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Exhibit 10.25    
    

IRON MOUNTAIN INCORPORATED

DIRECTORS DEFERRED COMPENSATION PLAN  

ARTICLE 1

PURPOSE; EFFECTIVE DATE  

        1.1.    Adoption of Plan.    Iron Mountain Incorporated (the "Company") hereby adopts a deferred compensation plan
known as the Iron Mountain Incorporated Directors Deferred Compensation Plan (the "Plan"), effective March 1, 2008 (the "Effective Date"). 

        1.2.    Purpose.    This Plan is unfunded and is maintained for the purpose of providing deferred compensation to
non-employee directors of the Company. 

ARTICLE 2

DEFINITIONS  

        Wherever
the following terms are used in this Plan, they shall have the meaning specified below. 

        2.1.  "Account" means one or more separate, unfunded bookkeeping account(s) established under this Plan for each Participant. 

        2.2.  "Accounting Date" means December 31, and any other date that the Committee designates. 

        2.3.  "Beneficiary" means the person or entity determined to be a Participant's beneficiary pursuant to Section 7.1. 

        2.4.  "Beneficiary Designation Form" means a beneficiary designation form approved by the Committee for use by a Participant
under the Plan. 

        2.5.  "Board" means the Board of Directors of the Company. 

        2.6.  "Claimant" has the meaning set forth in Section 8.1. 

        2.7.  "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        2.8.  "Committee" has the meaning set forth in Section 3.1. 

        2.9.  "Common Stock" means the Company's outstanding Common Stock, $0.01 par value per share. 

        2.10.  "Company" has the meaning set forth in Section 1.1. 

        2.11.  "Deferral Form" means any election form approved by the Committee for use by a Participant to elect a deferral under
Section 5.1 of this Plan. 

        2.12.  "Deferred Compensation" has the meaning set forth in Section 5.3. 

        2.13.  "Disability" means total disability, as determined by the Social Security Administration. 

        2.14.  "Effective Date" has the meaning set forth in Section 1.1. 

        2.15.  "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

        2.16.  "Fair Market Value" means "Fair Market Value" as that term is defined in the Iron Mountain Incorporated 2003 Stock
Incentive Plan, as amended, or any successor thereto. 

        2.17.  "Fees" means any annual or chairperson retainer or any meeting fees of a Participant that, but for deferral hereunder,
would be payable in cash. 

 

        2.18.  "Participant" means a member of the Board of the Company who is eligible to participate pursuant to Section 4.1. 

        2.19.  "Plan" means this Iron Mountain Incorporated Directors Deferred Compensation Plan, as amended from time to time. 

        2.20.  "Plan Year" means the calendar year; provided, however, that the first Plan Year shall commence as of the Effective
Date and end December 31, 2008. 

        2.21.  "Rabbi Trust" has the meaning set forth in Section 9.2. 

        2.22.  "Separation from Service" means ceasing to perform services for the Company, all within the meaning of Treas. Reg.
§ 1.409A-1(h), including Treas. Reg. § 1.409A-1(h)(5), and any successor thereto. 

        2.23.  "Specified Employee" means a "specified employee" within the meaning of Treas. Reg.
§ 1.409A-1(i), or any successor thereto, using each December 31 as the specified employee identification date. 

        2.24.  "Subsidiary" means any corporation, company, partnership or other form of business organization of which the Company
owns, directly or indirectly through an unbroken chain ownership, fifty percent or more of the total combined voting power of all classes of stock or other form of equity ownership. 

        2.25.  "Unforseeable Emergency" means a severe financial hardship to a Participant, or the Participant's spouse, Beneficiary
or dependent, within the meaning of Treas. Reg. § 1.409A-3(i)(3), or any successor thereto, and relevant guidance thereunder. 

ARTICLE 3

ADMINISTRATION  

        3.1.    Administration.    The Plan shall be administered by a committee consisting of the Chair of the Compensation
Committee of the Board and the Executive Vice President, Human Resources (the "Committee"). The Board shall have discretionary authority to appoint (including in the event of a vacancy) and remove
members of the Committee, or it may substitute itself or any other committee or subcommittee of the Board to serve as the Committee. All references in the Plan to the "Committee" shall be understood
to refer to the Committee, the Board or any other committee or subcommittee, as applicable and designated by the Board as the administrator of the Plan. 

