Document:

EX-10.23

 Exhibit 10.23 
  

 
  

STOCKHOLDERS AGREEMENT 
 by
and among 
 ADT INC. 
 and 

THE OTHER PARTIES HERETO 
  

 
 Dated as of
[●] 
  
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. INTRODUCTORY MATTERS
	  	 	1	 
	 1.1
	  	 Defined Terms
	  	 	1	 
	 1.2
	  	 Construction
	  	 	4	 
		
	 ARTICLE II. BOARD OF DIRECTORS
	  	 	4	 
	 2.1
	  	 Election of Directors
	  	 	4	 
		
	 ARTICLE III. INFORMATION
	  	 	6	 
	 3.1
	  	 Books and Records; Access
	  	 	6	 
	 3.2
	  	 Sharing of Information
	  	 	7	 
		
	 ARTICLE IV. OTHER RIGHTS
	  	 	7	 
	 4.1
	  	 Consent to Certain Actions.
	  	 	7	 
		
	 ARTICLE V. GENERAL PROVISIONS
	  	 	8	 
	 5.1
	  	 Termination
	  	 	8	 
	 5.2
	  	 Notices
	  	 	9	 
	 5.3
	  	 Amendment; Waiver
	  	 	9	 
	 5.4
	  	 Further Assurances
	  	 	10	 
	 5.5
	  	 Assignment
	  	 	10	 
	 5.6
	  	 Third Parties
	  	 	10	 
	 5.7
	  	 Governing Law
	  	 	10	 
	 5.8
	  	 Jurisdiction; Waiver of Jury Trial
	  	 	10	 
	 5.9
	  	 Specific Performance
	  	 	11	 
	 5.10
	  	 Entire Agreement
	  	 	11	 
	 5.11
	  	 Severability
	  	 	11	 
	 5.12
	  	 Table of Contents, Headings and Captions
	  	 	11	 
	 5.13
	  	 Counterparts
	  	 	11	 
	 5.14
	  	 Effectiveness
	  	 	11	 
	 5.15
	  	 No Recourse
	  	 	11	 

  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of [●] by and among ADT Inc., a Delaware corporation (the “Company”),
and each of the other parties identified on the signature pages hereto (the “Holders”). 
 RECITALS: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common Stock
(as defined below); and 
 WHEREAS, in connection with, and effective upon, the date of completion of the IPO (the “Closing
Date”), the Company and the Holders wish to set forth certain understandings between such parties, including with respect to certain governance matters. 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE I. 
 INTRODUCTORY
MATTERS 
 1.1    Defined Terms. In addition to the terms defined elsewhere herein, the following terms have
the following meanings when used herein with initial capital letters: 
 “Affiliate” means, with respect to any Person,
(a) any Person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, or (b) any Person who is a general partner, partner, managing director, manager,
officer, director or principal of the specified Person. Notwithstanding the foregoing, except with respect to Section 5.15 and the definitions of “Apollo Entities”, “Related Entities”, “Related
Party” and “Related Parties”, none of the Apollo Entities or the Related Entities shall be considered an Affiliate of (i) any portfolio company in which the Apollo Entities or the Related Entities or any of their investment fund
affiliates have made a debt or equity investment (and vice versa), (ii) any limited partners, non-managing members of, or other similar direct or indirect investors in, the Apollo Entities or the Related
Entities or any of their respective affiliates (and vice versa) or (iii) any portfolio company in which any limited partner, non-managing member of, or other similar direct or indirect investor in the
Apollo Entities or the Related Entities any of their respective affiliates have made a debt or equity investment (and vice versa), and none of the Persons described in clauses (i) through (iii) of this definition shall be considered an
Affiliate of each other. 
 “Agreement” means this Stockholders Agreement, as the same may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms hereof. 
 “Apollo Designee” has the meaning
set forth in Section 2.1(b). 

 “Apollo Entities” means TopCo Parent, its Affiliates that are beneficially owned
by Apollo Global Management, LLC and TopCo Parent’s and such Affiliates’ respective successors and Permitted Assigns. 

“beneficially own” has the meaning set forth in Rule 13d-3 promulgated under the
Exchange Act. 
 “Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial
banks in New York City are authorized or required by law to close. 
 “Bylaws” means the Amended and Restated Bylaws of the
Company, as the same may be amended and/or restated from time to time. 
 “Charter” means the Amended and Restated
Certificate of Incorporation of the Company, as the same may be amended and/or restated from time to time. 
 “Closing
Date” has the meaning set forth in the Recitals. 
 “Common Stock” means the shares of common stock, par value
$0.01 per share, of the Company, and any other capital stock of the Company into which such stock is reclassified or reconstituted and any other common stock of the Company. 

“Company” has the meaning set forth in the Preamble. 

“control” (including its correlative meanings, “controlled by” and “under common control
with”) means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise)
of a Person. 
 “Director” means any member of the Board. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Holders” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Recitals. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

  
 2 

 “Permitted Assigns” means with respect to a Related Entity, a Transferee of
shares of Common Stock that agrees to become party to, and to be bound to the same extent as its Transferor by the terms of, this Agreement. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political
subdivision thereof. 
 “Related Entities” means TopCo Parent, its Affiliates and its and its Affiliates’ respective
successors and Permitted Assigns. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or other business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled to vote in the election of directors, representatives or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or other business entity, a majority
of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or controlled, directly or indirectly, by any Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or
Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing member, managing director or other governing body or general partner of such
limited liability company, partnership, association or other business entity. 
 “TopCo Parent” means Prime Security
Services TopCo Parent, L.P., a Delaware limited partnership. 
 “Total Number of Directors” means the total number of
directors constituting the Board. 
 “Transfer” (including its correlative meanings, “Transferor”,
“Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun,
“Transfer” shall have such correlative meaning as the context may require. 

  
 3 

 1.2    Construction. Interpretation of this Agreement shall be
governed by the following rules of construction. Unless the context otherwise requires: (a) references to the terms Article, Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs and Exhibits to this Agreement
unless otherwise specified; (b) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including Exhibits hereto; (c) references to
“$” or “Dollars” shall mean United States dollars; (d) the words “include,” “includes,” “including” and words of similar import when used in this Agreement shall mean “including without
limitation,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written” or “in writing” include in electronic form; (g) provisions shall apply, when
appropriate, to successive events and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (i) each of TopCo Parent and
the Holders has participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties thereto and no presumption or
burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement; (j) a reference to any Person includes such Person’s permitted successors and assigns;
(k) references to “days” mean calendar days unless Business Days are expressly specified; (l) the word “will” shall be construed to have the same meaning and effect as the word “shall”; (m) the terms
“party”, “party hereto”, “parties” and “party hereto” shall mean a party to this Agreement and the parties to this Agreement, as applicable, unless otherwise specified; (n) with respect to the
determination of any period of time, “from” means “from and including”; and (o) any deadline or time period set forth in this Agreement that by its terms ends on a day that is not a Business Day shall be automatically
extended to the next succeeding Business Day. Any agreement, instrument or statute defined or referred to herein means such agreement, instrument or statute as from time to time may be amended, supplemented, restated or modified, including (in the
case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes. 

