Document:

Exhibit

Exhibit 10.1

TERMINATION OF THE EMPLOYMENT CONTRACT BY MUTUAL AGREEMENT 

BETWEEN ON THE ONE HAND

The Company Iron Mountain BPM International, a private limited liability company (“société à responsabilité limitée”) incorporated and existing under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under the number B149.917

Having its registered office at 1A, rue Thomas Edison, L-1445 Luxembourg, Grand Duchy of Luxembourg;

Hereby represented by Anne Best and Manfred Schneider in their capacity of Managers (“gérants”) and authorized representatives of the Company;

Hereinafter referred to as the “Employer” or the “Company”;

AND ON THE OTHER HAND

Mr. Marc Duale
                                                               

Hereinafter referred to as the “Employee”;

Both hereinafter referred to as the “Parties” and individually as the “Party”;

WHEREAS

		
	-
	The Employee entered into the service of the Iron Mountain Group on 8 May 2006 as President of Iron Mountain Europe, pursuant to an employment contract concluded on 3 May 2006 with Iron Mountain UK Ltd;

		
	-
	On 16 September 2008, the Employee was appointed as President of Iron Mountain International and on 15 June 2009, the Employee entered into an employment contract with Iron Mountain Belgium SA, replacing the employment contract signed on 3 May 2006 with Iron Mountain UK Ltd;

		
	-
	The Employee was seconded to Hong Kong by Iron Mountain Belgium SA, under the conditions set forth in an employment agreement signed on 18 December 2009;

		
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	On 31 December 2010, the employment agreement signed on 18 December 2009 between the Employee and Iron Mountain Belgium SA, was amended and transferred to the Company;

		
	-
	On 29 September 2011, said employment agreement was amended and replaced by a new contract of employment (the “Employment Contract”) signed between the Company and the Employee, as amended by an addendum to the Employment Contract dated 29 September 2011 and 11 February 2015;

1

		
	-
	Following a certain reorganisation of the Iron Mountain Group, which took place in April 2015 (the “Reorganisation”), the Employee’s responsibilities were significantly reduced, giving him the right to elect termination of his Employment Contract, as amended, for Good Reason;

		
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	On 8 June 2015, Iron Mountain announced that it entered into a Scheme Deed relating to the merger of Recall Inc. into Iron Mountain (the “Merger”);

		
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	The Merger implied the need to integrate the business, operations and activities of Recall Inc. into Iron Mountain’s business, operations and activities (the “Integration”);

		
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	Iron Mountain wished to benefit from the assistance of the Employee in connection with the Integration;

		
	-
	At the request of Iron Mountain, the Employee accepted to assist in connection with the Integration for a limited period of time and the Parties concluded a third addendum to the Employment Contract (the “Third Amended and Restated Employment Contract”) on 24 February 2016. The Third Amended and Restated Employment Contract replaces all other written or oral commitments, undertakings and agreements between the Parties that preceded this and notably the Employment Contract; 

		
	-
	By this agreement (the “Agreement”), the Parties wish to terminate the Third Amended and Restated Employment Contract by mutual agreement effective on 31 March 2017, and simultaneously settle any claims resulting from their employment relationship and the termination of the Third Amended and Restated Employment Contract.

IT IS AGREED AS FOLLOWS

Article 1 – Termination Date

Pursuant to article L.124-13 of the Labour Code, the Parties hereby agree to terminate the Third Amended and Restated Employment Contract effective on 31 March 2017 (the “Termination Date”).

The Employer will disaffiliate the Employee from the Luxembourg social security scheme as from the Termination Date. 

2

Article 2 – Legal and contractual entitlements

		
	2.1.
	On or about the Termination Date, the Employer shall pay to the Employee together with his last monthly remuneration payment: 

		
	-
	A bonus amounting to EUR 507,328 gross, in compliance with article 13.2.1. (ii) of the Third Amended and Restated Employment Contract;

		
	-
	A lump sum payment amounting to EUR 53,842 gross, as replacement of the Company’s coverage of the Employer cost of coverage for the Company's International Medical Insurance Plan in compliance with article 13.2.2(a) of the Third Amended and Restated Employment Contract;

		
	-
	There are no accrued but untaken holidays and, as such, no payment is due;

		
	-
	Any expenses, which have been incurred by the Employee until his last effective working day, in accordance with the Employer’s expense policies.