        The
Committee shall select one of its members as Chairman and shall hold meetings at such times and places as it may determine. If the Committee has more than two members, a majority of
the Committee shall constitute a quorum, and acts of the Committee at which a quorum is present, or acts reduced to or approved in writing by all the members of the Committee, shall be the valid acts
of the Committee. 

        The
Committee is authorized to interpret and construe any provision of this Plan, to determine eligibility and benefits under this Plan, to prescribe, amend and rescind rules and
regulations relating to this Plan, to adopt such forms as it may deem appropriate for the administration of this Plan, to
provide for conditions and assurances deemed necessary or advisable to protect the interests of the Company or a Subsidiary and to make all other determinations necessary or advisable for the
administration of this Plan, but only to the extent not contrary to the express provisions of this Plan. The Committee shall be responsible for the day-to-day administration of
this Plan. Determinations, interpretations or other actions made or taken by the Committee under this Plan shall be final and binding for all purposes and upon all persons. 

2

 

        A
member of the Committee who is a Participant under the Plan shall not vote on any question relating exclusively to himself. 

        3.2.    Cost.    All expenses and costs incurred in the administration and operation of this Plan shall be borne by
the Company, except to the extent funded by Participant deferrals of compensation in accordance with Article 5. 

ARTICLE 4

ELIGIBILITY AND PARTICIPATION  

        4.1.    Eligibility to Participate.    Each member of the Board who is not an employee of the Company or any
subsidiary thereof shall be eligible to participate in the Plan as of the Effective Date. Each new member of the Board who is not an employee of the Company or any subsidiary thereof shall become
eligible to participate in the Plan as of the date of his appointment or election. 

ARTICLE 5

DEFERRAL CONTRIBUTIONS  

        5.1.    Election to Defer Payment.    

        (a)    In general.    A Participant may irrevocably elect to defer the payment to him by the Company of from five to
100 percent (in one percent increments) of any Fees by notice to the Committee on a Deferral Form received by the Committee or its designee. No deferral shall be effective unless the
Participant has completed and returned a Deferral Form on or prior to November 30 (or such other date not later than December 31 that the Committee may specify) of the year prior to the
Plan Year in which the Fees are earned. 

        (b)    New Participant.    Notwithstanding Section 5.1(a), a person who first becomes eligible to participate
in the Plan after the beginning of a Plan Year shall be entitled to make an election to defer payment within thirty days after the date he becomes eligible to participate in the Plan. Any election
shall be applicable solely to Fees related to services performed subsequent to the date that the election is filed; provided, however, that no portion of any retainer fee may be deferred for the
quarter in which such election is made. A Participant shall not be entitled to make an election under this Section 5.1(b) in the event he is a participant in any other nonqualified deferred
compensation plan of the same category that is maintained by the Company or any Subsidiary and that is required to be aggregated for purposes of Section 409A of the Code and regulations issued
thereunder. 

        (c)    Special rule applicable at the Effective Date.    With respect to a person who is a director on the Effective
Date of the Plan and who files his initial election no later than March 30, 2008, a Participant may elect to defer Fees consisting of meeting fees for meetings occurring on or after
March 1, 2008 (and after such election) and retainer fees related to services performed on or after April 1, 2008. 

        5.2.    Irrevocability of Elections.    An election described in Section 5.1(a) shall become irrevocable as of
December 31 preceding the Plan Year to which it relates (or such earlier date as the Committee may specify). An election described in Section 5.1(b) shall become irrevocable as of the
date such election is provided to the Committee. Notwithstanding the foregoing, an election described in Section 5.1 may be cancelled if the Committee determines that such cancellation should
be permitted due to an Unforeseeable Emergency, to the extent permitted under Treas. Reg. § 1.409A-3(j)(4)(viii), or any successor thereto. 

        5.3.    Terms of Deferral.    A Participant's election to defer payment of any portion of his Fees shall provide for
deferral of payment until the Participant's Disability or Separation from Service or such earlier date as the Participant may specify on a Deferral Form or in such other manner as shall be 

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satisfactory
to the Committee. Amounts that a Participant has elected to defer are hereinafter referred to as "Deferred Compensation." Upon a Participant's Disability or Separation from Service or
upon such earlier date as the Participant may have specified, payment of his Deferred Compensation shall be made as provided in Section 6.1. 

