Document:

EXHIBIT 10.1
    

    

    

    

    

    
      EXECUTION VERSION
    

    

    

    
      FIFTH AMENDMENT
    

    
      THIS FIFTH AMENDMENT (this “Agreement”) is dated as of May
      1, 2019 by and among JACK IN THE BOX INC., a Delaware corporation (the “Borrower”),
      certain Domestic Subsidiaries of the Borrower party hereto (such
      subsidiaries, collectively, the “Guarantors”, and each, a “Guarantor”),
      the banks and other financial institutions or entities party hereto (the
      “Consenting Lenders”) and WELLS FARGO BANK, NATIONAL
      ASSOCIATION, as administrative agent for the Lenders (in such capacity,
      the “Administrative Agent”).
    

    
      Statement of Purpose
    

    
      The Borrower, the banks and other financial institutions party thereto
      (the “Existing Lenders”) and the Administrative Agent are
      parties to that certain Second Amended and Restated Credit Agreement
      dated as of March 19, 2014 (as amended by that certain First Amendment
      and Waiver dated as of November 21, 2014, that certain Waiver, Joinder
      and Second Amendment dated as of July 1, 2015, that certain Third
      Amendment dated as of September 16, 2016, that certain Fourth Amendment
      dated as of March 21, 2018 and as further amended, restated,
      supplemented or otherwise modified from time to time, the “Credit
      Agreement”), pursuant to which the Existing Lenders have extended
      certain credit facilities to the Borrower.  All capitalized undefined
      terms used in this Agreement (including, without limitation, in the
      introductory paragraph and this Statement of Purpose hereof) shall have
      the meanings assigned thereto in the Credit Agreement.
    

    
      The Borrower has requested that the Consenting Lenders (including,
      without limitation, the Existing Lenders) agree to amend the Credit
      Agreement as more specifically set forth herein.  Subject to the terms
      and conditions set forth herein, the Administrative Agent and each of
      the Consenting Lenders has agreed to grant such request of the Borrower.
    

    
      NOW, THEREFORE, for good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto hereby
      agree as follows:
    

    
      1.  Amendments to Credit Agreement.  Subject to the
      terms and conditions set forth herein and the effectiveness of this
      Agreement in accordance with its terms, the parties hereto agree that
      the Credit Agreement is amended by:
    

    
      (a)  adding the following defined terms to Section 1.1
      thereof in proper alphabetical order:
    

    
      (i)  “Beneficial Ownership Certification” means a
      certification regarding beneficial ownership as required by the
      Beneficial Ownership Regulation.
    

    
      (ii)  “Beneficial Ownership Regulation” means 31
      CFR § 1010.230.
    

    
      (b)  deleting the reference to “March 19, 2020” in clause (a) of the
      definition of “Term Loan Maturity Date” in Section 1.1
      thereof and replacing it with “March 19, 2021”;
    

    
      (c)  deleting the reference to “March 19, 2020” in clause (a) of Section
      2.6 thereof and replacing it with “March 19, 2021”;
    

    
      (d)  adding a new Section 1.10 as follows:
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      “SECTION 1.10       Divisions.  For
      all purposes under the Loan Documents, in connection with any division
      or plan of division under Delaware law (or any comparable event under a
      different jurisdiction’s laws): (a) if any asset, right, obligation or
      liability of any Person becomes the asset, right, obligation or
      liability of a different Person, then it shall be deemed to have been
      transferred from the original Person to the subsequent Person, and (b)
      if any new Person comes into existence, such new Person shall be deemed
      to have been organized on the first date of its existence by the holders
      of its Capital Stock at such time.”
    

    
      (e)  amending and restating the table in Section 4.3
      thereof as follows:
    

    	
          Payment Date
        	
          Installment Payment Amount
        
	
          September 30, 2015
        	
          $3,906,250
        
	
          December 31, 2015
        	
          $3,906,250
        
	
          March 31, 2016
        	
          $3,906,250
        
	
          June 30, 2016
        	
          $5,859,375
        
	
          September 30, 2016
        	
          $5,859,375
        
	
          December 31, 2016
        	
          $13,688,965
        
	
          March 31, 2017
        	
          $13,688,965
        
	
          June 30, 2017
        	
          $13,688,965
        
	
          September 30, 2017
        	
          $13,688,965
        
	
          December 31, 2017
        	
          $13,688,965
        
	
          March 31, 2018
        	
          $8,000,688.20
        
	
          June 30, 2018
        	
          $10,667,584.08
        
	
          September 30, 2018
        	
          $10,667,584.08
        
	
          December 31, 2018
        	
          $10,667,584.08
        
	
          March 31, 2019
        	
          $10,667,584.08
        
	
          June 30, 2019
        	
          $10,667,584.08
        
	
          September 30, 2019
        	
          $10,667,584.08
        
	
          December 31, 2019
        	
          $10,667,584.08
        
	
          March 31, 2020
        	
          $10,667,584.08
        
	
          June 30, 2020
        	
          $10,667,584.08
        
	
          September 30, 2020
        	
          $10,667,584.08
        
	
          December 31, 2020
        	
          $10,667,584.08
        
	
          Term Loan Maturity Date
        	
          Remainder of Term Loan Facility
        

    

    
      
        

        

      

      
        
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      (f)  amending Section 8.4 by (i) deleting the word
      “and” at the end of clause (c) thereof; (ii) replacing the period at the
      end of clause (d) thereof with “; and” and (iii) adding the following as
      a new clause (e): “(e)   Promptly notify the Administrative Agent and
      each Lender at any time that the Borrower ceases to be excluded from the
      definition of “legal entity customer” under the Beneficial Ownership
      Regulation and promptly upon the reasonable request of the
      Administrative Agent or any Lender, provide the Administrative Agent or
      directly to such Lender, as the case may be, any information or
      documentation reasonably requested by it for purposes of complying with
      the Beneficial Ownership Regulation.”
    

    
      (g)  amending Section 9.9(a) by adding the phrase
      “(including by division)” immediately after the words “the creation or
      acquisition of any Domestic Subsidiary” in clause (iii) thereof.
    

    
      (h)   amending Section 9.10 by deleting the phrase “the
      Third Amendment and the Fourth Amendment” in clause (a) thereof and
      replacing it with “this Agreement”.
    

    
      (i)  amending Section 11.4 by adding the phrase
      “(including by division)” immediately after the words “or enter into any
      similar combination with” in the lead in to such section.
    

    
      (j)   amending Section 11.5 by adding the phrase “, any
      division or similar transaction” immediately after the words “the sale
      of any receivables and leasehold interests” and immediately prior to the
      words “and any sale-leaseback or any similar transaction” in the lead in
      to such section.
    

    
      2.  Effectiveness.  Upon the satisfaction or waiver of
      each of the following conditions, this Agreement shall be deemed to be
      effective:
    

    
      (a)  the Administrative Agent shall have received counterparts of this
      Agreement executed by the Administrative Agent, each of the Lenders and
      each of the Credit Parties;
    

    
      (b)  the Administrative Agent shall have received favorable opinions of
      counsel to each Credit Party addressed to the Administrative Agent and
      the Lenders with respect to the Credit Parties, this Agreement, the Loan
      Documents and such other matters as the Administrative Agent shall
      reasonably request (which such opinions shall permit reliance by the
      permitted assigns of the Administrative Agent and each Lender);
    

    
      
        

        

      

      
        
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      (c)  the Administrative Agent shall have received a certificate of a
      Responsible Officer of each Credit Party certifying as to the incumbency
      and genuineness of the signature of each officer of such Credit Party
      executing this Agreement and each of the other Loan Documents to which
      it is a party and certifying that (A) either (i)  the articles or
      certificate of incorporation or formation, certificate of partnership or
      other organizational document, as applicable, of such Credit Party (each
      of the foregoing, a “Charter Document”) and the bylaws,
      operating agreement, partnership agreement or other governing document,
      as applicable, of such Credit Party (each of the foregoing, an “Operating
      Document”), in each case have not been amended, restated,
      supplemented or otherwise modified since March 21, 2018 or (ii) that
      attached thereto are true, correct and complete copies of any
      amendments, restatements, supplements or modifications of such Charter
      Documents and Operating Documents entered into since March 21, 2018 (and
      in the case of any amendments, restatements, supplements or
      modifications of such Charter Documents, certified by the secretary of
      state or other applicable Governmental Authority of the jurisdiction of
      incorporation or organization of such Credit Party), and (B) attached
      thereto are true, correct and complete copies of (i) resolutions duly
      adopted by the board of directors or other applicable governing
      authority of such Credit Party authorizing the transactions contemplated
      hereunder and the execution, delivery and performance of this Agreement
      and the other applicable Loan Documents to which it is a party, and (ii)
      each certificate of a recent date of (1) the good standing of each
      Credit Party under the laws of its jurisdiction of organization and (2)
      to the extent available from the applicable jurisdiction, a certificate
      of the relevant taxing authorities of the jurisdiction of organization
      of each Credit Party certifying that such Credit Party has filed
      required tax returns and owes no delinquent taxes;
    

