Document:

TARP Compensation Agreement

 Exhibit 10.2 
 TARP COMPENSATION AGREEMENT 
 THIS TARP COMPENSATION AGREEMENT (the
“Agreement”) is entered into as of March 31, 2011, by and between PrivateBancorp, Inc., a Delaware corporation (the “Company”), and the undersigned executive of the Company (“Grantee”).

 1. TARP Compensation. In light of restrictions on the manner, form and timing of payment of compensation otherwise
applicable to Grantee as a result of TARP Requirements (as defined below), the Company and Grantee agree to the following adjustments to Grantee’s compensation: 

(a) Cash: The Company will pay to Grantee additional cash compensation (“TARP Cash”), subject to
the terms and conditions of this Agreement, for services performed for the Company by Grantee. For 2011, aggregate TARP Cash will be the amount set forth on Schedule A. 

(b) Salary Stock: The Company will issue to Grantee shares of “salary stock,” subject to the terms and
conditions of this Agreement and the Company’s 2007 Long-Term Incentive Compensation Plan (“Plan”), for services performed for the Company by Grantee. For 2011, the aggregate amount of such “salary stock” will be the
amount set forth on Schedule A, to be paid in the form of shares of the Company’s common stock (“Salary Stock”), which will constitute a “Stock Award” under the Plan, and cash remitted to pay applicable
withholding taxes. 
 Any TARP Cash or Salary Stock for periods after 2011 will be determined by the Committee in its sole discretion. Payment
of TARP Cash and Salary Stock will not affect Grantee’s participation in any Company benefit plan for 2011. Notwithstanding the foregoing, Grantee shall not be entitled to participate in the Company’s Corporate Incentive Plan for 2011.

 2. Payment. TARP Cash will be paid, and Salary Stock will be issued, from time to time in installments corresponding
to the Company’s payroll dates, as in effect from time to time, for the period commencing as soon as practicable after the date hereof through and including December 31, 2011 (each, a “Grant Date”). The number of shares of
Salary Stock issuable on each Grant Date (the “Shares”) will be calculated by dividing (a) the Grant Date Amount set forth on Schedule A, net of applicable payroll taxes relating to such Grant Date Amount (which tax
amounts will be remitted in cash to the taxing authorities by the Company), by (b) the closing price of the Company’s common stock as of the applicable Grant Date. If any fractional share results from this calculation, the number of Shares
issued will be rounded down to the nearest whole number. Shares issued pursuant to this Agreement will be 100% vested upon their Grant Date. Shares awarded pursuant to this Agreement will be issued on the Grant Date or as soon as administratively
practicable thereafter in accordance with procedures applicable to equity awards generally. 

 3. Restrictions on Transfer; Release of Shares. 

(a) As a condition to receiving Shares under this Agreement, Grantee hereby agrees that Shares may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of prior to the earlier of (i) the second anniversary of the Grant Date of such Shares or (ii) the dates of Grantee’s death or permanent disability; provided, Grantee may
transfer Shares without consideration for estate planning purposes to a trust or limited partnership, in each case controlled by Grantee and for the benefit of Grantee or his family; provided further, that prior to any such transfer, the
transferee will deliver a written acknowledgement in form and substance reasonably acceptable to the Company agreeing to be bound by any restriction relating to the Shares set forth herein, in the Plan or in that certain Employment Term Sheet
Agreement dated October 30, 2007, between Grantee and the Company (“Term Sheet”). 
 (b)
Subject to the Plan, the restrictions on transfer on the Shares will lapse upon the occurrence of a Change of Control (as defined in the Plan). 
 (c) In furtherance of the foregoing, Grantee agrees that the Company (or its designated equity plan administrator) will retain custody of the Shares until the date the Shares are no longer subject to the
foregoing transfer restrictions. As promptly as practicable after the lapse of the restrictions on transfer set forth in this Agreement, the Company will cause the Shares to be released to Grantee or Grantee’s legal representative. 

4. Rights as a Stockholder. Grantee will have the rights of a stockholder with respect to Shares granted hereunder, including the
right to vote the Shares and receive any dividends that may be paid thereon; provided, however, that any additional common shares or other securities that Grantee may be entitled to receive pursuant to a stock dividend, stock split,
combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company will be subject to the same terms and conditions as the Shares covered by this Agreement,
including Section 3. 
 5. Termination of Employment. Upon termination of Grantee’s employment for any reason,
other than death or permanent disability or following a Change of Control, the Shares that remain subject to the transfer restrictions as of the date of such termination will remain subject to the provisions of Section 3. Grantee’s right
to subsequent TARP Cash payments or grants of Shares will immediately terminate upon such the date of such termination of employment, except that Grantee will be entitled to receive the portion of TARP Cash or Shares that was accrued but unpaid as
of the date of termination. 
 6. General Provisions. 