The bonus payment and the payment in lieu of untaken holidays will be paid after deduction of tax and social security contributions.

		
	2.2.
	The Employee is eligible to outplacement services for a period of 9 months as of the Termination Date. The Company has engaged Stork & May to provide such services to the Employee.

		
	2.3.
	As regards the Employee’s Target Performance Units, the awards below are eligible for vesting, but will be adjusted for actual performance at the end of the performance period. The Performance Units will not be paid until after the performance is known and certified in the first quarter of 2019.  

	
				
	Product Type Name
	Grant Date
	Vesting Date (estimated)
	QTY Vesting
(Target)

	Operational PUs
	19/02/2015
	19/02/2018
	4,828

	TSR PUs
	19/02/2015
	19/02/2018
	4,828

		
	2.4. 
	As regards the RSUs and Option, the awards below will be subject to accelerated vesting at or around the Termination Date. The Employee will have 3 years to exercise the options below.

	
					
	Product Type Name
	Grant Date
	Original
Vesting Date
	QTY Vesting
	Exercise Price

	Restricted Units
	19/02/2015
	19/02/2018
	1,936
	N/A

	Restricted Units
	18/02/2016
	18/02/2018
	8,532
	N/A

	Stock Options
	19/02/2015
	19/02/2018
	8,935
	$38.83

3

Article 3 – Settlement Payment

In consideration for the waivers contained herein, the Employer shall pay to the Employee a lump-sum payment of EUR 517,830 gross in full settlement (hereafter the “Settlement Payment”). 

According to article 115-9 of the Luxembourg Income Tax Law, the Settlement Payment benefits are, under certain conditions,  exempt from tax up to 12 times the minimum social wage applicable on 1st January of the year in which the payment is paid (i.e. for 2017: EUR 23.983,08). The Employee undertakes to support any risk related to the non-exemption of the Settlement Payment.

It is noted that according to current administrative practice, the Settlement Payment is not subject to social contributions. The Employee undertakes to support any risk related to a change of the administrative practice i.e. to pay the employee part of social contributions in the event the administrative practice would change.

The Settlement Payment shall be paid together with his last monthly remuneration payment, after deduction of tax and social security contributions, as the case may be. 

Article 4 – Confidentiality obligations

The Parties undertake to observe the strictest confidentiality as to the terms of this Agreement, and in particular as to the Settlement Payment as referred to in article 3, without prejudice to its submission, where necessary, to the relevant authorities or to its enforcement before a court of competent jurisdiction in the event that one of the contracting Parties does not comply with its provisions. 

Article 5 – Restrictive covenants

The Employer waives the application of the non-competition provision as referred to in article 18 of the Third Amended and Restated Employment Contract. Nevertheless, in consideration for the Settlement Payment, the Employee agrees that for two years from his Termination Date, the Employee shall refrain from carrying out with or without consideration, occasionally or regularly, any business (either personally or by entering into service of another employer) which activity or services might be considered as competitive to the activity and services of the Employer.
This obligation:
		
	1)
	is applicable to activities similar to those exercised by the Employee with the Employer; this includes amongst other activities of the following entities: Brambles Limited, Cintas Corporation, Dell Inc, Fujitsu, Hewlett Packard Company, International Business Machines, Canon, Oce Business Services, Oracle Crop, Pitney Bowes Inc, Xerox Corporation. This list is however not limitative;

		
	2)
	relates to the following countries;  Australia, Belgium, Brazil, Canada, Chile, China, France, Germany, Hong Kong, India, Luxemburg, Mexico, Netherlands, Russia, Spain, the United Kingdom and the United States.

4

Notwithstanding the termination of the Third Amended and Restated Employment Contract, the Employee shall continue to abide by the non-solicitation provision as referred to in article 19 of the Third Amended and Restated Employment Contract.