    
      (d)  the Credit Parties shall have received all governmental,
      shareholder and third party consents and approvals required (or any
      other material consents as determined in the reasonable discretion of
      the Administrative Agent) in connection with the transactions
      contemplated by this Agreement and the other Loan Documents and the
      other transactions contemplated hereby and thereby and all applicable
      waiting periods shall have expired without any action being taken by any
      Person that could reasonably be expected to restrain, prevent or impose
      any material adverse conditions on any of the Credit Parties or such
      other transactions or that could seek or threaten any of the foregoing;
    

    
      (e)  no action, proceeding, investigation, regulation or legislation
      shall have been instituted, threatened or proposed before any
      Governmental Authority (including the SEC and any state securities
      regulatory authorities) to enjoin, restrain, or prohibit, or to obtain
      substantial damages in respect of, or which is related to or arises out
      of this Agreement, the other Loan Documents or the consummation of the
      transactions contemplated hereby or thereby, or which, in the
      Administrative Agent’s sole discretion, would make it inadvisable to
      consummate the transactions contemplated by this Agreement and such
      other Loan Documents;
    

    
      (f)  since September 30, 2018 no Material Adverse Effect, or
      circumstance or condition that could reasonably be expected to result in
      a Material Adverse Effect, has occurred;
    

    
      (g)  each Credit Party shall have provided to the Administrative Agent
      and the Lenders the documentation and other information requested by the
      Administrative Agent in order to comply with the requirements of the
      Patriot Act, applicable “know your customer” and anti-money laundering
      rules and regulations in each case at least three (3) Business Days
      prior to the date hereof;
    

    
      (h)  the Administrative Agent shall have received projections prepared
      by management of the Borrower and calculated on a pro forma basis after
      giving effect to this Agreement and in form and substance reasonably
      satisfactory to the Administrative Agent; and
    

    
      
        

        

      

      
        
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      (i)  receipt by (i) the Administrative Agent and Wells Fargo Securities,
      LLC of any fees and reasonable and documented expenses required to be
      paid on or before the effectiveness of this Agreement and (ii) Wells
      Fargo Securities, LLC, for the account of each Consenting Lender that
      executes and delivers its signature page to this Agreement to Wells
      Fargo Securities, LLC (or its counsel or designee) on or prior to 5:00
      p.m. (Eastern time) on April 10, 2019 (the “Consent Date”),
      of a consent fee equal to 0.05% of the principal amount of the Revolving
      Credit Commitment and outstanding Term Loans of such Consenting Lender,
      as of the effectiveness of this Agreement.
    

    
      Without limiting the generality of the provisions of the last paragraph
      of Section 13.3 of the Credit Agreement, for purposes of
      determining compliance with the conditions specified in this Section 2,
      each Lender that has signed this Agreement shall be deemed to have
      consented to, approved or accepted or to be satisfied with, each
      document or other matter required thereunder to be consented to or
      approved by or acceptable or satisfactory to a Lender unless the
      Administrative Agent shall have received notice from such Lender prior
      to the proposed effective date hereof specifying its objection thereto.
    

    
      3.  Limited Effect.  Except as expressly provided
      herein, the Credit Agreement and the other Loan Documents shall remain
      unmodified and in full force and effect.  This Agreement shall not be
      deemed (a) to be a waiver of, or consent to, or a modification or
      amendment of, any other term or condition of the Credit Agreement or any
      other Loan Document other than as expressly set forth herein, (b) to
      prejudice any right or rights which the Administrative Agent or the
      Lenders may now have or may have in the future under or in connection
      with the Credit Agreement or the other Loan Documents or any of the
      instruments or agreements referred to therein, as the same may be
      amended, restated, supplemented or modified from time to time, or (c) to
      be a commitment or any other undertaking or expression of any
      willingness to engage in any further discussion with the Borrower, any
      of its Subsidiaries or any other Person with respect to any other
      waiver, amendment, modification or any other change to the Credit
      Agreement or the Loan Documents or any rights or remedies arising in
      favor of the Lenders or the Administrative Agent, or any of them, under
      or with respect to any such documents.  References in the Credit
      Agreement to “this Agreement” (and indirect references such as
      “hereunder”, “hereby”, “herein”, “hereof” or other words of like import)
      and in any Loan Document to the “Credit Agreement” shall be deemed to be
      references to the Credit Agreement as modified hereby.  
    

    
      4.  Representations and Warranties.  The Borrower and
      each Guarantor represents and warrants that (a) it has the corporate (or
      other applicable organizational) power and authority to make, deliver
      and perform this Agreement and to perform its obligations under the
      Credit Agreement as modified hereby, (b) it has taken all necessary
      corporate or other action to authorize the execution and delivery of
      this Agreement and the performance of this Agreement and the Credit
      Agreement as modified hereby, (c) this Agreement has been duly executed
      and delivered on behalf of such Person, (d) this Agreement and the
      Credit Agreement as modified hereby constitute legal, valid and binding
      obligations of such Person, enforceable against it in accordance with
      their respective terms, except as enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or similar
      laws affecting the enforcement of creditors’ rights generally and by
      general equitable principles (whether enforcement is sought by
      proceedings in equity or at law), (e) each of the representations and
      warranties made by the Borrower and the Guarantors in or pursuant to
      this Agreement and the other Loan Documents to which it is a party is
      true and correct in all material respects (except to the extent that
      such representation and warranty is subject to a materiality or Material
      Adverse Effect qualifier, in which case it shall be true and correct in
      all respects), in each case on and as of the date hereof as if made on
      and as of the date hereof, except to the extent that such
      representations and warranties relate to an earlier date, in which case
      such representations and warranties are true and correct in all material
      respects as of such earlier date, (f) no Default or Event of Default has
      occurred and is continuing as of the date hereof or after giving effect
      this Agreement and the other transactions contemplated hereby, (g) the
      Borrower is not a “legal entity customer” within the definition under 31
      CFR § 1010.230 and (h) since September 30, 2018 no Material Adverse
      Effect, or circumstance or condition that could reasonably be expected
      to result in a Material Adverse Effect, has occurred.
    

    
      
        

        

      

      
        
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      5.  Acknowledgement and Reaffirmation.  By their
      execution hereof, the Borrower and each Guarantor hereby expressly (a)
      consent to this Agreement and (b) acknowledge that the covenants,
      representations, warranties and other obligations set forth in the
      Credit Agreement, the Notes and the other Loan Documents to which the
      Borrower or such Guarantor is a party remain in full force and
      effect.  The parties agree that this Agreement shall not constitute a
      novation of any of the Credit Agreement, the Notes or the other Loan
      Documents.  Without limiting the foregoing, the Borrower and each
      Guarantor hereby ratifies and reaffirms its grant of Liens on or
      security interests in any of its properties pursuant to one or more of
      the Loan Documents as security for the Obligations, and confirms and
      agrees that, subsequent to, and after giving effect to this Agreement,
      such Liens and security interests shall continue to secure all of the
      Obligations.  
    

    
      6.  Costs, Expenses and Taxes.  The Borrower agrees to
      pay in accordance with Section 14.2 of the Credit Agreement
      all invoiced and reasonable costs and expenses of the Administrative
      Agent in connection with the preparation, execution, delivery,
      administration of this Agreement and the other instruments and documents
      to be delivered hereunder, including, without limitation, the reasonable
      fees and out-of-pocket expenses of counsel for the Administrative Agent
      with respect thereto and with respect to advising the Administrative
      Agent as to its rights and responsibilities hereunder and thereunder.
    

    
      7.  Execution in Counterparts.  This Agreement may be
      executed by one or more of the parties to this Agreement on any number
      of separate counterparts, and all of said counterparts taken together
      shall be deemed to constitute one and the same instrument.  Delivery of
      an executed signature page of this Agreement by facsimile transmission
      or other electronic transmission (e.g., by “.pdf” or “.tif” format)
      shall be effective as delivery of a manually executed counterpart
      hereof.  
    

    
      8.  Governing Law.  This Agreement and the rights and
      obligations of the parties under this Agreement shall be governed by,
      and construed and interpreted in accordance with, the law of the State
      of New York (including Section 5-1401 and Section 5-1402 of the General
      Obligations Law of the State of New York), without reference to the
      conflicts or choice of law principles thereof.
    

    
      9.  Loan Document.  Entire Agreement.  This
      Agreement is a Loan Document. This Agreement is the entire agreement,
      and supersedes any prior agreements and contemporaneous oral agreements,
      of the parties concerning its subject matter.
    

    
      10.  Successors and Assigns.  This Agreement shall be
      binding on and inure to the benefit of the parties hereto and their
      heirs, beneficiaries, successors and permitted assigns.
    

    
      11.  FATCA.  For purposes of determining withholding
      Taxes imposed under FATCA, from and after the effective date of this
      Agreement, the Borrower and the Administrative Agent shall treat (and
      the Lenders hereby authorize the Administrative Agent to treat) this
      Agreement and the Credit Agreement as modified hereby as not qualifying
      as a “grandfathered obligation” within the meaning of Treasury
      Regulation Section 1.1471-2(b)(2)(i).
    

    
      [Signature Pages Follow]
    

    
      
        

        

      

      
        
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                IN WITNESS WHEREOF, the parties hereto have caused this
      Agreement to be executed under seal by their respective duly authorized
      officers, all as of the day and year first written above.
    

