Document:

Employment Agreement

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT (the “Agreement”) is made as of January 9, 2006, among Syniverse Technologies, Inc., a Delaware corporation (the
“Company”), Syniverse Holdings, Inc., a Delaware corporation (“Parent”), and Tony G. Holcombe (“Executive”). 
  

WHEREAS, the services of Executive and his managerial and professional experience are of value to the Company; and 
  
 WHEREAS the Company desires to employ Executive as its President and Chief
Executive Officer upon the terms and conditions set forth herein. 
  
 NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Employment. The Company shall employ Executive, and Executive
hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement. The effective date of this Agreement shall be January 9, 2006 (the “Effective Date”). The term of Executive’s
employment under this Agreement (the “Employment Period”) shall end upon the termination of Executive’s employment with the Company in accordance with the terms hereof. 
  
 2. Position and Duties. 
  
 (a) During the Employment Period, Executive shall serve as the President and
Chief Executive Officer of the Company and Parent and shall have the normal duties, responsibilities, functions and authority of such position, including, without limitation, full responsibility for the operations of the Company, subject to the
power and authority of the Company’s Board of Directors (the “Board”) to expand or limit such duties, responsibilities, functions and authority and to overrule actions of officers of the Company; provided that such
permitted limitations may, nevertheless, constitute “Good Reason” under Section 9. During the Employment Period, Executive shall render such administrative, financial and other executive and managerial services to the Company
and its Affiliates which are consistent with Executive’s position as the Board may from time to time direct. 
  
 (b) During the Employment Period, Executive shall report to the Board and shall devote his best efforts and his full business time and attention (except
for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its Affiliates. Executive shall perform his duties, responsibilities and functions to the Company and its Affiliates
hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall comply with the Company’s and its Affiliates’ policies and procedures in all material respects. In performing his duties and
exercising his authority under the Agreement, Executive shall develop, support and implement the business and strategic plans approved from time to time by the Board. During the Employment Period, 
  

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 Executive shall not accept other employment, serve as an officer or director of, or otherwise perform services for
compensation for, any other entity without the prior written consent of the Board; provided that Executive may serve as an officer or director of or otherwise participate in purely educational, welfare, social, religious and civic
organizations so long as such activities do not interfere with Executive’s employment. The Company hereby consents to the service of Executive on the boards of directors of TALX Corporation and Valutec Card Solutions, Inc. (“Valutec”)
and their respective Subsidiaries and Affiliates. The Company and Executive agree that Executive’s principal location of employment with the Company shall be at the Company’s headquarters in Tampa, Florida and Executive agrees to establish
primary residence in the Tampa, Florida area within six months of the Effective Date. 
  
 3. Compensation and Benefits. 
  
 (a) During the Employment Period, Executive’s base salary shall be Five Hundred Thousand Dollars ($500,000) per annum (as increased from time to time as provided below, the “Base Salary”), which salary shall be payable
by the Company in regular installments in accordance with the Company’s general payroll practices (in effect from time to time). Executive and the Compensation Committee of the board of directors of Parent (the “Compensation
Committee”) shall review the Base Salary each year during the Term hereof, and Executive may receive increases in his Base Salary from time to time, based upon his performance, subject to approval of the Compensation Committee. In addition,
during the Employment Period, Executive shall be entitled to participate in the Company’s employee benefit programs for which other senior executive employees of the Company are generally eligible. The Company reserves the right to cancel or
change the benefit plans and programs it offers to its employees at any time. 
  