Article 6 – Non-Disparagement

The Parties undertake to remain neutral and loyal towards each other; they shall notably refrain from criticizing, blaming or disparaging each other in any circumstances whatsoever.

The Employee confirms that the provisions of article 20 (“Non-Disparagement”) of the Third Amended and Restated Employment Contract remain applicable beyond the Termination Date notwithstanding the signature of this Agreement.

Article 7 – Company’s property 

The Employee confirms that he will hand over to the Employer, at the latest at the Termination Date, all Company property (such as but not limited to the Company badge access, laptop, blackberry, keys and papers, any documents, manuals, programs, customers lists or equipment provided to the Employee by the Company, any documents of a confidential nature and any documents received from the clients in connection with the Employee’s activity), without having transferred any copy of such documents.

The Employee further confirms that he will communicate to the Employer, at the latest at the Termination Date, all IT codes, passwords and access locks and will himself cease to use them at that time.

Article 8 – Waivers

Without prejudice to the execution of their respective obligations deriving from this Agreement, both Parties acknowledge that they are mutually discharged of all obligations resulting from the Third Amended and Restated Employment Contract and its termination and that they no longer have any right or claim whatsoever towards each other on the basis on their employment relationship and the termination of the Third Amended and Restated Employment Contract. 

In particular, the Employee agrees to waive and release all claims against the Employer, including for purposes of this release, the Company and all parents, affiliates, subsidiaries, successors and assigns of the Company, as well as each past and present officers, directors, employees, shareholders, trustees, joint venturers, partners, and anyone claiming through them (collectively "Releasees”) whether known or unknown, which existed or may have existed, under any applicable laws, at any time up to the effective date of this Agreement, including claims related in any way to his employment with the Company or the ending of that relationship and without limitation to the generality of the foregoing, he expressly waives any right or claim that he has or may have  for further notice period payment (indemnité compensatoire de préavis), further severance payment (indemnité de départ), additional compensation for legal holidays not taken by the Employee, further loyalty bonuses, any other bonus, 13th month payment, car allowance/additional leasing contributions, director's fees, elements of remuneration, premiums, overtime payment, reimbursement of representative fees or entertainment allowance or any other fees, luncheon vouchers, any remuneration for work on a Sunday or on a public or legal holiday, compensation payment for harassment at the workplace, insurance or additional complementary pension payments, interest contributions, option and share rights, advantages arising from annual retention bonus schemes, compensation payments for unfair dismissal (indemnité pour préjudice matériel, indemnité pour préjudice moral), additional lawyer's fees, etc., other than the payments received by the Employee in accordance with this Agreement.

5

This Agreement records the renunciation of the Parties to take advantage, now and in the future, of any right other than those foreseen in this Agreement, which exists or might exist on account of or on the occasion of the Third Amended and Restated Employment Contract or its termination. 

This Agreement records furthermore renunciation to file any judicial claim in relation with the execution or the termination of the Third Amended and Restated Employment Contract. 

This Agreement records the renunciation of the Parties to take advantage of any factual or legal error, and any omission relating to the existence or scope of their rights resulting from the Third Amended and Restated Employment Contract and its termination. 

Article 9 – General acknowledgment

The Employee acknowledges and confirms that he has no other actual or implied, written or oral employment contract/relationship with any member of the Iron Mountain group, respectively that any such employment contract(s)/relationship(s) have been validly and lawfully terminated and that there are no (and that he waives, for in as much as necessary, any) outstanding rights whatsoever in relation to them.

Each Party declares to fully understand the sense and the impact of this Agreement and to give his/her consent without any restraint.

This Agreement is irrevocable and final. No reserves may be made by either Party with respect to its enforcement.

The Parties acknowledge that they have made reciprocal concessions in the meaning of article 2044 of the Luxembourg civil code. 

Article 10 – Applicable law - Jurisdiction

The Parties expressly agree that the Agreement is governed by the laws of the Grand Duchy of Luxembourg and that any possible dispute arising out of the execution of the present Agreement shall be submitted to and settled exclusively by the courts of the Grand Duchy of Luxembourg.

6

Drawn up at  Boston, MA, on March 13, 2017 in two original copies, each party declaring to have received one original.
	
