Document:

zgh_Ex10_4

		

			Exhibit 10.4

		

		
			ZAYO GROUP HOLDINGS, INC.
GRANT NOTICE FOR 2014 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
(Part B Awards)
		

		
			FOR GOOD AND VALUABLE CONSIDERATION, Zayo Group Holdings, Inc. (the “Company”), hereby grants to Participant named below the number of restricted stock units specified below (the “Award”).  Each restricted stock unit represents the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”), upon the terms and subject to the conditions set forth in this Grant Notice, the Zayo Group Holdings, Inc. 2014 Stock Incentive Plan, as amended (the “Plan”) and the Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan, each as amended from time to time. This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions.  
		

			
					
						Name of Participant:

					
					
						 

					
						 

				
	
					
						Grant Date:

					
					
						 

				
	
					
						Target number of restricted stock units:

					
					
						 

				
	
					
						Performance Period:

					
					
						            to 

				
	
					
						Beginning Price:

					
					
						 

				
	
					
						Performance Metric:

					
					
						Up to     % of the target number of restricted stock units (1 RSU =    Common Stock) may be earned based upon stock price performance as set forth on Appendix A to this Grant Notice

				
	
					
						Vesting Schedule:

					
					
						Earned restricted stock units will vest on the last day of the Performance Period (the “Vesting Date”), subject to continued employment through the Vesting Date

				

		
			Participant must accept and electronically sign this Grant Notice by the date that is 90 days following the Grant Date as written above or the Award will be forfeited and cancelled on that date without payment of any additional consideration and without further action by Participant or Company. 
		

		
			In addition, by accepting this Grant Notice, Participant irrevocably agrees to elect to fund the payment of withholding taxes in connection with the Award by means of a “sell-to-cover” election through the Participant’s account with Fidelity Investments and to cause such election to remain in effect through each Vesting Date.  In the event that the Participant does not have a valid “sell to cover” election in effect on any Vesting Date, the entire Award scheduled to vest on such Vesting Date will not vest and will be forfeited and cancelled on that date without payment of any additional consideration and without further action by Participant or Company.
		

		
			

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

		
			By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.
		

			
					
						ZAYO GROUP HOLDINGS, INC.

					
					
						                    

					
						 

					
						 

				
	
					
						 

					
					
						Participant Signature

				
	
					
						By

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				

		
			 
		

		
			

		 

		

			 

		

		

			

		

 

		

			Exhibit 10.4

		

		

		
			APPENDIX A
to
ZAYO GROUP HOLDINGS, INC.
GRANT NOTICE FOR 2014 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
(Part B Awards)
		

		
			The number of restricted stock units earned, if any, will be determined following the end of the Performance Period based on the Company’s stock price performance over the Performance Period.
		

		
			The following table sets forth the number of restricted stock units, expressed as a percentage of the target number of restricted stock units set forth in the Grant Notice, earned by the Participant based upon the Company’s stock price performance over the Performance Period (calculated in the manner set forth below):
		

			
					
						Stock Price Performance Range

					
					
						Payout % of Target at Top of Range

					
					
						Average % Increase In Payout Within Range

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				

		
			Examples: The payout percentage increases on average by     % for every     % increase in stock price performance above   % and up to   %.  The payout percentage increases on average by   % for every 1% increase in stock price performance above   % and up to   %.  There is no payout under the Award if stock price performance is below   %.  
		

		
			In addition, should the Company’s stock price performance over the Performance Period exceed    %, then the payout percentage shall be    % multiplied by the Beginning Price multiplied by    , then divided by the Ending Price. 
		

		
			Note that the above payout percentages reflect (and are therefore net of) the benefit of the Company’s stock appreciation over the Performance Period. 
		

		
			For purposes of this Award and the table above, “stock price performance” shall be calculated as the percentage increase in the Company’s stock price from the beginning to the end of the Performance Period, adjusted for dividends paid during the Performance Period (assuming such dividends are reinvested in the Common Stock on the dividend payment date).  For purposes of this calculation, the Company’s stock price at the beginning of the Performance Period shall be the average closing price of the Company’s common stock over the ten (10) trading day period ending on the trading day immediately preceding the first day of the Performance Period (the “Beginning Price”), and the Company’s stock price at the end of the Performance Period shall be 

		 

		

			 

		

 

		

			Exhibit 10.4

		

the average closing price of the Common Stock over the ten (10) trading day period ending on the last trading day of the Performance Period (the “Ending Price”).
		

		
			To the extent consistent with Section 14 of the Plan, the Committee shall have the authority to make equitable adjustments in performance criteria set forth above (and/or the other terms and conditions of the Award) in the event of any acquisitions, divestures, spin-offs or other corporate restructurings that affect the Company.
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			

		

 

		

			Exhibit 10.4

		

		

		
			ZAYO GROUP HOLDINGS, INC.
		

