Document:

Exhibit

Exhibit 10.35

VEREIT, Inc.
2325 E. Camelback Road, Suite 1100
Phoenix, AZ 85016

January 31, 2018

Dear Bill:

This letter confirms our mutual understanding relating to the cessation of your employment with VEREIT, Inc. (“VEREIT”) and the transfer of such employment to the CIM Group (“CIM”) in connection with a Purchase and Sale Agreement, dated as of November 13, 2017, pursuant to which a wholly owned subsidiary of VEREIT agreed to sell its Cole Capital business to an affiliate of the CIM Group, and certain rights and obligations under your Employment Agreement with VEREIT dated as of February 23, 2016, as amended on February 22, 2017 (the “Employment Agreement”), and under various Restricted Stock Unit Award Agreements with VEREIT.  Capitalized terms in this letter have the meanings set forth in the Employment Agreement.  
    
1.Cessation of Employment.  Your position with VEREIT as its Executive Vice President, Investment Management, President and CEO of Cole Capital (and any positions held at VEREIT’s subsidiaries) will end effective as of February 1, 2018, but only upon and subject to closing of the transaction contemplated by the Purchase and Sale Agreement (the “Closing Date”).    
2.Cash Payments.  In full satisfaction of VEREIT’s obligations under the Employment Agreement, you agree that you will receive the Accrued Benefits and any earned and accrued but unpaid Annual Bonus for 2017 (payable at target).  In addition to the cash payments identified in the previous sentence, you will receive a special bonus in the amount of $471,300 in recognition of your efforts to complete the anticipated transaction with CIM.
3.Equity Incentive Award. The unvested portions of the awards granted pursuant to the Time-Based Restricted Stock Unit Award Agreements dated as of April 1, 2015, February 23, 2016 and February 22, 2017 (collectively the “Time Based RSU Awards”), will become fully vested as of the Closing Date.  The unvested portions of the awards granted pursuant to the Performance-Based Restricted Stock Unit Award Agreements dated as of February 23, 2016 and February 22, 2017 (collectively the “Performance Based RSU Awards”), will remain subject to the performance criteria set forth in each award; however, the requirement that you be employed by VEREIT at the end of the Performance Period (as defined in the respective award agreement) will be eliminated.
4.Release of Claims.  In accordance with the terms of the Employment Agreement, receipt of the payments and benefits set forth in paragraphs 2 and 3 of this letter (other than the Accrued Benefits) are subject to your execution and non-revocation of a general release of claims within 21 days from the Closing Date.  
5.Restrictive Covenants.  In accordance with the terms of the Employment Agreement, you will be bound by and subject to certain post-employment obligations, including without limitation, those set forth in the Employee Confidentiality and Non-Competition Agreement incorporated therein, provided, however, that VEREIT acknowledges that your employment with CIM shall not be considered a violation of any non-competition provision.                     

In acknowledgement and agreement of the terms set forth in this letter, please sign below. 

Sincerely,

/s/ Glenn Rufrano        
Glenn Rufrano
Chief Executive Officer 

ACKNOWLEDGED AND AGREED TO: 

/s/William C. Miller, Jr.
William C. Miller, Jr.Exhibit

Exhibit 10.36

        

VEREIT, Inc.
2325 E. Camelback Road, Suite 1100
Phoenix, AZ 85016

February 21, 2018

Ms. Lauren Goldberg
Executive Vice President, General Counsel and Secretary
VEREIT, Inc.

RE: Terms of Employment

Dear Ms. Goldberg:

The following sets forth an amendment to the terms and conditions of your employment (the “Amendment”) with VEREIT, Inc. (the “Company”), as set forth in your employment agreement dated May 21, 2015, which became effective as of May 26, 2015 (the “Agreement”), as amended thereafter.

The following paragraph is inserted prior to the paragraph on page 3 that begins “In the event of a Qualifying Termination.”

“In the event of a Qualifying Termination during a Change in Control Period, in addition to the Accrued Benefits and the Prior Year Bonus, you will be entitled to severance payments equal to the product of (x) two (2) multiplied by (y) the sum of (A) twelve (12) months’ Base Salary plus (B) an amount equal to your Target Bonus as in effect on the date of your termination, payable in a cash lump sum on the sixtieth (60th) day after the Date of Termination.”

The following paragraphs are inserted after the paragraph on page 4 containing the definition of “Cause”:

“Change in Control” shall mean (i) any one person or more than one person acting as a group (as defined under Treas. Reg. §1.409A-3(i)(5)(v)(B)) (“Person”), acquires shares of the Company having more than 50% of the total voting power or total fair market value of the stock of the Company, not including any merger, consolidation or reorganization of the Company where the shareholders of the Company are substantially the same as before such transaction, (ii) any Person acquires assets of the Company having a total gross fair market value equal to 40% or more of all of the assets of the Company immediately before such acquisition or acquisitions, or (iii) a majority of the members of the Board is replaced in any 12-month period by directors whose appointment is not endorsed by a majority of the members of the Board before the date of the appointment or election; provided, however, that no Change in Control shall be deemed to have occurred unless such event constitutes a “Change in Control” within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder.