			
	/s/ Manfred Schneider
	 
	/s/ Marc Duale

	

	 
	 

	The Employer
	 
	The Employee

	Manfred Schneider, Manager
	 
	Marc Duale

	 
	 
	 

	/s/ Anne Best
	 
	 

	

	 
	 

	The Employer
	 
	 

	Anne Best, Manager
	 
	 

	 
	 
	 

7Exhibit

Exhibit 10.2

                                

March 27, 2017

Ernest W. Cloutier

PERSONAL & CONFIDENTIAL

Dear Ernie:

Congratulations on your new international assignment. This letter details the terms and conditions applicable to your international assignment based out of Zurich, Switzerland. Your start date in the role is April 1, 2017, and your projected relocation date is approximately July 1, 2017, subject to your receipt of a valid work permit, medical clearances (if applicable) and our receipt from you of a signed copy of this letter.  

You will be considered a “seconded” employee from Iron Mountain in the United States (hereinafter “Home Company”) to Iron Mountain Management Services GmbH (“Mgmt Co”, 
hereinafter  “Host Company”) in Switzerland. You will work out of your home office in Zurich.

This letter does not create a contract of employment for the assignment period, but simply seeks to confirm the conditions which pertain to your international assignment.  

Following are the specific details of your assignment:
	
		
	Position:
	Executive Vice President & GM, International

	Effective Date:
	April 1, 2017

	You will report to:
	William Meaney, President & CEO, Iron Mountain

	Home Country:
	United States

	Host Country:
	Switzerland

Length of Assignment
It is anticipated this assignment will last for a period of approximately three (3) years. Business conditions may require that this time be reduced or increased.  

Compensation
Base Salary:  For the duration of this assignment, salary administration will be based on your home country policies and practices as well as your performance. Your annual base salary will be $475,000.   You will be paid through the US payroll system.

Incentive Compensation Plan:  While on assignment your target annual incentive compensation opportunity will be 85% of your annual cash base salary earnings during the year.  Bonuses are awarded based upon annual individual performance and business performance measured against established 

objectives and they are typically paid in the first quarter following the end of each performance year.   Your potential receipt of an annual bonus is subject to the discretion of the Home Company and the amount of any award made to you will depend on a number of factors in addition to your individual performance, including your employment by the Home Company at the time that such awards are made.  Any annual bonus paid to you will be subject to hypothetical tax withholding.  Please refer to Exhibit A – Tax Equalization Policy, for details regarding the hypothetical tax withholding. 

Benefits
Medical Coverage:    You will be eligible for coverage under the international medical benefit plan through CIGNA.    Details of the plan will be provided under separate cover. 

Vacation/Public Holidays:  You will continue to participate in, and be eligible for, vacation days in accordance with the vacation policy of the Home Company.  During your assignment, your vacation entitlement is at least four (4) weeks per year.

In addition to your vacation entitlement, you are granted public holidays according to the Host Country regulations and local practice. 

Retirement Plan: – You will continue to participate in the Iron Mountain Companies 401(k) Plan.

Relocation Support
Iron Mountain partners with SIRVA Worldwide Relocation Services.   Upon acceptance of the offer, a relocation consultant will be assigned to work with you to assist with your move from the United States to Switzerland.  Outlined below are the key elements or relocation benefits.

Work Permits/Visas:  The Home Company will coordinate with the Immigration Services Provider to assist in obtaining the proper visas/work permits for you, your spouse and your children   To the extent that you and your spouse pay any visa, passport and/or immigration expenses personally for yourself, your spouse or your children, you will be reimbursed per the instructions provided to you.   

Home Finding Trip/Realtor Assistance:  The Home Company will cover a home finding trip for you and your spouse to Switzerland.   The relocation company will continue to work with you to find local housing.   The Home Company will cover costs for the agent/broker and any necessary rental deposits. 

Transportation to the Host Country:  You and your family will be reimbursed actual reasonable travel expenses for relocation to and from the assignment location.  Class of air travel for you and your family will be business class. 