		
			STANDARD TERMS AND CONDITIONS FOR
RESTRICTED STOCK UNITS
		

		
			(Part B Awards)
		

		
			These Standard Terms and Conditions apply to the Award of restricted stock units granted pursuant to the Zayo Group Holdings, Inc. 2014 Stock Incentive Plan, as amended (the “Plan”), which are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions and are designated as “Part B Awards”.  In addition to these Standard Terms and Conditions, the restricted stock units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
		

			
	
			
				 1.
			TERMS OF RESTRICTED STOCK UNITS

		
			Zayo Group Holdings, Inc. (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”) an award of a number of restricted stock units (the “Award” or the “Restricted Stock Units”) with each Restricted Stock Unit representing the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”) specified in the Grant Notice.  The Award is subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan, each as amended from time to time.  For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.
		

			
	
			
				 2.
			EARNED RESTRICTED STOCK UNITS

		
			The number of Restricted Stock Units earned under the Award shall be determined according to the Grant Notice and Appendix A attached thereto.
		

			
	
			
				 3.
			VESTING AND FORFEITURE OF RESTRICTED STOCK UNITS

		
			The Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until otherwise vested pursuant to the terms of the Grant Notice and these Standard Terms and Conditions.  After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as described in the Grant Notice with respect to that number of earned Restricted Stock Units as determined pursuant to the Grant Notice and Appendix A attached thereto and certified by the Committee.  Earned Restricted Stock Units that have vested and are no longer subject to forfeiture are referred to herein as “Vested RSUs.”  
		

		
			Notwithstanding anything contained in these Standard Terms and Conditions to the contrary and unless otherwise determined by the Company, upon a Participant’s Termination of Employment prior to the Vesting Date set forth in the Grant Notice for any reason, the Award and all of the Restricted Stock Units subject thereto shall be forfeited and canceled as of the date of such Termination of Employment. 
		

		
			

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

		

			
	
			
				 4.
			SETTLEMENT OF RESTRICTED STOCK UNITS

		
			Each Vested RSU will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 14 of the Plan) to the Participant or, in the event of the Participant’s death, to the Participant’s estate, heir or beneficiary, promptly following the Vesting Date (but in no event later than 30 days following the Vesting Date); provided that the Participant has satisfied all of the tax withholding obligations described in Section 6 below, and that the Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the shares of Common Stock.  The date upon which shares of Common Stock are to be issued under this Section 3 is referred to as the “Settlement Date.”  The issuance of the shares of Common Stock hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on the Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company.  Fractional shares will not be issued pursuant to the Award.  
		

		
			Notwithstanding the above, (i) the Company shall not be obligated to deliver any shares of the Common Stock during any period when the Company determines that the delivery of shares hereunder would violate any federal, state or other applicable laws, (ii) the Company may issue shares of Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements, and (iii) the date on which shares are issued hereunder may include a delay (which delay shall in no event extend beyond 30 days following the Vesting Date) in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.  
		

			
	
			
				 5.
			RIGHTS AS STOCKHOLDER

		
			Participant shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any RSUs unless and until shares of Common Stock settled for such RSUs shall have been issued by the Company to Participant (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  
		

			
	
			
				 6.
			RESTRICTIONS ON RESALES OF SHARES

		
			The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued pursuant to Vested RSUs, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers. 
		

			
	
			
				 7.
			TAX WITHHOLDING

		
			The Company has the right to deduct or otherwise effect a withholding of the amount of any taxes (including, but not limited to, any FICA, FUTA, and similar taxes) required by federal, state, local or foreign laws to be withheld or otherwise deducted and paid with respect to the 

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

grant, vesting or settlement of the Restricted Stock Units; or, in lieu of such withholding, to require that the Grantee pay to the Company in cash (or, at the sole discretion of the Committee, in the form of shares of Common Stock or net settlement of the Award) the amount of any taxes required to be withheld or otherwise deducted and paid by the Company or any Subsidiary in connection with the grant, vesting or settlement of the Restricted Stock Units.  Unless the tax withholding obligations of the Company or any affiliate are satisfied, the Company will have no obligation to issue a certificate for any of the shares of Common Stock otherwise issuable pursuant to the Award (whether vested or unvested).
		

			
	
			
				 8.
			NON-SOLICIT

		
			The Participant hereby agrees that during Participant’s service with the Company and for a period of one year after Participant’s Termination of Employment (the “Restricted Period”), Participant will not (a) induce any customer or supplier of the Company or a Subsidiary or Affiliate, with which the Company or a Subsidiary or Affiliate has a business relationship, to curtail, cancel, not renew, or not continue his or her or its business with the Company or any Subsidiary or Affiliate, or (b) induce, or attempt to influence, any employee of or service provider to the Company or a Subsidiary or Affiliate to terminate such employment or service, or (c) interfere with or harm, or attempt to interfere with or harm, the relationship of the Company or any Subsidiary or Affiliate with any person who at any time was a customer or supplier of the Company or any Subsidiary or Affiliate or otherwise had a business relationship with the Company or any Subsidiary or Affiliate or hire, solicit for hire or cause to be hired, either as an employee, contractor or consultant, any person who is currently employed, or was employed at any time during the six-month period prior thereto, as an employee, contractor or consultant of the Company or any Subsidiary or Affiliate.  Notwithstanding the foregoing, this Section 8 shall not apply (i) in any case where the Participant’s Termination of Employment by the Company was not for Cause or (ii) at any time after expiration of the Restricted Period.  For avoidance of doubt, this Section 8 will apply in any case where the Participant voluntarily terminates service with the Company or where the Participant experiences a Termination of Employment with Cause.  In the event that Participant violates the terms of this Section 8, upon written demand of the Company, the Participant shall be obligated to disgorge to the Company the number of shares of Common Stock, or the cash value equivalent thereto (based upon the market value thereof on the applicable vesting date(s)), which vested during the twelve (12) months prior to Participant’s Termination of Employment. 
		