ARTICLE II. 
 BOARD OF
DIRECTORS 
 2.1    Election of Directors. 

(a)    Following the Closing Date, TopCo Parent shall have the right, but not the obligation, to nominate to the Board a
number of designees equal to at least: (i) a majority of the Total Number of Directors, so long as the Apollo Entities beneficially own 50% or more of the outstanding shares of Common Stock; (ii) 50% of the Total Number of Directors, in
the event that the Apollo Entities beneficially own 40% or more, but less than 50%, of the outstanding shares of Common Stock; (iii) 40% of the Total Number of Directors, in the event that the Apollo Entities beneficially own 30% or more, but
less than 40%, of the outstanding shares of Common Stock; (iv) 30% of the Total Number of Directors, in the event that the Apollo Entities beneficially own 20% or more, but less than 30%, of the outstanding shares of Common Stock; and
(v) 20% of the Total Number of Directors, in the event that the Apollo Entities beneficially own 5% or more, but less than 20%, of the outstanding shares of Common 

  
 4 

 
Stock. For purposes of calculating the number of Directors that TopCo Parent is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be
rounded up to the nearest whole number (e.g., one and one quarter (11/4) Directors shall equate to two (2) Directors) and any such
calculations shall be made after taking into account any increase in the Total Number of Directors. In addition to the foregoing, TopCo Parent shall have the right, but not the obligation, (x) to nominate to the Board one (1) designee (the
“Co-Invest Nominee”) identified to TopCo Parent by the party set forth on Exhibit A, so long as such party continues to hold, directly or indirectly, an interest in the Company
(including, for the avoidance of doubt, as a limited partner of TopCo Parent or a direct or indirect shareholder, member, or limited partner of a limited partner in TopCo Parent) of at least the amount set forth on Exhibit A (such condition,
the “Co-Investor Condition”), and (y) to nominate to the Board one (1) designee (the “Koch Nominee”) identified to TopCo Parent by Koch SV Investments, LLC
(“Koch”), so long as (i) at least 25.0% of the Series A Preferred Securities issued to Koch on May 2, 2016 remain outstanding or (ii) less than 25.0% of the Series A Preferred Securities issued to Koch on May 2,
2016 remain outstanding as a result of one or more redemptions pursuant to Section 6(a) of the Certificate of Designation of Series A Preferred Securities of the Company (such condition, the “Koch Condition”). 

(b)    In the event that TopCo Parent has nominated less than the total number of designees TopCo Parent shall be entitled
to nominate pursuant to Section 2.1(a), TopCo Parent shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case, the Company and the Directors shall take all necessary
corporate action, to the fullest extent permitted by applicable law, to (x) enable TopCo Parent to nominate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board, or otherwise and
(y) to effect the election or appointment of such additional individuals nominated by TopCo Parent to fill such newly-created directorships or to fill any other existing vacancies. Each such person whom TopCo Parent shall actually nominate
pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director (other than the Co-Invest Designee or Koch Designee) shall be referred to herein as an
“Apollo Designee”. Each Co-Invest Nominee whom TopCo Parent shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve
as a Director shall be referred to as a “Co-Invest Designee”), and each Koch Nominee whom TopCo Parent shall actually nominate pursuant to this Section 2.1 and who is
thereafter elected to the Board to serve as a Director shall be referred to as a “Koch Designee”).  

(c)    In the event that a vacancy is created at any time by the death, retirement or resignation of any Apollo Designee, Co-Invest Designee (provided that the Co-Investor Condition is satisfied) or Koch Designee (provided that the Koch Condition is satisfied), the remaining Directors and the
Company shall, to the fullest extent permitted by applicable law, take all actions necessary at any time and from time to time to cause the vacancy created thereby to be filled by a new designee of TopCo Parent (which designee, in the case of a
vacancy in respect of (i) a Co-Invest Designee, shall be identified by the party set forth on Exhibit A, and (ii) a Koch Designee, shall be identified by Koch), as soon as possible. 

(d)    The Company agrees, to the fullest extent permitted by applicable law, to include in the slate of nominees
recommended by the Board for election at any meeting of stockholders called for the purpose of electing directors the persons designated pursuant to 

  
 5 

 
this Section 2.1 and to nominate and recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents in favor thereof.
The Company is entitled, solely for the purposes set forth in this Section 2.1(d), to identify such individual as an Apollo Designee, a Co-Invest Designee or a Koch Designee pursuant
to this Stockholders Agreement. 
 ARTICLE III. 

INFORMATION 

3.1    Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, keep proper books,
records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each of its Subsidiaries in accordance with generally accepted accounting principles. For so long as
(x) no Apollo Designee is then serving as a Director, and (y) TopCo Parent beneficially owns 3% or more of the outstanding shares of Common Stock, the Company shall, and shall cause its Subsidiaries to, permit the Apollo Entities and their
respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to inspect, review and/or make copies and extracts from the books and records of the Company or any of such Subsidiaries and to discuss the
affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary. For so long as (x) no Apollo Designee is then serving as a Director, and (y) TopCo Parent beneficially owns
3% or more of the outstanding shares of Common Stock, the Company, upon the written request of any Apollo Entity, shall, and shall cause its Subsidiaries to, provide the Apollo Entities, in addition to other information that might be reasonably
requested by the Apollo Entities from time to time, (i) direct access to the Company’s auditors and officers, (ii) the ability to link TopCo Parent’s systems into the Company’s general ledger and other systems in order to
enable the Apollo Entities to retrieve data on a “real-time” basis, (iii) quarter-end reports, in a format to be prescribed by the Apollo Entities, to be provided within 30 days after the end of
each quarter, (iv) copies of all materials provided to the Board (or committee of the Board) at the same time as provided to the Directors (or members of a committee of the Board), (v) access to appropriate officers and directors of the
Company and its Subsidiaries at such times as may be requested by the Apollo Entities, as the case may be, for consultation with each of the Apollo Entities with respect to matters relating to the business and affairs of the Company and its
Subsidiaries, (vi) information in advance with respect to any significant corporate actions, including, without limitation, extraordinary dividends, stock redemptions or repurchases, mergers, acquisitions or dispositions of assets, issuances of
significant amounts of debt or equity and material amendments to the Charter or Bylaws or the organizational documents of any of its Subsidiaries, and to provide the Apollo Entities with the right to consult with the Company and its Subsidiaries
with respect to such actions, (vii) flash data, in a format to be prescribed by the Apollo Entities, to be provided within ten days after the end of each quarter and (viii) to the extent otherwise prepared by the Company, operating and
capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries (all such information so furnished pursuant to this Section 3.1, the
“Information”). The Company agrees to consider, in good faith, the recommendations of the Apollo Entities in connection with the matters on which the Company is consulted as described above. Subject to
Section 3.2, any Apollo Entity (and any party receiving Information from an Apollo Entity) who 

  
 6 

 
shall receive Information shall maintain the confidentiality of such Information, and the Company shall not be required to disclose any privileged Information of the Company so long as the
Company has used its commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Apollo Entities without the loss of any such privilege. 

