Document:

EX-10.3

  			 

   

  CONFIDENTIAL CONSULTING AGREEMENT

  Exhibit 10.3

   

  This Confidential Consulting Agreement (the “Agreement”) is executed as of the date shown on the signature page (the “Effective Date”), by and between FLG Partners, LLC, a California limited liability company (“FLG”), and the entity identified on the signature page (“Client”).

  RECITALS

  WHEREAS, FLG is in the business of providing certain financial services;

  WHEREAS, Client wishes to retain FLG to provide and FLG wishes to provide such services to Client on the terms set forth herein;

  NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties hereto agree as follows:

   

   

  
   1.
   
    Services.
   

  

  A.	Commencing on the Effective Date, FLG will perform those services (the “Services”) described in one or more exhibits attached hereto.  Such services shall be performed by the member or members of FLG identified in Exhibit A (collectively, the “FLG Member”).

  B.	Client acknowledges and agrees that FLG’s success in performing the Services hereunder will depend upon the participation, cooperation and support of Client’s most senior management.

  C.	Notwithstanding anything in Exhibit A or elsewhere in this Agreement to the contrary, neither FLG nor any of its members shall serve as an employee, an appointed officer, or an elected director of Client.  Consistent with the preceding: (i) Client shall not appoint FLG Member as a corporate officer in Client’s corporate minutes; (ii) Client shall not elect FLG Member to its board of directors or equivalent governing body; and (iii) the FLG Member shall have no authority to sign any documents on behalf of Client, including, but not limited to, federal or state securities filings, tax filings, or representations and warranties on behalf of Client except as pursuant to a specific resolution(s) of Client’s board of directors or equivalent governing body granting such authority to FLG Member as a non-employee consultant to Client.

  D.	The Services provided by FLG and FLG Member hereunder shall not constitute an audit, attestation, review, compilation, or any other type of financial statement reporting engagement (historical or prospective) that is subject to the rules of the California Board of Accountancy, the AICPA, or other similar state or national licensing or professional bodies.  Client agrees that any such services, if required, will be performed separately by its independent public accountants or other qualified consultants.

  E.	During the term of this Agreement, Client shall not hire or retain the FLG Member as an employee, consultant or independent contractor except pursuant to this Agreement.

  
   2.
   
    Compensation; Payment; Deposit; Expenses.
   

  

  A.	As compensation for Services rendered by FLG hereunder, Client shall pay FLG the amounts set forth in Exhibit A for Services performed by FLG hereunder (the “Fees”).  The Fees shall be net of any and all taxes, withholdings, duties, customs, social contributions or other reductions imposed by any and all authorities which are required to be withheld or collected by Client or FLG, including ad valorem, sales, gross receipts or similar taxes, but excluding US income taxes based upon FLG’s or FLG Member’s net taxable income.

  B.	As additional compensation to FLG, Client will pay FLG the incentive bonus or warrants or options, if any, set forth in Exhibit A.

  C.	Client shall pay FLG all amounts owed to FLG under this Agreement upon Client’s receipt of invoice, with no purchase order required.  Any invoices more than thirty (30) days overdue will accrue a late payment fee at the rate of one and 50/100 percent (1.5%) per month.  FLG shall be entitled to recover all costs and expenses (including, without limitation, attorneys’ fees) incurred by it in collecting any amounts overdue under this Agreement.

  D.	Client hereby agrees to pay FLG a deposit as set forth on Exhibit A (the “Deposit”) to be held in its entirety as security for Client’s future payment obligations to FLG under this Agreement.  Upon termination of this Agreement, all amounts then owing to FLG under this Agreement shall be charged against the Deposit and the balance thereof, if any, shall be refunded to Client.

  E.	Within ten (10) days of Client’s receipt of an expense report from FLG’s personnel performing Services hereunder, Client shall immediately reimburse FLG personnel directly for reasonable travel and out-of-pocket business expenses detailed in such expense report.  Any required air travel, overnight accommodation and resulting per diem expenses shall be consistent with Client’s travel & expense policies for Client’s employed executive staff.

  
   3.
   
    Relationship of the Parties.  
   

  

  A.	FLG’s relationship with Client will be that of an independent contractor and nothing in this Agreement shall be construed to create a partnership, joint venture, or employer-employee relationship.  FLG is not the agent of Client and is not authorized to make any presentation, contract, or commitment on behalf of Client unless specifically requested or authorized to do so by Client in writing.  FLG agrees that all taxes payable as a result of compensation payable to FLG hereunder shall be FLG’s sole liability.  FLG shall defend, indemnify and hold harmless Client, Client’s officers, directors, employees and agents, and the administrators of Client’s benefit plans from and against any claims, liabilities or expenses relating to such taxes or compensation.

  
   4.
   
    Term and Termination.
   

