Document:

qts_Ex10_36

		
			Exhibit 10.36
		

		
			Form exclusively for grants to C. Williams
		

		
			 
		

		
			QTS REALTY TRUST, INC.
		

		
			2013 EQUITY INCENTIVE PLAN
		

		
			PERFORMANCE SHARE UNIT AGREEMENT
		

		
			COVER SHEET
		

		
			(Performance-Based [Shareholder Return] Units)
		

		
			QTS Realty Trust, Inc., a Maryland corporation (the “Company”), hereby grants performance share units (the “PSUs”) relating to shares of Class A Common Stock, par value $0.01, of the Company (“Shares”), to the Grantee named below, subject to the achievement of performance goals over a performance period and other vesting conditions set forth in the attached Performance Share Unit Agreement. Additional terms and conditions of the grant are set forth on this cover sheet and in the attached Performance Share Unit Agreement (together, the “Agreement”) and in the Company’s 2013 Equity Incentive Plan (as amended from time to time, the “Plan”).
		

		
			Name of Grantee: Chad Williams
		

		
			Target Number of Performance Share Units: ______________________
		

		
			Grant Date:      [DATE OF GRANT], 20[__]
		

		
			Purchase Price per Share:  $  0.00
		

		
			By your signature below, you agree to all of the terms and conditions described herein, in the attached Agreement and in the Plan, a copy of which is also attached.  You acknowledge that you have carefully reviewed the Plan, and agree that this Agreement will control in the event any provision of this cover sheet or this Agreement should appear to be inconsistent with the Plan.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Grantee:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						(Signature)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						QTS Realty Trust, Inc.:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						(Signature)

				
	
					
						Name: 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						[Title]

					
					
						 

					
					
						 

				

		
			 
		

		
			Attachment
		

		
			This is not a share certificate or a negotiable instrument.
		

		
			
		

		
			

		 

		

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			QTS REALTY TRUST, INC.
		

		
			2013 EQUITY INCENTIVE PLAN
		

		
			PERFORMANCE SHARE UNIT AGREEMENT
		

		
			 (Performance-Based [Shareholder Return] Units)
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Performance Share Units

					
					
						This Agreement evidences an award of PSUs in the number set forth on the cover sheet and subject to the terms and conditions set forth in this Agreement and in the Plan (the “Award”).  

				
	
					
						The Plan

					
					
						The text of the Plan is incorporated in this Agreement by reference.

					
						Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.

					
						This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant.  Any prior agreements, commitments or negotiations concerning this grant are superseded; except that any written employment, consulting, confidentiality, non-competition, non-solicitation and/or severance agreement between you and the Company or any Affiliate shall supersede this Agreement with respect to its subject matter; provided, however, that by your acceptance of this grant of PSUs, you acknowledge and agree that, in the event of your Involuntary Termination, all references in your employment agreement to awards “fully vesting” or “vesting in full” or similar terms shall mean vesting at the Target number of PSUs set forth on the cover sheet unless such Involuntary Termination follows a Change in Control, in which case all references to awards “fully vesting” or “vesting in full” shall mean that the number of Earned PSUs as determined in accordance with Exhibit A shall be fully vested.  

				
	
					
						Transfer of Performance Share Units

					
					
						The PSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the PSUs be made subject to execution, attachment or similar process.  If you attempt to do any of these things, the PSUs will immediately become forfeited.

				
	
					
						Vesting 

					
					
						The PSUs shall become earned and vested in accordance with Exhibit A.  

				
	
					
						Certain Terminations

					
					
						In the event of your Involuntary Termination prior to the end of the Performance Period, you shall vest in the Target number of PSUs set forth on the cover sheet, and no requirement to remain in continuous Service shall apply following such Involuntary Termination.  In the event of your Involuntary Termination at or following the end of the

				

		
			 
		

		
			
		

		

		 

		

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						Performance Period, you shall become fully vested in any unvested Earned PSUs.