3.2    Sharing of Information. Individuals associated with TopCo Parent may from time to time serve on the Board or
the equivalent governing body of the Company’s Subsidiaries. The Company, on its behalf and on behalf of its Subsidiaries, recognizes that such individuals (i) will from time to time receive
non-public information concerning the Company and its Subsidiaries, and (ii) may (subject to the obligation to maintain the confidentiality of such information in accordance with
Section 3.1) share such information with other individuals associated with TopCo Parent. Such sharing will be for the dual purpose of facilitating support to such individuals in their capacity as Directors (or members of
the governing body of any Subsidiary) and enabling the Apollo Entities, as equityholders, to better evaluate the Company’s performance and prospects. The Company, on behalf of itself and its Subsidiaries, hereby irrevocably consents to such
sharing. 
 ARTICLE IV. 

OTHER RIGHTS 

4.1    Consent to Certain Actions. 

(a)    Subject to the provisions of Section 4.1(b), without the prior written approval of TopCo
Parent, the Company shall not, and shall (to the extent applicable) cause each of its Subsidiaries not to: 

(i)    amend, modify or repeal (whether by merger, consolidation or otherwise) any provision of the Charter, the Bylaws
or equivalent organizational documents of its Subsidiaries in a manner that adversely affects any of the Apollo Entities; 

(ii)    issue additional equity interests of the Company or any of its Subsidiaries, other than (A) any award under
any stockholder-approved equity compensation plan, (B) any award under an equity compensation plan approved by a majority of the Apollo Designees, or (C) any intra-company issuance among the Company and its wholly-owned Subsidiaries; 

(iii)    make any payment or declaration of any dividend or other distribution on any shares of Common Stock or entering
into any recapitalization transaction, the primary purpose of which is to pay a dividend; 
 (iv)    merge or
consolidate with or into any other entity, or transfer (by lease, assignment, sale or otherwise) all or substantially all of the Company’s and its Subsidiaries’ assets, taken as a whole, to another entity, or enter into or agree to
undertake any transaction that would constitute a “Change of Control” as defined in the Company’s or its Subsidiaries’ principal credit facilities or note indentures (other than, in each case, transactions among the Company and
its wholly-owned Subsidiaries); 

  
 7 

 (v)    other than in the ordinary course of business with vendors, customers
and suppliers, enter into or effect any (A) acquisition by the Company or any Subsidiary of the equity interests or assets of any Person, or the acquisition by the Company or any Subsidiary of any business, properties, assets, or Persons, in
one transaction or a series of related transactions or (B) disposition of assets of the Company or any Subsidiary or the shares or other equity interests of any Subsidiary, in each case where the amount of consideration for any such acquisition
or disposition exceeds $25 million in any single transaction, or an aggregate amount of $50 million in any series of transactions during a calendar year; 

(vi)    undertake any liquidation, dissolution or winding up of the Company; 

(vii)    incur financial indebtedness, in a single transaction or a series of related transactions, aggregating to more
than $25 million, except for borrowings under a revolving credit facility that has previously been approved or is in existence (with no increase in maximum availability) on the date of closing of the Company’s IPO or otherwise approved by
TopCo Parent; 
 (viii)    hire or terminate any Executive Officer of the Company or designate any new Executive
Officer of the Company; 
 (ix)    effect any material change in the nature of the business of the Company or any
Subsidiary, taken as a whole; or 
 (x)    change the size of the Board. 

(b)     The approval rights set forth in Section 4.1(a) shall terminate at such time as TopCo
Parent no longer collectively beneficially owns at least 25% of the outstanding shares of Common Stock. 
 ARTICLE V. 

GENERAL PROVISIONS 

5.1    Termination. This Agreement shall terminate on the earlier to occur of (i) such time as TopCo Parent no
longer beneficially owns 3% or more of the outstanding shares of Common Stock and (ii) upon the delivery of a written notice by TopCo Parent to the Company requesting that this Agreement terminate. Notwithstanding the foregoing, the provisions
of Article II of this Agreement shall survive termination of this Agreement until such time as the party set forth on Exhibit A no longer satisfies the Co-Investor Condition and Koch no longer satisfies
the Koch Condition, unless the written notice delivered by TopCo Parent to the Company in accordance with this Section 5.1 is also signed by (x) the party set forth on Exhibit A, as long as it
satisfies the Co-Investor Condition and (y) Koch, as long as it satisfies the Koch Condition, in each case, as of such date. 

  
 8 

 5.2    Notices. Any notice provided for in this Agreement shall be in
writing and shall be either personally delivered, sent by electronic transmission or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on
the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder when delivered personally,
sent by electronic transmission or upon actual delivery by reputable overnight courier service (as indicated in such courier service’s records). 

The Company’s address is: 

ADT Inc. 
 1501 Yamato Road 

Boca Raton, Florida 33431 

Attention: Chief Executive Officer 

with a mandatory copy to: 
 ADT
Inc. 
 1501 Yamato Road 
 Boca
Raton, Florida 33431 
 Attention: Chief Legal Officer 

The Apollo Entities’ address is: 

c/o Apollo Global Management 
 9
West 57th Street, 43rd Floor 
 New
York, NY 10019 
 Attention: Marc Becker and General Counsel 

Fax: (646) 417-6429 

with a copy (not constituting notice) to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019-60064 
 Attention: Taurie M. Zeitzer and David Beller 

Fax: (212) 492-0353 

5.3    Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written
instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 9 

 5.4    Further Assurances. The parties hereto will sign such further
documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every
provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, any Apollo Entity being deprived of the rights contemplated by
this Agreement. 
 5.5    Assignment. This Agreement will inure to the benefit of and be binding on the parties
hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void;
provided, however, that (i) each Apollo Entity shall be entitled to assign, in whole or in part, to any of its Permitted Assigns without such prior written consent any of its rights hereunder and (ii) each Holder shall be
entitled to assign, in whole or in part, any of its rights hereunder without such prior written consent to any entity to which such Holder may transfer all or part of its limited partnership interests in AP VIII Prime Security Services Holdings,
L.P. (“AP VIII”), pursuant to and in accordance with that certain Amended and Restated Agreement of Limited Partnership of AP VIII, dated as of May 2, 2016, and any other applicable agreements by and between AP VIII and such
Holder. 
 5.6    Third Parties. Except as provided for in Section 3.2 with respect to
any Apollo Entity, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

5.7    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to principles of conflicts of laws thereof. 
 5.8    Jurisdiction; Waiver of Jury
Trial. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the Court of Chancery of the State of Delaware
or, if the Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex Commercial Division), or if jurisdiction over the matter is vested exclusively in federal courts, the
United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the service of process
permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 5.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 10 

 5.9    Specific Performance. Each party hereto acknowledges and agrees
that in the event of any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of any bond.