  

  A.	The term of this Agreement shall be for the period set forth in Exhibit A.

  B.	Either party may terminate this Agreement upon thirty (30) calendar days advance written notice to the other party.

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  CONFIDENTIAL CONSULTING AGREEMENT

  C.	Either party may terminate this Agreement immediately upon a material breach of this Agreement by the other party and a failure by the other party to cure such breach within ten (10) days of written notice thereof by the non-breaching party to the breaching party.

  D.	FLG shall have the right to terminate this Agreement immediately without advance written notice (i) if Client is engaged in, or requests that FLG or the FLG Member undertake or ignore any illegal or unethical activity, or (ii) upon the death or disability of the FLG Member.

  E.	This Agreement shall be deemed terminated if during any six month period no billable hours occur, with the termination date effective on the date of the last billable hour therein.

  F.	If at any time during the one (1) year period following termination of this Agreement Client shall hire or retain the FLG Member as an employee, consultant or independent contractor, AND in so doing induce, compel or cause FLG Member to leave FLG as a precondition to commencing or continuing employment or consultancy with Client, Client shall immediately pay to FLG in readily available funds a recruiting fee equal to the annualized amount of Fees payable hereunder, which shall equal either (i) 260 multiplied by the daily rate, if this Agreement provides for Fees payable by daily rate, or (ii) 2,100 multiplied by the hourly rate, if this Agreement provides for Fees payable by hourly rate, multiplied by thirty percent (30%).

  
   5.
   
    Disclosures
   

  

  A.	IRS Circular 230.  To ensure compliance with requirements imposed by the IRS effective June 20, 2005, FLG hereby informs Client that any tax advice offered during the course of providing, or arising out of, the Services rendered pursuant to this Agreement, unless expressly stated otherwise, is not intended or written to be usedco, and cannot be used, for the purpose of: (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any tax-related matter(s) said tax advice address(es).

  B.	Attorney-Client Privilege.  Privileged communication disclosed to FLG or FLG Member may waive the privilege through no fault of FLG.  FLG strongly recommends that Client consult with legal counsel before disclosing privileged information to FLG or FLG Member.  Pursuant to Paragraph 6, neither FLG nor FLG Member will be responsible for damages caused through Client’s waiver of privilege, whether deliberate or inadvertent, by disclosing such information to FLG or FLG Member.

  
   6.
   
    DISCLAIMERS AND LIMITATION OF LIABILITY.
   

  

  EXCEPT AS EXPRESSLY SET FORTH HEREIN, ALL SERVICES TO BE PROVIDED BY FLG AND FLG MEMBER (FOR PURPOSES OF THIS PARAGRAPH 6, COLLECTIVELY “FLG”) HEREUNDER ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY WHATSOEVER.  CLIENT RECOGNIZES THAT THE “AS IS” CLAUSE OF THIS AGREEMENT IS AN IMPORTANT PART OF THE BASIS OF THIS AGREEMENT, WITHOUT WHICH FLG WOULD NOT HAVE AGREED TO ENTER INTO THIS AGREEMENT.  FLG EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, TERMS OR CONDITIONS, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING THE PROFESSIONAL SERVICES, INCLUDING ANY, WARRANTIES OF MERCHANTABILITY, TITLE, FITNESS FOR A PARTICULAR PURPOSE AND INFRINGEMENT.  NO REPRESENTATION OR OTHER AFFIRMATION OF FACT REGARDING THE SERVICES PROVIDED HEREUNDER SHALL BE DEEMED A WARRANTY FOR ANY PURPOSE OR GIVE RISE TO ANY LIABILITY OF FLG WHATSOEVER.

  IN NO EVENT SHALL FLG BE LIABLE FOR ANY INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, UNDER ANY CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO: LOST PROFITS; REVENUE OR SAVINGS; WAIVER BY CLIENT, WHETHER INADVERTENT OR INTENTIONAL, OF CLIENT’S ATTORNEY-CLIENT PRIVILEGE THROUGH CLIENT’S DISCLOSURE OF LEGALLY PRIVILEGED INFORMATION TO FLG; OR THE LOSS, THEFT, TRANSMISSION OR USE, AUTHORIZED OR OTHERWISE, OF ANY DATA, EVEN IF CLIENT OR FLG HAVE BEEN ADVISED OF, KNEW, OR SHOULD HAVE KNOWN, OF THE POSSIBILITY THEREOF.  NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, FLG’S AGGREGATE CUMULATIVE LIABILITY HEREUNDER, WHETHER IN CONTRACT, TORT, NEGLIGENCE, MISREPRESENTATION, STRICT LIABILITY OR OTHERWISE, SHALL NOT EXCEED AN AMOUNT EQUAL TO THE LAST TWO (2) MONTHS OF FEES PAYABLE BY CLIENT UNDER PARAGRAPH 2(A) OF THIS AGREEMENT.  CLIENT ACKNOWLEDGES THAT THE COMPENSATION PAID BY IT UNDER THIS AGREEMENT REFLECTS THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT FLG WOULD NOT ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON ITS LIABILITY. THIS PARAGRAPH SHALL NOT APPLY TO EITHER PARTY WITH RESPECT TO A BREACH OF ITS CONFIDENTIALITY OBLIGATIONS.