    

    

    	
           
        	
          
            BORROWER:
          

        
	

        	
           
        
	

        	
          JACK IN THE BOX INC., as the Borrower
        
	

        	
           
        
	

        	
          
            By: /s/ Paul D. Melancon
          

        
	

        	
          Name: Paul D. Melancon
        
	

        	
          
            Title: Senior Vice President Finance, Controller &
          

          
            Treasurer
          

        
	

        	
           
        
	

        	
          
            GUARANTORS:
          

        
	

        	
           
        
	

        	
          JBX GENERAL PARTNER LLC, as a Guarantor
        
	

        	
           
        
	

        	
          By: Jack in the Box Inc.,
        
	

        	
          as sole member
        
	

        	
           
        
	

        	
          
            By: /s/ Paul D. Melancon
          

        
	

        	
          Name: Paul D. Melancon
        
	

        	
          
            Title: Senior Vice President Finance, Controller &
          

          
            Treasurer
          

        
	

        	
           
        
	

        	
          JBX LIMITED PARTNER LLC, as a Guarantor
        
	

        	
           
        
	

        	
          By: Jack in the Box Inc.,
        
	

        	
          as sole member
        
	

        	
           
        
	

        	
          
            By: /s/ Paul D. Melancon
          

        
	

        	
          Name: Paul D. Melancon
        
	

        	
          
            Title: Senior Vice President Finance, Controller &
          

          
            Treasurer
          

        
	

        	
           
        
	

        	
          
            JACK IN THE BOX EASTERN DIVISION L.P., as a
          

          
            Guarantor
          

        
	

        	
           
        
	

        	
          By: JBX General Partner LLC,
        
	

        	
          as general partner
        
	

        	
           
        
	

        	
          By: Jack in the Box Inc.
        
	

        	
          as sole member
        
	

        	
           
        
	

        	
          
            By: /s/ Paul D. Melancon
          

        
	

        	
          Name: Paul D. Melancon
        
	

        	
          
            Title: Senior Vice President Finance, Controller &
          

          
            Treasurer
          

        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          
            AGENT AND LENDERS:
          

        
	

        	
           
        
	

        	
          
            WELLS FARGO BANK, NATIONAL ASSOCIATION, as
the Administrative
            Agent and a Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Darcy McLaren
          

        
	

        	
          Name: Darcy McLaren
        
	

        	
          Title: Director
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          BANK OF AMERICA, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Aron Frey
          

        
	

        	
          Name: Aron Frey
        
	

        	
          Title: Director
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          
            COÖPERATIEVE RABOBANK U.A., NEW YORK
BRANCH (F/K/A
            COÖPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A.
“RABOBANK
            NEDERLAND” NEW YORK
BRANCH), as a Consenting Lender
          

        
	

        	
           
        
	

        	
          
            By: /s/ Mark S. Abrams
          

        
	

        	
          Name: Mark S. Abrams
        
	

        	
          Title: Managing Director
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Bart Sabel
          

        
	

        	
          Name: Bart Sabel
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          FIFTH THIRD BANK, as a Consenting Lender
        
	

        	
           
        
	

        	
          
            By: /s/ Jeff P. Poe
          

        
	

        	
          Name: Jeff P. Poe
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          
            U.S. BANK NATIONAL ASSOCIATION, as a
Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Jeff Benedix
          

        
	

        	
          Name: Jeff Benedix
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          
            REGIONS BANK, as a Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Jake Nash
          

        
	

        	
          Name: Jake Nash
        
	

        	
          Title: Managing Director
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    

    

    	
           
        	
          MUFG UNION BANK, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Susan Swerdloff
          

        
	

        	
          Name: Susan Swerdloff
        
	

        	
          Title: Managing Director
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          CITIZENS BANK, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Terri Ringstrom
          

        
	

        	
          Name: Terri Ringstrom
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          BANK OF THE WEST, as a Consenting Lender
        
	

        	
           
        
	

        	
          
            By: /s/ Douglas Lambell
          

        
	

        	
          Name: Douglas Lambell
        
	

        	
          Title: Director
        

    

    
      

      

      

      

    

    

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
          
             
          

        	
          
            COMPASS BANK, as a Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Jeffrey S. Piccinelli
          

        
	

        	
          Name: Jeffrey S. Piccinelli
        
	

        	
          Title: Senior Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    

    

    	
           
        	
          MORGAN STANLEY BANK, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Michael King
          

        
	

        	
          Name: Michael King
        
	

        	
          Title: Authorized Signatory
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            FIRST TENNESSEE BANK NATIONAL
ASSOCIATION, as a Consenting
            Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Javier Nunez
          

        
	

        	
          Name: Javier Nunez
        
	

        	
          Title: Authorized Signatory
        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          
            JPMORGAN CHASE BANK, N.A., as a Consenting
Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Lynn Braun
          

        
	

        	
          Name: Lynn Braun
        
	

        	
          Title: Executive Director
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          CADENCE BANK, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Josh Taylor
          

        
	

        	
          Name: Josh Taylor
        
	

        	
          Title: Senior Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            CRÉDIT INDUSTRIEL ET COMMERCIAL, as a
Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Clifford Abramsky
          

        
	

        	
          Name: Clifford Abramsky
        
	

        	
          Title: Managing Director
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Brian Moriarty
          

        
	

        	
          Name: Brian Moriarty
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          CITY NATIONAL BANK, as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Jeanine Smith
          

        
	

        	
          Name: Jeanine Smith
        
	

        	
          Title: Senior Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          CAPITAL ONE, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Maurizio Maris
          

        
	

        	
          Name: Maurizio Maris
        
	

        	
          Title: Senior Manager
        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    	
           
        	
          MANUFACTURERS BANK, as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ De Dao
          

        
	

        	
          Name: De Dao
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          
            WEBSTER BANK, NATIONAL ASSOCIATION, as a
Consenting Lender
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Robert E. Meditz
          

        
	

        	
          Name: Robert E. Meditz
        
	

        	
          Title: Vice President
        

    

    
      

      

      

      

      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Page
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    	
           
        	
          RAYMOND JAMES BANK, N.A., as a Consenting Lender
        
	

        	
           
        
	

        	
           
        
	

        	
          
            By: /s/ Douglas S. Marron
          

        
	

        	
          Name: Douglas S. Marron
        
	

        	
          Title: Senior Vice President
        

    

    
      

      

      

      

    

    
      Jack in the Box Inc.
Fifth Amendment (2019)
Signature Pagedocemploymentagreementbe

                                                                      Exhibit 10.1                           EMPLOYMENT AGREEMENT         THIS  EMPLOYMENT  AGREEMENT          (the  "Agreement"),  by  and  between PHYSICIANS REALTY TRUST, a Maryland trust (the "Company"), and LAURIE P. BECKER (the "Executive") is entered into and effective on this 1st of March, 2019 (the "Effective Date").        NOW THEREFORE,      in consideration of the  mutual covenants herein contained, the parties, intending to be legally bound, hereby agree as follows:        1.     EMPLOYMENT         The  Company  hereby  agrees  to  employ  the  Executive  as  its  Senior  Vice  President, Controller  (the  "SVP-C")  upon  the  terms  and  conditions  herein  contained,  and  the  Executive hereby agrees to accept such employment and to serve in such position. As SVP-C, the Executive will  have those duties  which  can  reasonably  be  expected to  be  performed  by  a person  in  such position and shall undertake such other responsibilities as may be assigned to the Executive by the Company's Chief Executive Officer ("CEO") from time to time. For purposes of the Agreement, all references to the "Board" shall mean the Board of Trustees. In such capacity, the Executive shall report to the Company's Board and shall have such powers and responsibilities consistent with  her position  as  may  be assigned.  Throughout the  Employment  Term,  the Executive shall devote her best efforts and all of her business time and services to the business and affairs of the Company.         2.    TERM OF AGREEMENT         Subject to earlier termination as herein provided, the Executive's employment under the Agreement shall continue in effect until December 31, 2020 (the "Initial Term"). The Agreement will automatically renew, subject to earlier termination as herein provided, for successive one (1) year periods (the "Additional Terms"), unless either the Executive provides notice of non-renewal at least sixty (60) days prior to the expiration of  the Initial Term or the then Additional Term, whichever is applicable, or the Company provides notice of non-renewal at least six (6) months prior to the expiration of the Initial Term or the then Additional Term, whichever is applicable; provided, the number of Additional Terms shall not exceed two (2) and, unless earlier terminated in accordance with the terms of this Agreement, the Agreement shall automatically terminate on December 31, 2022.  The Initial Term and any Additional Term(s) shall be referred to collectively as the "Employment Term."         Notwithstanding the foregoing, the Company shall be entitled to terminate the Agreement immediately, subject to a continuing obligation to make any payments required under Section 5  below, if the Executive (i) incurs a Disability as described in Section 5(b), (ii) is terminated for  Cause, as defined in Section 5(c), or (iii) voluntarily terminates her employment without Good  Reason (as defined below), as described in Section 5(d).         3.    SALARY AND BONUS         The  Executive  shall  receive  a  base  salary  during  the  Employment  Term  at  a  rate  of $250,000 per annum for 2019 (the “Base Salary”), payable in substantially equal semi-monthly 