 (b) In addition to Base Salary, Executive will have an opportunity to earn a cash bonus each year, commencing with calendar year 2006, as determined by the Compensation Committee, with a (i) target annual bonus
equal to sixty percent (60%) of Executive’s Base Salary (the “Target Bonus”) based upon the achievement with respect to any calendar year of performance objectives as approved by the Compensation Committee (the
“Target Bonus Objectives”) or (ii) a maximum annual bonus, as determined by the Compensation Committee in it sole discretion, of up to one hundred percent (100%) of Executive’s Base Salary if the Compensation
Committee determines that Executive and the Company have substantially exceeded the Target Bonus Objectives. The Target Bonus Objectives will be financial and other objective targets that the Compensation Committee reasonably believes are reasonably
attainable at the time that they are set. Executive will be provided a reasonable opportunity to address the Compensation Committee prior to its determination of (x) such Target Bonus Objectives and (y) whether Executive and the Company
have substantially exceeded such Target Bonus Objectives. Such bonus amounts, if any, shall be payable within 100 days following the end of each calendar year at such time as other executive officer bonuses are paid and, except as otherwise provided
in Section 5, so long as Executive remains in the employ of the Company on December 31 of such calendar year. 
  

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 (c) Subject to the approval by the stockholders of Parent of the Syniverse Holdings, Inc. 2006 Long-Term
Equity Incentive Plan (the “Plan”), within three business days following such stockholder approval and on each subsequent anniversary of the Effective Date, so long as Executive remains in the employ of the Company on each such date
(each, an “Issuance Date”), up to and including the fourth anniversary of the Effective Date, Executive shall be granted a nonqualified option under the Plan (the “Options”) to purchase 100,000 shares of Syniverse
Holdings, Inc. common stock, par value $.001 per share (the “Common Stock”), resulting in grants of Options to purchase a total of 500,000 shares of Common Stock. The per share exercise price shall be the closing price of the Common
Stock on the applicable Issuance Date and, except as otherwise provided in Section 3(e), each Option shall vest, subject to Executive’s continued employment on the applicable vesting dates, in three equal annual installments of
331/3% commencing on the first anniversary of the Effective Date. Each Option will have a term of ten (10) years, subject (except as otherwise provided in or pursuant to Sections 3(e), 5(b), 5(d) or 5(e)) to earlier
expiration in the event of the termination of Executive’s employment. Because the text of the Plan and any related Option or restricted stock agreement has not yet been approved by the Board of Directors of Parent, Parent agrees to cause the
Plan and such agreements to be consistent with or otherwise to permit the Board of Directors of Parent or a committee thereof to comply in all respects with the provisions of this Agreement insofar as they relate to the Options and the Restricted
Stock Grant. Subject to the terms of this Agreement, the Option shall be evidenced by the Company’s standard form of option agreement. 
  
 (d) Subject to the approval by the stockholders of Parent of the Plan, within three business days following such stockholder approval Executive shall be
granted a one-time restricted stock award (the “Restricted Stock Grant”) of 100,000 shares of Common Stock. Except as otherwise provided in or pursuant to Sections 3(e), 5(b), 5(d) or 5(e), the Restricted Stock Grant shall
vest in five equal annual installments (i.e., 20% of the shares subject to the award) on each of the first, second, third, fourth and fifth anniversary of the Effective Date, so that the Restricted Stock Grant will be fully vested and exercisable
five (5) years from the Effective Date, subject (except as otherwise provided in or pursuant to Sections 3(e), 5(b), 5(d) or 5(e)) to Executive’s continued employment with the Company on the relevant vesting dates. No right to any
restricted stock shares subject to the award received by the Executive shall be earned or accrued except at such times and to such extent as vesting of such respective shares occurs pursuant to the terms of this Agreement. Subject to the terms of
this Agreement, the shares subject to the Restricted Stock Grant shall be evidenced by the Company’s standard form of restricted stock agreement. 
  
 (e) Upon the consummation of a Sale of the Company, all Options and shares of Common Stock subject to the Restricted Stock Grant that have not yet become
vested shall automatically (and without any further action required on Executive’s part or the part of Parent or the Company) become vested at the time of such event, if as of the date of such event, Executive is employed by the Company;
provided that in the event that Executive’s employment is terminated without Cause or Executive resigns with Good Reason within 180 days prior to the date of such event, all Options and shares of Common Stock subject to the Restricted
Stock Grant that have not yet become vested shall automatically (and without any further action required on Executive’s part or the part of Parent or the Company) become vested at the time of such event. 
  