					
						For purposes of this section, “Involuntary Termination” means termination of your Service by reason of (i) your death; (ii) your Disability, as defined in any applicable employment agreement or, if none, then as defined in the Plan; (iii) your involuntary dismissal by the Company or its successor for reasons other than Cause, as defined in any applicable employment agreement; or (iv) your voluntary resignation for Good Reason as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company, or if none, then following (x) a substantial adverse alteration in your title or responsibilities; (y) a reduction in your annual base salary or a material reduction in your annual target bonus opportunity; or (z) the relocation of your principal place of employment to a location more than 35 miles from your principal place of employment or the Company's requiring you to be based anywhere other than such principal place of employment (or permitted relocation thereof); provided that, you have first given notice to the Company of the occurrence of an act described in (x), (y) or (z) within 90 days of the initial occurrence and the Company has not remedied such occurrence within 30 days after receipt of such notice.

				
	
					
						Change in Control

					
					
						Notwithstanding the provisions of the Plan, upon the consummation of a Change in Control, the number of PSUs that will become earned under the Award shall be determined in accordance with Exhibit A.  To the extent the PSUs are assumed, or equivalent restricted securities are substituted for the PSUs, by the Company or its successor, in connection with the Change in Control, the PSUs earned in accordance with Exhibit A will become 100% vested upon your Involuntary Termination within the 12-month period following the consummation of the Change in Control.  If the PSUs are not assumed or substituted for in any Change in Control, then, notwithstanding the terms of the Plan, the number of PSUs that is earned in accordance with Exhibit A shall become fully vested.

					
						For purposes of this section, “Involuntary Termination” means termination of your Service by reason of (i) your death; (ii) your Disability, as defined in any applicable employment agreement or, if none, then as defined in the Plan; (iii) your involuntary dismissal by the Company or its successor for reasons other than Cause, as defined in any applicable employment agreement; or (iv) your voluntary resignation for Good Reason as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company, or if none, then as set forth in the Plan following (x) a substantial adverse alteration in your title or responsibilities from those

				

		
			 
		

		
			
		

		

		 

		

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						in effect immediately prior to the Change in Control; (y) a reduction in your annual base salary as of immediately prior to the Change in Control (or as the same may be increased from time to time) or a material reduction in your annual target bonus opportunity as of immediately prior to the Change in Control; or (z) the relocation of your principal place of employment to a location more than 35 miles from your principal place of employment as of the Change in Control or the Company's requiring you to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for required travel on the Company's business to an extent substantially consistent with your business travel obligations as of immediately prior to the Change in Control; provided that, you have first given notice to the Company of the occurrence of an act described in (x), (y) or (z) within 90 days of the initial occurrence and the Company has not remedied such occurrence within 30 days after receipt of such notice.

				
	
					
						Forfeiture of Unvested Performance Share Units

					
					
						Unless the termination of your Service triggers accelerated vesting of your PSUs or other treatment pursuant to the terms of this Agreement, the Plan, or any other written agreement between the Company or any Affiliate and you, you will automatically forfeit to the Company all of the PSUs that have not vested in the event you have a Separation from Service.

					
						Effective as of the Certification Date (as defined in Exhibit A), you will forfeit to the Company all of the PSUs that do not become earned under the Award, as determined by the Committee.  

				
	
					
						Delivery

					
					
						Delivery of the Shares represented by your vested PSUs shall be made within 30 days of the applicable vesting date set forth in Exhibit A, but not later than March 15 of the year following your Involuntary Termination, or, if earlier, within 30 days of your Separation from Service prior to the end of the Performance Period resulting in your immediate vesting of PSUs.

				
	
					
						Forfeiture of Rights

					
					
						If you should take actions in violation or breach of or in conflict with any non-competition agreement, any agreement prohibiting solicitation of employees or clients of any the Company or any Affiliate or any confidentiality obligation with respect to the Company or any Affiliate or otherwise in competition with the Company or any Affiliate, the Company has the right to cause an immediate forfeiture of your rights to the PSUs awarded under this Agreement and the PSUs shall immediately expire.