 

 installments. The Compensation Committee of the Board shall consult with the SVP-C and review  the  Executive's Base Salary  at  annual  intervals,  and  may  increase  the  Executive's annual  Base  Salary from time to time as the Committee deems to be appropriate.         Subject to Section 12, the Executive will have an annual cash bonus opportunity for each  calendar year during the Employment Term (the "Annual Bonus") based upon performance goals  that are established by the Board or the Compensation Committee of the Board, as the case may  be, in its sole discretion. In the event an Annual Bonus is payable pursuant to this Section 3, such  bonus shall be paid to the Executive no later than March 15th of the year after the year to which  the bonus relates.         4.    ADDITIONAL COMPENSATION AND BENEFITS         The Executive shall receive the following additional compensation and welfare and fringe benefits during the term of the Agreement:         (a)   Options  and  Other  Long-Term  Incentives.   During  the  Employment  Term,  any  options, restricted shares or other awards granted under the Physicians Realty Trust 2013 Equity  Incentive Plan (the "2013 Equity Plan") shall be at the discretion of the Compensation Committee  of the Company's Board.         (b)   Vacation.  The  Executive  shall  be  entitled  to  vacation  and  personal  days  in  accordance with the policies the Company maintains from time to time.         (c)   Business Expenses. The Company shall reimburse the Executive for all reasonable  expenses  she  incurs  in  promoting  the  Company's  business,  including  expenses  for  travel  and  similar items, upon presentation by the Executive (generally within 60 days of the date incurred)  of  an  itemized account  of such  expenditures.  Any  reimbursement  of  expenses  made under  the  Agreement shall only be made for eligible expenses (including transportation and cellular service  expenses as set forth above) incurred during the Employment Term, and no reimbursement of any  expense shall be made by the Company after December 31st of the year following the calendar  year  in  which  the  expense  was  incurred.  The  amount  eligible  for  reimbursement  under  the  Agreement during a taxable year may not affect expenses eligible for reimbursement in any other  taxable year, and the right to reimbursement under the Agreement is not subject to liquidation or  exchange for another benefit. The Executive will comply with the Company's policies regarding  these benefits, including all Internal Revenue Service rules and requirements.         (d)   Professional  Expenses.  Each  calendar  year  during  the  Employment  Term,  the  Company agrees to reimburse the Executive for up to $10,000 of reasonable professional expenses  (i.e., accounting, financial planning, estate planning expenses) incurred by the Executive during  such year for personal advice rendered to the Executive.         (e)   Other Benefits and Perquisites. The Executive shall be entitled to participate in the  benefit  plans  provided  by  the  Company  for  all  employees,  generally,  and  for  the  Company's  executive employees. The Company shall be entitled to change or terminate these plans in its sole  discretion at any time.         5.    PAYMENTS UPON TERMINATION                                         2 

 

      (a)   Accrued  Obligations.   Upon  termination  of  employment  for  any  reason,  the Executive shall be entitled to receive her Base Salary accrued through the date of termination, any accrued but unpaid vacation pay, plus any bonuses earned but unpaid with respect to fiscal years or other periods ending in or with the year of termination (collectively, the "Accrued Obligations"). For purposes of the preceding sentence, except upon termination of employment by the Company for Cause (as defined below), the Executive shall be entitled to receive an Annual Bonus for the year of termination based on the actual achievement of any performance goal or goals thereunder and pro-rated based on the Executive's period of service during the performance period. Payments under this Section 5(a) shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the date of termination). The Executive shall  also  receive  any  nonforfeitable  benefits  payable  to  her  under  the  terms  of  any  deferred compensation, incentive or other benefit plans maintained by the Company, payable in accordance with the terms of the applicable plan.        (b)   Disability.   The  Company  shall  be  entitled  to  terminate  the  Executive’s employment if the Board determines that the Executive has been unable to attend to her duties for at least ninety (90) days because of a Disability (as defined below), and has received a written opinion from a physician acceptable to the Board that such condition prevents the Executive from resuming full performance of her duties and is likely to continue for an indefinite period. Subject to compliance with the covenants in Section 9 and Section 10 and the execution and timely return by  the  Executive  of  a  release  of  claims  in  a  form  and  substance  reasonably  requested  by  the Company (the "Release"), the Company shall pay severance to the Executive in accordance with its normal payroll practices, equal to twelve (12) months of the Executive's Base Salary as in effect at the time her employment terminates, with the first payment on the first payroll date after the revocation period for the Release has expired; provided (i)  if the time period for returning and revoking the Release begins in one taxable year and ends in a second taxable year, the payments shall not commence until the first payroll date in the second taxable year; and (ii) all such payments shall immediately terminate at an earlier date if the Executive returns to active employment, either with the Company or otherwise. Any amounts payable under this Section 5(b) shall be reduced on a dollar-for-dollar basis by the amount of bona fide disability pay (within the meaning of Treas. Reg. section 1.409A-1(a)(5)) received or receivable by the Executive during such twelve-month period, provided such disability payments are made pursuant to a plan sponsored by the Company that covers a substantial number of employees of the Company and was established prior to the date the Executive incurred a permanent disability, and further provided that such reduction does not otherwise affect the time of payment of amounts pursuant to this Section 5(b). For purposes of the Agreement, "Disability" means the Executive is incapacitated due to physical or mental illness and  such  incapacity,  with  or  without  reasonable  accommodation,  prevents  the  Executive  from satisfactorily performing the essential functions of her job for the Company on a full-time basis for at least ninety (90) days in a calendar year.        (c)   Termination  for  Cause.   If  the  Executive's  employment  is  terminated  by  the Company for Cause, the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Obligations. For purposes of the Agreement, the term "Cause" shall be limited to the following:                                         3 

 

            (i)   the  Executive  engaging  in  any  act  of  fraud,  dishonesty,  theft,       misappropriation  or  embezzlement  of  funds  or  misrepresentation  with  respect  to  the       Company;              (ii)  the Executive's conviction or plea of no contest with respect to any felony       or other crime involving moral turpitude;              (iii) the  Executive's  material  breach  of  her  obligations  under  the  Agreement,       including, without limitation, breach of the covenants set forth in Section 9 and Section 10       below or the refusal of the Executive to perform her job duties as directed by the Board,       which the Executive failed to cure within thirty (30) days after receiving written notice       from the Board specifying the alleged breach;              (iv)  violation  of  any  material  duty  or  obligation  to  the  Company  or  of  any      direction  or  any  rule  or  regulation  reasonably  established  by  the  Board,  which  the      Executive  failed  to  cure  within  thirty  (30)  days  after  receiving  written  notice  from  the      Board specifying the alleged violation; or              (v)   insubordination  or  misconduct  in  the  performance  of,  or  neglect  of,  the      Executive's duties which the Executive failed to cure within thirty (30) days after receiving      written  notice  from  the  Board  specifying  the  alleged  insubordination,  misconduct,  or      neglect.       (d)    Voluntary Termination by the Executive Without Good Reason. If the Executive resigns or otherwise voluntarily terminates her employment without Good Reason (as defined in Section  5(e)  below),  or  if  the  Executive’s  employment  terminates  due  to  non-renewal  of  the Agreement  by  the  Executive,  the  amount  the  Executive  shall  be  entitled  to  receive  from  the Company shall be limited to the Accrued Obligations.        (e)   Termination by the Executive for Good Reason.  The Executive may terminate her employment  for Good Reason if (i) a Good Reason circumstance shall  have occurred, and the Executive  provides  the  Company  with  written  notice  thereof  within  ninety  (90)  days  after  the occurrence  of  the  Good  Reason  circumstance,  which  notice  shall  specifically  identify  the circumstance  that  the  Executive  believes  constitutes  Good  Reason;  (ii)  the  Company  fails  to correct the circumstance so identified within thirty (30) days after the receipt of such notice; and (iii) the Executive resigns within ninety (90) days after the date of delivery of the notice referred to in clause (i) above. For purposes of the Agreement, "Good Reason" shall mean the occurrence or  failure  to  cause  the  occurrence,  as  the  case  may  be,  without  the  Executive's  prior  express written consent, of any of the following circumstances:                    (1)   the assignment to the Executive of a position other than the position             of SVP-C (other than for Cause or by reason of her Disability) or the assignment of             duties materially inconsistent with such position if either such change in assignment             constitutes  a  material  diminution  in  the  Executive's  authority,  duties  or             responsibilities;                    (2)   receipt by the Executive of a direction to report to anyone other than             the CEO if such change in reporting duties constitutes a material diminution in the                                        4 