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 (f) The Company shall reimburse Executive for all reasonable business expenses incurred by him in the
course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the
Company’s requirements with respect to reporting and documentation of such expenses. Notwithstanding any Company policy to the contrary, Executive’s international travel shall be Business Class (or, if Business Class is not available,
First Class) and his domestic travel shall be First Class. 
  
 (g)
On or as soon as reasonably practicable following the Effective Date, Executive will receive a one-time bonus payment of $250,000, payable in accordance with the Company’s customary payroll practice, as compensation or reimbursement for all
moving, transition and relocation expenses and legal expenses incurred in connection with this Agreement. 
  
 (h) All amounts payable to Executive as compensation hereunder, including, without limitation, the Options and the Restricted Stock Grant, shall be
subject to all required and customary withholding by the Company as provided in Section 19 herein. 
  
 4. Board Membership. With respect to all regular elections of the board of directors of Parent during the Employment Period, the Parent shall
nominate, and use its reasonable efforts to cause the election of, Executive to serve as a member of the board of directors of Parent. Executive understands and acknowledges that G. Edward Evans will continue to serve as the Chairman of the board of
directors of Parent and its Subsidiaries for a period of time extending no longer than the 2007 annual shareholders meeting. During the duration of the Employment Period, Parent shall ensure that (i) Executive is the most senior and chief
executive officer of the Company and Parent and reports only to the Board and the board of directors of Parent (it being understood that Executive will consult with and advise the Chairman of the Board from time to time with respect to matters
relating to the businesses and operations of the Company and its Affiliates) and (ii) no other executive or employee of the Company or Parent or of any Subsidiary or Affiliate thereof is nominated, appointed or elected to serve as Chairman of
the Board of the Company or of Parent. Upon the termination of the Employment Period, Executive shall resign as a member of the Board and all other governing bodies of the Company and its Affiliates, as the case may be. Upon the Effective Date,
Executive shall resign as a member of the Compensation Committee and the Audit Committee of the board of directors of Parent. 
  
 5. Termination. 
  
 (a) Executive’s employment with the Company may be terminated for Cause at any time by resolution of the Board; provided that no termination
for Cause shall be treated as such until the 15th day following the date on which the Company has provided notice to Executive of the Board’s decision to terminate Executive for Cause (such notice to include 
  

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 reasons for the Board’s decision) and within such 15-day period Executive is provided a reasonable opportunity to
address the Board; provided further that the Company reserves the right to require that Executive not report to work or otherwise perform any duties during such 15-day period. Upon such a termination, the Company shall have no
obligation to Executive other than the payment of Executive’s earned and unpaid compensation to the effective date of such termination and as provided in Section 5(g). 
  
 (b) If during the Employment Period, Executive shall become ill, mentally or physically disabled, or otherwise incapacitated
so as to be unable regularly to perform the duties of his position for a period in excess of ninety (90) consecutive days or more than one hundred twenty (120) days in any consecutive twelve (12) month period (“Permanent
Disability”), then the Company shall have the right to terminate Executive’s employment with the Company upon written notice to Executive. In the event of Executive’s death or in the event the Company terminates Executive’s
employment as a result of his Permanent Disability, Executive or Executive’s estate shall be entitled to the benefits that he would have been entitled to receive if Executive’s employment had been terminated by the Company without Cause
pursuant to Section 5(d) (subject to the provisos and conditions set forth therein) except that the exercise period with respect to all vested Options not previously exercised shall extend until the first anniversary of Executive’s
death or termination of employment but not beyond its initial ten-year term; provided, however, that, except as provided in Section 5(g), the Company shall have no other obligation to Executive or Executive’s estate
pursuant to this Agreement in the event of Executive’s death or in the event that Executive’s employment with the Company is terminated as a result of his Permanent Disability. 
  
 (c) Executive may voluntarily resign from his employment with the Company without Good Reason, provided that Executive shall
provide the Company with thirty (30) days advance written notice (which notice requirement may be waived, in whole or in part, by the Company in its sole discretion) of his intent to terminate. Upon such a termination, the Company shall have no
obligation other than the payment of Executive’s earned but unpaid compensation to the effective date of such termination and as provided in Section 5(g). 
  