(a) Definitions. Capitalized terms not defined in this Agreement have the meanings ascribed to them in the Plan.

 (b) Nontransferable. Except to the extent permitted by Section 3(a), no rights under this
Agreement will be assignable or transferable by Grantee other than by will or by the laws of descent and distribution, the rights and the benefits of this Agreement may be exercised and received during Grantee’s lifetime only by Grantee or
Grantee’s legal representative. 
 (c) No Obligation to Employ. Nothing in this Agreement will confer
on Grantee any right to continue in the employ of, or to continue or establish any other relationship with, the Company, or limit in any way the right of the Company to terminate Grantee’ employment or other relationship at any time, with or
without cause, subject to Grantee’s rights set forth in the Term Sheet. 

  
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 (d) Amendment; Committee Discretion. The Committee may in its sole
discretion and without Grantee’s consent, at any time terminate, amend, suspend or modify this Agreement and any such action shall have no consequence with respect to the Term Sheet; provided that, notwithstanding the foregoing, no such
action will materially adversely affect Grantee’s rights and obligations under this Agreement with respect to amounts that Grantee has already earned and accrued without Grantee’s prior written consent (or the consent of Grantee’s
estate, if such consent is obtained after Grantee’s death). Any amendment of this Agreement will be in writing signed by an authorized officer of the Company. The Committee will have full discretion with respect to any actions to be taken or
determinations to be made in connection with this Agreement, and its determinations will be final, binding and conclusive. 
 (e) TARP Compliance. The terms and conditions of this Agreement are intended to comply with applicable law and will be subject to and limited by any requirements or limitations that may apply
under any applicable law, including the Emergency Economic Stabilization Act of 2008 as amended from time to time, including as amended by the American Recovery and Reinvestment Act of 2009, and all regulations and guidance promulgated thereunder
from time to time (collectively, the “TARP Requirements”). In the event that all or any portion of this Agreement is found to be conflict with the TARP Requirements, then in such event this Agreement will be automatically modified
to reflect the requirements of the law, regulation and/or guidance, and this Award will be interpreted and administered accordingly. As a condition of your receiving the TARP Cash and Salary Stock, you acknowledge that (i) this Agreement
remains subject to the TARP Requirements, (ii) it is subject to modification in order to comply with TARP Requirements, and (iii) you agree to immediately repay all amounts that may have been paid to you under this Agreement that are
later determined to be in conflict with the TARP Requirements. 
 (f) Other Benefits. TARP Cash and Salary
Stock will not be taken into account as “base salary,” “bonus” or otherwise in determining the amount of any base salary- or bonus-based benefit or right to which Grantee may be entitled under any Company plan or program in which
Grantee participates or any agreement to which Grantee is a party. 
 (g) Entire Agreement. The Shares are
granted pursuant to this Agreement and the Plan, which is incorporated herein by reference. This Agreement (including Schedule A), the Plan and such other documents as may be executed in connection with this Agreement constitute the entire agreement
and understand of the parties hereto with respect to the subject matter hereof, and supersede all prior understandings and agreements with respect to such subject matter. Any action taken or decision made by the Committee or the Company arising out
of or in connection with the construction, administration, interpretation or effect of this Agreement will lie within its sole and absolute discretion, and will be final, conclusive and binding on Grantee and all persons claiming under or through
Grantee. 
 (h) Notices. Any notice required to be given or delivered to the Company under the terms of
this Agreement will be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Grantee will be in writing and addressed to Grantee’s address
indicated in Grantee’s employment file. 

  
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 (i) Successors and Assigns. The Company may assign any of its rights
under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon Grantee and Grantee’s
heirs, executors, administrators, legal representatives, successors and assigns. 
 (j) Governing Law.
This Agreement will be governed and construed in accordance with the laws of the State of Illinois applicable to contracts to be made and performed entirely therein without giving effect to the principles of conflicts of law thereof or of any other
jurisdiction. 
 (k) Counterparts. This Agreement may be executed in counterparts, each of which will be
deemed an original, and all of which taken together will be considered one agreement. 
 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first set forth above. 
  

									
	COMPANY:	 		 	GRANTEE:
			
	PrivateBancorp, Inc.	 		 	
					