 

            authority,  duties  or  responsibilities  of  the  supervisor  to  whom  the  Executive  is             required to report;                    (3)   a  relocation of the  Company's executive  office  in  Wisconsin  to  a             location  more  than  thirty-five  (35)  miles  from  its  current  location  or  more  than             thirty-five  (35)  miles  further  from  the  Executive's  residence  at  the  time  of             relocation;                    (4)   a material diminution in the Executive's (i) Base Salary or (ii) total             compensation opportunity;                    (5)   a failure by the Company (A) to continue any bonus, incentive or             material  compensatory  plan,  program  or  arrangement  in  which  the  Executive  is             entitled to participate (the "Bonus Plans"), provided that any such Bonus Plans may             be  modified at the Company's discretion  from time to time  but shall be deemed             terminated if (x) any such plan does not remain substantially in the form in effect             prior  to  such  modification  and  (y)  if  plans  providing  the  Executive  with             substantially similar benefits are not substituted therefor ("Substitute Plans"), or (B)             to continue the Executive as a participant in the Bonus Plans and Substitute Plans             on  at  least the  same basis  as to  potential  amount  of  the bonus as the  Executive             participated in prior to any change in such plans or awards, in accordance with the             Bonus Plans and the Substitute Plans;                    (6)   any  material  breach  by  the  Company  of  any  provision  of  the             Agreement; or                    (7)   a failure of any successor to the Company (whether direct or indirect             and  whether  by  merger,  acquisition,  consolidation  or otherwise)  to  assume  in  a             writing  delivered  to  the  Executive  upon  the  successor  becoming  such,  the             obligations of the Company hereunder.       The  failure  by  the  Executive  to  set  forth  in  the  written  notice  to  the  Company  of  her termination for Good Reason of any facts or circumstances which contribute to the showing of Good Reason shall not waive any right of the Executive hereunder or preclude the Executive from asserting such fact or circumstance in enforcing her rights hereunder.       Upon  termination  of  employment  for  Good  Reason,  subject  to  compliance  with  the covenants in Section 9 and Section 10 and the execution of the Release, and except as otherwise provided by Sections 12 and 18, the Executive shall be entitled to receive the amounts and benefits described in Section 5(f) below.        (f)   Involuntary  Termination  by  the  Company  without  Cause.   If  the  Executive’s employment is involuntarily terminated by the Company without Cause and for a reason other than death or Disability, subject to compliance with the covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, and except as otherwise provided by Sections 12 and 18, the Executive shall be entitled to receive the amounts and benefits described in this Section 5(f).  The Company shall pay severance to the Executive in accordance with its normal  payroll  practices,  equal  to  the  Executive's  Base  Salary  as  in  effect  at  the  time  her                                        5 

 

employment terminates for twenty-four (24) months, with the first payment on the first payroll date after the revocation period for the Release has expired; provided, that if the time period for returning and revoking the Release begins in one taxable year and ends in a second taxable year, the payments shall not commence until the first payroll date in the second taxable year.  In addition, the Executive shall be entitled to the following:              (i)   Any  options,  restricted  shares  or  other  awards  granted  to  the  Executive       under  the  2013  Equity  Plan  shall  become  fully  vested  and,  in  the  case  of  options,       exercisable in full;              (ii)  Provided  that  the  Executive  elects  continuation  of  coverage  under  the       Company's group health plan pursuant to the Consolidated Omnibus Budget Reconciliation       Act of 1986, as amended ("COBRA"), the Executive shall be provided continued coverage       at  the  Company's  expense  under  any  health  insurance  programs  maintained  by  the       Company in which the Executive participated at the time of her termination for twelve (12)       months  or until,  if  earlier,  the  date the Executive obtains comparable  coverage under  a       group health plan maintained by a new employer. To the extent the benefits provided under       the immediately preceding sentence are otherwise taxable to the Executive, such benefits,       for  purposes  of  Section  409A  of  the  Internal  Revenue  Code of  1986,  as  amended  (the       "Code") (and the regulations and other guidance issued thereunder) shall be provided as       separate monthly in-kind payments of those benefits, and to the extent those benefits are       subject to and not otherwise excepted from Section 409A of the Code, the provision of the       in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided       in any other calendar year; and              (iii) A lump sum payment equal to two times the average of the Annual Bonuses       paid  to  the  Executive  for  the  two  fiscal  years  of  the  Company  ending  prior  to  the       Executive's employment termination date, if any, payable on the first payroll date after the       revocation period for the Release has expired, and subject to forfeiture  if the Executive       violates any of the covenants in Section 9 and Section 10.        For purposes of clause (i) above, the reference to "fully  vested" in connection with any       award subject to performance-based vesting conditions refers to vesting at the maximum       level of achievement of the performance goal or goals under the award.        (g)   Non-Renewal of the Agreement by the Company.  If the Executive’s employment terminates due to non-renewal of the Agreement by the Company or automatic termination of the Agreement on December 31, 2022, subject to compliance with the covenants  in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, and except as otherwise provided by Sections 12 and 18, the Executive shall be entitled to receive the amounts and benefits described in this Section 5(g).  The Company shall pay severance to the Executive in accordance with its normal payroll practices, equal to the Executive's Base Salary as in effect at the time her employment terminates for six (6) months, with the first payment on the first payroll date after the revocation period for the Release has expired; provided, that if the time period for returning and revoking the Release begins in one taxable year and ends in a second taxable year, the payments shall not commence until the first payroll date in the second taxable year.  In addition, the Executive shall be entitled to the following:                                        6 

 

            (i)   Any  options,  restricted  shares  or  other  awards  granted  to  the  Executive       under the 2013 Equity Plan that are subject to performance-based vesting conditions shall       vest, based on the actual level of achievement of the performance goal or goals under the       award  and  shall  be  pro-rated  based  on  the  Executive's  period  of  service  during  the       performance  period.   Any  options,  restricted  shares  or  other  awards  granted  to  the       Executive under the 2013 Equity Plan that are not subject to performance-based vesting       conditions shall  be accelerated and such awards shall  become  immediately fully vested       and, in the case of options, exercisable in full; and              (ii)  Provided  that  the  Executive  elects  continuation  of  coverage  under  the       Company's group health plan pursuant to the Consolidated Omnibus Budget Reconciliation       Act of 1986, as amended ("COBRA"), the Executive shall be provided continued coverage       at  the  Company's  expense  under  any  health  insurance  programs  maintained  by  the       Company in which the Executive participated at the time of her termination  for six (6)       months  or until,  if  earlier,  the  date the Executive obtains comparable  coverage under  a       group health plan maintained by a new employer. To the extent the benefits provided under       the immediately preceding sentence are otherwise taxable to the Executive, such benefits,       for purposes of Section 409A of the Code (and the regulations and other guidance issued       thereunder) shall be provided as separate monthly in-kind payments of those benefits, and       to the extent those benefits are subject to and not otherwise excepted from Section 409A       of the Code, the provision of the in-kind benefits during one calendar year shall not affect       the in-kind benefits to be provided in any other calendar year.  Notwithstanding the foregoing, if the Executive and the Company enter into a new agreement for the performance of services by the Executive for the Company or its affiliate with respect to the period commencing on or immediately after December 31, 2022, the Executive shall not be entitled to receive the amounts and benefits described in this Section 5(g) and this Section 5(g) shall be null and void and of no further effect.        6.    EFFECT OF CHANGE IN CONTROL        (a)   Vesting of Awards. In the event of a Change in Control, the surviving or successor entity (or its parent corporation) may continue, assume or replace awards granted to the Executive under the terms of the 2013 Equity Plan that are outstanding as of the Change in Control, and such awards or replacements therefore shall remain outstanding and be governed by their respective terms.  If and to the extent that outstanding awards granted to the Executive under the terms of the 2013 Equity Plan are not continued, assumed or replaced in connection with a Change in Control, then the vesting of such awards shall be accelerated and such awards shall become immediately fully  vested and,  in the case of options, exercisable  in  full as of the Change in Control.  With respect to outstanding awards granted to the Executive under the terms of the 2013 Equity Plan that  are  subject  to  performance-based  vesting  conditions,  the  level  of  achievement  of  the performance-based vesting conditions shall be measured consistent with the original terms of the award  to  preserve  the  intent  of  the  metrics,  and  to  the  extent  performance  can  no  longer  be reasonably  measured  consistent  with  the  original  terms,  the  vesting  of  such  awards  shall  be accelerated and such awards shall become immediately fully vested and, in the case of options, exercisable in full as of the Change in Control.  The reference to "fully vested" in connection with                                         7 

 

any award subject to performance-based vesting conditions refers to vesting at the maximum level of achievement of the performance goal or goals under the award.        (b)   Certain Calculations. In the event of a Change in Control, all calculations required to be made to determine whether any payments or distributions by the Company, or other benefits provided  by  the  Company,  to  or  for the  benefit  of  the  Executive  (whether  paid  or  payable  or distributed or distributable pursuant to the terms of the Agreement or otherwise) would be subject to the excise tax imposed by Section 4999 of the Code, or whether any interest or penalties with respect to such excise tax would be due, including the assumptions to be utilized in arriving at any such determinations, shall be made by a nationally recognized accounting firm, consulting firm or law  firm  designated  by  the  Executive  (the  "Consulting  Firm").  All  fees  and  expenses  of  the Consulting Firm shall be borne solely by the Company.        (c)   Severance Payment and Benefits. If, at any time during the period of twelve (12) consecutive months commencing on the occurrence of a Change in Control, (i) the Executive is involuntarily terminated (other than for Cause), or (ii) the Executive terminates her employment for Good Reason, or (iii) the Company gives notice of non-renewal of the Agreement, or (iv) such period of twelve (12) consecutive months includes December 31, 2022, then subject to compliance with  the  covenants  in  Section  9  and  Section  10  and  the  execution  and  timely  return  by  the Executive of the Release, in lieu of the amounts and benefits otherwise payable under Section 5(e), 5(f) or 5(g) above, whichever is applicable, the Executive shall be entitled to receive a lump sum severance payment equal to two times the sum of (i) the Executive's Base Salary, as in effect at the time of the Change in Control, and (ii) the average of the annual bonuses paid to the Executive for the prior two fiscal years of the Company ending prior to the Change in Control, if any. Such lump sum payment shall be made to the Executive within sixty (60) days following the date of the Executive's termination of employment. Notwithstanding the foregoing, such lump sum severance payment shall be reduced on a dollar-for-dollar basis by any portion of such payment received or receivable by the Executive from any successor to the Company; provided, such reduction does not otherwise affect the time of payment of such lump sum severance pursuant to this Section 6(c). In addition to the severance payment, the Executive shall be entitled to continued coverage at the Company's expense under any health insurance programs maintained by the Company in which the Executive participated at the time of her termination, which coverage shall be continued for eighteen (18) months or until, if earlier, the date the Executive obtains comparable coverage under a group health plan maintained by a new employer. To the extent the benefits provided under the immediately preceding sentence are otherwise taxable to the Executive, such benefits, for purposes of Section 409A of the Code (and the regulations and other guidance issued thereunder) shall be provided as separate monthly in-kind payments of those benefits, and to the extent those benefits are subject to and not otherwise excepted from Section 409A of the Code, the provision of the in- kind benefits during one calendar year shall not affect the in-kind benefits to be provided in any other calendar year.        (d)   Definition of  Change  in  Control.  For  purposes of the  Agreement,  a "Change  in Control" shall mean the occurrence of any one of the following events:              (i)   any Person is or becomes the Beneficial Owner, directly or indirectly, of       securities of the Company representing fifty percent (50%) or more of the combined voting       power of the Company's then outstanding securities eligible to vote for the election of the                                        8 