        5.4.    Deferred Compensation Always Fully Vested.    The amount of a Participant's Deferred Compensation shall always
be and remain fully vested and nonforfeitable by him. 

        5.5.    Credits and Adjustments to Account.    The Participant's Account shall be credited in the amount of all
compensation deferred pursuant to the Participant's election in accordance with this Plan. The Participant's Account shall be reduced by the amount of any distributions to the Participant from this
Plan. Pursuant to procedures established by the Committee, each Participant's Account shall be adjusted as of each Accounting Date to reflect the earnings or losses of any hypothetical investment
media as may be designated by the Committee. 

        5.6.    Investments.    

        (a)    In general.    Unless the Committee in its discretion designates one or more different investment media in
which Accounts shall be hypothetically invested, all Accounts shall be hypothetically invested in whole shares of Common Stock of the Company. Cash representing that portion of a fractional share of
Common Stock shall be credited to the Participant's Account and may be aggregated with additional compensation deferred for purposes of a future hypothetical investment. 

        (b)    Timing.    

	(1)
	Hypothetical Acquisitions.    As long as the Company maintains a Rabbi Trust, the Company shall remit compensation deferred
under this Plan to the trustee of the Rabbi Trust on a quarterly basis. The trustee shall acquire shares of Common Stock as soon as practicable following its receipt of such cash. In general, it is
contemplated that the Company shall remit compensation deferred to the trustee at the same time it remits a cash payment of Fees to any member of the Board who is eligible for but does not otherwise
elect to participate in the Plan, or within ten business days following the close of a calendar quarter if no such cash payment is issued. If no Rabbi Trust is maintained, the compensation deferred
under this Plan shall be treated as hypothetically invested in Common Stock as of the date specified in the preceding sentence and calculated using the Fair Market Value of the Common Stock on the
date in question.

	(2)
	Hypothetical Dispositions.    As long as the Company maintains a Rabbi Trust and with respect to any distribution paid
hereunder: (i) in cash, the distribution shall consist of the net proceeds of any sale of Common Stock held by the trustee; and (ii) in stock, the distribution shall consist of shares of
Common Stock. If the Company does not maintain a Rabbi Trust and with respect to any distribution paid hereunder: (i) in cash, the distribution shall consist of cash equal to the Fair Market
Value of the Common Stock of the Company hypothetically held for the Participant as of the day preceding the distribution date; and (ii) in stock, the distribution shall consist of shares of
Common Stock. In each case, the Participant shall also receive, in cash, any other cash allocated to the Participant's Account. 

        (c)    Investment Direction.    In the event investment media other than Common Stock are made available, the
Committee may provide Participants and Beneficiaries the opportunity to determine how their Accounts will be deemed to be hypothetically invested from among the available investment options, and may
permit changes in those investment directions at whatever frequency it deems appropriate and within whatever limitations are applicable to any investment option. If any Participant or Beneficiary
makes an investment selection, the Committee (or in the 

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event
of the establishment of a trust hereunder, the trustee of such trust) may follow such investment selection but neither shall be legally bound to do so. 

ARTICLE 6

TIMING AND METHOD OF PAYMENT  

        6.1.    Payout of Deferred Compensation.    

        (a)   Each
Participant shall specify, on a Deferral Form or in such other manner as shall be approved by and received by the Committee or its designee, the commencement date
for payments of the Participant's Deferred Compensation and earnings thereon with respect to a Plan Year and the form of payment with respect thereto. With the Committee's permission, the commencement
date of any payment may be superseded by a later election completed by the Participant, but any later election will be disregarded in its entirety unless: (a) received by the Committee more
than twelve months before the commencement date for payments pursuant to the original election; and (b) the later election postpones for a period of not less than five years the payment of each
such deferred amount. 

        (b)   The
following are the available choices for the commencement date of payments: 

	(1)
	During
the second calendar month following the date of the Participant's Disability or other Separation from Service; or

	(2)
	A
date specified by the Participant, provided that if the Participant's Disability or other Separation from Service occurs before such date, payments shall be made in accordance with
Section 6.1(b)(1). 