 5.10    Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with
respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement
supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 

5.11    Severability. If any provision of this Agreement, or the application of such provision to any Person or
circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest
extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to
other Persons or circumstances or in other jurisdictions shall not be affected thereby. 
 5.12    Table of Contents,
Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any
provision hereof. 
 5.13    Counterparts. This Agreement and any amendment hereto may be signed in any number of
separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

5.14    Effectiveness. This Agreement shall become effective upon the Closing Date. 

5.15    No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or otherwise, and
notwithstanding the fact that certain of the Holders may be partnerships, limited liability companies, corporations or other entities, each party hereto covenants, agrees and acknowledges that no recourse under this Agreement or any documents or
instruments delivered by any Person pursuant hereto or otherwise shall be had against any of the Apollo Entities or the Related Entities or any of their former, current or future direct or indirect equity holders, controlling Persons, stockholders,
directors, officers, employees, agents, Affiliates, members, financing sources, managers, general or limited partners or assignees (each a “Related Party” and collectively, the “Related Parties”), in each case other
than (subject, for the avoidance of doubt, to the provisions of this Agreement) each party hereto or any of its respective assignees under this Agreement, whether by the enforcement of any assessment or by

  
 11 

 
any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise
be incurred by any of the Related Parties, as such, for any obligation or liability of any party hereto or any of its respective assignees under this Agreement or any documents or instruments delivered by any Person pursuant hereto for any claim
based on, in respect of or by reason of such obligations or liabilities or their creation; provided, however, that nothing in this Section 5.16 shall relieve or otherwise limit the liability of any party
hereto or any of its respective assignees for any breach or violation of its obligations under such agreements, documents or instruments. 

[Remainder Of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day and
year first above written. 
  

			
	COMPANY
	
	ADT INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
  

 
  
  

  
 [Signature Page to
Stockholders Agreement] 

 
			
	HOLDERS
	
	 PRIME SECURITY SERVICES TOPCO

PARENT, L.P.

		
	By:	 	Prime Security Services TopCo Parent GP, LLC,
		 	its general partner
		
	By:	 	  

		 	Name:
		 	Title:

  
  

 
  
  

  
 [Signature Page to
Stockholders Agreement] 

 
			
	PRIME SECURITY SERVICES TOPCO PARENT GP, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
  

 
  
  

  
 [Signature Page to
Stockholders Agreement] 

 
			
	[TEMASEK INTERNATIONAL]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
  

 
  
  

  
 [Signature Page to
Stockholders Agreement] 

 
			
	[KOCH SV INVESTMENTS, LLC]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Stockholders Agreement] 

 Exhibit A 

Specified Beneficial Ownership of Interest in a Certain Affiliate of the Company 

 

			
	 Investor
	  	
Amount of Interest Beneficially Owned

	 Temasek International
	  	[●]EX-10.25

 Exhibit 10.25 

EXECUTION VERSION 

AMENDED & RESTATED EMPLOYMENT AGREEMENT 

This Amended & Restated Employment Agreement (the “Agreement”), entered into on December 19, 2017 (the
“Effective Date”), is made by and between Donald Young (the “Executive”) and The ADT Security Corporation, a Delaware corporation (together with any of its subsidiaries and Affiliates as may employ the
Executive from time to time, and any and all successors thereto, the “Company”). 
 RECITALS 

A. The parties hereto have previously entered into an employment agreement, dated as of July 1, 2015, as amended on November 7, 2016
(the “Prior Agreement”). 
 B. The parties hereto wish to amend and restate the Prior Agreement in its entirety as set forth
herein. 
 C. It is the desire of the Company to assure itself of the continued services of the Executive by engaging the Executive to
perform services under the terms hereof. 
 D. The Executive desires to continue providing services to the Company on the terms herein
provided. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as
follows: 
 1. Certain Definitions. 
 (a)
“Action” shall have the meaning set forth in Section 10. 
 (b) “ADT Inc.” shall mean ADT Inc., a
Delaware corporation and indirect parent of the Company. 
 (c) “Affiliate” shall mean, with respect to any Person, any
other Person directly or indirectly controlling, controlled by, or under common control with such Person, where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended. 

(d) “Agreement” shall have the meaning set forth in the preamble hereto. 

(e) “Annual Base Salary” shall have the meaning set forth in Section 3(a). 

(f) “Annual Bonus” shall have the meaning set forth in Section 3(b). 

(g) “Board” shall mean the Board of Directors of ADT Inc. 

 (h) The Company shall have “Cause” to terminate the Executive’s employment
pursuant to Section 4(a)(iii) hereunder upon (i) the Executive’s conviction of, or plea of nolo contendere to, any felony or other crime involving either fraud or a breach of the Executive’s duty of loyalty with respect to ADT
Inc., the Company or any subsidiaries or other Affiliates thereof, or any of its customers or suppliers that results in material injury to ADT Inc., the Company or any of their subsidiaries, (ii) the Executive’s substantial and repeated
failure to perform duties as reasonably directed by the Board (not as a consequence of Disability) after written notice thereof and failure to cure within ten (10) days, (iii) the Executive’s fraud, misappropriation, embezzlement, or
material misuse of funds or property belonging to ADT Inc., the Company or any of their subsidiaries, (iv) the Executive’s willful violation of the written policies of ADT Inc., the Company or any of their subsidiaries or Affiliates, or
other willful misconduct in connection with the performance of his duties that in either case results in material injury to ADT Inc., the Company or any of their subsidiaries, after written notice thereof and failure to cure within ten
(10) days, (v) the Executive’s material breach of the Agreement that results in material injury to ADT Inc., the Company or any of their subsidiaries, and failure to cure such breach within ten (10) days after written notice, or
(vi) the Executive’s breach of the confidentiality or non-disparagement provisions (excluding unintentional breaches that are cured within ten (10) days after the Executive becomes aware of such
breaches, to the extent curable) or the non-competition and non-solicitation provisions to which the Executive is subject, including without limitation Sections 6
and 7 hereof, that results in material injury to ADT Inc., the Company or any of their subsidiaries. 
 (i) “Code” shall
mean the Internal Revenue Code of 1986, as amended. 
 (j) “Company” shall, except as otherwise provided in Sections 6 and
7, have the meaning set forth in the preamble hereto. 
 (k) “Date of Termination” shall mean (i) if the
Executive’s employment is terminated by his death, the date of his death, (ii) if the Executive’s employment is terminated pursuant to Section 4(a)(ii)-(vi), the date specified or otherwise effective pursuant to
Section 4(b), or (iii) if the Executive’s employment is terminated upon expiration of the Term due to either party’s non-renewal in accordance with Section 2(b), the last day of the
then-current Term. 
 (l) “Disability” shall mean the disability of the Executive caused by any physical or mental injury,
illness, or incapacity as a result of which Executive has been unable to effectively perform the essential functions of Executive’s duties for a continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365-day period, as determined by the Board in good faith. 
 (m) “Effective Date” shall
have the meaning set forth in the preamble hereto. 
 (n) “Executive” shall have the meaning set forth in the preamble
hereto. 
 (o) The Executive shall have “Good Reason” to resign from his employment pursuant to Section 4(a)(v) in the
event that any of the following actions are taken by the Company or any of its subsidiaries without his consent: (i) a decrease in the Executive’s annual Base Salary, (ii) a decrease in the Executive’s Target Bonus,
(iii) any failure by the Company to pay any material compensation due and payable to Executive in connection with his employment or the employment agreement, (iv) any material diminution of the duties, responsibilities, authority,
positions, or titles of the Executive, (v) the Company’s requiring Executive to be based at any location more than thirty (30) miles from the Longwood, Florida, area, or (vi) any material breach by the Company of any term or
provision of the Agreement; 