			
	
			
				 9.
			WAIVER OF CLAIMS

By executing the Grant Notice, Participant hereby releases and discharges Company, its directors, officers, employees, agents or successors of and from any demands or claims, of whatever kind or nature, whether known or unknown, arising out of Participant’s employment or other service with Company, including, but not limited to, claims of breach of express or implied contract, promissory estoppel, detrimental reliance, infliction of emotional distress, harassment and/or hostile work environment, claims under the Employee Retirement Income Security Act of 1974 or the Family and Medical Leave Act of 1993, the WARN Act, or claims of discrimination under the Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Americans with Disabilities Act of 1990, the 

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

	Sarbanes Oxley Act of 2002, the Internal Revenue Code, New York Anti-Discrimination Act, or any other local, state or federal law or regulation, as of the Grant Date.

			
	
			
				 10.
			NON-TRANSFERABILITY OF AWARD AND SHARES 

		
			The Participant understands, acknowledges and agrees that, except as otherwise provided in the Plan or as permitted by the Committee, the Award may not be sold, assigned, transferred, pledged or otherwise directly or indirectly encumbered or disposed of other than by will or the laws of descent and distribution.  
		

		
			In addition, unless otherwise determined by the Committee, the Participant shall not be permitted, for a period of one year following the Vesting Date, to sell, assign, transfer, pledge or otherwise directly or indirectly encumber or dispose of, other than by will or the laws of descent and distribution, any of the shares of Common Stock issued to the Participant hereunder (net of any shares withheld or disposed of to fund withholding taxes), if any, upon vesting and settlement of the Award pursuant to Section 3 and 4 hereof.
		

		
			If Participant, within a period of one year following the Vesting Date, sells, assigns, transfers, pledges or otherwise directly or indirectly encumbers or disposes of, other than by will or the laws of descent and distribution, any of the shares of the Common Stock issued to the Participant under this Award Agreement (net of any shares withheld or disposed of to fund withheld taxes), the Company may, at its sole discretion, obtain any remedy as it may see fit, including, but not limited to, refusing to issuing any Common Stock to Participant on or after the date of the breach of this Award Agreement.
		

			
	
			
				 11.
			OTHER AGREEMENTS SUPERSEDED

		
			The Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Award.  Any prior agreements, commitments or negotiations concerning the Award are superseded.
		

			
	
			
				 12.
			

			
	
			
			LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS

		
			Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in connection with the Award.  Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment at any time for any reason.
		

			
	
			
				 13.
			

			
	
			
			SECTION 409A

		
			Notwithstanding any other provision of the Plan or these Standard Terms and Conditions, this Award is not intended to provide for a deferral of compensation within the meaning of Section 

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

409A of the Code and is intended to qualify for as a “short-term deferral” under Section 409A of the Code, and these Standard Terms and Conditions shall be construed or deemed to be amended as necessary to effect such intent.  Under no circumstances, however, shall the Company have any liability under the Plan or these Standard Terms and Conditions for any taxes, penalties or interest due on amounts paid or payable pursuant to the Plan or these Standard Terms and Conditions, including any taxes, penalties or interest imposed under Section 409A of the Code.  
		

			
	
			
				 14.
			GENERAL

			
	
			
				 (a)
			

			
	
			
			In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

			
	
			
				 (b)
			

			
	
			
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.

			
	
			
				 (c)
			

			
	
			
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

			
	
			
				 (d)
			

			
	
			
			These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of law.

			
	
			
				 (e)
			

			
	
			
			In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control.  In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.

			
	
			
				 (f)
			

			
	
			
			All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute discretion.  

			
	
			
				 15.
			ELECTRONIC DELIVERY

		
			By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

		

		
			ZAYO GROUP HOLDINGS, INC. 
		

		
			2014 STOCK INCENTIVE PLAN

		

		
			SUMMARY
		

		
			 
		

		
			PART B RSU PLAN
		

		
			The Compensation Committee (the “Committee”) of the Board of Directors of Zayo Group Holdings, Inc. (the “Company”) has adopted a Performance Compensation Incentive Program (the “PCIP”) that will provide for the quarterly grant equity awards in the form of restricted stock units (“RSUs”) based upon Company and individual performance.  
		

		
			You have been selected to participate in Part B of the PCIP, which is directed toward members of the Company’s senior management group.  The following is a summary of the terms and conditions of your participation in Part B of the PCIP.  
		