 

Board (the "Company Voting Securities"); provided, however, the event described in this paragraph (i) shall not be deemed to be a Change in Control if such event results from the acquisition of Company Voting Securities pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii) below);        (ii)  individuals  who,  on  the  Effective  Date,  constitute  the  Board  (the "Incumbent Trustees") cease for any reason to constitute at least a majority of the Board; provided, however, that any person becoming a trustee subsequent to the Effective Date, whose election or nomination for election was approved (either by a specific vote or by approval  of  the  proxy  statement  of  the  Company  in  which  such  person  is  named  as  a nominee  for trustee, without written objection to such nomination) by a vote of at least two-thirds of the trustees who were, as of the date of such approval, Incumbent Trustees, shall  be  an  Incumbent Trustee; provided, further, that  no  individual  initially  appointed, elected or nominated as a trustee of the Company  as a result of an actual or threatened election contest with respect to the election or removal of trustees or as a result of any other actual or threatened solicitation of proxies or consents or pursuant to any proxy access right by or on behalf of any person other than the Board shall be deemed to be an Incumbent Trustee;        (iii) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (A) the Company or (B) any of its wholly owned  subsidiaries  pursuant  to  which,  in  the  case of  this  clause  (B),  Company  Voting Securities are issued or issuable (any event described in the immediately preceding clause (A) or (B), a "Reorganization") or the sale or other disposition of all or substantially all of the assets of the Company to an entity that is not an Affiliate of the Company (a "Sale"), unless  immediately  following  such  Reorganization  or  Sale:  (1)  more  than  fifty  percent (50%) of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of (x) the Company (or, if the Company ceases to exist, the entity resulting from such Reorganization), or, in the case of a Sale, the entity which has acquired all or substantially all of the assets of the Company (in either case, the "Surviving Entity"), or (y) if applicable, the ultimate parent entity that directly or indirectly has Beneficial Ownership of more than fifty percent (50%) of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of  the Surviving  Entity (the  "Parent  Entity"),  is  represented  by  Company  Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable,  is  represented  by  shares  into  which  such  Company  Voting  Securities  were converted  pursuant  to  such  Reorganization  or  Sale),  (2)  no  Person  is  or  becomes  the Beneficial Owner, directly or indirectly, of fifty percent (50%) or more of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of the outstanding voting securities of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) and (3) at least a majority of the members of the board of trustees (or similar officials in the case of an entity other than a trust) of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the approval by the Board of the execution of the initial agreement providing for such Reorganization or Sale, Incumbent Trustees (any Reorganization or Sale which satisfies all of the criteria specified in (1), (2) and (3) above being deemed to be a "Non-Qualifying Transaction"); or                                  9 

 

            (iv)  the stockholders of the Company approve a plan of complete liquidation or       dissolution of the Company.       Notwithstanding the foregoing,  if any Person becomes the Beneficial Owner, directly or indirectly,  of  fifty  percent  (50%)  or  more of  the  combined  voting  power  of  Company  Voting Securities solely as a result of the, acquisition of Company Voting Securities  by the Company which reduces the number of Company Voting Securities outstanding, such increased amount shall be  deemed  not  to  result  in  a  Change  in  Control;  provided,  however,  that  if  such  Person subsequently becomes the Beneficial Owner, directly or indirectly, of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities Beneficially Owned by such Person to a percentage equal to or greater than fifty percent (50%), a Change in Control of the Company shall then be deemed to occur.       For purposes of this Section 6(d), the following terms shall have the following meanings:              (i)   "Affiliate" shall mean an affiliate of the Company, as defined in Rule 12b-      2 promulgated under Section 12 of the Securities Exchange Act of 1934, as amended from      time to time (the "Exchange Act");              (ii)  "Beneficial Owner" shall have the meaning set forth in Rule 13d-3 under      the Exchange Act;              (iii) "Person" shall have the meaning set forth in Section 3(a)(9) of the Exchange      Act, as modified and used in Sections 13(d) and 14(d) thereof; except that such term shall      not  include  (1) the  Company  or  any  of  its  subsidiaries,  (2)  a  trustee or other  fiduciary      holding  securities  under  an  employee  benefit  plan  (or  related  trust)  sponsored  or      maintained  by  the  Company  or  any  of  its  subsidiaries,  (3)  an  underwriter  temporarily      holding  securities  pursuant  to  an  offering  of  such  securities,  (4)  a  corporation  owned,      directly  or  indirectly,  by  the  stockholders  of  the  Company  in  substantially  the  same      proportions  as  their  ownership  of  shares  of  common  stock  of  the  Company  or  (5)  the      Executive or any group of persons including the Executive (or any entity controlled by the      Executive or any group of persons including the Executive).       7.     DEATH       If  the  Executive  dies  during  the  Employment  Term,  the  Company  shall  pay  to  the Executive's surviving spouse or if there is no surviving spouse, the Executive's estate, a lump sum payment equal to the Accrued Obligations.  In addition, the death benefits payable by reason of the  Executive's  death  under  any  retirement,  deferred  compensation,  life  insurance  or  other employee benefit plan maintained by the Company shall be paid to the beneficiary designated by the Executive, and the options, restricted shares or other awards held by the Executive under the Company's equity incentive plans shall become fully vested, and, in the case of options, exercisable in full, in accordance with the terms of the applicable plan or plans.        8.    WITHHOLDING                                         10 

 

     The Company shall, to the extent permitted by law, have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment.        9.    PROTECTION OF CONFIDENTIAL INFORMATION       During  the  Executive's  employment  with  the  Company,  the  Company  shall  grant  the Executive otherwise prohibited access to its trade secrets and confidential information which are not known to the Company's competitors or within the Company's industry generally, which were developed by the Company over a long period of time and/or at its substantial expense, and which are of great competitive value to the Company, and access to the Company's customers and clients. For  purposes  of  the  Agreement,  "Confidential  Information"  includes  all  trade  secrets  and confidential  and  proprietary  information  of  the  Company,  including,  but  not  limited  to,  the following:  financial  models,  financial  information  and  data, business  methods,  electronic  files, computer  drives/disks,  passwords,  address  and  telephone  lists,  internal  memoranda, correspondence, business strategies, business plans and/or projections, lease forms, construction contract forms, development and construction management service agreements, tenant lists, lease terms, rates, rent rolls, strategies, improvements, discoveries, plans for research or future business, infrastructure, marketing and sales plans and strategies, budgets, customer and client information, employee, customer and client nonpublic personal  information, supplier  lists, business records, audit  processes,  management  methods  and  information,  reports,  recommendations  and conclusions,  information regarding  the  names,  contact information,  skills  and compensation  of employees and contractors of the Company, other information not generally known to the public, and  other  business  information  disclosed  to  the  Executive  by  the  Company,  either  directly  or indirectly, in writing, orally, or by drawings or observation.       The Executive acknowledges and agrees that Confidential Information is proprietary to and a trade secret of the Company and, as such, is a special and unique asset of the Company, and that any disclosure or unauthorized use of any Confidential Information by the Executive will cause irreparable harm and loss to the Company. The Executive understands and acknowledges that each and every component of the Confidential Information (i) has been developed by the Company at significant effort and expense and is sufficiently secret to derive economic value from not being generally  known  to  other  parties,  and  (ii)  constitutes  a  protectable  business  interest  of  the Company.  The  Executive  acknowledges  and  agrees  that  the  Company  owns  the  Confidential Information. The Executive agrees not to dispute, contest, or deny any such ownership rights either during or after the Executive's employment with the Company. The Executive agrees to preserve and  protect  the  confidentiality  of  all  Confidential  Information.  The  Executive  agrees  that  the Executive shall not at any time (whether during or after the Executive's employment), directly or indirectly,  disclose  to  any  unauthorized  person  or  use  for  the  Executive's  own  account  any Confidential  Information  without  the  Company's  consent.  Throughout  the  Executive's employment and at all times thereafter: (i) the Executive shall hold all Confidential Information in the strictest confidence, take all reasonable precautions to prevent its inadvertent disclosure to any unauthorized  person,  and  follow  all  policies  of  the  Company  protecting  the  Confidential Information; (ii) the Executive shall not, directly or indirectly, utilize, disclose or make available to  any  other  person  or  entity,  any  of  the  Confidential  Information,  other  than  in  the  proper performance of the Executive's duties; (iii) the Executive shall not use the Confidential Information or trade  secrets  to  attempt to  solicit,  induce,  recruit,  or  take  away  clients  or  customers  of  the                                        11 