 (d) Executive’s employment with the Company may be terminated at any time by the Company without Cause. If the Company
terminates Executive’s employment without Cause or purportedly for Cause but without complying with the provisions of Section 5(a), the Company shall have the following obligations to Executive (but excluding any other obligation,
except as provided in Section 5(g), to Executive pursuant to this Agreement): 
  
 (i) The continuation of his Base Salary, as severance, payable in accordance with the Company’s general payroll practices (in effect
from time to time) for a period commencing on the date of termination and ending one year from the date of termination (the “Severance Period”); 
  
 (ii) Executive shall be entitled to receive any unpaid Target Bonus, if any, for the previous fiscal year
and the Target Bonus, if any, for the then current fiscal year, such amounts to be payable at such times as they would be payable if Executive’s employment had not been terminated; 
  

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 (iii) If Executive makes a timely election for COBRA with respect to the health, medical,
dental, life and disability plans provided to Executive at the time of such termination (the “Welfare Plans”), the Company shall pay that portion of the COBRA premium that the Company pays for active employees with the same coverage
for the shorter of (A) twelve (12) months and (B) the period that Executive is eligible for COBRA; 
  
 (iv) In the event the Company terminates Executive’s employment prior to the second anniversary of the Effective Date, a number of
shares of Common Stock subject to the Restricted Stock Grant shall vest such that, after giving effect to such vesting, an aggregate of 40% of the shares of Common Stock subject to the Restricted Stock Grant shall be vested (and 60% of the shares of
Common Stock subject to the Restricted Stock Grant shall remain unvested); and 
  
 (v) The exercise period with respect to all vested Options not previously exercised shall extend for a period of 180 days following the
termination of employment (unless a one-year period is applicable pursuant to Section 5(b)) but not beyond their initial ten-year term; 
  
 provided, however, that the continuation of such salary and benefits shall cease on the occurrence of any circumstance or event that would constitute Cause
under Section 9 (including any material breach of the covenants contained in Section 6 or Section 7 below; provided further, that Executive’s eligibility to participate in the Welfare Plans
shall cease at such time as Executive accepts comparable coverage with a subsequent employer. 
  
 (e) Executive’s employment with the Company may be terminated by Executive for Good Reason on thirty (30) days advance written notice to the Company, which notice shall detail the specific basis for such
termination. The Company shall be given the opportunity to cure the basis for such termination within such thirty (30) day period. If Executive terminates his employment under this Section 5(e), Executive shall be entitled to
receive the same benefits as if his employment had been terminated by the Company without Cause under Section 5(d) (subject to the provisos and conditions set forth therein). 
  
 (f) Notwithstanding the foregoing, if Executive is a “specified employee” within the meaning of
Section 416(i) of the Internal Revenue Code and Proposed Treasury Regulation § 1.409A-1(i) and exemptions under Proposed Treasury Regulation § 1.409A are not applicable to any such payment, payments under
Section 5(d)(i) and (iii), whether payable by reason of Section 5(b), 5(d) or 5(e), may not be made before the date that is six months after the termination of Executive’s employment with the Company (or,
if earlier, the date of death of the specified employee). In such case, all payments to which Executive is entitled during the first six months shall be accumulated and paid on the first day of the seventh month following the termination of
Executive’s employment with the Company. 
  

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 (g) Executive acknowledges that any payments and benefits under this Section 5 resulting from
a termination of Executive’s employment with the Company are in lieu of any and all claims that Executive may have against the Company and its Affiliates (other than (i) benefits under the Company’s employee benefit plans, including
the Plan, that by their terms survive termination of employment, (ii) benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, (iii) rights with respect to unreimbursed business expenses, if any, pursuant to
Section 3(f), (iv) rights to indemnification under certain indemnification arrangements for officers of the Company and (v) rights with respect to indemnification and insurance pursuant to Section 25), and represent
liquidated damages (and not a penalty). The Company may require that the Executive execute and not revoke a release of claims in a form provided by the Company as a condition to Executive’s receipt of such payments. The Company acknowledges
that no such payment shall be reduced by any amount Executive may earn or receive from employment or other source after the Separation and that Executive shall have no obligation to seek other employment or otherwise to mitigate the Company’s
payment obligations. 
  