  A.	As a condition for recovery of any amount by Client against FLG, Client shall give FLG written notice of the alleged basis for liability within ninety (90) days of discovering the circumstances giving rise thereto, in order that FLG will have the opportunity to investigate in a timely manner and, where possible, correct or rectify the alleged basis for liability; provided that the failure of Client to give such notice will only affect the rights of Client to the extent that FLG is actually prejudiced by such failure.  Notwithstanding anything herein to the contrary, Client must assert any claim against FLG by the sooner of: (i) ninety (90) days after discovery; (ii) ninety (90) days after the termination of this Agreement; (iii) ninety (90) days after the last date on which the Services were performed; or, (iv) sixty (60) days after completion of a financial or accounting audit for the period(s) to which a claim pertains.

  
   7.
   
    Indemnification.
   

  

  A.	FLG and FLG Member acting in relation to any of the affairs of Client shall, to the fullest extent permitted by law, as now or hereafter in effect, be indemnified and held harmless, and such right to indemnification shall continue to apply to FLG and FLG Member following the term of this Agreement out of the assets and profits of the Client from and against all actions, costs, charges, losses, damages, liabilities and expenses which FLG or FLG Member, or FLG’s or FLG Member’s heirs, executors or administrators, shall or may incur or sustain by or by reason for any act done, concurred in or omitted in or about the execution of FLG’s or FLG Member’s duty or services performed on behalf of Client; and Client shall advance the reasonable attorney’s fees, costs and expenses incurred by FLG or FLG’s Member in connection with litigation related to the foregoing on the same basis as such advancement would be available to the Client’s officers and directors, PROVIDED THAT Client shall not be obligated to make payments to or on behalf of any person (i) in connection with services provided  by such person outside the scope of Services contemplated by this Agreement, and not 

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  CONFIDENTIAL CONSULTING AGREEMENT

  authorized or consented to by Client’s CEO or Board of Directors, or (ii) in respect of any (a) gross negligence or willful misconduct of such person, or (b) negligence of such person, but only to the extent that FLG’s errors and omissions liability insurance would cover such person for such negligence without regard to Client’s obligation to indemnify FLG hereunder. 

  B.	FLG and FLG Member shall have no liability to Client relating to the performance of its duties under this Agreement except in the event of FLG’s or FLG Member’s gross negligence or willful misconduct.

  C.	FLG and FLG Member agree to waive any claim or right of action FLG or FLG Member might have whether individually or by or in the right of Client, against any director, secretary and other officers of Client and the liquidator or trustees (if any) acting in relation to any of the affairs of Client and every one of them on account of any action taken by such director, officer, liquidator or trustee or the failure of such director, officer, liquidator or trustee to take any action in the performance of his duties with or for Client; PROVIDED THAT such waiver shall not extend to any matter in respect of any gross negligence or willful misconduct which may attach to any such persons.

  
   8.
   
    Representations and Warranties.
   

  

  A.	Each party represents and warrants to the other that it is authorized to enter into this Agreement and can fulfill all of its obligations hereunder.

  B.	FLG and FLG Member warrant that they shall perform the Services diligently, with due care, and in accordance with prevailing industry standards for comparable engagements and the requirements of this Agreement.  FLG and FLG Member warrant that FLG Member has sufficient professional experience to perform the Services in a timely and competent manner.

  C.	FLG and FLG Member agree to not improperly use, disclose, or induce Client to use any proprietary information or trade secrets of any former or current employer of FLG or FLG Member or other person or entity with which FLG or FLG Member has an obligation to keep in confidence. FLG Member also agrees that FLG Member will not bring onto Client premises or transfer onto Client technology systems any unpublished document, proprietary information, or trade secrets belonging to any third party unless disclosure to, and use by, Client has been consented to in writing by such third party.

  D. 	Each party represents and warrants that it has and will maintain a policy or policies of insurance with reputable insurance companies providing the members, officers and directors, as the case may be, of itself with coverage for losses from wrongful acts. FLG covenants that it has an error and omissions insurance policy in place in the form provided to Client prior to or contemporaneously with the date of execution of this Agreement and will continue to maintain such policy or equivalent policy provided that such policy or equivalent policy shall be available at commercially reasonable rates.

  
   9.
   