		
			Please note that your participation in the PCIP and the grant of awards to you under the PCIP does not constitute an employment contract, express or implied, nor impose upon the Company any obligation to employ or continue to employ you.  Nothing herein shall interfere with or limit in any way the right of the Company to terminate your employment at any time or for any reason not prohibited by law.  In addition, please note that the Company may amend, suspend or discontinue the PCIP and/or your participation in any part of the PCIP at any time; provided that such amendment, suspension or termination will not affect your rights with respect to any outstanding awards previously granted to you under the PCIP without your consent.
		

		
			Quarterly Grants
		

		
			During your participation in Part B of the PCIP, you will eligible to receive awards on a quarterly basis, subject to being employed and in good standing on the first day of the Measurement Period (as defined below) and remain so through the RSU grant date for such Measurement Period.
		

		
			The aggregate target and maximum value of awards available on a quarterly basis to Part B participants under the under Part B of the PCIP shall be determined by the Committee in its sole discretion.  Part B participants – and each participant’s percentage participation in the quarterly target value – shall also be determined by the Committee in its sole discretion based upon any factors it deems relevant.  Awards under Part B of the PCIP will then be communicated to participants.  The first awards under Part B of the PCIP are anticipated to be granted immediately following the consummation of the Company’s initial public offering.  Note that an employee’s participation and percentage participation in any quarterly award is not a guarantee of future quarterly awards.
		

		
			Structure of Part B Awards
		

		
			Awards under Part B of the PCIP will be payable solely in the form of RSUs.  RSUs awarded pursuant to Part B of the PCIP will be granted pursuant to the Stock Plan and a form of Restricted Stock Unit award agreement adopted under the Stock Plan to evidence the grant of RSUs awarded under Part B of the PCIP and included as Exhibit B hereto.
		

		
			

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

		

		
			As set forth in more detail in the Restricted Stock Unit award agreement, RSUs granted in respect of Part B of the PCIP will vest (if at all), subject to continued employment with the Company and Company stock price performance, on the last day of the fourth full fiscal quarter ending after the grant date of the RSU (such four fiscal quarter period the “Performance Period”).  For example, an RSU awarded in respect of Part B of the PCIP near the beginning of the fourth quarter of FY 2015, will 100% cliff vest (if at all), subject to continued employment and Company stock price performance, on the last day of the third quarter of FY 2016 (March 31, 2016).
		

		
			Measurement of Part B Awards
		

		
			The number of RSUs earned under Part B awards, if any, will be determined following the end of the Performance Period to which such RSUs relate and based on the Company’s stock price performance over the Performance Period.  The following table set forth the payout percentage, expressed as a percentage of the number of RSUs awarded to you, which may be earned by you under Part B of the PCIP based upon the Company’s stock price performance over the Performance Period (calculated in the manner set forth below):
		

			
					
						Stock Price Performance Range

					
					
						Payout % of Target at Top of Range

					
					
						Average % Increase In Payout Within Range

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				
	
					
						% to    %

					
					
						%

					
					
						%

				

		
			Examples: The payout percentage increases on average by     % for every     % increase in stock price performance above   % and up to   %.  The payout percentage increases on average by   % for every 1% increase in stock price performance above   % and up to   %.  There is no payout under the Award if stock price performance is below   %.  
		

		
			In addition, should the Company’s stock price performance over the Performance Period exceed    %, then the payout percentage shall be    % multiplied by the Beginning Price multiplied by    , then divided by the Ending Price. 
		

		
			Note that the above payout percentages reflect (and are therefore net of) the benefit of the Company’s stock appreciation over the Performance Period. 
		

		
			For purposes of the Part B RSUs and the table above, “stock price performance” will be calculated as the percentage increase in the Company’s stock price from the beginning to the end of the Performance Period, adjusted for dividends paid during the Performance Period (assuming such dividends are reinvested in the Common Stock on the dividend payment date).  For purposes of this calculation, the Company’s stock price at the beginning of the Performance Period shall be the average closing price of the Company’s common stock over the ten (10) trading day period ending on the trading day immediately preceding the first day of the 

		 

		

			 

		

 

		

			Exhibit 10.4

		

		

			 

		

Performance Period (the “Beginning Price”), and the Company’s stock price at the end of the Performance Period shall be the average closing price of the Common Stock over the ten (10) trading day period ending on the last trading day of the Performance Period (the “Ending Price”).
		

		
			The actual number of Part B RSUs awarded to you in any quarter will be determined by first looking at the Company’s stock price at the beginning of the applicable Performance Period and projecting what the Company’s stock price would need to be at the end of the Performance Period in order for the Company to have achieved stock price performance of    % (assuming reinvestment of any dividend payments scheduled (as of the date of grant) to be made during the Performance Period).  Your number of awarded Part B RSUs would then equal the target dollar value allocated for your Part B RSU award for the applicable quarter divided by this ending stock price.zgh_Ex10_5

		

			Exhibit 10.5

		

		
			EMPLOYMENT AGREEMENT
		

		
			This Employment Agreement (the “Agreement”) is entered into as of July 27, 2016 (the “Effective Date”) between Zayo Group, LLC, a Delaware limited liability company (the “Company”) and John F. Waters, Jr. (the “Executive”) (each of the foregoing individually a “Party” and collectively the “Parties”). 
		

