofore paid, (ii) any expenses owed to the Executive under Section 3(f), (iii) any accrued vacation pay owed to the Executive pursuant to Section 3(d), and (iv) any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3(c) (other than severance plans, programs, or arrangements, including, but not limited to, the ADT Corporation Change in Control Severance Plan, the ADT Corporation Severance Plan for U.S. Officers and Executives, and the ADT LLC Severance Plan for U.S. Employees), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements including, where applicable, any death and disability benefits.

(b)    Termination without Cause or Resignation with Good  Reason.  Subject  to Section 11(b), if the Company terminates the Executive’s employment without Cause pursuant to Section 4(a)(iv) or if the Company elects not to renew the term of this Agreement and terminate the Executive’s employment hereunder in accordance with Section 2(b) above, or if the Executive resigns from his employment with Good Reason pursuant to Section 4(a)(v), the Company shall, in addition to the benefits and payments under Section 5(a)-

(i)    continue to pay the Annual Base Salary in accordance with the Company’s customary payroll practices during the period (the “Severance Period”) beginning on the Date of Termination and ending on the earlier to occur of (A) the twenty-four (24) month anniversary of the Date of Termination and (B) the first date that the Executive violates any covenant contained in Section 6 or 7;

(ii)    continue to provide coverage during the Severance Period for the Executive and any eligible dependents under all Company health and welfare plans in which the Executive and any such dependents participated immediately prior to the Date of Termination, to the extent permitted thereunder (and to the extent that such benefits may be provided under applicable law without penalty) and subject to any active-employee cost-sharing or similar provisions in effect for the Executive thereunder as of immediately prior to the Date of Termination; and

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(iii)    subject to the Executive’s compliance with the covenants contained in Sections 6 and 7, pay the Executive a prorated portion of the Annual Bonus payable with respect to the calendar year in which such termination occurs, determined on a daily basis, based solely on the actual level of achievement of the applicable performance goals for such year, and payable if and when annual bonuses are paid to other senior executives of the Company with respect to such year.

provided, however, that notwithstanding the foregoing, (x) the amounts payable to the Executive under this Section 5(b) shall be contingent upon and subject to the Executive’s execution and non- revocation of a general waiver and release of claims agreement in the Company’s customary form (and the expiration of any applicable revocation period), on or prior to the sixtieth (60th) day following the Date of Termination; and (y) the installment payments pursuant to this Section 5(b) shall commence on the first payroll period following the effective date of such release of claims, and the initial installment shall include a lump-sum payment of all amounts accrued under this Section 5(b) from the Date of Termination through the date of such initial payment.

(c)    Survival. The expiration or termination of the Term shall not impair the rights or obligations of any party hereto, which shall have accrued prior to such expiration or termination.

		
	6.
	Non-Competition; Non-Solicitation; Non-Hire.

(a)    The Executive shall not, at any time during the Term or during the twenty-four (24) month period following the Date of Termination:

(i)    directly or indirectly engage in, have any equity interest in, or manage or operate any Person, firm, corporation, partnership, business or entity (whether as director, officer, employee, agent, representative, partner, security holder, consultant, or otherwise) that engages in (either directly or through any subsidiary or Affiliate thereof) any business or activity that competes with any of the businesses of the Company or any entity owned by the Company. Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business;

(ii)    directly or indirectly solicit, on his own behalf or on behalf of any other Person or entity, the services of, or hire, any individual who is (or, at any time during the previous year, was) an employee, independent contractor, or director of the Company (other than an individual who was within the previous year his personal assistant or secretary), or solicit any of the Company’s then-current employees, independent contractors, or directors to terminate services with the Company, provided that (A) following the six (6) month anniversary of the Date of Termination, the foregoing shall not apply to any employee, independent contractor or director who has been terminated by the Company at least six (6) months prior to such solicitation, and (B) the placement of general advertisements in newspapers, magazines or electronic media shall not, by itself, constitute a breach of this Section 6(a)(ii); or

(iii)    directly or indirectly, on his own behalf or on behalf of any other person or entity, recruit or otherwise solicit or induce any customer, subscriber, or supplier of the Company

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to terminate its arrangement with the Company, or otherwise change its relationship with the Company.