	By:	 	/s/ Larry D. Richman	 		 	By:	 	/s/ Bruce R. Hague
		 	Larry D. Richman	 		 	Name:	 	Bruce R. Hague
		 	 President and Chief Executive

Officer
	 		 		 	

  
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 SCHEDULE A 

 

			
	 Grantee
	  	Bruce R. Hague
		
	 TARP Cash
	  	$275,000
		
	 Salary Stock
	  	$275,000
		
	 Grant Date Amount
	  	$13,750, assuming 20 semi-monthly pay periods (all grants for March shall be awarded on the March 31, 2011 Grant Date)
		
	 Grant Date
	  	Each payroll date from and after March 15, 2011, through and including December 31, 2011

  
 A-1Employment Agreement

 Exhibit 10.1 
 DIGITAL REALTY TRUST, INC. 
 2730 SAND HILL ROAD, SUITE 280 
 MENLO PARK, CALIFORNIA 94025 

July 30, 2004 
 Dave Caron

 c/o Digital Realty Trust, Inc. 
 2730
Sand Hill Road, Suite 280 
 Menlo Park, California 94025 
  

	 	Re:    EMPLOYMENT	TERMS 

 Dear Dave:

 Digital Realty Trust, Inc. (the “REIT”) and Digital Realty, L.P. (the “Operating
Partnership” and together with the REIT, the “Company”) are pleased to offer you the position of Vice President of the REIT and the Operating Partnership on the following terms, effective as of the effective date of the
Registration Statement on Form S-11 with respect to the initial public offering of shares of the REIT’s common stock (the “IPO”) or such earlier date as may otherwise be mutually agreed to by you and the Company (the
“Effective Date”): 
 1. POSITION, DUTIES AND
RESPONSIBILITIES. As of the Effective Date, the Company will employ you, and you agree to be employed by the Company, as Vice President of the REIT and the Operating Partnership. In the capacity of Vice President,
you will have such duties and responsibilities as are normally associated with such position and will devote your full business time and attention serving the Company in such position. Your duties may be changed from time to time by the Company,
consistent with your position. You will report to the Chief Executive Officer of the REIT or the Operating Partnership, as applicable, and will work full-time at our principal offices located in Menlo Park, California (or such other location as the
Company may utilize as its principal or regional offices), except for travel to other locations as may be necessary to fulfill your responsibilities. At the Company’s request, you will serve the Company and/or its subsidiaries and affiliates in
other offices and capacities in addition to the foregoing. In the event that you serve in any one or more of such additional capacities, your compensation will not be increased beyond that specified in this letter. In addition, in the event your
service in one or more of such additional capacities is terminated, your compensation, as specified in this letter, will not be diminished or reduced in any manner as a result of such termination for so long as you otherwise remain employed under
the terms of this letter. 
 2. BASE COMPENSATION. During your employment
with the Company, the Company will pay you a base salary of $150,000 per year, less payroll deductions and all required withholdings, payable in accordance with the Company’s normal payroll practices and prorated for any partial month of
employment. Your base salary may be subject to adjustment pursuant to the Company’s policies as in effect from time to time. 

 3. ANNUAL BONUS. In addition to the
base salary set forth above, during your employment with the Company, you will be eligible to participate in the Company’s incentive bonus plan applicable to similarly situated employees of the Company. The amount of your annual bonus will be
based on the attainment of performance criteria established and evaluated by the Company in accordance with the terms of such bonus plan as in effect from time to time, provided that, subject to the terms of such bonus plan, your target and maximum
annual bonus shall initially be 50% and 75%, respectively, of your base salary actually paid for such year. 
 4.
PROFITS INTEREST AWARD. Subject to adoption by the Board of Directors of the REIT (the “Board”) and approval by the REIT’s stockholders of the Company’s
incentive award plan (the “Incentive Plan”), as of the effective date of the Registration Statement on Form S-11 with respect to the IPO (the “Pricing Date”), the Operating Partnership agrees to issue to you, and
you agree to accept from the Operating Partnership as part of your compensation for services rendered to or for the benefit of the Operating Partnership in your capacity as a partner, that number of Profits Interest Units (as defined the Amended and
Restated Agreement of Limited Partnership of Digital Realty, L.P.) which is equal to 0.375% of the Management Units Pool (as defined below) (the “Profits Interest Units”). The Profits Interest Units shall be vested in full as
of the Pricing Date. Consistent with the foregoing, the terms and conditions of the Profits Interest Units (including, without limitation, transfer restrictions with respect thereto) shall be set forth in a profits interest agreement to be entered
into by the Company and you which shall evidence the grant of the Profits Interest Units (the “Profits Interest Agreement”). For purposes of this letter, “Management Units Pool” shall mean that number of units equal
to three percent (3%) of the total number of shares of the REIT’s common stock expected to be outstanding (on a fully diluted basis) upon the closing of the IPO, as set forth in the preliminary prospectus printed and distributed to
potential investors in connection with the marketing of the IPO (or, if a subsequent preliminary prospectus is thereafter printed and recirculated to potential investors, then as set forth in such subsequent preliminary prospectus) (the
“Preliminary Prospectus”). 
 5. STOCK OPTION
AWARD. Subject to adoption by the Board and approval by the REIT’s stockholders of the Incentive Plan, as of the Pricing Date, the REIT agrees to grant to you in your capacity as an employee of the REIT or any
“subsidiary corporation” thereof (within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”)), and you agree to accept, a stock option to purchase that number of shares of the
REIT’s common stock which is equal to five percent (5%) of the Management Options Pool (as defined below) (the “Stock Option”). The Stock Option shall be granted to you as an “incentive stock option” (within the
meaning of Section 422 of the Code) under the Incentive Plan at an exercise price per share equal to the initial public offering price of a share of the REIT’s common stock. Subject to your continued employment with the Company, the Stock
Option shall vest and become exercisable with respect to twenty-five percent (25%) of the shares subject thereto on each of the first four anniversaries of the date of grant, provided that the Stock Option shall become fully vested and
exercisable in the event of a Change in Control (as defined in the Incentive Plan). Consistent with the foregoing, the terms and conditions of the Stock Option shall be set forth in a stock option agreement to be entered into by the Company and you
which shall evidence the grant of the Stock Option (the “Stock Option Agreement”). For purposes of this letter, 