  
 2 

 provided, however, that none of the events described in the foregoing clauses shall constitute Good Reason
unless the Executive has notified the Company in writing describing the events that constitute Good Reason within forty-five (45) days following the first occurrence of such events and then only if the Company fails to cure such events within
thirty (30) days after the Company’s receipt of such written notice; 
 (p) “Holdings” shall mean Prime Security
Services TopCo Parent, L.P., a Delaware partnership and the parent entity of the consolidated group controlling the Company in which Apollo or an Apollo investment vehicle invests. 

(q) “Initial Term” shall have the meaning set forth in Section 2(b). 

(r) “Notice of Termination” shall have the meaning set forth in Section 4(b). 

(s) “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental authority, or other entity of whatever nature. 
 (t)
“Proprietary Information” shall have the meaning set forth in Section 7(a). 
 (u) “Realization Event”
shall mean (A) a liquidation of Holdings and its subsidiaries, (B) a transfer of all or substantially all the assets of Holdings and its subsidiaries to a person or group other than Apollo or its Affiliates, (C) a sale or other
disposition by Apollo, to a person or group other than Apollo and its Affiliates, in either case of fifty percent (50%) or more of the Class A units held by Apollo, respectively, as of the date hereof or (D) an underwritten public offering
pursuant to an effective registration statement under the Securities Act that results in the listing for trading on an internationally recognized securities exchange or inter dealer quotation system of any common stock of Holdings or a successor
corporation offered in such public offering pursuant to an effective registration statement (other than on Form S-4, S-8 or their equivalents) filed under the Securities
Act, which yields net proceeds in excess of $100 million. 
 (v) “Securities Act” shall mean the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder. 
 (w) “Severance Period” shall have the meaning set
forth in Section 5(b)(i). 
 (x) “Target Bonus” shall have the meaning set forth in Section 3(b). 

(y) “Term” shall have the meaning set forth in Section 2(b). 

2. Employment. 
 (a) In General. The
Company shall continue to employ the Executive, and the Executive shall continue in the employment of the Company, for the period set forth in Section 2(b), in the position set forth in Section 2(c), and upon the other terms and conditions
herein provided. 

  
 3 

 (b) Term of Employment. The initial term of employment under this Agreement
(the “Initial Term”) shall be for the period beginning on July 1, 2015 and ending on the fifth (5th) anniversary thereof, unless earlier terminated as provided in
Section 4. The Initial Term shall automatically be extended for successive one (1) year periods (together with the Initial Term, the “Term”), unless either party hereto gives notice of the
non-extension of the Term to the other party no later than ninety (90) days prior to the expiration of the then-applicable Term. 

(c) Position and Duties. 

(i) During the Term, the Executive shall serve as Senior Vice President and Chief Information Officer of ADT Inc. with responsibilities,
duties, and authority customary for such position. Such duties, responsibilities, and authority may include services for one or more subsidiaries of ADT Inc. (including, but not limited to, the Company). The Executive shall report to the Chief
Executive Officer of ADT Inc. The Executive agrees to observe and comply with the Company’s rules and policies as adopted from time to time by the Company. The Executive shall devote his full business time, skill, attention, and best efforts to
the performance of his duties hereunder; provided, however, that the Executive shall be entitled to (A) serve on civic, charitable, and religious boards and (B) manage the Executive’s personal and family investments, in each
case, to the extent that such activities do not materially interfere with the performance of the Executive’s duties and responsibilities hereunder, are not in conflict with the business interests of the Company or its Affiliates, and do not
otherwise compete with the business of the Company or its Affiliates. 
 (ii) The principal place of the Executive’s employment shall be
the Company’s offices in Longwood, Florida. The Executive shall perform his duties and responsibilities to the Company at such principal place of employment and at such other location(s) to which the Company may reasonably require the Executive
to travel for Company business purposes. 
 3. Compensation and Related Matters. 

(a) Annual Base Salary. During the Term, the Executive shall receive a base salary at a rate of five hundred ten thousand dollars
($510,000) per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to annual review and possible increase (but not decrease) as determined by the Board in its sole discretion
(the “Annual Base Salary”). 
 (b) Annual Bonus. With respect to each calendar year that ends during the Term,
the Executive shall be eligible to receive an annual cash bonus (the “Annual Bonus”), with a target Annual Bonus amount equal to one hundred percent (100%) of the Annual Base Salary (the “Target Bonus”). The
Executive’s actual Annual Bonus for a given year, if any, shall be determined on the basis of the Executive’s and/or the Company’s attainment of objective financial and/or other subjective or objective criteria established by the
Board and communicated to the Executive at the beginning of such year. Each such Annual Bonus shall be payable on 

  
 4 

 
such date as is determined by the Board, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Department of Treasury Regulations (or any successor thereto). Notwithstanding the foregoing, no Annual Bonus shall be payable with respect to any calendar year unless the
Executive remains continuously employed with the Company on the date of payment; provided, however, that notwithstanding the foregoing, the Executive shall be entitled to a prorated portion of the Annual Bonus payable with respect to any
calendar year in which his employment ends as a result of the Company’s non-extension of the Term pursuant to Section 2(b) (provided that such termination would not have constituted a termination for
Cause under this Agreement), determined on a daily basis, based solely on the actual level of achievement of the applicable performance goals for such year, and payable if and when annual bonuses are paid to other senior executives of the Company
with respect to such year, but in any event within the period required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of
the Department of Treasury Regulations (or any successor thereto). 
 (c) Benefits. During the Term, the Executive shall be entitled
to participate in the employee benefit plans, programs, and arrangements of the Company now (or, to the extent determined by the Board, hereafter) in effect, in accordance with their terms, including, without limitation, pension benefits and medical
and welfare benefits. 
 (d) Vacation. During the Term, the Executive shall be entitled to four (4) weeks of paid vacation per
calendar year, in accordance with the Company’s vacation policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Executive. 