 6. Confidential Information.

  
 (a) Obligation to Maintain Confidentiality. Executive
acknowledges that the information and data obtained by him during the course of his performance under this Agreement concerning the business and affairs of the Company, Parent and their respective Subsidiaries and Affiliates, including information
concerning acquisition opportunities in or reasonably related to the Company’s and Parent’s and their respective Subsidiaries’ business or industry of which Executive becomes aware during the Employment Period (collectively,
“Confidential Information”), are the property of the Company, Parent or such Subsidiaries and Affiliates. Therefore, Executive agrees that he will not disclose to any unauthorized Person or use for his own account any Confidential
Information without the Board’s prior written consent. Executive agrees to deliver to the Company at a Separation, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and
copies thereof) relating to the business of the Company, Parent and their respective Subsidiaries and Affiliates (including, without limitation, all acquisition prospects, lists and contact information) which he may then possess or have under his
control. Notwithstanding the foregoing, the restrictions contained herein shall not apply to any information which Executive can demonstrate by written record (i) was already available to the public, otherwise than by breach of this Agreement,
or (ii) was the subject of a court order for Executive to disclose, provided that Executive shall give the Company prompt notice of any and all such requests for disclosure so that it may take all necessary or desired action to avoid or limit
disclosure. 
  
 (b) Ownership of Property. Executive
acknowledges that all inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, and all similar or related information (whether or not patentable) that relate to the Company’s,
Parent’s or any of their respective Subsidiaries’ or Affiliates’ actual or anticipated business, research and development, or existing or future products or services and that are conceived, developed, contributed to, made, or reduced
to practice by Executive (either solely or jointly with others) while employed by the Company, Parent or any of their respective 
  

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 Subsidiaries or Affiliates (including any of the foregoing that constitutes any proprietary information or records)
(“Work Product”) belong to the Company, Parent or such Subsidiary or Affiliate and Executive hereby assigns, and agrees to assign, all of the above Work Product to the Company, Parent or to such Subsidiary or Affiliate. Any
copyrightable work prepared in whole or in part by Executive in the course of his work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and the Company, Parent or such Subsidiary or
Affiliate shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” Executive hereby assigns and agrees to assign to the Company, Parent or such Subsidiary or Affiliate all right, title,
and interest, including without limitation, copyright in and to such copyrightable work. Executive shall promptly disclose such Work Product and copyrightable work to the Board and perform all actions reasonably requested by the Board (whether
during or after the Employment Period) to establish and confirm the Company’s, Parent’s or such Subsidiary’s or Affiliate’s ownership (including, without limitation, assignments, consents, powers of attorney, and other
instruments). 
  
 (c) Third Party Information. Executive
understands that the Company, Parent and their respective Subsidiaries and Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s,
Parent’s and their respective Subsidiaries’ and Affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way
limiting the provisions of Section 6(a) above, Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel of the Company, Parent or their respective Subsidiaries or
Affiliates who need to know such information in connection with their work for the Company, Parent or their respective Subsidiaries or Affiliates) or use, except in connection with his work for the Company, Parent or their respective Subsidiaries or
Affiliates, Third Party Information unless expressly authorized by a member of the Board in writing or required by applicable law or by judicial, legislative or regulatory process. 
  
 (d) Use of Information of Prior Employers. During the Employment Period, Executive will not improperly use or
disclose any confidential information or trade secrets, if any, of any former employers or any other Person to whom Executive has an obligation of confidentiality, and will not bring onto the premises of the Company, Parent or any of their
respective Subsidiaries or Affiliates any unpublished documents or any property belonging to any former employer or any other Person to whom Executive has an obligation of confidentiality unless consented to in writing by the former employer or
Person. Executive will use in the performance of his duties only information which is (i) generally known and used by Persons with training and experience comparable to Executive’s and that is (x) common knowledge in the industry or
(y) is otherwise legally in the public domain, (ii) is otherwise provided or developed by the Company, Parent or any of their respective Subsidiaries or Affiliates or (iii) in the case of materials, property or information belonging
to any former employer or other Person to whom Executive has an obligation of confidentiality, approved for such use in writing by such former employer or Person. 
  