    Work Product License. The parties do not anticipate that FLG or FLG Member will create any intellectual property for Client in performing the Services pursuant to this Agreement.  However, FLG and FLG Member grant to Client a world-wide, perpetual, exclusive, royalty-free, irrevocable license to use and create derivative works from all tangible and electronic documents, spreadsheets, and financial models (collectively, “Work Product”) produced or authored by FLG Member in the course of performing the Services pursuant to this Agreement. Any patent rights arising out of the Services will be assigned to and owned by Client and not FLG or FLG Member. All other rights, including, but not limited to, the residual memory of any methods, discoveries, developments, improvements, know-how, ideas, insights, analytical concepts and skills directly inherent to, or reasonably required for, the competent execution of FLG Member’s profession as a chief financial officer are reserved in their entirety by FLG and FLG Member.
   

  

  
   10.
   
    Miscellaneous.
   

  

  A.	Any notice required or permitted to be given by either party hereto under this Agreement shall be in writing and shall be personally delivered or sent by a reputable courier mail service (e.g., Federal Express) or by facsimile confirmed by reputable courier mail service, to the other party as set forth in this Paragraph 10(A).  Notices will be deemed effective two (2) days after deposit with a reputable courier service or upon confirmation of receipt by the recipient from such courier service or the same day if sent by facsimile and confirmed as set forth above.

  		If to FLG:

  Jeffrey S. Kuhn

  FLG Partners, LLC

  P.O. Box 556

  7 East Road

  Ross, CA 94957-0556

  Tel: 415-454-5506

  Fax: 415-456-1191

  E-mail: jeff@flgpartners.com

  	If to Client:  the address, telephone numbers and email address shown below Client’s signature on the signature page.

  B.	This Agreement will be governed by and construed in accordance with the laws of California without giving effect to any choice of law principles that would require the application of the laws of a different jurisdiction.

  C.	Any claim, dispute, or controversy of whatever nature arising out of or relating to this Agreement (including any other agreement(s) contemplated hereunder), including, without limitation, any action or claim based on tort, contract, or statute (including any claims of breach or violation of statutory or common law protections from discrimination, harassment and hostile working environment), or concerning the interpretation, effect, termination, validity, performance and/or breach of this Agreement (“Claim”), shall be resolved by final and binding arbitration before a single arbitrator (“Arbitrator”) selected from and administered by the San Francisco office of JAMS (the “Administrator”) in accordance with its then existing commercial arbitration rules and procedures.  The arbitration shall be held in San Francisco, California.  The Arbitrator shall, within fifteen (15) calendar days after the conclusion of the Arbitration hearing, issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded.  The Arbitrator also shall be authorized to grant any temporary, preliminary or permanent equitable remedy or relief he or she deems just and equitable and within the scope of this Agreement, including, without 

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  CONFIDENTIAL CONSULTING AGREEMENT

  limitation, an injunction or order for specific performance.  Each party shall bear its own attorneys’ fees, costs, and disbursements arising out of the arbitration, and shall pay an equal share of the fees and costs of the Administrator and the Arbitrator; provided, however, the Arbitrator shall be authorized to determine whether a party is the prevailing party, and if so, to award to that prevailing party reimbursement for its reasonable attorneys’ fees, costs and disbursements, and/or the fees and costs of the Administrator and the Arbitrator. The Arbitrator's award may be enforced in any court of competent jurisdiction.  Notwithstanding the foregoing, nothing in this Paragraph 10(C) will restrict either party from applying to any court of competent jurisdiction for injunctive relief.

  D.	Neither party may assign its rights or delegate its obligations hereunder, either in whole or in part, whether by operation of law or otherwise, without the prior written consent of the other party; provided, however, that FLG may assign its rights and delegate its obligations hereunder to any affiliate of FLG.  The rights and liabilities of the parties under this Agreement will bind and inure to the benefit of the parties’ respective successors and permitted assigns.

  E.	If any provision of this Agreement, or the application thereof, shall for any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances shall be interpreted so as best to reasonably effect the intent of the parties.  The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision.

  F.	This Agreement, the Exhibits, and any executed Non-Disclosure Agreements specified herein and thus incorporated by reference constitute the entire understanding and agreement of the parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements or understandings, express or implied, written or oral, between the parties with respect hereto.  The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

  G.	Any term or provision of this Agreement may be amended, and the observance of any term of this Agreement may be waived, only by a writing signed by the parties.  The waiver by a party of any breach hereof for default in payment of any amount due hereunder or default in the performance hereof shall not be deemed to constitute a waiver of any other default or succeeding breach or default.

  H.	Upon completion of the engagement hereunder FLG may place customary “tombstone” advertisements using Client’s logo and name in publications of FLG’s choice at its own expense, and/or cite the engagement in similar fashion on FLG’s website.

  I.	If Client discloses FLG Member’s name on Client’s website (such as in an executive biography, for example), press releases, SEC filings and other public documents and media, then Client shall include in the description of FLG Member a sentence substantially the same as “[FLG Member] is also a partner at FLG Partners, a leading CFO services firm in Silicon Valley.”