		
			WHEREAS, the Company wishes to employ the Executive and the Executive wishes to be employed by the Company, in each case, on the terms and conditions set forth herein;
		

		
			NOW, THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:
		

			
	
			
				 1.
			Term.  The term of the Executive’s employment hereunder shall commence on August 15, 2016 and shall continue until terminated pursuant to Section 5 hereof (the period between August 15, 2016 and the termination date referred to herein as the “Term”).  During the Term, the Executive will devote substantially all of his business time and use his best efforts to advance the business and welfare of the Company and its subsidiaries and affiliates.  The foregoing, however, shall not preclude the Executive from serving on civic or charitable boards or committees or managing personal investments,  so long as any such activities do not interfere with the performance of the Executive’s responsibilities hereunder.  Notwithstanding the foregoing, this Agreement is not a contract or a guarantee of employment for any specific period of time.  The Executive’s employment with the Company is “at-will.”

			
	
			
				 2.
			Position.  During the Term, the Executive shall serve as Chief Technology Officer and President of Network Solutions of the Company, and shall report directly to the Chief Executive Officer of the Company, with direct accountability to the Chief Operating Officer for certain functions.  During the Term, the Executive shall also serve in such other capacities as may be reasonably requested from time to time by the Chief Executive Officer or the Board of Directors of the Company (the “Board”) consistent with the Executive’s position and shall render such other services for the Company as the Board may from time to time reasonably request and as shall be consistent with the Executive’s position and responsibilities.  

			
	
			
				 3.
			Cash Compensation and Employee Benefits.  

			
	
			
				 (a)
			Cash Compensation.  During the Term, the Executive shall receive a base salary at a rate of $325,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company (the “Base Salary”).  

			
	
			
				 (b)
			Incentive Cash Compensation.  Beginning on October 1, 2016 and thereafter during the Term, the Executive shall be eligible to participate in the Company’s discretionary Incentive Cash Compensation Program (the “ICC”).  The Executive’s target annual bonus under the ICC shall be $200,000 (with a target bonus of $50,000 per quarter), which shall be prorated to account for any partial year.   Actual payments under, and the terms and conditions of, the ICC shall be determined by the Board or the compensation committee thereof (the “Compensation Committee”) in its sole discretion.  Any bonus awarded pursuant to this Section 

		 

 

		

			 

		

		

			 

		

	3(b) shall be paid pursuant to the terms of the ICC or any successor bonus program; provided, however, that any such bonus payment will be paid no later than March 15 of the year following the calendar year in which it was earned.

			
	
			
				 (c)
			Participation in Benefit Plans.  During the Term, the Executive shall be entitled to receive all perquisites and participate in all benefit plans and programs maintained by the Company that are available generally to its senior leadership team;  provided, however, that the Executive’s right to participate in such plans and programs shall not affect the Company’s right to amend or terminate the general applicability of such perquisites, plans and programs.  The Company may, in its sole discretion and from time to time, amend, eliminate or establish additional benefit programs as it deems appropriate.  Notwithstanding the Company’s paid vacation policy, the Executive is eligible to receive 20 days of paid vacation per calendar year; provided, however, that the Executive’s paid vacation for 2016 will be prorated to August 15, 2016.

			
	
			
				 (d)
			Expenses.  During the Term, the Company shall reimburse the Executive for all reasonable travel and other business expenses incurred by him in the performance of his duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures.    To the extent that any reimbursements payable to the Executive are subject to the provisions of Section 409A (as defined below): (i)  all such reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) the amount of expenses reimbursed in one taxable year will not affect the amount eligible for reimbursement in any subsequent taxable year, and (iii) the right to such reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.  For the avoidance of doubt, the Company agrees that, in determining reasonable travel and other business expenses for the Executive, it will apply the same customary practices it applies in determining reasonable travel and other business expenses for the senior leadership team.    

			
	
			
				 4.
			Equity Compensation Awards.   

			
	
			
				 (a)
			Restricted Stock Units.  During the Term, the Executive will be eligible to participate in the Company’s equity incentive compensation plan as in effect from time to time (the “RSU Plan”).  Beginning on January 1, 2017 and continuing throughout the Term, the Executive shall be eligible for awards under the RSU Plan with the aggregate annual target value of such awards equal to $3,125,000, which will be granted pursuant to the terms of the RSU Plan as in effect from time to time and such other terms and conditions as determined by the Board or the Compensation Committee in its sole discretion.   Any awards to the Executive under the RSU Plan shall be evidenced by and subject to the terms and conditions of the Company’s standard forms of award agreement applicable generally to the senior leadership team of the Company as in effect from time to time.    The Executive’s RSU structure will be consistent with and no less favorable than that provided to the Company’s senior leadership team.  Currently, the senior leadership team participates in a mix of “Part A” and “Part B” (as such terms are defined in the RSU Plan), and the specific structures of each are approved by the Compensation Committee and are modified from time to time.  The Executive’s input will be sought when making recommendations on the mix between Part A and Part B;  provided that no more than 50% of any such grant would consist of Part B.    