(b)    In the event that the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

(c)    As used in this Section 6, the term “Company” shall include ADT Inc., the Company, and any direct or indirect subsidiaries thereof or any successors thereto.

(d)    The provisions contained in Section 6(a) may be waived with the prior written consent of the Board.

		
	7.
	Nondisclosure of Proprietary Information; Nondisparagement.

(a)    Except as required in the faithful performance of the Executive’s duties hereunder or pursuant to Section 7(c), the Executive shall, during the Term and after the Date of Termination, maintain in confidence and shall not directly or indirectly, use, disseminate, disclose or publish, or use, for his benefit or the benefit of any Person, firm, corporation, or other entity, any confidential or proprietary information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company’s operations, processes, protocols, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees, or other terms of employment (“Proprietary Information”), or deliver to any Person, firm, corporation, or other entity any document, record, notebook, computer program, or similar repository of or containing any such Proprietary Information. The Executive’s obligation to maintain and not use, disseminate, disclose or publish, or use, for his benefit or the benefit of any Person, firm, corporation, or other entity, any Proprietary Information after the Date of Termination will continue so long as such Proprietary Information is not, or has not by legitimate means become, generally known and in the public domain (other than by means of the Executive’s direct or indirect disclosure of such Proprietary Information) and continues to be maintained as Proprietary Information by the Company. The parties hereby stipulate and agree that as between them the Proprietary Information identified herein is important and material and affects the successful conduct of the businesses of the Company (and any successor or assignee of the Company).

(b)    Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, and financial documents, and any other documents, concerning the Company’s customers, business plans, marketing strategies, products, or processes.

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(c)    The Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such counsel in resisting or otherwise responding to such process.

(d)    The Executive agrees not to disparage the Company, any of its products or practices, or any of its directors, officers, agents, representatives, stockholders, or Affiliates, either orally or in writing, at any time and the Company shall use its reasonable best efforts to cause its officers and directors not to disparage the Executive at any time; provided, however, that the Executive may, and the Company’s officers and directors may (A) confer in confidence with his (or in the case of an officer or director, their personal or the Company’s) legal representatives,
(B)make truthful statements as required by law or when requested by a governmental, regulatory or similar body or entity, and/or (C) make truthful statements in the course of performing his or their duties to the Company. As used in this Section 7, the term “Company” shall include ADT Inc., the Company, and any direct or indirect subsidiaries thereof or any successors thereto.

8.Injunctive Relief. The Executive recognizes and acknowledges that a breach of any of the covenants contained in Sections 6 and 7 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in Sections 6 and 7, in addition to any other remedy that may be available at law or in equity, the Company will be entitled to seek specific performance and injunctive relief.

9.Indemnification. During the Executive’s employment and service as a director or officer (or both) and at all times thereafter during which the Executive may be subject to liability, the Executive shall be entitled to indemnification set forth in the Company’s Certificate of Incorporation and By-laws to the maximum extent allowed under the laws of the State of Delaware and he shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers against all costs, charges, and expenses incurred or sustained by him in connection with any action, suit, or proceeding to which he may be made a party by reason of his being or having been a director, officer, or employee of the Company or any of its subsidiaries (other than any dispute, claim, or controversy arising under or relating to this Agreement). Notwithstanding anything to the contrary herein, the Executive’s rights under this Section 9 shall survive the termination of his employment for any reason and the expiration of this Agreement for any reason.