 

Company; and (iv) if the Executive learns that any person or entity is taking or threatening to take any actions which would compromise any Confidential Information, the Executive shall promptly advise the Company of all facts concerning such action or threatened action. The foregoing shall not apply to any information which is already in the public domain, or is generally disclosed by the Company or is otherwise in the public domain at the time of disclosure (other than through an unauthorized disclosure by the Executive or any other person).       Upon the termination of the Executive's employment for any reason, the Executive shall immediately return and deliver to the Company any and all Confidential Information, software, devices,  cell  phones,  personal  data  assistants,  credit  cards,  data,  reports,  proposals,  lists, correspondence, materials, equipment, computers, hard drives, papers, books, records, documents, memoranda,  manuals,  e-mail,  electronic  or  magnetic  recordings  or  data,  including  all  copies thereof, which belong to the Company or relate to the Company's business and which are in the Executive's possession, custody or control, whether prepared by the Executive or others. If at any time after termination of the Executive's employment she determines that she has any Confidential Information in her possession or control, the Executive shall immediately return to the Company all such Confidential Information in the Executive's possession or control, including all copies and portions thereof.       The Executive recognizes that because her work for the Company may bring her into contact with confidential and proprietary information of the Company, the restrictions of this Section 9 are  required  for  the  reasonable  protection  of  the  Company  and  its  investments  and  for  the Company's reliance on and confidence in the Executive.        10.   RESTRICTIVE COVENANTS       In consideration for (i) the Company's promise to provide Confidential Information to the Executive, (ii) the substantial  economic  investment  made  by  the Company  in  the  Confidential Information and goodwill of the Company, and/or the business opportunities disclosed or entrusted to the Executive, (iii)  access to the Company's  customers and clients,  and (iv)  the Company's employment of the Executive pursuant to the Agreement and the compensation and other benefits provided by the Company to the Executive, to protect the Company's Confidential Information and business goodwill of the Company, the Executive agrees to the following restrictive covenants.        (a)   Non-Competition.  The Executive hereby agrees that during the Restricted Period (defined below), other than in connection with the Executive's duties under the Agreement, the Executive shall not, and shall not use any Confidential Information to, without the prior consent of  the  Company,  directly  or  indirectly,  either  individually  or  as  an  owner,  principal,  partner, stockholder,  manager,  contractor,  distributor, lender, investor, consultant, agent, employee,  co- venturer or as a director or officer of any corporation or association, or in any other manner or capacity  whatsoever, become employed  by, control, carry on,  join,  lend money  for, engage in, establish,  perform services  for,  invest  in,  solicit  investors for,  consult  for,  do business with or otherwise  engage  in  any  Competing  Business  (defined  below)  within  the  Restricted  Territory (defined below); provided however, that nothing in this Section 10(a) shall prevent the Executive from owning a passive investment in up to two percent (2%) of the stock of a publicly traded corporation engaged in a Competing Business and such ownership shall not be considered to be a violation of Section 10(a).                                        12 

 

            (i)   "Restricted  Period"  means  during  the  Executive's  employment  with  the       Company and for a period equal to the later of (i) one (1) year immediately following       the  date  of  the  Executive's  termination  from  employment  for  any  reason  or  (ii)  the       number of months for which the Executive is receiving monthly severance payments       under Section 5 of the Agreement.              (ii)  "Competing Business"  means any  business,  individual, partnership,  firm,      corporation  or  other  entity  that  provides  the  same  or  substantially  similar  products  or      services as those provided  by the Company  during the  Executive's employment,  which      includes, without limitation, the business of buying, managing, holding and selling medical      office buildings.              (iii) As  SVP-C  of  the  Company,  the  Executive  has  responsibility  for  the      Company’s operations throughout the United States. Because the Company does business      throughout the United States, the "Restricted Territory" means the United States and any      other  region  or  state  in  which  the  Executive  performed  services,  was  assigned      responsibility  for  the  Company,  or  about  which  the  Executive  received  Confidential      Information.       (b)    Non-Solicitation. The Executive agrees that during the Restricted Period, other than in connection with the Executive's duties under the Agreement, the Executive shall not, and shall not use any Confidential Information to, directly or indirectly, either individually or as an owner, principal, partner, stockholder, manager, contractor, distributor, lender, investor, consultant, agent, employee, co-venturer or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, and whether personally or through other persons:              (i)   Solicit business from, interfere with, attempt to solicit business with, or do       business with any customer or client of the Company with whom the Company did business       or who the Company solicited within the preceding two (2) years, and who or which: (1)       the Executive contacted, called on, serviced, or did business with during her employment       with the Company; (2) the Executive learned of as a result of her employment with the       Company;  or  (3)  about  whom  the  Executive  received  Confidential  Information.  This       restriction applies only to business which is in the scope of services or products provided       by the Company; or              (ii)  Solicit, induce, or attempt to solicit or induce, engage or hire, on behalf of       himself or any other person or entity, any person who is an employee or full-time consultant       of the Company or who was employed or retained by the Company within the preceding       two (2) years.        (c)   Non-Disparagement.  The  Executive  shall  refrain,  both  during  and  after  the Employment Term, from publishing any oral or written statements about the Company or any of the  Company's  board  of  trustees,  equity  holders,  members,  shareholders,  managers,  officers, employees, consultants, agents or representatives that (i) are slanderous, libelous or defamatory; or (ii) place the Company or any of its trustees, managers, officers, employees, consultants, agents or representatives  in a  false  light  before  the  public.  A  violation or threatened violation  of  this                                         13 

 

prohibition may be enjoined by the courts. The rights afforded the Company under this provision are in addition to any and all rights and remedies otherwise afforded by law.        (d)   Tolling. If the Executive violates any of the restrictions contained in Section 10, the Restricted Period shall be suspended and shall not run in favor of the Executive from the time of the commencement of any violation until the time when the Executive cures the violation to the satisfaction of the Company.        (e)   Reasonableness. The Executive hereby represents to the Company that she has read and  understands,  and  agrees  to  be  bound  by,  the  terms  of  this  Section  10.  The  Executive acknowledges that the geographic scope and duration of the covenants contained in this Section 10 are fair and reasonable in light of (i) the nature and wide geographic scope of the operations of the Company's business; (ii) the Executive's level of control over and contact with the business in the  Restricted  Territory;  and  (iii)  the  amount  of  compensation,  trade  secrets  and  Confidential Information that the Executive is receiving in connection with her employment by the Company. It is the desire and intent of the parties that the provisions of Section 10 be enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect and therefore, to the extent permitted by applicable law, the Executive and the Company hereby waive any provision of applicable law that would render any provision of Section 10 invalid or unenforceable.        11.   INJUNCTIVE RELIEF       The Executive acknowledges that (a) compliance with the covenants set forth in Section 9 and Section 10 of the Agreement are necessary to protect the Company's business and Confidential Information; (b) a breach or threatened breach of any of such covenants will irreparably harm the Company;  and  (c)  an  award  of  money  damages  will  not  be  adequate  to  remedy  such  harm. Consequently, the Executive acknowledges and agrees that, in addition to other remedies, in the event  the  Executive  breaches  or  threatens  to  breach  any  of  the  covenants  contained  in  the Agreement, the Company shall be entitled to both a temporary and/or permanent  injunction to prevent the continuation of such harm and enforce such provisions and money damages insofar as they  can  be  determined,  including,  without  limitation,  all  costs  and  reasonable  attorneys'  fees incurred by or on behalf of the Company in the enforcement of the terms of the Agreement. The Company  may  apply  to  any  court of  competent  jurisdiction  for  a  temporary  restraining  order, preliminary  injunction or other  interim  or  conservatory  relief,  as  necessary  or  applicable. This provision with respect to  injunctive relief shall  not,  however,  diminish the  Company's right to claim and recover damages.       It  is  expressly  understood  and  agreed  that  although  the  parties  consider  the  restrictions contained in the Agreement to be reasonable, if a court determines that the time or territory or any other restriction contained in the Agreement is an unenforceable restriction on the activities of the Executive,  no  such  provision  of  the  Agreement  shall  be  rendered  void  but  shall  be  deemed amended to apply as to such maximum time and territory and to such extent as such court may judicially  determine  or  indicate  to  be  reasonable.  By  agreeing  to  this  contractual  modification prospectively  at  this  time,  the  Company  and  the  Executive  intend  to  make  this  provision enforceable under the law or laws of all applicable jurisdictions so that the entire agreement not to compete and the Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or illegal.                                        14 

 