		
			

		 

		

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				 (b)
			Sign-on Restricted Stock Units.  In addition to the Executive’s participation in the RSU Plan as described in Section 4(a), the Executive shall be eligible to receive a special one-time grant of restricted stock units (the “Sign-on RSUs”) on the first date of the Executive’s employment hereunder with an aggregate value on the grant date thereof equal to $3,500,000.  Unless the Executive’s employment is terminated by the Company with Cause (defined below), or due to the Executive’s resignation for any reason prior to an applicable vesting date, the Sign-on RSUs shall vest according to the following schedule: shares having an aggregate value of $700,000 (i.e., twenty-percent (20%) of the aggregate Sign-on RSUs) shall vest on each of December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017,  calculated on each such vesting date based upon the average closing price of the Company’s common stock over the last ten trading days prior to such date.    For the avoidance of doubt, if the Company terminates the Executive’s employment without Cause at any time on or before December 31, 2017, the Sign-on RSUs shall, to the extent not already vested, continue to vest according to the schedule described above.  Moreover, the Sign-on RSUs shall vest in full on the date that is sixty (60) days following a Change of Control (defined below) of the Company provided that the Executive is employed by the Company at the time of such Change of Control.  At the Company’s sole discretion, the Sign-on RSUs may be settled in cash or shares of the Company’s common stock.  The Sign-on RSUs shall be evidenced the Company’s standard form of restricted stock unit award agreement with such modifications as necessary to conform to the terms and conditions of this Section 4(b).

			
	
			
				 (c)
			Definitions.  For purposes of the Sign-on RSUs and Section 5 below, the following definitions shall govern: 

			
	
			
				 (i)
			“Cause”  means the Executive’s (i) dishonesty of a material nature with respect to the Company (including, but not limited to, theft or embezzlement of the Company’s or any of its subsidiaries’ funds or assets); (ii) conviction of, or guilty plea or no contest plea, to a felony charge or any misdemeanor involving moral turpitude, or the entry of a consent decree with any governmental body; (iii) noncompliance in any material respect with any laws or regulations, foreign or domestic, affecting the operation of the Company’s or any of its subsidiaries’ business, if such noncompliance is (a) likely to have a material adverse effect on the Company or any of its subsidiaries and (b) the Executive had knowledge of such noncompliance, which noncompliance, if reasonably susceptible to cure, is not cured within ten (10) days of written notice thereof from the Board (or, if such noncompliance cannot feasibly be cured within said 10 day period and the Executive has not cured such noncompliance within a reasonable amount of time after using best efforts); (iv) violation of any express direction or any rule, regulation or policy established by the Board that is consistent with the terms of this Agreement, which violation, if reasonably susceptible to cure, is not cured within ten (10) days of written notice thereof from the Board (or, if such violation cannot feasibly be cured within said 10 day period and the Executive has not cured such violation within a reasonable amount of time after using best efforts), and if such violation is likely to have a material adverse effect on the Company or any of its subsidiaries; (v) material breach of this Agreement, which breach, if reasonably susceptible to cure, is not cured within ten (10) days of written notice thereof from the Board (or, if such material breach cannot feasibly be cured within said 10 day period and the Executive has not cured such material breach within a reasonable amount of time after using best efforts) or material breach of the Executive’s fiduciary duties to the Company or any of its 

		 

		

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	subsidiaries; or (vi) gross incompetence, gross neglect, or gross misconduct in the performance of the Executive’s duties.     

			
	
			
				 (d)
			“Change of Control” shall mean the occurrence of any of the following:

			
	
			
				 (i)
			the consummation of any merger or consolidation of the Company, if following such merger or consolidation the holders of the Company’s outstanding voting securities immediately prior to such merger or consolidation do not own a majority of the outstanding voting securities of the surviving corporation in approximately the same proportion as before such merger or consolidation; 

			
	
			
				 (ii)
			individuals who constitute the Board at the beginning of any 24-month period (“Incumbent Directors”) ceasing for any reason during such 24-month period to constitute at least a majority of the Board, provided that any person becoming a director during any such 24-month period whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement for the Company in which such person is named as a nominee for director, without objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director; 

			
	
			
				 (iii)
			the consummation of any sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the Company’s assets, other than a transfer of the Company’s assets to a majority-owned subsidiary of the Company or any other entity the majority of whose voting power is held by the shareholders of the Company in approximately the same proportion as before such transaction; 

			
	
			
				 (iv)
			the liquidation or dissolution of the Company; or 

			
	
			
				 (v)
			the acquisition by a person, within the meaning of Section 3(a)(9) or Section 13(d)(3) (as in effect on the date of adoption of the Plan) of the Securities Exchange Act of 1934, as amended, or any successor thereto, of a majority or more of the Company’s outstanding voting securities (whether directly or indirectly, beneficially or of record).