“Change in Control Period” shall mean the period beginning one hundred twenty (120) days prior to, and ending twenty-four (24) months following, a Change in Control.”

The Agreement remains in full force and effect in all other respects.

Sincerely,

/s/ Glenn Rufrano                                                     
Glenn Rufrano
Chief Executive Officer
VEREIT, Inc.

Accepted By:

/s/ Lauren Goldberg                                                  
Lauren GoldbergExhibit

Exhibit 10.37

    

VEREIT, Inc.
2325 E. Camelback Road, Suite 1100
Phoenix, AZ 85016

February 21, 2018

Mr. Michael J. Bartolotta
Executive Vice President and Chief Financial Officer
VEREIT, Inc.

RE: Terms of Employment

Dear Mr. Bartolotta:

The following sets forth an amendment to the terms and conditions of your employment (the “Amendment”) with VEREIT, Inc. (the “Company”), as set forth in your employment agreement dated September 30, 2015, which became effective as of October 5, 2015 (the “Agreement”).

The following paragraph is inserted prior to the paragraph on page 4 that begins “In the event of a Qualifying Termination.”

“In the event of a Qualifying Termination during a Change in Control Period, in addition to the Accrued Benefits and the Prior Year Bonus, you will be entitled to severance payments equal to the product of (x) two (2) multiplied by (y) the sum of (A) twelve (12) months’ Base Salary plus (B) an amount equal to your Target Bonus as in effect on the date of your termination, payable in a cash lump sum on the sixtieth (60th) day after the Date of Termination.”

The following paragraphs are inserted after the paragraph on page 5 containing the definition of “Cause”:

“Change in Control” shall mean (i) any one person or more than one person acting as a group (as defined under Treas. Reg. §1.409A-3(i)(5)(v)(B)) (“Person”), acquires shares of the Company having more than 50% of the total voting power or total fair market value of the stock of the Company, not including any merger, consolidation or reorganization of the Company where the shareholders of the Company are substantially the same as before such transaction, (ii) any Person acquires assets of the Company having a total gross fair market value equal to 40% or more of all of the assets of the Company immediately before such acquisition or acquisitions, or (iii) a majority of the members of the Board is replaced in any 12-month period by directors whose appointment is not endorsed by a majority of the members of the Board before the date of the appointment or election; provided, however, that no Change in Control shall be deemed to have occurred unless such event constitutes a “Change in Control” within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder.

“Change in Control Period” shall mean the period beginning one hundred twenty (120) days prior to, and ending twenty-four (24) months following, a Change in Control.”

The Agreement remains in full force and effect in all other respects.

Sincerely,

/s/ Glenn Rufrano                                                        
Glenn Rufrano
Chief Executive Officer
VEREIT, Inc.

Accepted By:

/s/ Michael J. Bartolotta                                               
Michael J. BartolottaExhibit

Exhibit 10.38

        

VEREIT, Inc.
2325 E. Camelback Road, Suite 1100
Phoenix, AZ 85016

February 21, 2018

Mr. Paul McDowell
Executive Vice President and Chief Operating Officer
VEREIT, Inc.

RE: Terms of Employment

Dear Mr. McDowell:

The following sets forth an amendment to the terms and conditions of your employment (the “Amendment”) with VEREIT, Inc. (the “Company”), as set forth in your employment agreement dated and effective as of February 23, 2016 (the “Agreement”).

The following paragraph is inserted prior to the paragraph on page 4 that begins “In the event of a Qualifying Termination.”

“In the event of a Qualifying Termination during a Change in Control Period, in addition to the Accrued Benefits and the Prior Year Bonus, you will be entitled to severance payments equal to the product of (x) two (2) multiplied by (y) the sum of (A) twelve (12) months’ Base Salary plus (B) an amount equal to the Target Bonus as in effect on the date of your termination, payable in a cash lump sum on the sixtieth (60th) day after the Date of Termination.”

The following paragraphs are inserted after the paragraph on page 5 containing the definition of “Cause”:

“Change in Control” shall mean (i) any one person or more than one person acting as a group (as defined under Treas. Reg. §1.409A-3(i)(5)(v)(B)) (“Person”), acquires shares of the Company having more than 50% of the total voting power or total fair market value of the stock of the Company, not including any merger, consolidation or reorganization of the Company where the shareholders of the Company are substantially the same as before such transaction, (ii) any Person acquires assets of the Company having a total gross fair market value equal to 40% or more of all of the assets of the Company immediately before such acquisition or acquisitions, or (iii) a majority of the members of the Board is replaced in any 12-month period by directors whose appointment is not endorsed by a majority of the members of the Board before the date of the appointment or election; provided, however, that no Change in Control shall be deemed to have occurred unless such event constitutes a “Change in Control” within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder.

“Change in Control Period” shall mean the period beginning one hundred twenty (120) days prior to, and ending twenty-four (24) months following, a Change in Control.”

The Agreement remains in full force and effect in all other respects.

Sincerely,

/s/ Glenn Rufrano                                                      
Glenn Rufrano
Chief Executive Officer
VEREIT, Inc.

Accepted By:

/s/ Paul H. McDowell                                                
Paul H. McDowell

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