					
						In addition, if you have vested in PSUs during the three year period prior to your actions, you will owe the Company a cash payment (or forfeiture of Shares) in an amount determined as follows: (1) for any Shares that you have sold prior to receiving notice from the Company,

				

		
			 
		

		
			
		

		

		 

		

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						the amount will be the proceeds received from the sale(s), and (2) for any Shares that you still own, the amount will be the number of Shares owned times the Fair Market Value of the Shares on the date you receive notice from the Company (provided, that the Company may require you to satisfy your payment obligations hereunder either by forfeiting and returning to the Company the Performance Shares or any other Shares or making a cash payment or a combination of these methods as determined by the Company in its sole discretion).   

				
	
					
						Evidence of Issuance

					
					
						The issuance of the Shares with respect to your vested PSUs will be evidenced in such a manner as the Company, in its discretion, deems appropriate, including, without limitation, book entry, registration, or issuance of one or more share certificates. 

				
	
					
						Leaves of Absence

					
					
						For purposes of this Agreement, you do not have a Separation from Service when you go on a bona fide leave of absence that was approved by your employer in writing if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law.  You will have a Separation from Service in any event when the approved leave ends unless you immediately return to active employee work.

					
						Your employer may determine, in its discretion, which leaves count for this purpose, and when you have a Separation from Service for all purposes under the Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave counts for this purpose even if your employer does not agree.

				
	
					
						Withholding Taxes

					
					
						You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of the PSUs.  In the event that the Company or any Affiliate determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting of the PSUs arising from this grant, the Company or any Affiliate shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate (including withholding the delivery of vested Shares otherwise deliverable under this Agreement).

				
	
					
						Retention Rights

					
					
						This Agreement and the grant evidenced hereby do not give you the right to be retained by the Company or any Affiliate in any capacity. Unless otherwise specified in an employment or other written agreement between the Company or any Affiliate and you, the Company or any Affiliate reserves the right to terminate your Service at any time and for any reason.

				

		
			 
		

		
			
		

		

		 

		

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						Shareholder Rights and Dividend Equivalent Rights

					
					
						You have no rights as a shareholder of the Company (including, without limitation, the right to receive quarterly or special dividends) with respect to the PSUs unless and until a certificate for the Shares relating to the vested PSUs has been issued to you (or an appropriate book entry has been made).

					
						Notwithstanding the foregoing, the Company grants you a Dividend Equivalent Right relating to each PSU which vests, if any, pursuant to this Agreement or the Plan.  If the Company declares a cash dividend on the Company’s outstanding Shares prior to the date the PSUs vest in accordance with Exhibit A and this Agreement, the amount of the cash dividend per Share declared prior to such vesting date shall be deemed to be reinvested in additional Shares. Any such reinvestment shall be at Fair Market Value on the date of reinvestment.  Your Dividend Equivalent Right will be settled in a number of Shares equal to the number of PSUs which vest pursuant to this Agreement, multiplied by the number of additional Shares determined in accordance with the preceding sentence.  Delivery of the Shares representing your Dividend Equivalent Right shall occur concurrently with the delivery of the Shares represented by your vested PSUs.  

				
	
					
						Clawback

					
					
						This Award is subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company “clawback” or recoupment policy that requires the repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or violate, the terms or requirements of such policy.

					
						If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or were grossly negligent in failing to prevent the misconduct, you shall reimburse the Company the amount of any payment in settlement of this Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that contained such material noncompliance.

					
						Notwithstanding any other provision of the Plan or any provision of this Agreement, if the Company is required to prepare an accounting restatement, then you shall forfeit any Shares received in connection with this Award (or an amount equal to the fair market value of such Shares on the date of delivery if you no longer hold the Shares) if

				

		
			 
		

		
			
		

		

		 

		

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						pursuant to the terms of this Agreement, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in this Agreement (including earnings, gains, or other criteria) that are later determined, as a result of the accounting restatement, not to have been achieved.

				
	
					
						Applicable Law

					
					
						This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

				
	
					
						Data Privacy

					
					
						In order to administer the Plan, the Company may process personal data about you.  Such data includes, but is not limited to, information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan. The Company complies with the requirements of the General Data Protection Regulation (“GDPR”).  This data will be maintained permanently by the Company unless you request that the data be erased as required by GDPR.

					
						By accepting this grant, you give explicit consent to the Company to process any such personal data.

				
	
					
						Purchase Price

					
					
						If a purchase price is required by Applicable Law, it shall be deemed paid by your prior or future Service.