        (c)   The
following are the available choices for the form of payment of a Participant's Account with respect to a particular Plan Year's Deferred Compensation and earnings
thereon: 

	(1)
	A
single lump sum in cash or in Common Stock; or

	(2)
	Substantially
equal annual installments in cash or in Common Stock over a period of either five or ten years. Installment payments are not available if the payout is made upon the
Participant's Disability or other Separation from Service. 

A
Participant's Disability or other Separation from Service shall not cause any acceleration of his receipt of installment payments that are then in the course of payment. In all events, cash
allocated to a Participant's Account as a result of a failure to purchase fractional shares of Common Stock shall be distributed in cash. 

        (d)   To
the extent necessary, the Committee shall allocate earnings and losses among the portions of an Account attributable to deferrals in different years, and may do so by
any method the Committee deems reasonable. 

        6.2.    Delay in Payment.    No payment shall be made to any Participant hereunder if the Company informs the
Committee: (a) that the Company reasonably anticipates that such payment would cause the Company's federal tax deduction with respect to that payment to be limited or eliminated by virtue of
the application of Section 162(m) of the Code; (b) that the Company reasonably anticipates that the making of the payment will jeopardize its ability to continue in business as a going
concern; or (c) that the Company reasonably anticipates that the payment will violate federal securities or other applicable laws. Any payment that is delayed pursuant to this
Section 6.2 shall be made on the date thirty days after the Committee determines that the event or condition that caused the delay has ceased to be applicable. The provisions of this Section
shall be interpreted and applied in light of the rules permitting the delay of payments found in Treas. Reg. § 1.409A-2(b)(7) and Treas. Reg.
§ 1.409A-3(d), or any successors thereto. 

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        6.3.    Delayed Payment to Specified Employees.    Any payment to a Participant who is a Specified Employee as of the
date of his or her Separation from Service (other than by reason of Disability) shall be made
during the seventh month after the date of the Participant's Separation from Service rather than on any earlier date prescribed by Section 6.1(b)(1). This Section 6.3 shall be applied in
accordance with Treas. Reg. § 1.409A-3(i)(2), including the last sentence of Treas. Reg. § 1.409A-3(i)(2)(i), and of any successors
thereto. 

        6.4.    Death Before Payments Commence or are Completed.    If a Participant dies while employed or while receiving
installment payments, the entire remaining value of his Account shall be paid during the second calendar month following the Participant's death to the Participant's designated Beneficiary in a single
lump sum in cash or in Common Stock (and cash in lieu of fractional shares), as determined at the Participant's election pursuant to Section 6.1(c). 

        6.5.    Change of Control Provisions.    In its discretion, the Committee may cause accelerated payment to be made in
connection with a change in control event as permitted by Treas. Reg. § 1.409A-3(j)(4)(ix)(B), or any successor thereto. 

        6.6.    Unforeseeable Emergency.    Payment of all or a portion of the Account of a Participant may be made, in the
discretion of the Committee, if the Participant applies for such distribution on account of an Unforeseeable Emergency and the Committee determines that the conditions of Treas. Reg.
§ 1.409A-3(i)(3), or any successor thereto for payment upon an Unforeseeable Emergency have been met; provided, however, that the amount of any such distribution shall
be limited to the amount reasonably necessary to satisfy the emergency need, including amounts necessary to pay taxes or penalties reasonably anticipated to result from the distribution. 

ARTICLE 7

PAYMENTS TO OTHERS  

        7.1.    Beneficiaries.    A Participant may designate the Beneficiary to whom any unpaid benefit under this Plan may
be paid by submitting a completed Beneficiary Designation Form to the Committee or its designee. The Participant may designate a successor Beneficiary to receive any remaining amounts in satisfaction
of the unpaid benefit under this Plan in the event of the primary Beneficiary's death. In the event of any inconsistency between Beneficiary Designation Forms, the last Beneficiary Designation Form
received by the Committee or its designee shall govern. A beneficiary designation may be changed without the consent of any prior Beneficiary. If the Participant did not submit a Beneficiary
Designation Form to the Committee, or no designated Beneficiary survives the Participant, the Participant's Beneficiary shall be the Participant's estate. 

        7.2.    Payments to Others.    If the Committee shall find that the Participant or the Participant's Beneficiary is
unable to care for his affairs because of illness or accident or is unable to execute a proper receipt for payment of any amount payable under this Plan, the Committee may make payment to a relative
or to
the proper person for the benefit of the Participant or the Participant's Beneficiary. To the extent permitted by law, the payment to a person in accordance with this Section 7.2 shall fully
discharge the Company's obligation to pay any amount due under this Plan. The decision of the Committee shall in each case be binding upon all persons in interest and neither the Company nor the
Committee shall be under any duty to see to the proper application of the funds. 