      12.   CLAWBACK       Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (i) such recovery and repayment is required by applicable law or (ii) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (A) a named executive officer or (B) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations  set  forth  in  this  Section  12  shall  only  apply  to  the  extent  repayment  is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement  or  correction  of  any  inaccurate  financial  statements  or  materially  inaccurate performance metric criteria.        13.   MANDATORY MEDIATION AND ARBITRATION       In the event there is an unresolved legal dispute between the Executive and the Company that involves legal rights or remedies arising from the Agreement or the employment relationship between the Executive and the Company ("Dispute"), except as otherwise provided herein, before commencing an arbitration action or other legal proceeding, the parties shall promptly submit the Dispute to mediation, using a mediator jointly selected by the parties, or if the parties are unable to agree upon a mediator then the Dispute shall be submitted to non-binding mediation with the American Arbitration Association in Waukesha County, Wisconsin in accordance with its rules. The cost of the mediation shall be borne equally between the parties. If the parties are unable to achieve  a  mutually agreeable resolution  of  the Dispute  through mediation,  the  parties  agree to submit their Dispute to binding arbitration under the authority of the Federal Arbitration Act and/or the  Wisconsin  Uniform  Arbitration  Act;  provided,  however,  that  the  Company  may  pursue  a temporary restraining order, preliminary injunction and/or other interim or conservatory relief in accordance with Section 11 above, with related expedited discovery for the parties, in a court of law, and, thereafter, require arbitration of all issues of final relief. Insured workers compensation claims  (other  than  wrongful  discharge  claims),  and  claims  for  unemployment  insurance  are, excluded from arbitration under this provision. The Arbitration will be conducted by the American Arbitration Association pursuant to the American Arbitration Association's National Rules for the Resolution of Employment Disputes. The arbitrator(s) shall be duly licensed to practice law in the State of Wisconsin. Each party will be allowed at least one deposition. The arbitrator(s) shall be required to state in a written opinion all facts and conclusions of law relied upon to support any decision rendered. No arbitrator will have authority to render a decision that contains an outcome determinative error of state or federal law, or to fashion a cause of action or remedy not otherwise provided for under applicable state or federal law. Any dispute over whether the arbitrator(s) has failed to comply with the foregoing will be resolved by summary judgment in a court of law. In all  other  respects,  the  arbitration  process  will  be  conducted  in  accordance  with  the  American Arbitration  Association's  National  Rules  for  the  Resolution  of  Employment  Disputes.  The Company  will  pay  the  arbitration  costs  and  arbitrator's  fees  beyond  $500,  subject  to  a  final arbitration  award  on  who  should  bear  costs  and  fees.  All  proceedings  shall  be  conducted  in Waukesha County, Wisconsin, or another mutually agreeable site. The duty to arbitrate described above shall survive the termination of the Agreement. Except as otherwise provided above, the                                        15 

 

parties  hereby  waive  trial  in  a  court  of  law  or  by  jury.  All  other  rights,  remedies,  statutes  of limitation and defenses applicable to claims asserted in a court of law will apply in the arbitration.        14.   NOTICES       All notices or communications hereunder shall be in writing and sent certified or registered mail, return receipt requested, postage prepaid, addressed as follows (or to such other address as such party may designate in writing from time to time):       If to the Company:       Physicians Realty Trust      309 North Water Street      Suite 500      Milwaukee, Wisconsin 53202      (414) 367-5600      Attention: Corporate Secretary        If to the Executive:       Laurie P. Becker      c/o Physicians Realty Trust      309 North Water Street      Suite 500      Milwaukee, Wisconsin 53202      (414) 367-5600      Attention: Corporate Secretary       The actual date of  receipt,  as  shown  by  the  receipt therefor, shall  determine  the time  at which notice was given.        15.   SEPARABILITY       If any provision of the Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect.        16.   ASSIGNMENT       The  Agreement  shall  be  binding  upon  and  inure  to  the  benefit  of  the  heirs  and representatives of the Executive and the assigns and successors of the Company, but neither the Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive.        17.   ENTIRE AGREEMENT       The Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or understandings, including the Prior Agreement (which is                                        16 

 

hereby automatically terminated effective upon the execution of the Agreement), (whether oral or written) between the Company and the Executive with respect to the subject matter hereof. In the event of any conflict between the Agreement and the 2013 Equity Plan, any bonus plan or any award agreement, the Agreement shall control. No oral statements or prior written material not specifically incorporated in the Agreement shall be of any force and effect. The Agreement may be  amended  at  any  time  by  mutual  written  agreement  of  the  parties  hereto.  The  Executive acknowledges and represents that in executing the Agreement, she did not rely on, has not relied on,  and  specifically  disavows  any  reliance  on  any  communications,  promises,  statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in the Agreement. The parties represent that they relied on their own judgment in entering into the Agreement.        18.   SECTION 409A COMPLIANCE       The  Agreement  and  the  benefits  or  payments  to  be  provided  under  the  Agreement  are intended to  be  exempt  from with the  requirements of  Section 409A  of  the  Code,  and  shall  be interpreted and  construed  consistently  with  such  intent,  provided,  that  if  the  Agreement  is not exempt, the Agreement is drafted in a manner to comply with the requirements of Section 409A of the Code. The payments to the Executive pursuant to the Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay  exemption  pursuant  to  Treasury  Regulation  Section  1.409A-1(b)(9)  (iii)  or  as  short-term deferrals  pursuant  to  Treasury  Regulation  Section  1.409A-1(b)(4).  Each  payment  and  benefit hereunder  shall  constitute  a  "separately  identified"  amount  within  the  meaning  of  Treasury Regulation Section 1.409A-2(b)(2). In the event the terms of the Agreement would subject the Executive to taxes or penalties under Section 409A of the Code ("409A Penalties"), the Company and the Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any amounts under the Agreement are payable by reference to Executive's "termination," "termination of employment," or similar phrases, such term shall be deemed to refer to the Executive's "separation from service" (as defined in Treasury Regulation  Section  1.409A-1(h)  (without  regard  to  any  permissible  alternative  definition thereunder) with the Company and  all entities  treated  as  a single  employer  with  the  Company under Sections 414(b) and (c) of the Code but substituting a fifty percent (50%) ownership level for  the  eighty  percent  (80%)  ownership  level  set  forth  therein).  Notwithstanding  any  other provision in the Agreement, if the Executive is a "Specified Employee" (as defined in Treasury Regulation Section 1.409A-1(i) on December 31st of the prior calendar year), as of the date of the Executive's separation from service, then to the extent any amount payable under the Agreement (i) constitutes the payment of nonqualified deferred compensation within the meaning of Section 409A of the Code, (ii) is payable upon the Executive's separation from service and (iii) under the terms of the Agreement would be payable prior to the six-month anniversary of the Executive's separation from service, such payment shall be delayed and paid to the Executive, together with interest  at an annual  rate equal  to the  interest  rate  specified  by  Regions Bank  for  a six-month certificate  of  deposit,  on  the  first  day  of  the  first  calendar  month  beginning  seven  (7)  months following the date of termination, or, if earlier, within ninety (90) days following the Executive's death to the Executive's surviving spouse (or such other beneficiary as the Executive may designate in  writing).  Any  reimbursement  or  advancement  payable  to  the  Executive  pursuant  to  the Agreement  shall  be  conditioned  on  the  submission  by  the  Executive  of  all  expense  reports reasonably  required  by  the Company under  any  applicable expense  reimbursement  policy,  and                                        17 

 

shall be paid to the Executive within thirty (30) days following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which the Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to the Agreement shall not be subject to liquidation or exchange for any other benefit. Whenever a payment under the Agreement that constitutes a payment  of  nonqualified  deferred  compensation  within  the  meaning  of  Code  Section  409A specifies a payment period, the actual date of payment within such specified period shall be within the sole discretion of the Company, and the Executive shall have no right (directly or indirectly) to determine the year in which such payment is made. In the event a payment period straddles two consecutive calendar years, the payment shall be made in the later of such calendar years.        19.   GOVERNING LAW       The Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of Wisconsin, other than the conflict of laws provisions of such laws. Subject to Section 13, venue of any litigation arising from the Agreement or any disputes relating to the Executive's employment shall be in the United States District Court for the Eastern District of Wisconsin, or a state  district  court  of  competent  jurisdiction  in  Waukesha  County,  Wisconsin.  The  Executive consents  to  personal  jurisdiction  of the  United  States  District  Court for the  Eastern District of Wisconsin, or a state district court of competent jurisdiction in Waukesha County, Wisconsin for any  dispute  relating  to  or  arising  out  of  the  Agreement  or  the  Executive's  employment,  and Executive agrees that Executive shall not challenge personal or subject matter jurisdiction in such courts.        20.   SURVIVAL       The respective rights and obligations of the parties hereunder, including without limitation the  Executive's post-termination  obligations under  Section  9 and  Section  10,  shall  survive  any termination of the Executive's employment, or of the Employment Term, to the extent necessary to the agreed preservation of such rights and obligations.         [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]                                         18 

 

     IN WITNESS WHEREOF, the Company has caused the Agreement to be duly executed, and the Executive has hereunto set her hand, as of the day and year first above written.                                PHYSICIANS REALTY TRUST                                By:                                                            /s/ John T. Thomas                              Title: President & Chief Executive Officer, Physicians                              Realty Trust                                EXECUTIVE                                                                                                    /s/ Laurie Becker                               Laurie P. Becker

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