				
	
					
						Electronic Delivery

					
					
						The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.  By accepting this grant you agree that the Company may deliver the Plan prospectus and the Company’s annual report to you in an electronic format.  If at any time you would prefer to receive paper copies of these documents, please contact Shirley Goza at shirley.goza@qtsdatacenter.com or 913-312-5503 to request paper copies of these documents.

				
	
					
						Code Section 409A

					
					
						For purposes of this Agreement, you shall have a “Separation from Service” when the Company reasonably anticipates that your level of Service will permanently decrease to no more than 20 percent of the average level of Service you have performed over the immediately preceding 36-month period (or such lesser period of your Service with the Company and its Affiliates), which shall be interpreted consistently with the provisions of Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”).

					
						It is intended that the Agreement comply with Section 409A to the

				

		
			 
		

		
			
		

		

		 

		

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						extent subject thereto, and, accordingly, to the maximum extent permitted, the Agreement will be interpreted and administered to be in compliance with Section 409A.  To the extent that the Company determines that you would be subject to the additional taxes or penalties imposed on certain nonqualified deferred compensation plans pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional taxes or penalties.  The nature of any such amendment shall be determined by the Company.  Notwithstanding anything to the contrary in this Agreement or the Plan, to the extent required to avoid accelerated taxation and penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Agreement during the six-month period immediately following your Separation from Service will instead be paid on the first payroll date after the six-month anniversary of your Separation from Service (or your death, if earlier).  Each installment of PSUs that vests under this Agreement (if there is more than one installment) will be considered one of a series of separate payments for purposes of Section 409A.

				

		
			 
		

		
			By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.
		

		
			
		

		
			

		 

		

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			EXHIBIT A
		

		
			[Performance metrics, performance period, certification date and impact of change of control to be added each year.]
		

		 

		

			9qts_Ex10_45

		

			 

		

		
			Exhibit 10.45
		

		
			2020 AMENDED AND RESTATED QTS REALTY TRUST, INC. EMPLOYEE STOCK PURCHASE PLAN
		

		
			This 2020 Amended and Restated QTS Realty Trust, Inc. Employee Stock Purchase Plan (the "Plan") amends and restates the QTS Realty Trust, Inc. Employee Stock Purchase Plan, which was originally adopted by QTS Realty Trust, Inc. (the "Company") and effective July 1, 2015.  The Plan was last amended and restated effective July 1, 2017, and was approved by the Company's shareholders on May 4, 2017.   The purpose of this Plan is to provide eligible employees of the Company the opportunity to purchase shares of the Company's Class A common stock, $0.01 par value ("Common Stock") on a systematic basis at a discount. The Plan is designed to facilitate the accumulation of Common Stock by employees of the Company and certain of its subsidiaries, thereby aligning the economic interests of such employees with the economic interests of the Company's shareholders. The Plan is not intended to qualify as an "employee stock purchase plan" under section 423 of the Internal Revenue Code (the "Code").
		

		
			1.    Effective Date and Term. The Plan, as amended and restated, shall be effective as of February 1, 2020 ("Effective Date"). Unless terminated earlier pursuant to Section 20, the Plan shall terminate on June 30, 2027.
		

		
			2.    Administration.   The Plan will be administered by the Compensation Committee (the "Committee") of the Company's Board of Directors (the "Board") or by a committee of one or more persons appointed by the Board or the Committee (the "Administrator"). Subject to any limitations set forth in the delegation to the Administrator, the Administrator has the authority to take the actions specified in the Plan and the discretionary authority to interpret the Plan and to adopt and implement rules and regulations for the administration of the Plan, and its interpretation and decisions with regard thereto shall be final and conclusive. The Administrator may delegate its duties and authority under the Plan.
		

		
			3.    Shares Available under the Plan. As of the Effective Date, there shall be a total of 241,415 shares of Common Stock, less any shares that have been purchased under the Plan in effect prior to the Effective Date, available for issuance under the Plan. The Company shall issue shares of Common Stock from authorized but unissued shares or from shares reacquired by the Company, as the Company determines is appropriate from time to time.
		