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 7. Non-Compete, Non-Solicitation. Executive acknowledges that in the course of his employment with
the Company he will become familiar with the Company’s, Parent’s and their respective Subsidiaries’ trade secrets and with other confidential information concerning the Company, Parent and such Subsidiaries and that his services will
be of special, unique and extraordinary value to the Company and Parent and such Subsidiaries. Therefore, Executive agrees that: 
  
 (a) Noncompetition. During the Employment Period and (i) in the event of a termination of Executive’s employment by the Company without
Cause or the Executive for Good Reason, the Severance Period or (ii) in the event of a termination of Executive’s employment for any other reason, for a period of two years thereafter (collectively, the “Noncompete
Period”), he shall not, anywhere in the world, directly or indirectly own, manage, control, participate in, consult with, render services for, or in any manner engage in (A) any business relating to the provision of interoperability
solutions, clearing and settlement services, software and network services and related services to telecommunications companies and other third parties, (B) any other type of business in which the Company or one of its Affiliates is also
engaged, or plans to be engaged, so long as Executive is involved in such business or planned business on behalf of the Company or one of its Affiliates, or (C) any business in which the Company, Parent or any of their respective Subsidiaries
has entertained discussions or has requested and received information relating to the acquisition of such business by the Company, Parent or their respective Subsidiaries during the six-month period immediately prior to the Separation;
provided, however, that the Executive may own up to 2% of any class of an issuer’s publicly traded securities, that Executive may continue to serve on the board of directors of TALX Corporation and Valutec and their Subsidiaries and
Affiliates and that Executive may own any securities of Valutec. 
  
 (b) Nonsolicitation. During the Noncompete Period, Executive shall not directly or indirectly through another entity (i) induce or attempt to induce any employee of the Company, Parent or their respective Subsidiaries to leave
the employ of the Company, Parent or such Subsidiary, or in any way interfere with the relationship between the Company, Parent and any of their respective Subsidiaries and any employee thereof, (ii) hire any person who was an employee of the
Company, Parent or any of their respective Subsidiaries within one year prior to the time such employee was hired by Executive, (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company, Parent
or any of their respective Subsidiaries to cease doing business with the Company, Parent or such Subsidiary or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company and any
Subsidiary or (iv) directly or indirectly acquire or attempt to acquire an interest in any business relating to the business of the Company, Parent or any of their respective Subsidiaries and with which the Company, Parent and any of their
respective Subsidiaries has, in the two-year period immediately preceding a Separation, entertained discussions or has requested and received information relating to the acquisition of such business by the Company, Parent or any of their respective
Subsidiaries. 
  
 (c) Non-disparagement. Executive agrees
that at no time during his employment by the Company and for a period of two years thereafter, shall he make, or cause or assist any 
  

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 other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise
critical of, in any material respect, the reputation, business or character of the Company or any of its Affiliates or all of their respective directors, officers or employees; provided that Executive shall not be required to make any
untruthful statement or to violate any law and provided, further, that Executive may make any truthful statement or communication to any third party which clarifies or corrects any statement or other communication by or on behalf of
the Company or any of its Affiliates or any of their respective directors, officers or employees which impugns or attacks, or is otherwise critical of, in any material respect, the reputation, business or character of Executive. 
  
 (d) Extension of Noncompete Period. The Noncompete Period shall be
extended by the length of any period during which Executive is in breach of the terms of this Section 7. 
  
 (e) Enforcement. If, at the time of enforcement of Section 6 or this Section 7, a court holds that the restrictions stated
herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the
court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Because Executive’s services are unique and because Executive has access to confidential information, the parties
hereto agree that money damages would be an inadequate remedy for any breach of this Agreement. Therefore, in the event a breach or threatened breach of this Agreement, the Company, Parent, their respective Subsidiaries or Affiliates or their
successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of,
the provisions hereof (without posting a bond or other security). 
  