Shipment of Household Goods:  The relocation company will coordinate the moving of your household goods and personal belongings to your new international location.   It is recommended that you generally limit the amount of belongings to a 40-foot container.  An air shipment will also be provided subject to weight limitations. The relocation company will provide the recommended weight parameters to you. After the moving company has completed an assessment we will discuss any changes required to the limits.

Storage of Goods:  The Home Company will provide for storage of personal affects in the Home Country if required. 

Property Management: The Home Company will reimburse property management fees up to $5000 each year, for your home in the United States, if applicable.

Cultural/Language Training:   Iron Mountain will coordinate and pay for cultural and language training services for you and your family.

Assignment Allowances 
These allowances are paid only for the period of your international assignment and will not be considered for bonus, long term compensation and/or benefit calculation purposes. These allowances will take effect when you move into temporary or permanent housing at your assignment locationon/about July 1, 2017, unless otherwise notated below..  For the period from April 1, 2017-  July 1, 2017 (or your move date) the company will cover travel and living expenses to Switzerland per the Home Company’ standard travel policy.   

The allowances will cease at the end of your assignment. Please note that home and host income taxes due in relation to these allowances will be paid by the  Home Company (any differing tax treatment is noted).

Cost of Living Allowance:  You will receive a cost of living allowance (COLA) in the amount of $7200.00 per month.  The COLA will be paid to help insulate you for the higher cost of goods and services in the Host Country as well as cover any food expenses while on assignment.   The allowance will be paid on a biweekly basis through payroll.  It will coincide with the start of your assignment and will cease at the conclusion of your assignment.   

Housing &Utility Allowance:  Iron Mountain will cover up to$12,800 per month for your housing and utilities costs, while on assignment. Payments will be made directly to the landlord on your behalf (if allowed by the landlord).  The exact monthly housing allowance, will be finalized after you secure housing in Switzerland.   

Home Furnishings:  If the housing is not a furnished property, the Home Company will cover purchasing furniture locally or expenses associated with the rental of furniture for the term of the assignment.  The amount of the allowance is estimated to be $20,000-$30,000 per year, however, it will be finalized once local housing is secured.  The home furnishings allowance will be available as soon as local housing is secured in the Host Country. 

Rental Deposit:   Iron Mountain will cover rental deposits and brokerage fees to secure your housing. 

Education & Childcare Assistance:  The Home Company will cover up to $152,000 in total for your four children annually for education and childcare services.  

Car Allowance:  The Home Company will provide an allowance of $20,000 per year for car lease and insurances.

Home Leave: To maintain ties to your Home Country while on assignment, the Home Company will provide for reimbursement of up to 18 individual business class trips (3 per year for you and your family) to be used to return to your home country or for your family to visit in the Host Country.

Tax Equalization
You will participate in the Home Company’s Tax Equalization Program during your international assignment.  The Home Company has retained the services of PwC to prepare your Home and Host Country tax returns as required during the international assignment. Under tax equalization, you will be responsible for a hypothetical tax liability (e.g., national and state/local, provincial or cantonal, as applicable), which will be calculated and deducted from each pay check. The intent of the policy is that your ultimate tax liability will be similar to that which you would have paid in your Home Country had you not received assignment-related compensation or special tax considerations. Each year, a final tax 

equalization calculation will be prepared to settle your assignment tax obligations.  You will have a tax orientation meeting with our tax provider, PwC prior to the assignment to discuss these issues in further detail.

409A (US Filers only)
The tax ramifications of your international assignment require careful record keeping as well as timely submission of data.    You are expected to comply with your responsibilities under the agreement to submit requested data timely so that any assignment related reimbursements and tax equalization payments are treated as 409A exceptions.  These responsibilities include the timely submission of any reimbursement requests (within 60 days) and / or provide any personal information required for the tax equalization calculation on a timely basis (soon after the close of the year).   Any 409A tax due as a result of your failure to provide information on a timely basis, will be your responsibility    

Repatriation 
The Home Company will relocate you and your family back to your Home Country or to another international assignment in the following circumstances:
		
	•
	at the end of this assignment

		
	•
	upon a Qualifying Termination under Iron Mountain’s Severance Program No. 1

		
	•
	at your election in the event that (i) the individual to whom you report shall change or (ii) it is necessary that you or a family member permanently return to the Home Country for unforeseen or unexpected circumstances. 