		
			(e)While the Executive agrees that any grants made under the RSU Plan shall be evidenced by and subject to the terms and conditions of the Company’s standard forms of award agreement, which terms and conditions shall be consistent with and no less favorable than those granted to the senior leadership team of the Company as in effect from time to time, such standard forms of award agreement shall contain an explicit statement that the Executive is not waiving any demands or claims arising out of, relating to or in connection with this Agreement or any amendments thereto in any and all waiver of claims sections or such similar sections.
		

			
	
			
				 5.
			Termination of Employment.  Subject to the further provisions of this Section 5, the Term and the Executive’s employment hereunder may be terminated by either Party at any time and for any or no reason; provided, however, that the Company and the Executive will be required to give written notice of any termination of the Executive’s employment as set forth in 

		 

		

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	this Section 5.  Following the Executive’s termination of employment by the Company for any reason, except as set forth in this Section 5, the Executive shall have no further rights to any compensation or any other benefits under this Agreement.

			
	
			
				 (a)
			Notice of Termination.  Any termination or resignation of the Executive’s employment by the Company or by the Executive, as applicable, under this Section 5 (other than termination of employment as a result of the Executive’s death) shall be communicated by a written notice (a “Notice of Termination”) to the other Party hereto (i) with respect to a termination by the Company, indicating whether the termination is for or without Cause, (ii) indicating the specific termination provision in this Agreement relied upon, (iii) with respect to a termination by the Company for Cause, setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iv) specifying a date of termination, subject to any applicable cure period (the “Date of Termination”), which, if submitted by the Executive, shall be thirty (30) days following the date of such notice (or such other date as mutually agreed by the Company and the Executive).  

			
	
			
				 (b)
			Accrued Rights.  Upon a termination of the Executive’s employment for any reason, the Executive (or the Executive’s estate) shall be entitled to receive the sum of the Executive’s Base Salary through the Date of Termination not theretofore paid; any expenses owed to the Executive under Section 3; and any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements (including without limitation, any disability or life insurance benefit plans, programs or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Accrued Rights”).

			
	
			
				 (c)
			Termination by the Company without Cause on or Prior to December 31, 2017.  If the Executive’s employment shall be terminated by the Company without Cause (and not by reason of the Executive’s resignation or disability) on or prior to December 31, 2017,  then, in addition to the Accrued Rights and the continued vesting of the Sign-on RSUs set forth in Section 4(b),  the Executive shall be eligible to receive a one-time lump sum cash payment from the Company equal to either (i) $600,000, if the Date of Termination is prior to March 31, 2017, or (ii) $300,000, if the Date of Termination is on or after March 31, 2017, and on or prior to December 31, 2017 (the “Severance Payment”).  The Severance Payment shall be paid on the 60th day following the Date of Termination.  The Severance Payment is subject to the Executive’s execution and non-revocation of a separation agreement and general release of claims in a form provided by the Company at the time of such termination.  

			
	
			
				 (d)
			Return of Property.  Upon cessation of the Executive’s employment with the Company for any reason, whether voluntary or involuntary, the Executive shall immediately deliver to the Company (i) all physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files and any and all other materials, including computerized and electronic information, that refers, relates or otherwise pertains to the Company or any subsidiary of the Company (or business dealings thereof) that are in the Executive’s possession, subject to the Executive’s control or held by the Executive for others; and (ii) all property or equipment that the Executive has been issued by the Company or any subsidiary of the Company during the course of his employment or property or equipment thereof that the Executive 

		 

		

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	otherwise possesses, including any computers, cellular phones, pagers and other devices.  The Executive acknowledges that he is not authorized to retain any physical, computerized, electronic or other types of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials, and is not authorized to retain any other property or equipment of the Company or any subsidiary of the Company.  The Executive further agrees that the Executive will immediately forward to the Company (and thereafter destroy any electronic copies thereof) any business information relating to the Company or any subsidiary of the Company that has been or is inadvertently directed to the Executive following the Executive’s last day of the Executive’s employment.  The provisions of this Section 5(d) are in addition to any other written obligations on the subjects covered herein that the Executive may have with the Company and its subsidiaries, and are not meant to and do not excuse such obligations.  Upon the termination of his employment with the Company and its subsidiaries, the Executive shall, upon the Company’s request, promptly execute and deliver to the Company a certificate (in form and substance satisfactory to the Company) to the effect that the Executive has complied with the provisions of this Section 5(d).  

			
	
			
				 (e)
			Resignation of Offices.  Promptly following any termination of the Executive’s employment with the Company (other than by reason of the Executive’s death), the Executive shall promptly deliver to the Company Executive’s written resignation from all positions that the Executive may then hold as an employee or officer of the Company or any subsidiary of the Company.  

			
	
			
				 6.
			Miscellaneous Onboarding Items.  The Executive’s employment hereunder is contingent upon the following:    

			
	
			
				 (a)
			The Executive’s ability to document that he is lawfully authorized to work in the United States by producing the appropriate documents.