 (f) Additional Acknowledgments. Executive acknowledges that the provisions of this Section 7 are in consideration of: (i) employment with the Company, (ii) the issuance of the Options and the Restricted Stock
Grant by Parent and (iii) additional good and valuable consideration as set forth in this Agreement. In addition, Executive agrees and acknowledges that the restrictions contained in Section 6 and this Section 7 do not
preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive acknowledges (i) that the business of the Company, Parent and their respective
Subsidiaries will be international in scope and without geographical limitation, (ii) notwithstanding the state of incorporation or principal office of the Company, Parent or any of their respective Subsidiaries, or any of their respective
executives or employees (including the Executive), it is expected that the Company and Parent will have business activities and have valuable business relationships within its industry throughout the world, and (iii) as part of his
responsibilities, Executive will be traveling in furtherance of Parent’s business and its relationships. Executive agrees and acknowledges that the potential harm to the Company and Parent and their respective Subsidiaries of the
non-enforcement of Section 6 and this Section 7 outweighs any potential harm to Executive of its enforcement by injunction or otherwise. Executive acknowledges that he has carefully read this Agreement and has given careful
consideration to the restraints imposed upon Executive by this Agreement, and is in full accord 
  

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 as to their necessity for the reasonable and proper protection of confidential and proprietary information of the Company
and Parent now existing or to be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area.

  
 8. Executive’s Representations. Executive hereby
represents and warrants to the Company that (i) Executive is a party to an Employment Agreement (the “WebMD Agreement”) dated as of December 4, 2003, with Envoy Corporation and WebMD Corporation (now known as “Emdeon
Corporation”), a copy of which has previously been provided to the Company and Parent, (ii) Executive’s employment pursuant to the WebMD Agreement terminated effective December 2, 2005, (iii) Executive remains subject to
various restrictive covenants under the WebMD Agreement, including, without limitation, restrictions on Executive’s involvement with respect to a “competitive business” as that term is defined in Section 6.6 of the WebMD
Agreement, (iv) the execution, delivery and performance of this Agreement by Executive do not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party
or by which he is bound, (v) Executive is not a party to or bound by any other employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (vi) upon the execution and delivery of this
Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding
his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. 
  
 9. Definitions. 
  
 “Affiliate” means, (i) with respect to any Person, any Person that controls, is controlled by or is under common control with such
Person or an Affiliate of such Person, and (ii) with respect to any Investor, any general or limited partner of such Investor, any employee or owner of any such partner, or any other Person controlling, controlled by or under common control
with such Investor; provided that, with respect to the Company and Parent, “Affiliate” shall not include the Investors or any Person who would not be an Affiliate of the Company or Parent but for such Person’s relationship to
an Investor. 
  
 “Cause” shall mean (i) the
commission of a felony or a crime involving moral turpitude or the commission of fraud with respect to Parent, the Company or any of their respective Subsidiaries or any of their customers or suppliers, (ii) conduct, including any act or
omission involving dishonesty, tending to bring Parent, the Company or any of their respective Subsidiaries into substantial public disgrace or disrepute, (iii) substantial and repeated failure (other than any such failure resulting from
Executive’s illness, disability or incapacity) to perform duties of the office held by Executive as reasonably directed by the Board, provided that a failure to attain financial, strategic or other objectives is not, in and of itself, a
failure to perform duties, (iv) gross negligence or willful misconduct with respect to Parent, the Company or any of their respective Subsidiaries, provided that conduct is not “willful” if taken in good faith and with a
reasonable belief that such conduct was in the best interests of the Company, or (v) any material breach of Sections 6, 7 or 8 or the first, second (with respect to compliance with the Company’s and its
Affiliates’ policies and procedures), fourth and sixth sentences of Section 2(b). 
  