For clarity, should you voluntarily resign to accept employment with a company other the Iron Mountain or its affiliates, the Home Company shall not be responsible for costs associated with repatriation.  

Where applicable, the Home Company will assume the costs for return transportation to your Home Country and return shipment of furniture, household goods or personal effects. Otherwise, prior to the successful conclusion of your assignment, you will be contacted to discuss future opportunities with the Home Company which may determine the exact location of your repatriation.  

Termination
Termination of Tax Equalization
In the event your assignment concludes or is terminated for any reason, should you choose to remain in your host location, your tax equalization calculation will assume that you returned to your Home Country within thirty (30) days of separation and that the only income earned was Company income.

Qualifying Termination
In the event of a Qualifying Termination under Iron Mountain’s Severance Program No. 1, you will be repatriated and covered under such severance program.  You will have the option of your children continuing, at their then current school, through the remainder of the current school semester, or applicable period, before you are relocated back to your Home Country.

Upon termination of your employment, you are expected to settle all outstanding accounts with the Home Company and other business and government services at your host location.  Any unsettled accounts that are paid by the Home Company, on your behalf, will be deducted from your final pay.

Years of Service - Impact on Benefits
Your total years of service with companies affiliated with the Company shall be recognized for purposes of calculating retirement benefits. Severance payments mandated by law shall be based on years of service in the country of last employment (Home Country).  In some locations, national law may construe 

a voluntary termination or transfer to an affiliated company as a “termination”, or require that any severance payment to be made should be based on more years of service than those actually performed in the country of last employment (home country). As an expatriate employee, you are not eligible to receive such payments. If however, you do receive them, you will be required to repay the Company upon receipt. If repayment is not made within sixty (60) days, the amounts will be offset against other benefits to which you may be entitled.

Social Security Coverage
You will, subject to obtaining the relevant confirmation from the competent authorities, remain in the social security system of the Home Country.  The Home Company will endeavour obtaining a respective certificate according to the relevant applicable legal provisions and international treaties on social security. 

Code of Business Conduct and Ethics
You will need to be familiar with and adhere to the Home Company policies and applicable Home and Host Country work laws.  It is imperative that you and your family members follow both the letter and the spirit of the law, not only to protect yourselves from criminal or civil penalties, but also to maintain and advance the Home and Host Company’s image as a reputable corporate citizen in the countries in which the Home Company operates.  You will be expected to operate in compliance with the Home Company’s Code of Business Conduct and Ethics at all times.  

Data Protection Act  
To manage your assignment effectively we may need to process personal data relating to you for the purpose of personnel and employment administration.  This may include the transfer of data to, and processing by, other offices. Examples could include providing the Host Country office with your bank account details, or an emergency contact number for a relative in your home country.

By signing this assignment letter, you consent under the Data Protection Act, to the processing of this personal data.   This is likely to include the provision that, from time to time, such data be transferred to the other offices, including those based in countries outside of the EU.  Data will only be released to authorized individuals for administrative purposes only.

Governing Law
This letter, your global assignment and your employment relationship generally are subject to and governed by the laws of the Commonwealth of Massachusetts.  This letter shall not be amended or supplemented unless in writing signed by you and a duly authorized representative of your Host Country.  The court of competent jurisdiction in the Home Country shall have the exclusive jurisdiction for any dispute arising out or in connection with the assignment letter, unless any obligatory provision of law confers exclusive jurisdiction of any other country.  

Best wishes to you in your new assignment.

Sincerely,

/s/ Deirdre Evens

Deirdre Evens
Executive Vice President, Chief People Officer

cc:  PwC
Ann Gleason
      

Please indicate your agreement by signing below and returning this letter to Ann Gleason at your earliest convenience.

I have reviewed the general terms and conditions of my international assignment outlined above and by signing below, accept these conditions. 
	
			
	/s/ Ernest W. Cloutier
	 
	March 27, 2017

	 
	 
	 

	Ernest W. Cloutier
	 
	Date

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