  
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“Management Options Pool” shall mean that number of shares which is equal to one and one-half percent (1.5%) of the total number of shares of the REIT’s common stock
expected to be outstanding (on a fully diluted basis) upon the closing of the IPO, as set forth in the Preliminary Prospectus. 

6. BENEFITS AND VACATION. During your employment with the Company, you
will be eligible to participate in all incentive, savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time which are applicable to other similarly situated employees of the Company,
subject to the terms and conditions thereof. During such employment, you will also be eligible for standard benefits, such as medical insurance, sick leave, vacations and holidays to the extent applicable generally to other similarly situated
employees of the Company, subject to the terms and conditions of the applicable Company plans or policies. 
 7.
AT-WILL EMPLOYMENT. Your employment with the Company is “at-will,” and either you or the Company may terminate your employment for any reason whatsoever (or for no reason)
by giving 15 days prior written notice of such termination to the other party. This at-will employment relationship cannot be changed except in a writing signed by you and an authorized representative of the Company. 

8. TERMINATION OF EMPLOYMENT. In the event of a termination of your
employment hereunder by the Company without Cause (as defined below), then, in addition to any other accrued amounts payable to you through the date of termination of your employment, the Company will pay you severance payments in the form of salary
continuation for a period of six months following your termination of employment at a rate equal to your then current annual base salary, but in no event shall you or your estate or beneficiaries be entitled to any such payment hereunder upon any
termination of your employment by reason of your total and permanent disability or your death. Your right to receive the severance payments set forth herein is conditioned on and subject to your execution and non-revocation of a general release of
claims against the Digital Group, in a form reasonably acceptable to the Company. 
 For purposes of this letter,
“Cause” will be determined in the reasonable discretion of the Company, and will include, without limitation, the following: (i) material failure by you to exercise a reasonable level of skill and efficiency in performing your duties
or responsibilities; (ii) misconduct by you which injures the general reputation of any member of the Digital Group or interferes with contracts or operations of any member of the Digital Group; (iii) your conviction of, or entry of a
guilty or no contest plea to, a felony or any crime involving moral turpitude; (iv) fraud, misrepresentation, or breach of trust by you in the course of your employment which adversely affects any member of the Digital Group; (v) your
willful and gross misconduct in the performance of your duties hereunder that results in economic or other injury to the Company or its subsidiaries or affiliates; (vi) a material breach of your covenants set forth in Section 9 below; or
(vii) a material breach by you of any of your obligations under this letter. 

  
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 9. CONFIDENTIALITY AND
NON-SOLICITATION. 
 (a) As a condition of your employment with the Company,
you agree that during the term of such employment and thereafter, you will not directly or indirectly disclose or appropriate to your own use, or the use of any third party, any trade secret or confidential information concerning the REIT, the
Operating Partnership, or their respective subsidiaries or affiliates (collectively, the “Digital Group”) or their businesses, whether or not developed by you, except as it is required in connection with your services rendered for
the Company. You further agree that, upon termination of your employment, you will not receive or remove from the files or offices of the Digital Group any originals or copies of documents or other materials maintained in the ordinary course of
business of the Digital Group, and that you will return any such documents or materials otherwise in your possession. You further agree that, upon termination of your employment, you will maintain in strict confidence the projects in which any
member of the Digital Group is involved or contemplating. 
 (b) You further agree that during the term of such employment and
for six months after your employment is terminated, you will not directly or indirectly solicit, induce, or encourage any employee, consultant, agent, customer, vendor, or other parties doing business with any member of the Digital Group to
terminate their employment, agency, or other relationship with the Digital Group or such member or to render services for or transfer their business from the Digital Group or such member and you will not initiate discussion with any such person for
any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