        7.3.    Nonassignability.    During the Participant's lifetime, any payment under this Plan shall be made only to the
Participant. No benefit, payment, sum or other interest under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, hypothecation, encumbrance or
charge or claims of alimony or spousal support, and any attempt by a Participant or any Beneficiary under this Plan to do so shall be void. No benefit, payment, sum or other interest under this Plan
shall in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of a Participant or Beneficiary entitled thereto, or be subject to any lien, directly, 

6

 

by
operation or law or otherwise, including execution, levy, garnishment, attachment, pledge and bankruptcy. 

ARTICLE 8

CLAIMS PROCEDURE  

        8.1.    Filing a Claim.    It is not necessary that a Participant or Beneficiary (a "Claimant") make a formal claim in
order for benefits to be paid under this Plan. However, if a Claimant wishes to file a claim for benefits such claim shall be made by filing a request for the payment of benefits under this
Plan with the Committee. 

        8.2.    Denial of Claim.    If a claim is wholly or partially denied by the Committee, the Committee shall furnish the
Claimant with written notice of the denial within a reasonable period of time not to exceed thirty days after the date the original claim was filed unless special circumstances require an extension
(of up to ninety days) of time for processing the claim. In the event that the decision is not furnished within such time, the claim shall be deemed denied. The notice of denial shall set forth in a
manner calculated to be understood by the Claimant: 

        (a)   The
specific reasons for denial; 

        (b)   Specific
reference to pertinent Plan provisions on which the denial is based; 

        (c)   A
description of any additional information needed to perfect the claim and an explanation of why such information is necessary; and 

        (d)   An
explanation of the Plan's claims procedure. 

        8.3.    Review Procedure.    The Claimant, or the duly authorized representative of any Claimant, may: 

        (a)   Request
a review by the Committee upon written application to it; 

        (b)   Review
pertinent documents; and 

        (c)   Submit
issues and comments in writing. 

        A
Claimant may request a review of a denied claim by filing an application with the Committee at any time within sixty days after receipt by the Claimant of notice of denial of a claim. 

        8.4.    Decision on Review.    The decision on review shall be made by the Committee, which may, in its discretion,
hold a hearing on a denied claim. The Committee shall issue a decision on such review within sixty days after receipt of an application for review unless special circumstances require an extension of
time for processing, in which case a decision shall be rendered as soon as possible but not later than ninety days after receipt of a request for review. In the event that the decision is not
furnished within such time, the claim shall be deemed denied. If such an extension of time for review is required, notice of the extension shall be furnished to the Claimant prior to commencement of
the extension. 

        The
decision shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by the Claimant and specific reference to the
pertinent provisions of the Plan on which the decision is based. The decision shall also include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the Claimant's claim. 

        8.5.    Authority to Resolve Claims.    The Committee shall have discretionary authority to interpret and apply the
provisions of the Plan with respect to, and to make any factual determination in connection with, any benefit claim. 

7

 
ARTICLE 9

FUNDING  

        9.1.    Plan Unfunded.    The Plan constitutes a mere promise by the Company to make benefit payments to Participants
and Beneficiaries in accordance with the terms hereof, and Participants and Beneficiaries shall have only the status of general unsecured creditors of the Company. Any amounts payable under the Plan
shall be paid out of the general assets of the Company and each Participant and Beneficiary shall be deemed to be a general unsecured creditor of the Company. 

        9.2.    Rabbi Trust.    The Company shall create a grantor trust to pay its obligations hereunder (a
so-called "Rabbi Trust"), the assets of which shall be treated, for all purposes, as the assets of the Company. The terms of any such trust shall generally conform to the terms of the
model trust described in Revenue Procedure 92-64, or any successor guidance. In the event the trustee of the trust is unable or unwilling to make payments directly to Participants and
Beneficiaries and such trustee remits payments to the Company for delivery to Participants and Beneficiaries, the Company shall promptly remit such amount, less applicable income and other taxes
required to be withheld, to the Participant or Beneficiary. 