(e) Business Expenses. During the Term, the Company shall reimburse the Executive for all reasonable travel and other business expenses
incurred by him in the performance of his duties to the Company, in accordance with the Company’s expense reimbursement policies and procedures. 
 4.
Termination. The Executive’s employment hereunder may be terminated prior to the expiration of the Term resulting from a non-renewal pursuant to Section 2(b) above by the Company or the
Executive, as applicable, without any breach of this Agreement only under the following circumstances: 
 (a) Circumstances. 

(i) Death. The Executive’s employment hereunder shall terminate upon his death. 

(ii) Disability. If the Executive has incurred a Disability, the Company may give the Executive written notice of its intention to
terminate the Executive’s employment. In that event, the Executive’s employment with the Company shall terminate effective on the later of the thirtieth (30th) day after receipt of such
notice by the Executive and the date specified in such notice, provided that within the thirty (30) day period following receipt of such notice, the Executive shall not have returned to full-time performance of his duties hereunder. 

  
 5 

 (iii) Termination with Cause. The Company may terminate the Executive’s employment
with Cause. 
 (iv) Termination without Cause. The Company may terminate the
Executive’s employment without Cause. 
 (v) Resignation with Good Reason. The Executive may resign from his employment with Good
Reason. 
 (vi) Resignation without Good Reason. The Executive may resign from his employment without Good Reason upon not less
than forty-five (45) days’ advance written notice to the Board. 
 (b) Notice of Termination. Any termination of the
Executive’s employment by the Company or by the Executive under this Section 4 (other than termination pursuant to Section 4(a)(i)) shall be communicated by a written notice to the other party hereto (i) indicating the specific
termination provision in this Agreement relied upon, (ii) except with respect to a termination pursuant to Section 4(a)(iv) or (vi), setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated, and (iii) specifying a Date of Termination as provided herein (a “Notice of Termination”). If the Company delivers a Notice of Termination under
Section 4(a)(ii), the Date of Termination shall be at least thirty (30) days following the date of such notice; provided, however, that such notice need not specify a Date of Termination, in which case the Date of Termination shall
be determined pursuant to Section 4(a)(ii). If the Company delivers a Notice of Termination under Section 4(a)(iii) or 4(a)(iv), the Date of Termination shall be, in the Company’s sole discretion, the date on which the Executive
receives such notice or any subsequent date selected by the Company. If the Executive delivers a Notice of Termination under Section 4(a)(v), the Date of Termination shall be at least thirty (30) days following the date of such notice;
provided, however, that the Company may, in its sole discretion, accelerate the Date of Termination to any date that occurs following the Company’s receipt of such notice, without changing the characterization of such termination as
voluntary, even if such date is prior to the date specified in such notice. The failure by the Company or the Executive to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Cause or Good Reason shall
not waive any right of the Company or the Executive hereunder or preclude the Company or the Executive from asserting such fact or circumstance in enforcing the Company’s or the Executive’s rights hereunder. 

(c) Termination of All Positions. Upon termination of the Executive’s employment for any reason, the Executive agrees to resign, as
of the Date of Termination or such other date requested by the Company from all positions and offices that the Executive then holds with the Company and its Affiliates. 

5. Company Obligations upon Termination of Employment. 

(a) In General. Subject to Section 11(b), upon termination of the Executive’s employment for any reason, the Executive (or the
Executive’s estate) shall be entitled to receive (i) any amount of the Executive’s Annual Base Salary earned through the Date of Termination 

  
 6 

 
not theretofore paid, (ii) any expenses owed to the Executive under Section 3(e), (iii) any accrued vacation pay owed to the Executive pursuant to Section 3(d), and
(iv) any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3(c) (other than severance plans, programs, or arrangements), which amounts shall be
payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements including, where applicable, any death and disability benefits. 

(b) Termination without Cause or Resignation with Good Reason. Subject to Section 11(b), if the Company terminates the
Executive’s employment without Cause pursuant to Section 4(a)(iv) or if the Company elects not to renew the term of this Agreement and terminate the Executive’s employment hereunder in accordance with Section 2(b) above, or if
the Executive resigns from his employment with Good Reason pursuant to Section 4(a)(v), the Company shall, in addition to the benefits and payments under Section 5(a)- 

(i) continue to pay the Annual Base Salary in accordance with the Company’s customary payroll practices during the period (the
“Severance Period”) beginning on the Date of Termination and ending on the earlier to occur of (A) the twenty-four (24) month anniversary of the Date of Termination (or if such Date of Termination occurs following a
Realization Event, the six (6) month anniversary of the Date of Termination) and (B) the first date that the Executive violates any covenant contained in Section 6 or 7; 

(ii) continue to provide coverage during the Severance Period for the Executive and any eligible dependents under all Company health and
welfare plans in which the Executive and any such dependents participated immediately prior to the Date of Termination, to the extent permitted thereunder (and to the extent that such benefits may be provided under applicable law without penalty)
and subject to any active-employee cost-sharing or similar provisions in effect for the Executive thereunder as of immediately prior to the Date of Termination; and 

(iii) subject to the Executive’s compliance with the covenants contained in Sections 6 and 7, pay the Executive a prorated portion of
the Annual Bonus payable with respect to the calendar year in which such termination occurs, determined on a daily basis, based solely on the actual level of achievement of the applicable performance goals for such year, and payable if and when
annual bonuses are paid to other senior executives of the Company with respect to such year. 
 provided, however, that notwithstanding the
foregoing, (x) the amounts payable to the Executive under this Section 5(b) shall be contingent upon and subject to the Executive’s execution and non-revocation of a general waiver and release
of claims agreement in the Company’s customary form (and the expiration of any applicable revocation period), on or prior to the sixtieth (60th) day following the Date of Termination; and
(y) the installment payments pursuant to this Section 5(b) shall commence on the first payroll period following the effective date of such release of claims, and the initial installment shall include a
lump-sum payment of all amounts accrued under this Section 5(b) from the Date of Termination through the date of such initial payment. 

  
 7 

 (c) Survival. The expiration or termination of the Term shall not impair the rights or
obligations of any party hereto, which shall have accrued prior to such expiration or termination. 
 6.
Non-Competition; Non-Solicitation; Non-Hire. 

(a) The Executive shall not, at any time during the Term or during the twenty-four (24) month period following the Date of Termination (or
if such Date of Termination occurs following a Realization Event, the six (6) month period following the Date of Termination): 
 (i)
directly or indirectly engage in, have any equity interest in, or manage or operate any Person, firm, corporation, partnership, business or entity (whether as director, officer, employee, agent, representative, partner, security holder, consultant,
or otherwise) that engages in (either directly or through any subsidiary or Affiliate thereof) any business or activity that competes with any of the businesses of the Company or any entity owned by the Company. Notwithstanding the foregoing, the
Executive shall be permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business; 

(ii) directly or indirectly solicit, on his own behalf or on behalf of any other Person or entity, the services of, or hire, any individual who
is (or, at any time during the previous year, was) an employee, independent contractor, or director of the Company (other than an individual who was within the previous year his personal assistant or secretary), or solicit any of the Company’s
then-current employees, independent contractors, or directors to terminate services with the Company, provided that (A) following the six (6) month anniversary of the Date of Termination, the foregoing shall not apply to any employee,
independent contractor or director who has been terminated by the Company at least six (6) months prior to such solicitation, and (B) the placement of general advertisements in newspapers, magazines or electronic media shall not, by
itself, constitute a breach of this Section 6(a)(ii); or 
 (iii) directly or indirectly, on his own behalf or on behalf of any other
person or entity, recruit or otherwise solicit or induce any customer, subscriber, or supplier of the Company to terminate its arrangement with the Company, or otherwise change its relationship with the Company. 