  J.	If and to the extent that a party’s performance of any of its obligations pursuant to this Agreement is prevented, hindered or delayed by fire, flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots, civil disorders, rebellions or revolutions, or any other similar cause beyond the reasonable control of such party (each, a “Force Majeure Event”), and such non-performance, hindrance or delay could not have been prevented by reasonable precautions of the non-performing party, then the non-performing, hindered or delayed party shall be excused for such non-performance, hindrance or delay, as applicable, of those obligations affected by the Force Majeure Event for as long as such Force Majeure Event continues and such party continues to use its best efforts to recommence performance whenever and to whatever extent possible without delay, including through the use of alternate sources, workaround plans or other means.

  K.	This Agreement may be executed in any number of counterparts and by the parties on separate counterparts, each of which when executed and delivered shall constitute an original, but all the counterparts together constitute one and the same instrument.

  L.	This Agreement may be executed by facsimile signatures (including electronic versions of this document in Adobe Acrobat Portable Document Format form which contain scanned or secure, digitally signed signatures) by any party hereto and such signatures shall be deemed binding for all purposes hereof, without delivery of an original signature being thereafter required.

  M.	Survivability. The following Paragraphs shall survive the termination of this Agreement: 6 (“Disclaimers and Limitation of Liability”); 7 (“Indemnification”); 8 (“Representations and Warranties”); 9 (“Work Product License”); and 10 (“Miscellaneous”).

   

   

   

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

   

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  CONFIDENTIAL CONSULTING AGREEMENT

  		
	CLIENT:
Alector, Inc.,
a Delaware corporation.
By:	Claire Hunt
Signed:	/s/ Clare Hunt
Title:	Head of People
Address:	131 Oyster Point Blvd., Suite 600,
 South San Francisco, CA 94080
Tel:	(415) 231-5660
Fax:
Email:	clare.hunt@alector.com
	FLG:
FLG Partners, LLC, 
a California limited liability company.
By:	Jeffrey S. Kuhn
Signed:	/s/ Jeffrey S. Kuhn
Title:	Administrative Partner
Effective Date:	September 3, 2021

   

   

   

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  CONFIDENTIAL CONSULTING AGREEMENT

  EXHIBIT A

  
   1.
   
    Description of Services:  CFO level services typical for a publicly held corporation. FLG Member will act as a Section 16 officer.
   

  

  
   2.
   
    FLG Member: Linda Rubinstein.
   

  

  
   3.
   
    Fees:  $600 per hour, subject to any hourly maximums that Client may establish from time to time.
   

  

  
   1.
   
    Additional Compensation: None.
   

  

  
   4.
   
    Deposit: $20,000.
   

  

  
   5.
   
    Term:  Indefinite, and terminable pursuant to Paragraph 4 of the Agreement.
   

  

  
   6.
   
    Non-Disclosure Agreement: FLG-Client Mutual Non-Disclosure Agreement dated April 21, 2021 (the “NDA”). FLG hereby expressly consents to the public disclosure of the existence of FLG’s relationship with Client, by Client, provided that the terms and conditions herein shall remain confidential pursuant to the terms of the NDA.
   

  

   

   

   

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 Exhibit 10.1        
                                                
			
	
CORPORATE OFFICE
ONE FEDERAL STREET
BOSTON, MA 02110
www.ironmountain.com 

August 6, 2021

Mr. Ernest Cloutier
34 Livingston St.
Wellesley, MA  02482

Dear Ernie:
This will confirm that we have agreed to the following terms and conditions regarding your separation from employment with Iron Mountain Information Management, LLC (“Iron Mountain” or the “Company”).

1.End of Employment.  Your employment with Iron Mountain will terminate on December 31, 2021 (the “Termination Date”).  Effective as of October 1, 2021, you will no longer serve as an Executive Vice President and General Manager, Global Records and Information Management (“EVP & GM, Global RIM”) of Iron Mountain Incorporated and of its subsidiaries.  Between such date and the Termination Date, your role will be to facilitate the transition of the EVP & GM, Global RIM role and to support the Company’s new and/or acting EVP & GM, Global RIM.  If you resign your employment with Iron Mountain prior to the Termination Date, the benefits described in Sections 2 and 4 of this Agreement and benefits under the Iron Mountain Companies Severance Plan Severance Program No. 1 (“Severance Program No. 1”) will be forfeited.  Notwithstanding the foregoing, if you accept or announce your acceptance of a position with any entity other than Iron Mountain, its subsidiaries, or affiliates, such acceptance or announcement shall not be interpreted either as a resignation from your employment or a notification of your intent to resign, and shall not otherwise impact your right to severance pay and other benefits under this Agreement, Severance Program No. 1, or the Iron Mountain Companies Severance Plan, as applicable; provided, however, that you remain an employee of Iron Mountain through the Termination Date.