ARTICLE 10

MISCELLANEOUS  

        10.1.    Revocation or Modification.    The Company hereby reserves the right to amend, modify, revoke or terminate
this Plan by resolution of the Board at any time or from time to time, but no such action, without a Participant's consent, shall impair a Participant's right with respect to any existing Account
balance or compensation deferred as of the date of such amendment, modification, revocation or termination of this Plan. 

        10.2.    Compliance with Section 409A.    It is the intention of the Company that no payment or entitlement
pursuant to this Plan will give rise to any adverse tax consequences to any person pursuant to Section 409A of the Code. The Committee shall interpret and apply the Plan to that end, and shall
not give effect to any provision herein in a manner that reasonably could be expected to give rise to
adverse tax consequences under Section 409A. The Committee shall consider in good faith any assertion by a Participant or other person that any provision of this Plan, or the manner in which
the Plan is operated, could reasonably be expected to give rise to such adverse tax effects but, in any case, the Committee shall have final authority to determine whether there is a reasonable
possibility of such adverse tax consequences. Should the Committee determine that there is a reasonable possibility that the text of this Plan could give rise to such adverse tax consequences, the
Company and the Committee agree to amend the Plan to obviate the possibility of such consequences. 

        10.3.    No Acceleration.    No payment under this Plan shall be accelerated; provided, however, that a payment may be
accelerated in the discretion of the Committee in accordance with Treas. Reg. § 1.409A-3(j)(4), or any successor thereto. 

        10.4.    No Joint Venture.    This Plan shall not be considered to create a joint venture between the Company and the
Participant or to provide the Participant any ownership interest in the Company or any right or interest with respect to the earnings and profits or assets of the Company. 

        10.5.    Participation in Other Plans.    Nothing contained in this Plan shall affect any right that any Participant
may otherwise have to participate in any other retirement plan or arrangement that the Company or a Subsidiary may now or hereafter have or adopt. 

        10.6.    Massachusetts Law.    The laws of The Commonwealth of Massachusetts shall govern, control and determine all
questions arising with respect to the Plan and the interpretation and validity of its provisions. Wherever possible, each provision of this Plan shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Plan shall be held unenforceable 

8

 

or
invalid, the provision shall be ineffective only to the extent of such unenforceability or invalidity and the remainder of the provision and the remaining provisions of this Plan shall in that
event continue to be binding and in full force and effect, unless the Company elects to completely invalidate this Plan and render this Plan unenforceable. 

        10.7.    Number and Gender.    The singular shall include the plural, and the plural the singular, wherever the
context so requires, and the masculine, the feminine and the neuter shall be mutually inclusive. 

        10.8.    Headings.    All paragraph headings in this Plan are intended merely for convenience and shall in no way be
deemed to modify or supplement the actual terms and provisions set forth hereunder. 

        IN
WITNESS WHEREOF, the Company has caused this Plan to be executed on                        , 2008, by its duly authorized officer.

	 	 	IRON MOUNTAIN INCORPORATED
	

 	
 	

By:	

 
	 	 	 	

	 	 	Its:	 
	 	 	 	

9

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Exhibit 10.25QuickLinks
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Exhibit 10.48    
    

 
 

AMENDED AND RESTATED AGREEMENT    
    

        This Amended and Restated Agreement dated as of February 25, 2008 (the "Agreement") is by and between Denys Gounot ("Gounot"), DG Network ("DG Network")
and Superior Essex Inc. (together with its subsidiary, affiliated and associated companies, "SEI"). 

        WHEREAS,
SEI has elected Denys Gounot ("Gounot"), the principal of DG Network, to serve as Chair of Essex Europe SAS, the holding company for SEI's magnet wire operations in Europe
(together with its subsidiary, affiliated and associated companies, "Essex Europe"); 

        WHEREAS,
SEI and Gounot entered into and Agreement dated January 18, 2006 to set forth the terms related to fees and expenses incurred in connection with such service as chair
("Original Chair Agreement"); 

        WHEREAS,
SEI and DG Network entered into a Consulting Agreement dated January 18, 2006 to set forth terms for DG Network to provide certain consulting services with respect to
Essex Europe (the "Original Consulting Agreement"); and 

        WHEREAS,
the parties amended and restated the Original Chair Agreement and Original Consulting Agreement (together the "Original Agreements") in their entirety on February 16,
2007 (the "2007 Agreement"). 