(b) In the event that the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable by reason
of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be
enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. 

(c) As used in this Section 6, the term “Company” shall include ADT Inc., the Company, and any direct or indirect subsidiaries
thereof or any successors thereto. 
 (d) The provisions contained in Section 6(a) may be waived with the prior written consent of the
Board. 

  
 8 

 7. Nondisclosure of Proprietary Information; Nondisparagement. 

(a) Except as required in the faithful performance of the Executive’s duties hereunder or pursuant to Section 7(c), the Executive
shall, during the Term and after the Date of Termination, maintain in confidence and shall not directly or indirectly, use, disseminate, disclose or publish, or use, for his benefit or the benefit of any Person, firm, corporation, or other entity,
any confidential or proprietary information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company’s operations, processes, protocols, products, inventions, business practices,
finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees, or other terms of employment (“Proprietary
Information”), or deliver to any Person, firm, corporation, or other entity any document, record, notebook, computer program, or similar repository of or containing any such Proprietary Information. The Executive’s obligation to
maintain and not use, disseminate, disclose or publish, or use, for his benefit or the benefit of any Person, firm, corporation, or other entity, any Proprietary Information after the Date of Termination will continue so long as such Proprietary
Information is not, or has not by legitimate means become, generally known and in the public domain (other than by means of the Executive’s direct or indirect disclosure of such Proprietary Information) and continues to be maintained as
Proprietary Information by the Company. The parties hereby stipulate and agree that as between them the Proprietary Information identified herein is important and material and affects the successful conduct of the businesses of the Company (and any
successor or assignee of the Company). 
 (b) Upon termination of the Executive’s employment with the Company for any reason, the
Executive will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, and financial documents, and any other documents, concerning the Company’s customers, business
plans, marketing strategies, products, or processes. 
 (c) The Executive may respond to a lawful and valid subpoena or other legal process
but shall give the Company the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such counsel in
resisting or otherwise responding to such process. 
 (d) The Executive agrees not to disparage the Company, any of its products or
practices, or any of its directors, officers, agents, representatives, stockholders, or Affiliates, either orally or in writing, at any time and the Company shall use its reasonable best efforts to cause its officers and directors not to disparage
the Executive at any time; provided, however, that the Executive may, and the Company’s officers and directors may (A) confer in confidence with his (or in the case of an officer or director, their personal or the Company’s)
legal representatives, (B) make truthful statements as required by law or when requested by a governmental, regulatory or similar body or entity, and/or (C) make truthful statements in the course of performing his or their duties to the
Company. As used in this Section 7, the term “Company” shall include ADT Inc., the Company, and any direct or indirect subsidiaries thereof or any successors thereto. 

  
 9 

 8. Injunctive Relief. The Executive recognizes and acknowledges that a breach of any of the covenants
contained in Sections 6 and 7 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly,
the Executive agrees that in the event of a breach of any of the covenants contained in Sections 6 and 7, in addition to any other remedy that may be available at law or in equity, the Company will be entitled to seek specific performance and
injunctive relief. 
 9. Indemnification. During the Executive’s employment and service as a director or officer (or both)
and at all times thereafter during which the Executive may be subject to liability, the Executive shall be entitled to indemnification set forth in the Company’s Certificate of Incorporation and By-laws to the maximum extent allowed under the
laws of the State of Delaware and he shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers against all costs, charges, and expenses incurred or
sustained by him in connection with any action, suit, or proceeding to which he may be made a party by reason of his being or having been a director, officer, or employee of the Company or any of its subsidiaries (other than any dispute, claim, or
controversy arising under or relating to this Agreement). Notwithstanding anything to the contrary herein, the Executive’s rights under this Section 9 shall survive the termination of his employment for any reason and the expiration of
this Agreement for any reason. 
 10. Cooperation. The Executive agrees that during and after his employment with the Company, the Executive will
assist the Company and its Affiliates in the defense of any claims or potential claims that may be made or threatened to be made against the Company or any of its Affiliates in any action, suit, or proceeding, whether civil, criminal,
administrative, investigative, or otherwise, that are not adverse to the Executive (each, an “Action”), and will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or any of its
Affiliates in any Action, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s employment by the Company and its Affiliates. The Executive agrees, unless precluded by law, to promptly
inform the Company if the Executive is asked to participate (or otherwise become involved) in any such Action. The Executive also agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any
investigation (whether governmental or otherwise) of the Company or any of its Affiliates (or their actions) to the extent that such investigation may relate to the Executive’s employment or the period of the Executive’s employment by the
Company, regardless of whether a lawsuit has then been filed against the Company or any of its Affiliates with respect to such investigation. The Company or one of its Affiliates shall reimburse the Executive for all of the Executive’s
reasonable out-of-pocket expenses associated with such cooperation following his Date of Termination. 

11. Section 409A of the Code. 
 (a)
General. The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code and the Department
of Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of

  
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this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder will be taxable currently to the Executive under Section 409A(a)(1)(A) of the Code
and related Department of Treasury guidance, the Company and the Executive shall cooperate in good faith to (i) adopt such amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive
effect, that they mutually determine to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement, to preserve the economic benefits of this Agreement, and to avoid less-favorable accounting or tax
consequences for the Company, and/or (ii) take such other actions as mutually determined to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A of the Code or to comply with the requirements of
Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided, however, that this Section 11(a) does not create an obligation on the part of the Company to modify this Agreement and does not
guarantee that the amounts payable hereunder will not be subject to interest or penalties under Section 409A, and in no event whatsoever shall the Company or any of its Affiliates be liable for any additional tax, interest, or penalties that
may be imposed on Executive as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

(b) Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this Agreement:
(i) no amount shall be payable pursuant to Section 5(a) or Section 5(b) unless the termination of the Executive’s employment constitutes a “separation from service” within the meaning of
Section 1.409A-1(h) of the Department of Treasury Regulations; (ii) if the Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the termination benefits to which the Executive is entitled under this Agreement (after taking into account all exclusions applicable to such
termination benefits under Section 409A), including, without limitation, any portion of the additional compensation awarded pursuant to Section 5(a) or Section 5(b), is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (A) the expiration of the six-month
period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A) and (B) the date of the
Executive’s death; provided, that upon the earlier of such dates, all payments deferred pursuant to this Section 11(b)(ii) shall be paid to the Executive in a lump sum, and any remaining payments due under this Agreement shall be
paid as otherwise provided herein; (iii) the determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall be made by the
Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation, Section 1.409A-1(i) of the Department of Treasury Regulations and
any successor provision thereto); (iv) for purposes of Section 409A of the Code, the Executive’s right to receive installment payments pursuant to Section 5(b) shall be treated as a right to receive a series of separate and
distinct payments; and (v) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall
be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. The amount of
any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year. 