2.Severance Pay and Equity Vesting.  Provided that you (a) sign this Agreement and do not revoke your signature; (b) comply with all of your obligations set forth herein and under Section 3.4(a) of Severance Program No. 1, and (c) on or after the Termination Date, sign (and not revoke) a release of claims in the form attached hereto as Exhibit A, then Iron Mountain will provide you with the benefits set forth in Severance Program No. 1.  Pursuant to Section 3.1(c) of Severance Program No. 1, your Target Bonus Payment will be calculated as follows:  110% of your base salary on the Termination Date multiplied by your average payout percentage based upon financial performance and individual performance goals for 

Mr. Ernest Cloutier
Page 2

2018, 2019, and 2020.  The timing of your Severance Pay is governed by Severance Program No. 1.  

3.Authorized Deductions. You hereby authorize the Company to deduct from the severance payments(s), to the fullest extent permissible by law, including but not limited to (i) undocumented and unauthorized travel and expense reimbursement; (ii) negative vacation balance or overpayment of compensation; and (iii) any unpaid balance on your corporate American Express Card and/or your corporate Citibank Card. You agree to provide the Company, within one week of your Termination Date, all travel and expense related documentation for which you have received or are seeking reimbursement.  

4.Benefits.  All Company benefits will end on your Termination Date except as otherwise provided herein or pursuant to applicable law.  Under Section 3.2(a) of Severance Program No. 1, the Company will continue to pay the employer share of the cost of medical and dental coverage for you, your spouse and your dependents until the earlier of 52 weeks following your termination or the date on which you become covered under another group health plan.    

5.Tax Support and Equalization.  The Company will provide you with up to $20,000 per year for tax preparation  through PwC for tax filings for calendar years 2021 and 2022.  PwC will invoice the Company directly.  The Company will be responsible for all reasonable tax equalization costs incurred as a result of your assignment for Iron Mountain.

6.Outplacement.  In accordance with Section 3.2(b) of Severance Program No. 1, you are also eligible for up to outplacement services (through Lee Hecht Harrison), such outplacement services will continue for 12 months following the Termination Date.  You may start using such outplacement services prior to the Termination Date.

7.Unemployment Compensation.  Eligibility for state unemployment compensation benefits is determined by applicable state law.  Iron Mountain will not contest or appeal any claim for unemployment compensation benefits that you may file after the Termination Date.

8.Release of Claims. In exchange for the promises and payments described in this Agreement, you must execute and return the Release attached hereto as Exhibit A.  If you sign and date the Release prior to the Termination Date, you may be required to sign a second, identical Release on the Termination Date in order to waive any claim(s) that may have arisen between the date you signed this agreement and the Termination Date.

Mr. Ernest Cloutier
Page 3

You hereby represent that you have not previously filed or joined in any complaints, charges or lawsuits against Iron Mountain pending before any governmental agency or court of law relating to your employment and/or the termination thereof.  You acknowledge that any workplace injuries you may have sustained during the course of your employment with Iron Mountain have resolved and you have no new injuries to report.

9.Iron Mountain Employee Confidentiality, Non-Competition, Non-Solicitation and Assignment of Inventions Agreement. You hereby acknowledge and affirm your continuing obligations under the Iron Mountain Employee Confidentiality, Non-Competition, Non-Solicitation and Assignment of Inventions Agreement, or such similar agreement signed by you as a condition of your employment with Iron Mountain that protects the company’s confidential information, intellectual property and customer relationship (collectively referred to as “Employee Agreement”).  The Employee Agreement shall continue in full force and effect also after the Termination Date and is incorporated into this Agreement by reference. You acknowledge that your continued compliance with the Employee Agreement is a condition of your receiving the severance payments and benefits provided in this Agreement.  If you violate your Employee Agreement, you acknowledge that Iron Mountain has the right to demand that you return all the payments under Section 2 (except $100) and that if you fail to return the Payments (except $100) within 14 days of receiving Iron Mountain’s written demand for such repayment, Iron Mountain has the right to seek legal recourse against you and that in addition to the repayment, you agree to reimburse Iron Mountain for all reasonable attorneys’ fees and costs associated with enforcing this Section.

10.Return of Property.  All equipment, documents and materials provided to you during your employment with Iron Mountain are the sole property of Iron Mountain.  You agree to return to Iron Mountain all such property within your possession or control, including, but not limited to, laptop and related devices, phone, credit cards, customer and vendor records and other documents and materials, whether hard copy or electronic form, and all copies thereof, and all other property belonging to Iron Mountain no later than the Termination Date.  You further agree to provide any passwords or security codes necessary for Iron Mountain to access the above materials no later than your Termination Date. By signing this Agreement, you hereby acknowledge that you have complied with the obligations under this Section 10.