		
			4.    Eligibility. All regular full-time employees of the Company and its majority-owned subsidiaries (each a "Designated Subsidiary") who have been employed for at least thirty (30) days for the Company or a Designated Subsidiary are eligible to participate in the Plan, provided that they are employees of the Company or a Designated Subsidiary on the first day of the applicable Purchase Period (as defined below), that they do not, at any time during a Purchase Period, own stock possessing 5% or more of the total combined voting power or value of all class of stock of the Company, and that they are not required to file reports with the Securities and Exchange Commission under Section 16 of the Securities Exchange Act of 1934 ("Eligible Employees"). Temporary, part-time or interns of the Company or any Designated Subsidiary are not eligible to be Eligible Employees.
		

		
			
		

		
			

		 

		

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			5.    Purchase Periods.    There shall be four Purchase Periods each year, one beginning on January 1 and ending on March 31, one beginning on April 1 and ending on June 30, one beginning on July 1 and ending on September 30, and one beginning on October 1 and ending on December 31. The Administrator may, at any time and at its discretion, change the duration of future Purchase Periods (subject to a maximum Purchase Period of twenty-seven (27) months) and/or the start and end dates of future Purchase Periods.
		

		
			6.    Participation.   An Eligible Employee may elect to participate for a given Purchase Period, and will be considered a "Participant" for that Purchase Period, by completing and submitting an enrollment form to the Administrator no later than fourteen (14) days prior to the first day of such Purchase Period, or such other period as determined by the Administrator. The enrollment form will authorize the after-tax payroll deduction from each paycheck received by the Participant during a Purchase Period, beginning in the first Purchase Period following the Participant's timely submission of the enrollment form to the Administrator. A Participant may change (increase or decrease) his or her payroll deduction election for a Purchase Period by completing and submitting a new enrollment form to the Administrator no later than fourteen (14) days prior to a Purchase Period, in which case such Participant's payroll deduction will be increased or decreased accordingly, effective on the first pay date in the Purchase Period following the timely submission of a new enrollment form.
		

		
			Unless a Participant files a new enrollment form or withdraws from the Plan, his or her payroll deductions and purchases of Common Stock will continue at the same rate for future Purchase Periods under the Plan as long as the Plan remains in effect.
		

		
			7.    Payroll Deductions. The Administrator or the Company will maintain bookkeeping accounts for all Participants to record their authorized payroll deductions ("Accounts"). A Participant may authorize a payroll deduction in whole dollar amounts (and in such increments as the Administrator may determine) of his or her base salary, subject to a minimum of $20 per paycheck and a maximum of $1,000 per paycheck (assuming 24 pay periods per year with such maximum limitation proportionately adjusted more frequent or infrequent pay periods during a year (e.g., $2,000 per paycheck for monthly pay periods).  Non-U.S. Participants may authorize payroll deductions in the local foreign currency which deduction will be subject to the same limitations, based on the applicable currency exchange rate to the dollar as of the date of the deduction. All payroll deductions made on behalf of each Participant from paychecks paid during each Purchase Period shall be credited to the Participant's Account and will be held for the purchase of Common Stock on the related Purchase Date (as defined below).  Unless the Administrator determines otherwise prior to the start of the applicable Purchase Period, contributions collected from a Participant shall not be required to be held in any segregated account or trust fund and may be commingled with the general assets of the Company and used for general corporate purposes.
		

		
			8.    No Interest.    Interest will not be paid on any Accounts under the Plan.
		

		
			9.    Terminating Participation and Withdrawal of Funds. A Participant may at any time prior to the close of business on the fourteenth (14th) day prior to the Purchase Date (as
		

		
			
		

		
			

		 

		

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			defined below), and for any reason, terminate his or her participation in the Plan, in which case no further payroll deductions will be made with respect to such Participant, effective on the first pay date in the Purchase Period following the Participant's timely termination of his or her participation in the Plan. Funds remaining in a Participant's Account after a Participant terminates his or her participation in the Plan will not be refunded to the Participant but instead will be used to purchase Common Stock on behalf of such Participant pursuant to the terms of the Plan.  A Participant terminating participation in the Plan may not begin participation again during the same Purchase Period in which the Participant's termination of his or her participation in the Plan became effective. The Participant may participate in any subsequent Purchase Period in accordance with the Plan and any terms and conditions as the Board or the Administrator may establish.
		