  
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 12. Section 280G of the Code. 

(a) If there is a change of ownership or effective control or change in the ownership of a substantial portion of the assets of the Company
(within the meaning of Section 280G of the Code) (a “Change in Control”) and any payment or benefit (including payments and benefits pursuant to this Agreement) that the Executive would receive from the Company or otherwise
(“Transaction Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”), and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid to the Executive, which of the following
two alternative forms of payment would result in the Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the
Transaction Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that the Executive
receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account
all applicable federal, state and local income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state
and local taxes). If a Reduced Payment is made, the reduction in payments and/or benefits will occur in the following order: (1) first, reduction of cash payments, in reverse order of scheduled payment date (or if necessary, to zero), (2) then,
reduction of non-cash and non-equity benefits provided to the Executive, on a pro rata basis (or if necessary, to zero), and (3) then, cancellation of the
acceleration of vesting of equity award compensation in the reverse order of the date of grant of the Executive’s equity awards. 
 (b)
Unless the Executive and the Company otherwise agree in writing, any determination required under this section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination
shall be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Accountants shall provide detailed supporting calculations to the Company and the Executive as requested by the Company or the
Executive. The Executive and the Company shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this section. The Company shall bear all costs the Accountants
may reasonably incur in connection with any calculations contemplated by this section as well as any costs incurred by the Executive with the Accountants for tax planning under Sections 280G and 4999 of the Code. 

  
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 (c) Notwithstanding the foregoing, in the event that no stock of the Company is readily tradable
on an established securities market or otherwise (within the meaning of Section 280G of the Code) at the time of the Change in Control, the parties may elect to submit to a vote of shareholders for approval the portion of the Transaction
Payments that exceeds three times the Executive’s “base amount” (within the meaning of Section 280G of the Code) (the “Excess Parachute Payments”) in accordance with Treas. Reg.
§1.280G-1, and the Executive shall cooperate with such vote of shareholders, including the execution of any required documentation subjecting the Executive’s entitlement to all Excess Parachute
Payments to such shareholder vote. 
 13. Assignment and Successors. The Company may assign its rights and obligations under this Agreement to any
entity, including any successor to all or substantially all the assets of the Company, by merger or otherwise, and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its Affiliates. The
Executive may not assign his rights or obligations under this Agreement to any individual or entity. This Agreement shall be binding upon and inure to the benefit of the Company and the Executive and their respective successors, assigns, personnel,
legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. In the event of the Executive’s death following a termination of his employment, all unpaid amounts otherwise due the Executive
(including under Section 5) shall be paid to his estate. 
 14. Governing Law. This Agreement shall be governed, construed, interpreted, and
enforced in accordance with the substantive laws of the State of Delaware, without reference to the principles of conflicts of law of Delaware or any other jurisdiction, and where applicable, the laws of the United States. 

15. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which shall remain in full force and effect. 
 16. Notices. Any notice, request, claim, demand, document, and
other communication hereunder to any party hereto shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by telex, telecopy, or sent by nationally-recognized overnight courier, or certified
or registered mail, postage prepaid, to the following address (or at any other address as any party hereto shall have specified by notice in writing to the other party hereto): 

 

	 	(a)	If to the Company: 

 The ADT Security Corporation 

1501 Yamato Road 
 Boca Raton, FL
33431 
 Fax: 855-238-0131 

Attention: Chief Executive Officer 

and a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas New York, New York 10019 

Fax: (212) 757-3990 

Attention: Lawrence I. Witdorchic 
  

	 	(b)	If to the Executive, at his most recent address on the payroll records of the Company. 

  
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 17. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original, but all of which together will constitute one and the same Agreement. 
 18. Entire Agreement. The terms of this Agreement (together
with any other agreements and instruments contemplated hereby or referred to herein) is intended by the parties hereto to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be
contradicted by evidence of any prior or contemporaneous agreement (including, without limitation, any term sheet and the Prior Agreement). The parties hereto further intend that this Agreement shall constitute the complete and exclusive statement
of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 

19. Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by the Executive and a
duly authorized officer of Company that expressly identifies the amended provision of this Agreement. By an instrument in writing similarly executed and similarly identifying the waived compliance, the Executive or a duly authorized officer of the
Company may waive compliance by the other party or parties with any provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or
estoppel with respect to, any other or subsequent failure to comply or perform. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power
provided herein or by law or in equity. 
 20. No Inconsistent Actions. The parties hereto shall not voluntarily undertake or fail to undertake any
action or course of action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the
provisions of this Agreement. 
 21. Construction. This Agreement shall be deemed drafted equally by both of the parties hereto. Its language shall be
construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect
construction or interpretation. Any references to paragraphs, subparagraphs, sections, or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the
contrary: (a) the plural includes the singular, and the singular includes the plural; (b) “and” and “or” are each used both conjunctively and disjunctively; (c) “any,” “all,” “each,” or
“every” means “any and all,” and “each and every”; (d) “includes” and “including” are each “without limitation”; and (e) “herein,” “hereof,” “hereunder,” and
other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section, or subsection. 

  
 14 

 22. Dispute Resolution. The parties agree that any suit, action or proceeding brought by or against such
party in connection with this Agreement shall be brought solely in any state or federal court within the State of Delaware. Each party expressly and irrevocably consents and submits to the jurisdiction and venue of each such court in connection with
any such legal proceeding, including to enforce any settlement, order or award, and such party agrees to accept service of process by the other party or any of its agents in connection with any such proceeding. In the event of any dispute between
the Company and the Executive (including, but not limited to, under or with respect to this Agreement), subject to the Executive prevailing on at least one material claim or issue asserted in such dispute, the Company shall reimburse the Executive
for all attorneys’ fees and other litigation costs incurred by the Executive in connection with such dispute. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST
SUCH PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER. 
 23. Enforcement. If any provision of this Agreement is held to be illegal, invalid,
or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never a
part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu
of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and
enforceable. 
 24. Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local,
and foreign withholding and other taxes and charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

25. Employee Acknowledgement. The Executive acknowledges that he has read and understands this Agreement, is fully aware of its legal effect, has not
acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on his own judgment. 

[signature page follows] 

  
 15 

 The parties have executed this Agreement as of the date first written above. 

 

			
	COMPANY
	
	The ADT Security Corporation
		
	By:	 	 /s/ Timothy J. Whall

		 	Name: Timothy J. Whall
		 	Title: Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Donald Young

	Donald Young

  
  
  

 
  
  

[Signature Page to Donald Young Amended & Restated Employment Agreement]

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