        WHEREAS,
the parties wish to amend and restate the DG Consulting Agreement in its entirety as provided herein. 

        NOW,
THEREFORE, the parties hereto agree to amend and restate the DG Consulting Agreement, and the DG Consulting Agreement is hereby amended and restated, in its entirety as follows: 

        1.    Consulting Services.    DG Network agrees to provide strategic consulting and advisory services to SEI in
connection with the management and operation of the businesses of Essex Europe, including review and implementation of strategic business development opportunities, and such other services as SEI
shall reasonably request ("Consulting Services"). SEI and DG Network acknowledge that Gounot will be the primary person providing the Consulting Services and that the Consulting Services will require
the devotion of a substantial portion of his time. Any change in personnel by DG Network must be approved by SEI. 

        2.    Fees and Expenses.    

        (a)   Effective
January 1, 2008, the parties acknowledge that DG Network shall receive a fee of $210,000 per year, payable in equal monthly installments in advance, for
providing Consulting Services and payment to Gounot for serving as Chair of Essex Europe. 

        (b)   DG
Network will be reimbursed for the reasonable travel and living expenses actually incurred by DG Network with respect to Gounot for Consulting Services while Gounot
is away from his normal place of residence or business in connection with this Agreement in accordance with applicable SEI policies and procedures. In the event DG Network is required to incur out of
pocket expenses in connection with this Agreement, DG Network will be reimbursed for such expenses in accordance with applicable SEI and Essex Europe policies and procedures. 

        (c)   The
parties acknowledge that Gounot will be reimbursed by Essex Europe for the reasonable travel and living expenses actually incurred by Gounot as Chair while Gounot is
away from his normal place of residence or business and for out-of-pocket expenses in accordance with applicable Essex Europe policies and procedures. 

        3.    Standards of Performance.    DG Network will perform the Consulting Services in conformity with the highest
ethical standards and in compliance with all statutes, laws, ordinances, codes, rules and 

 

regulations
applicable to the Consulting Services, as well as SEI's Code of Ethics and Standards of Business Conduct, and its site policies, practices, guidelines and rules. 

        4.    Term as Chair; Relationship of Parties.    Gounot agrees to serve as Chair of Essex Europe. Gounot acknowledges
that his term as Chair is at the election of the shareholders of Essex Europe and nothing herein provides any rights or agreements to continue as Chair or director of Essex Europe or SEI. Gounot
acknowledges that he is not an employee or part-time employee of SEI or Essex Europe and that he shall not represent himself as, act or purport to act as or be deemed to be the agent,
representative, employee or servant of SEI. 

        5.    Termination of Agreement.    Either party shall have the right to suspend the services provided hereunder or
terminate the Agreement at any time, upon giving not less than sixty (60) days written or oral notice of such suspension or termination to the other party. In the event of such suspension or
termination, SEI's sole liability shall be to make the payments due pursuant hereto through the termination date. 

        6.    Relationship of Parties.    In performing Consulting Services hereunder, DG Network is acting as an independent
contractor, and not as an employee or part-time employee of SEI or Essex Europe. Neither DG Network nor its officers, employees or agents shall represent itself or themselves as, act or
purport to act as or be deemed to be the agent, representative, employee or servant of SEI. Similarly, at no time shall DG Network and SEI be considered to be co-employers or joint
employers. All persons furnished, used, retained or hired by or on behalf of DG Network at all times shall be considered to be solely the employees of DG Network, and DG Network at all times shall
maintain supervision and control over its employees. Neither party has any right, power or authority, express or implied, to bind the other party. 

        Neither
SEI nor Essex Europe shall be responsible for the payment of worker's compensation, unemployment compensation, social security or any other payroll tax for employees,
representatives or agents of DG Network to assist in providing Consulting Services. Likewise, no employee of DG Network shall be permitted to participate in any SEI or Essex Europe employee welfare
benefit plan, employee pension benefit plan or any other benefit offered by SEI or Essex Europe to their own employees. 