			
	
			
				 (b)
			The Executive’s agreement to and signature acknowledging the Company’s Employee Confidentiality and Intellectual Property Agreement, the Employee Handbook, and People Operations Policies.

			
	
			
				 (c)
			The Executive’s completion of a background check acceptable to the Company.

			
	
			
				 7.
			Executive Representations.  The Executive hereby represents and warrants as follows: (a) the Executive is not subject to any agreement with any current or former employer or otherwise that will prohibit him from performing all aspects of his employment hereunder; (b) the Executive has not taken any information that is marked or the Executive has reason to believe is confidential, proprietary, and/or trade secrets from any prior employment; and (c) the Executive will not use or disclose any confidential, proprietary, or trade secrets information that the Executive might have knowledge of from any prior employment.

			
	
			
				 8.
			Severability.  If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion 

		 

		

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	and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

			
	
			
				 9.
			Mutual Drafting.  Each Party has had the opportunity to be represented by counsel of its choice in negotiating this Agreement.  This Agreement shall therefore be deemed to have been negotiated and prepared at the joint request, direction and construction of the Parties, at arm’s length, with the advice and participation of counsel, and shall be interpreted in accordance with its terms without favor to either Party, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this Agreement. 

			
	
			
				 10.
			Section 409A of the Internal Revenue Code.  Notwithstanding anything contained in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to the Executive pursuant to Section 4 are intended to be made in reliance upon Treas. Reg. § 1.409A-1(b)(4) (short-term deferral).  No amounts payable under this Agreement upon the Executive’s termination of employment shall be payable unless the Executive’s termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. § 1.409A-1(h).  The Company and the Executive intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).   If any provision of this Agreement does not satisfy the requirements of Section 409A, such provision shall nevertheless be applied in a manner consistent with those requirements. If any provision of this Agreement would subject the Executive to additional tax or interest under Section 409A, the Company shall reform the provision.  However, the Company shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Company shall not be required to incur any additional compensation expense as a result of the reformed provision. In no event whatsoever shall the Company be liable for any tax, interest or penalties that may be imposed on the Executive under Section 409A. Notwithstanding the foregoing, no particular tax result for the Executive with respect to any income recognized by the Executive in connection with this Agreement is guaranteed. Neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold the Executive harmless from any or all such taxes, interest, or penalties, or liability for any damages related thereto. The Executive acknowledges that he has been advised to obtain independent legal, tax or other counsel in connection with Section 409A. Each payment under this Agreement is intended to be a “separate payment” and not a series of payments for purposes of Section 409A.  Any payments or reimbursements of any expenses provided for under this Agreement shall be made in accordance with Treas. Reg. § 1.409A-3(i)(1)(iv).  All references in this Agreement to Section 409A include rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A.  

			
	
			
				 11.
			Section 280G of the Internal Revenue Code.  In the event that the Company enters into an arrangement or agreement with any Company employee intended to compensate such employee for the excise tax imposed on such employee under Section 4999 of the Internal Revenue Code of 1986, as amended (or any successor provision thereto) or any interest or penalties with respect to such excise tax in connection with payments or benefits constituting parachute payments within the meaning of Section 280G of the Code, the Company will make the same arrangement or agreement available to the Executive.   

		
			

		 

		

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				 12.
			Governing Law and Jurisdiction.  This Agreement shall be construed and enforced under and be governed in all respects by the laws of the State of Delaware, without regard to the conflict of laws principles thereof.  The Company and the Executive hereby consent and submit to the exclusive personal jurisdiction of the court in and of the State of Delaware and to the courts to which the decisions of appeal of such courts may be taken and consents that service of process with respect to all courts in and of the State of Delaware may be made by registered mail to the Executive’s address on file with the Company.

			
	
			
				 13.
			Assignment.  Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive to any affiliate or in the event that the Company shall after the Effective Date effect a reorganization, consolidate with or merge into, any entity or transfer all or substantially all of its properties or assets to any entity.  This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns.

			
	
			
				 14.
			Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving Party.  The failure of either Party to require the performance of any term or obligation of this Agreement, or the waiver by either Party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

			
	
			
				 15.
			Notices.  Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Legal Department or to such other address as any Party may specify by notice to the other.

			
	
			
				 16.
			Entire Agreement.  This Agreement constitutes the entire agreement among the Parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the Parties with respect to such subject matter.

			
	
			
				 17.
			Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company.

			
	
			
				 18.
			Headings.  The headings and captions in this Agreement are for convenience only, and in no way define or describe the scope or content of any provision of this Agreement.

			
	
			
				 19.
			Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.

		
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			IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have hereunto set their hands under seal, effective as of the Effective Date.
		

		
			Executive 
		

		
			 
		

		
			/s/ John F. Waters, Jr._____________ 
John F. Waters, Jr.
		

		
			 
		

		
			Zayo Group, LLC
		

		
			 
		

		
			By: /s/ Dan Caruso________________
      Name:  Dan Caruso
      Title:  CEO
		

		
			 
		

		 

		

			SIGNATURE PAGE TO EMPLOYMENT AGREEMENT

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