10.Cooperation. The Executive agrees that during and after his employment with the Company, the Executive will assist the Company and its Affiliates in the defense of any claims or potential claims that may be made or threatened to be made against the Company or any of its Affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, investigative, or otherwise, that are not adverse to the Executive (each, an “Action”), and will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or any of its Affiliates in any Action, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s employment by the Company and its Affiliates. The Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to

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participate (or otherwise become involved) in any such Action. The Executive also agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or otherwise) of the Company or any of its Affiliates (or their actions) to the extent that such investigation may relate to the Executive’s employment or the period of the Executive’s employment by the Company, regardless of whether a lawsuit has then been filed against the Company or any of its Affiliates with respect to such investigation. The Company or one of its Affiliates shall reimburse the Executive for all of the Executive’s reasonable out-of-pocket expenses associated with such cooperation following his Date of Termination.

		
	11.
	Section 409A of the Code.

(a)    General. The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder will be taxable currently to the Executive under Section 409A(a)(1)(A) of the Code and related Department of Treasury guidance, the Company and the Executive shall cooperate in good faith to (i) adopt such amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that they mutually determine to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement, and to avoid less-favorable accounting or tax consequences for the Company, and/or (ii) take such other actions as mutually determined to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided, however, that this Section 11(a) does not create an obligation on the part of the Company to modify this Agreement and does not guarantee that the amounts payable hereunder will not be subject to interest or penalties under Section 409A, and in no event whatsoever shall the Company or any of its Affiliates be liable for any additional tax, interest, or penalties that may be imposed on the Executive as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

(b)    Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement: (i) no amount shall be payable pursuant to Section 5(a)  or Section 5(b) unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations;
(ii)if the Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the termination benefits to which the Executive is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A), including, without limitation, any portion of the additional compensation awarded pursuant to Section 5(a) or Section 5(b), is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (A) the expiration of the six-month period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under

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Section 409A) and (B) the date of the Executive’s death; provided, that upon the earlier of such dates, all payments deferred pursuant to this Section 11(b)(ii) shall be paid to the Executive in a lump sum, and any remaining payments due under this Agreement shall be paid as otherwise provided herein; (iii) the determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation, Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); (iv) for purposes of Section 409A of the Code, the Executive’s right to receive installment payments pursuant to Section 5(b) shall be treated as a right to receive a series of separate and distinct payments; and
(v) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year.

		
	12.
	Section 280G of the Code.

(a)    If there is a change of ownership or effective control or change in the ownership of a substantial portion of the assets of the Company (within the meaning of Section 280G of the Code) (a “Change in Control”) and any payment or benefit (including payments and benefits pursuant to this Agreement) that the Executive would receive from the Company or otherwise (“Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid to the Executive, which of the following two alternative forms of payment would result in the Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or
(2) payment of only a part of the Transaction Payment so that the Executive receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes). If a Reduced Payment is made, the reduction in payments and/or benefits will occur in the following order: (1) first, reduction of cash payments, in reverse order of scheduled payment date (or if necessary, to zero), (2) then, reduction of non-cash and non-equity benefits provided to the Executive, on a pro rata basis (or if necessary, to zero), and (3) then, cancellation of the acceleration of vesting of equity award compensation in the reverse order of the date of grant of the Executive’s equity awards.

(b)    Unless the Executive and the Company otherwise agree in writing, any determination required under this section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding

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upon the Executive and the Company for all purposes. For purposes of making the calculations required by this section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Accountants shall provide detailed supporting calculations to the Company and the Executive as requested by the Company or the Executive. The Executive and the Company shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this section as well as any costs incurred by the Executive with the Accountants for tax planning under Sections 280G and 4999 of the Code.

(c)    Notwithstanding the foregoing, in the event that no stock of the Company is readily tradable on an established securities market or otherwise (within the meaning of Section 280G of the Code) at the time of the Change in Control, the parties may elect to submit to a vote of shareholders for approval the portion of the Transaction Payments that exceeds three times the Executive’s “base amount” (within the meaning of Section 280G of the Code) (the “Excess Parachute Payments”) in accordance with Treas. Reg. §1.280G-1, and the Executive shall cooperate with such vote of shareholders, including the execution of any required documentation subjecting the Executive’s entitlement to all Excess Parachute Payments to such shareholder vote.