		
			10.  401(k) Hardship Withdrawals.  If a Participant makes a hardship withdrawal from an employee benefit plan maintained by the Company or a Designated Subsidiary, including a retirement plan subject to section 401(a) and 401(k) of the Code, the Administrator may adopt a policy such that, following such hardship withdrawal and for such period of time set forth by the Administrator in its policy, the Participant's contributions to, and participation under, the Plan are suspended.
		

		
			11.  Purchase of Shares. On the first business day immediately following the end of each Purchase Period, or as soon thereafter as is reasonably practicable, (the "Purchase Date"), the balance credited to a Participant's Account as of the end of such Purchase Period shall be applied to purchase the maximum number of whole shares of Common Stock at the Purchase Price (as defined in Section 12) for such Common Stock for that Purchase Period. No fractional shares may be purchased and the Administrator will hold all amounts not applied to purchase whole shares of Common Stock during a particular Purchase Period and apply such amounts toward the purchase of Common Stock during the next Purchase Period.  The Company will pay the cost of the broker's commission and fees on the purchase of the shares.
		

		
			12.  Purchase Price. The "Purchase Price" for each Purchase Period shall be determined by the Committee; provided, however, that the Purchase Price shall not be less than the lesser of ninety percent (90%) of the Fair Market Value of the Common Stock (i) on the first trading day of the Purchase Period, or (ii) on the last trading day of the Purchase Period; provided further, that in no event shall the Purchase Price be less than the par value of the Common Stock. The Fair Market Value shall be the closing sales price for a share of Common Stock as quoted on the New York Stock Exchange (or such other exchange on which the Common Stock is listed) for such date.
		

		
			13.  Insufficient Number of Shares. If the number of shares of Common Stock available for issuance under the Plan is insufficient to cover the number of shares that Participants' payments would purchase for a Purchase Period, then the number of shares of Common Stock a Participant would otherwise purchase on the Purchase Date for such Purchase Period shall be reduced to the number of shares determined by multiplying the number of remaining shares by a fraction, the numerator of which shall be the number of shares of Common Stock the Participant would have purchased on the Purchase Date (if there had been sufficient shares) and the denominator of which shall be the total number of shares of Common Stock all
		

		
			
		

		
			

		 

		

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			Participants would have purchased on the Purchase Date (if there had been sufficient shares).  Any portion of any contributions not applied to the purchase of shares of Common Stock by reason of the limitation on the maximum number of shares purchasable per Participant or in the aggregate on the Purchase Date shall be promptly refunded in the currency in which the Participant made such contribution.
		

		
			14.  Delivery of Shares. Each participant in the Plan shall be required to open an account with the designated broker for the Plan as a condition of participation in the Plan. Shares of Common Stock purchased by a Participant under this Plan shall be held for the Participant for a period of one (1) year following the Purchase Date, during which time the Participant may not sell, exchange, assign, encumber, alienate, transfer, pledge or otherwise dispose of the shares. At the end of this one (1) year period, the shares shall be credited to the Participant's account with the designated broker and may be transferred or sold by the Participant at any time, subject to any restrictions imposed by law or the QTS Realty Trust, Inc. Policy on Inside Information and Insider Trading (the "Trading Policy"). The Board or Administrator may, at any time and at its discretion, choose a different broker or direct the book entry registration of shares.
		

		
			15.  Termination of Employment.   In the event of a Participant's termination of employment on or before the tenth (10th) business day prior to a Purchase Date, no additional payroll deductions will be taken from any pay due to such Participant, and the balance in such Participant's Account will be promptly refunded to the Participant or, in the event of the Participant's death, to the Participant's estate. In the event of a Participant's termination of employment after the tenth (10th ) business day prior to a Purchase Date, a purchase of shares will occur in accordance with the terms of the Plan. For purposes of the Plan, a Participant's termination of employment or death will not be deemed to have occurred prior to the date the Administrator is provided written notice of such termination of employment or death. If, prior to the last day of the Purchase Period, the Designated Subsidiary by which a Participant is employed ceases to be a Designated Subsidiary, or if the Participant is transferred to a subsidiary of the Company that is not a Designated Subsidiary, the Participant will be deemed to have terminated employment for the purposes of this Plan.
		