11.Confidentiality/Non-Disparagement/Cooperation. Except as required by law and as otherwise provided in Section (f) of Exhibit A and this Section 11, you agree:

Mr. Ernest Cloutier
Page 4

a.You will not disclose this Agreement and its terms, or the facts and circumstances leading to any Claims as defined by Section (a) of Exhibit A, to any person, firm or entity, except to your spouse, accountant(s), financial planner(s) and attorney(s), and to them only if they agree to keep this Agreement and its terms confidential. Nothing herein is intended to preclude you from (i) reporting alleged violations of law to governmental agencies to the extent that such laws prohibit such restrictions; (ii) disclosing this Agreement to your state unemployment office; or (iii) disclosing good faith claims of sexual harassment and/or sexual abuse by Released Parties (as defined in Exhibit A) arising on or before the effective date of this Agreement or the Release of Claims.

b.You will not disparage the Company, its management, products, business practices or strategy. The obligation of non-disparagement set forth in this Section 11(b) includes disparagement in any form or forum, including but not limited to any print or electronic media, social networking site, blog, tweet, website, and statements to or in the press including any trade press. You are permitted to provide truthful information in response to a legal subpoena or other legal process.

c.To the extent such cooperation does not unreasonably interfere with your other duties, you will cooperate with the Company and its legal counsel in connection with any current or future litigation, investigation or other legal matters involving the Company about which you have knowledge or information and to make yourself available at mutually convenient times and reasonable locations. The Company will reimburse you for reasonable travel expenses incurred by you as a result of, and directly related to, your cooperation. Your obligation to cooperate shall continue after your Termination Date.   

12.Indemnification.  Iron Mountain’s obligations to indemnify you in accordance with Article XII of the bylaws of Iron Mountain Incorporated, as in effect on the date hereof, shall continue following your Termination Date.

13.Remedies.  If you breach any term of this Agreement, Iron Mountain may commence legal action and pursue its available legal and equitable remedies, including, but not limited to, suspending and recovering any and all payments and benefits made or to be made under this Agreement.  In the event of your breach of any term of this Agreement, you will be responsible for Iron Mountain’s costs incurred, including attorneys’ fees, in enforcing its rights under this Agreement. 

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14.Successors and Assigns.  The rights and obligations of this Agreement shall inure to the benefit of the successors and assigns of Iron Mountain.  This Agreement may not be assigned by you.

15.Enforceability; Severability.  If a court finds any term of this Agreement to be invalid or unenforceable, the parties agree that the court shall modify such term to make it enforceable to the maximum extent possible.  The invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity or enforceability of any other provisions, or any part, hereof.

16.Law Governing; Jurisdiction.  This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts without regard to conflict of laws principles.  You agree that all disputes arising under or out of this Agreement shall be brought in a court of competent jurisdiction within the Commonwealth of Massachusetts and you hereby consent to exclusive jurisdiction in such court with respect to all such disputes.

17.Entire Agreement; No Representations.  This Agreement constitutes the entire agreement between you and Iron Mountain concerning the terms and conditions of your separation from employment with Iron Mountain and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, between you and Iron Mountain, except as otherwise specifically referenced herein.  You agree that Iron Mountain has not made any representations or promises to you regarding the meaning or implication of any provision of this Agreement other than as stated herein.  

18.Modification and Waiver.  This Agreement may be amended or modified only by a written instrument signed by you and an authorized representative of Iron Mountain.  The failure of you or Iron Mountain at any time to require the performance of any provision of this Agreement shall in no manner affect the right of such party at a later time to enforce the same provision.

19.Knowing and Voluntary Waiver of Legal Claims. Because you are waiving certain legal claims against Iron Mountain under Section 8 of this Agreement in exchange for the receipt of the compensation and benefits set forth in this Agreement, you acknowledge and agree that:

a.This waiver is part of the Agreement between yourself and the Company, and it is written in a manner that you understand;

b.In signing this Agreement, you are not waiving rights or claims that may arise after the date that this Agreement becomes effective;

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c.You have the right to review this Agreement with an attorney before signing the Agreement, and you have voluntarily chosen whether or not to consult with counsel before signing the Agreement;

d.You may take up to twenty-one (21) days to review this Agreement before you decide to sign the Agreement, and if you sign the Agreement before the end of that twenty-one (21) day period, you have intentionally waived the remainder of this review period;

e.Should you choose to execute this Agreement, you have an additional period of seven (7) days from the date of execution to change your decision to enter into the Agreement and rescind your signature (the “Rescission Period”).  This Agreement shall not become enforceable until this Rescission Period has expired.  If you choose to rescind the Agreement you must deliver a written and signed notice of your rescission to: Iron Mountain, Attn.  Chief Human Resources Officer, One Federal Street, Boston, MA 02110; and

f.By signing this Agreement, you acknowledge that you have read this Agreement, that you fully understand its terms, and that you have entered into this Agreement knowingly and voluntarily.