13.Assignment and Successors. The Company may assign its rights and obligations under this Agreement to any entity, including any successor to all or substantially all the assets of the Company, by merger or otherwise, and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its Affiliates. The Executive may not assign his rights or obligations under this Agreement to any individual or entity. This Agreement shall be binding upon and inure to the benefit of the Company and the Executive and their respective successors, assigns, personnel, legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. In the event of the Executive’s death following a termination of his employment, all unpaid amounts otherwise due the Executive (including under Section 5) shall be paid to his estate.

14.Governing Law. This Agreement shall be governed, construed, interpreted, and enforced in accordance with the substantive laws of the State of Delaware, without reference to the principles of conflicts of law of Delaware or any other jurisdiction, and where applicable, the laws of the United States.

15.Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

16.Notices. Any notice, request, claim, demand, document, and other communication hereunder to any party hereto shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by telex, telecopy, or sent by nationally recognized overnight courier, or certified or registered mail, postage prepaid, to the following address (or at any other address as any party hereto shall have specified by notice in writing to the other party hereto):

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(a)    If to the Company:

ADT LLC
1501 Yamato Rd. Boca Raton, FL 33431 Fax: 855-238-0131
Attention: Chief Legal Officer and a copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas
New York, New York 10019-6064 Fax:  (212) 757-3990
Attention:  Lawrence I. Witdorchic

(b)    If to the Executive, at his most recent address on the payroll records of the Company.

17.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

18.Entire Agreement. The terms of this Agreement (together with any other agreements and instruments contemplated hereby or referred to herein) is intended by the parties hereto to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be contradicted by evidence of any prior or contemporaneous agreement (including, without limitation, any term sheet and the Prior Agreement). The parties hereto further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

19.Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by the Executive and a duly authorized officer of Company that expressly identifies the amended provision of this Agreement. By an instrument in writing similarly executed and similarly identifying the waived compliance, the Executive or a duly authorized officer of the Company may waive compliance by the other party or parties with any provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure to comply or perform. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

20.No Inconsistent Actions. The parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

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21.Construction. This Agreement shall be deemed drafted equally by both of the parties hereto. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections, or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the contrary: (a) the plural includes the singular, and the singular includes the plural; (b) “and” and “or” are each used both conjunctively and disjunctively; (c) “any,” “all,” “each,” or “every” means “any and all,” and “each and every”; (d) “includes” and “including” are each “without limitation”; and (e) “herein,” “hereof,” “hereunder,” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section, or subsection.

22.Dispute Resolution. The parties agree that any suit, action or proceeding brought by or against such party in connection with this Agreement shall be brought solely in any state or federal court within the State of Delaware. Each party expressly and irrevocably consents and submits to the jurisdiction and venue of each such court in connection with any such legal proceeding, including to enforce any settlement, order or award, and such party agrees to accept service of process by the other party or any of its agents in connection with any such proceeding. In the event of any dispute between the Company and the Executive (including, but not limited to, under or with respect to this Agreement), subject to the Executive prevailing on at least one material claim or issue asserted in such dispute, the Company shall reimburse the Executive for all attorneys’ fees and other litigation costs incurred by the Executive in connection with such dispute. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER.

23.Enforcement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.

24.Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, and foreign withholding and other taxes and charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

25.Employee Acknowledgement. The Executive acknowledges that he has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on his own judgment.
[signature page follows]

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The parties have executed this Agreement as of the date first written above.

	
			
	 
	COMPANY

	 
	 
	 

	 
	ADT LLC

	 
	 
	 

	 
	By:
	   /s/ P. Gray Finney

	 
	 
	Name: P. Gray Finney

	 
	 
	Title:   Senior Vice President, Chief

	 
	 
	            Legal Officer and Secretary

	 
	 
	 

	 
	 
	 

	 
	EXECUTIVE

	 
	   /s/ James D. DeVries

	 
	   James D. DeVries

	 
	 
	 

[Signature Page to James D. DeVries Second Amended & Restated Employment  Agreement]

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