(c) In recognition of the facts that irreparable injury will result to the Company in the event of a breach by you of your obligations
under Sections 9(a) and (b) above, that monetary damages for such breach would not be readily calculable, and that the Company would not have an adequate remedy at law therefor, you acknowledge, consent and agree that in the event of such
breach, or the threat thereof, the Company shall be entitled, in addition to any other legal remedies and damages available, to specific performance thereof and to temporary and permanent injunctive relief (without the necessity of posting a bond)
to restrain the violation or threatened violation of such obligations by you. 
 10. COMPANY
RULES AND REGULATIONS. As an employee of the Company, you agree to abide by Company rules and regulations as set forth in the Company’s Employee Handbook or as otherwise
promulgated. 
 11. PAYMENT OF FINANCIAL
OBLIGATIONS. In the event that your employment is shared among the Company and/or its subsidiaries and affiliates, the payment or provision to you by the Company of any remuneration, benefits or other financial
obligations pursuant to this letter may be allocated to the Company and, as applicable, its subsidiaries and/or affiliates in accordance with an employee sharing or expense allocation agreement entered into by such parties. 

12. WITHHOLDING. The Company may withhold from any amounts payable under this letter such Federal,
state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

  
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 13. ARBITRATION. Except as set forth in
Section 9(c) above, any disagreement, dispute, controversy or claim arising out of or relating to this letter or the interpretation of this letter or any arrangements relating to this letter or contemplated in this letter or the breach,
termination or invalidity thereof shall be settled by final and binding arbitration administered by JAMS/Endispute in San Francisco, California in accordance with the then existing JAMS/Endispute Arbitration Rules and Procedures for Employment
Disputes. Except as provided herein, the Federal Arbitration Act shall govern the interpretation, enforcement and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state of California, or
federal law, or both, as applicable, and the arbitrator is without jurisdiction to apply any different substantive law. The arbitrator shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and
shall apply the standards governing such motions under the Federal Rules of Civil Procedure. Judgment upon the award may be entered in any court having jurisdiction thereof. Each party shall pay his or its own attorneys’ fees and expenses
associated with such arbitration to the extent permitted by applicable law. 
 14. ENTIRE
AGREEMENT. As of the Effective Date, this letter, together with the Profits Interest Agreement and the Stock Option Agreement, constitutes the final, complete and exclusive agreement between you and the Company with
respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, made to you by any member of the Digital Group or any entity, or representative thereof, whose business or
assets any member of the Digital Group succeeded to in connection with the initial public offering of the REIT’s common stock or the transactions related thereto. You agree that any such agreement, offer or promise is hereby terminated and will
be of no further force or effect, and that upon his execution of this letter, you will have no right or interest in or with respect to any such agreement, offer or promise. In the event that the Effective Date does not occur, this letter (including,
without limitation, the immediately preceding sentence) shall have no force or effect. 
 15.
ACKNOWLEDGEMENT. You hereby acknowledge (a) that you have consulted with or have had the opportunity to consult with independent counsel of your own choice concerning this letter, and have been advised to do
so by the Company, and (b) that you have read and understand this letter, are fully aware of its legal effect, and have entered into it freely based on your own judgment. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 Please confirm your agreement to the foregoing by signing and dating the enclosed duplicate
original of this letter in the space provided below for your signature and returning it to Bill Stein. Please retain one fully executed original for your files. 
  

 

					
	Sincerely,
	
	 Digital Realty Trust, Inc., 

a Maryland corporation

		
	 By:
	 	 /s/ Michael F. Foust

	 Name: Michael F. Foust

	 Title: Chief Executive Officer

	
	 Digital Realty, L.P.,

a Maryland limited partnership

	
	 By: Digital Realty Trust, Inc.

	 Its: General Partner

		
	 By:
	 	 /s/ Michael F. Foust

	 Name: Michael F. Foust

	 Title: Chief Executive Officer

 Accepted and Agreed, 
 this 30th day of July, 2004. 

 

			
	 By:
	 	 /s/ Dave Caron

		 	 Dave Caron

	
	 Address:

	
	 #####

	
	 #####

  
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