Please indicate your acceptance of this Agreement by signing both copies and returning one copy in the enclosed envelope to Edward E. Greene, EVP Chief Human Resources Officer Officer, Iron Mountain Incorporated, One Federal Street, Boston, Massachusetts 02110 within twenty-one (21) days from your receipt of this Agreement.  Please keep the other copy for your records.

Very truly yours,
___/s/ Edward E. Greene_________
Edward  E. Greene
Executive Vice President and Chief Human Resources Officer 

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ACCEPTED AND AGREED:
___/s/ Ernest Cloutier_____________________    Date:  ____27 August 2021___
Ernest Cloutier

			
	

EXHIBIT A

ADDENDUM TO SEVERANCE AGREEMENT AT CONCLUSION OF EMPLOYMENT

Pursuant to the Severance Agreement dated ____________________, 2021 (the “Agreement”) and as a condition precedent of receiving the severance benefits contained in the Agreement, I hereby execute this Release of Claims up through and including the date of execution of this addendum below.

Release of Claims.  

(a)In exchange for the promises and payments described in the Agreement, you (on behalf of yourself and your heirs, executors, administrators and assigns) hereby release and forever discharge Iron Mountain Incorporated, its subsidiaries, divisions, and affiliated entities, and all of their respective present and former officers, directors, shareholders, trustees, employees, agents, representatives, consultants, predecessors, successors and assigns, in their official and individual capacities (collectively, the “Released Parties”), from any and all claims, demands, causes of action, legal disputes, liabilities or damages of any nature whatsoever, both in law and equity, which you have had, now have, or may have in the future, against the Released Parties, whether or not either known to you now or discovered by you hereafter (collectively referred to as “Claims”).

(b)Scope of Claims Release. This general Release of Claims includes, without limitation, all Claims relating to your employment and termination of employment with the Company, the Company’s employment and business practices, the compensation and benefits provided to you by the Company, all contract and tort Claims, all Claims for reinstatement, severance pay, attorney’s fees or costs, all Claims for retaliation of any kind, all Claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act of 1990, 29 U.S.C. § 626(f) (“OWBPA”), the Family and Medical Leave Act, the Worker Adjustment Retraining and Notification Act (“WARN”), and any amendments to the foregoing statutes, and any other federal, state or local statute, regulation, ordinance or common law creating employment-related causes of action, and all claims related to or arising out of your employment or the termination of your employment with Iron Mountain.  

(c)Claims Excluded From Release. Notwithstanding anything to the contrary contained elsewhere in this Agreement, this Release of Claims does not include and will not preclude (i) claims under the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. et seq.) for vested benefits under The Iron Mountain Companies 401(k) 

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plan, or any other qualified retirement plan; (ii) claims for benefits under state workers’ compensation statutes; (iii) claims under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”); (iv) claims, actions, or rights arising under or to enforce the terms of this Agreement;  and (v) any claim that cannot be released under applicable law. 

(d)Full Satisfaction. You agree to accept the provision set forth in the Agreement in full satisfaction of all Claims, including but not limited to all claims for compensation or benefits, which you may have against the Released Parties. Except as otherwise set forth in this Agreement, you agree that the Company has fully satisfied any and all obligations whatsoever owed to you arising out of your employment with the Company. The parties agree that this provision is intended to release the Released Parties from any and all liability to the fullest extent permitted by law. 

(e)You specifically agree to waive the provisions of the Massachusetts Wage Act, M.G.L. c. 149 and in so doing you explicitly waive any claims for unpaid wages. 

(f)You agree and represent that no complaint, lawsuit or investigation has been brought, filed or initiated by you, or by any agent or representative on your behalf, in any local, state or federal court or governmental agency. You hereby agree that neither you nor any representative or agent will ever assert in any forum any claim as to which this release of claims may lawfully be applied. You hereby agree, to the fullest extent permitted by law, that you will not join, assist or voluntarily participate in any lawsuit or class action brought or filed against the Released Parties. Nothing in the Agreement, including this addendum, restricts or prohibits you from communicating with, providing testimony before, providing confidential information to, or filing or cooperating in a claim or investigation directly with a self-regulatory authority or a government agency or entity (without the need to seek the Company’s prior approval), including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”) or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation or receiving an award from any Regulator that provides awards for providing information. However, to the maximum extent permitted by law, you are waiving your right to receive any individual monetary relief from the Released Parties resulting from such claims. 

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Iron Mountain has advised me that I have the right to consult with an attorney prior to signing this Release.  I have had at least twenty-one (21) days after receiving this Release to decide whether to sign it.  I understand that if I sign this Release, I will have seven (7) days thereafter to revoke my signature by delivering a signed notice of revocation to Iron Mountain before the expiration of the 7-day period.  This Release will become binding on the eighth day after I sign it unless I have timely revoked my signature.  I understand that if I do not sign this Release or if I sign it and then revoke, I will not receive any of the benefits described in Severance Program No. 1 or the Agreement.  

        _________________________________
        NAME

        ________________________________
DATE

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