		
			16.  Participants Not Stockholders. No Participant electing to participate in the Plan will be considered a stockholder of the Company with respect to his or her payroll deductions during any Purchase Period until shares of Common Stock have been purchased and credited to his or her account with the designated broker for the Plan.
		

		
			17.  Rights Not Transferable.    Rights under the Plan are not transferable by a Participant.
		

		
			18.  Adjustments in Case of Changes Affecting Shares. In the event of a stock split, stock dividend, recapitalization or other subdivision, combination, or reclassification of the shares of Common Stock, the maximum number of shares of Common Stock that may be issued under the Plan, as set forth in Section 3, and, to the extent necessary, the Purchase Price for such shares of Common Stock shall be adjusted proportionately. In the event of any other change affecting the shares of Common Stock, such adjustment, if any, shall be made as may be deemed equitable by the Administrator to give proper effect to such event.
		

		
			
		

		
			

		 

		

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			19.  Amendment of the Plan. The Board or the designated Administrator may at any time, and from time to time, amend the Plan in any respect.
		

		
			20.  Termination of the Plan. The Board may terminate the Plan at any time. Upon termination of the Plan, all amounts credited to the Accounts of Participants will be promptly refunded without interest.
		

		
			21.  Governing Law. The Plan shall be governed by and construed in accordance with Maryland law, except to the extent that such law is preempted by federal law.
		

		
			22.  Withholding. Each Participant must make provision satisfactory to the Administrator for payment of any taxes required by law to be withheld in connection with any transaction under the Plan. The Company may, to the extent permitted by law, deduct any such taxes from any payment of any kind otherwise due to a Participant.
		

		
			23.  Special Rules for Certain Employees.
		

		
			(a)  The special rules in this Section 23 apply with respect to participation in the Plan by Eligible Employees who are "Restricted Persons," as defined in the Trading Policy. The provisions of this section are intended to make a Restricted Person's enrollment election under the Plan constitute a trading plan that satisfies the requirements for a Rule 10b5-1 plan under the Securities Exchange Act of 1934, as amended, with respect to such Restricted Person. The Administrator may provide for such additional rules and conditions as it may determine to permit a Restricted Person's enrollment election to satisfy the requirements of Rule 10b5-1. To the extent the provisions of this section are inconsistent with the preceding provisions of the Plan, the provisions of this section will govern with respect to Restricted Persons.
		

		
			(b)  A Restricted Person may elect to participate in the Plan only during a period that is not in a "black-out period" or a "special blackout period" (as described in the Trading Policy) and during which trading in Common Stock by the Restricted Person is permitted under the Trading Policy. Such Restricted Person's enrollment under the Plan will become effective for the first pay date in the Purchase Period following the date the completed enrollment form is received by the Administrator, or for such later pay date as may be administratively practicable in such Purchase Period.
		

		
			(c)  A Restricted Person may not change (increase or decrease) his or her enrollment election except in the fourth window period following the window period in which the Restricted Person's most recent enrollment election was made. If the Restricted Person does not change (increase or decrease) his or her enrollment election at that time, he or she will nevertheless be deemed to have made a new enrollment election during such following window period for purposes of the preceding sentence. Any change in the Restricted Person's enrollment election permitted by this paragraph will become effective for the first pay date in the Purchase Period following the date the Restricted Person's completed enrollment form is received by the Administrator as is administratively feasible.
		

		
			
		

		
			

		 

		

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			(d)  Notwithstanding the foregoing paragraph (c) of this section, a Restricted Person may at any time until the close of business on the third business day prior to the last day in a Purchase Period and for any reason terminate his or her participation in the Plan and withdraw the balance accumulated in such Restricted Person's Account. A Restricted Person who terminates participation in the Plan may again commence participation in the Plan no earlier than the second window period following the date the Restricted Person terminates participation in the Plan.
		

		 

		

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