        7.    Confidentiality.    

        (a)   DG
Network has acquired or may acquire from SEI or Essex Europe (the "Protected Party") information which the Protected Party wishes to keep confidential, including, but
not limited to, any information regarding SEI's and Essex Europe' products, projects, business, plans, programs, plants, processes, equipment, costs, customers and operations (collectively,
"Confidential Information"). For a period of two (2) years from the effective date of this Agreement, Neither DG Network nor its officers, owners, employees, agents or representatives
(collectively, the "Representatives") shall disclose any Confidential Information to third parties or use any Confidential Information (other than in connection with performing its obligations under
this Agreement), without in each instance securing the prior written consent of the Protected Party. All notes, memoranda, records, tapes, printouts and other documents (including, but not limited to,
all electronic versions, drafts, copies and excerpts thereof) embodying or referring to the Confidential Information or supplied to DG Network by a Protected Party (collectively, "Documents") shall be
the property of the Protected Party and shall be subject to this Agreement. The Protected Party shall be free to use all Documents in its business. All Documents shall be delivered or returned to the
Protected Party within five (5) business days of the termination of this Agreement, provided, however, that DG Network may retain one archival copy of all reports delivered to a Protected Party
and of all working papers necessary to support its analyses, conclusions and recommendations. DG Network agrees that the restrictions and obligations expressed in this Agreement are in no way to
supersede or eliminate any rights which a Protected Party has pursuant to state or federal law or foreign laws pertaining to trade secrets or proprietary information, and, in the 

2

 

event
any such federal or state law or foreign law provides greater protections of any Confidential Information than the protections set forth in this Agreement, such greater protections shall apply
to that Confidential Information. 

        (b)   Nothing
contained in this Agreement shall prevent DG Network from using or disclosing Confidential Information which (a) has become part of the public domain
other than by acts or omissions of DG Network or its Representatives, (b) has been furnished or made known to DG Network by third parties (other than those acting on behalf of a Protected
Party) as a matter of right and without restriction on disclosure or use, or (c) was legitimately in DG Network's possession prior to disclosure by a Protected Party, considering Gounot's past
experience and positions, was not acquired directly or indirectly from a Protected Party, and which DG Network had an unrestricted right to disclose. Specific information shall not be deemed to fall
within the scope of the foregoing exceptions merely because it is embraced by more generic information that falls within the scope of one or more of those exceptions. 

        (c)   In
the event DG Network or its Representatives are requested or become legally compelled (by deposition, interrogatory, request for documents, subpoena, civil
investigative demand or similar process) to disclose any Confidential Information, then DG Network shall provide the Protected Party with prompt written notice of such request or requirement so that
the Protected Party may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this paragraph 7. In the event that such protective order or other remedy
is not obtained, or that a Protected Party waives compliance with the provisions of this paragraph 7 or as otherwise required by law, the party so requested or compelled agrees to furnish only
that portion of the Confidential Information as it is advised by counsel is legally required to be disclosed, and to exercise its best efforts to obtain assurance that confidential treatment will be
accorded the Confidential Information. 

        (d)   DG
Network and its Representatives have been provided a copy of the Master Confidentiality Agreement, dated October 21, 2005, among SEI, Essex Europe and the
other parties thereto (the "Master Agreement"). DG Network agrees to comply with the Master Agreement with regard to the use and confidentiality of information provided by or on behalf any party
thereto as if DG Network were a party to the Master Agreement. 

        8.    Assignment.    Neither DG Network or Gounot shall (by operation of law or otherwise) assign its rights or
delegate their respective performance hereunder, in whole or in part, without the prior written consent of SEI, and any attempted assignment or delegation without such consent shall be void. Subject
to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and, except as regards personal services, shall be binding upon and inure to the benefit of the
successors, assigns, personal representatives, executors and administrators of the parties hereto. 

        9.    Survival.    The provisions of paragraph 3, 4, 5 and 7 hereof shall survive the termination of the
Consulting Services and this Agreement. 

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        10.    Governing Law.    This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Georgia, United States of America (without regard to the conflict of laws principles thereof). 

	 	 	SUPERIOR ESSEX INC.
	

 	
 	

By:	
 	

/s/ Stephen M. Carter
 Stephen M. Carter, CEO
	

 	
 	

DG NETWORK
	

 	
 	

By:	
 	

/s/ Denys Gounot

	

 	
 	

DENYS GOUNOT
	

 	
 	

By:	
 	

/s/ Denys Gounot

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QuickLinks

Exhibit 10.48

AMENDED AND RESTATED AGREEMENT

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