 11 

 “Good Reason” means without the Executive’s prior written consent,
(i) requiring Executive to relocate his office outside of the Company’s headquarters or outside of a 50-mile radius from Tampa, Florida (it being understood that Executive shall be required to travel to the extent necessary to meet the
needs of the Company and its business); (ii) the breach in any material respect of the provisions of Section 4 by the Company or Parent; (iii) Executive is assigned duties which, in the aggregate, represent a material reduction
of his responsibilities as described by Section 2(a); (iv) the Company reduces the Base Salary as in effect on the date hereof or as the same may be increased from time to time; (v) any material reduction, in the aggregate, of
the benefits provided to Executive pursuant to Section 3, other than in connection with a reduction in benefits generally applicable to senior executives of the Company; or (vi) the stockholders of Parent fail to approve the Plan by
June 30, 2006. In addition, in the event that a Sale of the Company has occurred, any termination by the Executive of the Executive’s employment with the Company at any time during the 30-day period commencing on the six-month anniversary
of the occurrence of the Sale of the Company shall be conclusively deemed to be a termination for “Good Reason” for purposes of Section 5(e). 
  
 “Investors” means GTCR Fund VII, L.P., a Delaware limited partnership, GTCR Fund VII/A, L.P., a Delaware
limited partnership, GTCR Co-Invest, L.P., a Delaware limited partnership, and any other investment fund managed by GTCR Golder Rauner, L.L.C. or GTCR Golder Rauner II, L.L.C. 
  
 “Person” means an individual, a partnership, a limited liability company, a corporation, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof. 
  
 “Public Offering” means the sale in an underwritten public
offering registered under the Securities Act of 1933, as amended, of equity securities of the Company or Parent or a corporate successor to the Company. 
  
 “Sale of the Company” means any transaction or series of transactions pursuant to which any Person or group of related Persons other than
the Investors or their Affiliates in the aggregate acquire(s) (i) beneficial ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act) of equity securities of the Company or Parent possessing the voting power (other than
voting rights accruing only in the event of a default, breach or event of noncompliance that has not yet occurred) to elect a majority of the Board or of the board of directors of Parent (whether by merger, consolidation, reorganization,
combination, sale or transfer of the Company’s or Parent’s equity, securityholder or voting agreement, proxy, power of attorney or otherwise) or (ii) all or substantially all of the Company’s or Parent’s assets determined on
a consolidated basis; provided that a Public Offering shall not constitute a Sale of the Company. 
  

 12 

 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association, or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers, 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 (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that 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 (other than a corporation) 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 any managing director or general partner of such limited liability company,
partnership, association, or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise
indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
  
 10. Survival. Sections 3(e) and 4 through 25, inclusive, shall survive and continue in full force in accordance with their terms notwithstanding the expiration or termination of the Employment
Period. 
  
 11. Notices. Any notice provided for in this
Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address below indicated: 
  
 Notices to Executive: 
  
 To the address specified in the personnel files of the Company 

 
 and 
  
 Schiff Hardin LLP 
 6600 Sears Tower 
 Chicago, Illinois 60606 
 Attention:         Frederick L. Hartmann 
  
 Notices to the Company: 
  
 Syniverse Technologies, Inc. 
 One Tampa
City Center 
 Suite 700 
 Tampa, Florida 33602 
 Attention:         General Counsel 
  

 13 

 and 
  
 Kirkland & Ellis LLP 
 200 East
Randolph Drive 
 Chicago, Illinois 60601 
 Attention:         Stephen L. Ritchie, P.C 
  
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under
this Agreement shall be deemed to have been given when so delivered, sent or mailed. 
  
 12. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction,
but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
  
 13. Complete Agreement. This Agreement embodies the complete agreement and understanding among the parties and
supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
  
 14. No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 
  
 15. Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement. 
  
 16.
Successors and Assigns; No Third Party Beneficiaries. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive, the Company and their respective heirs, successors and assigns, except that Executive may
not assign his rights or delegate his duties or obligations hereunder without the prior written consent of the Company. This Agreement shall not confer any rights or remedies upon any person other than the Executive, the Company, Parent, the
Company’s Affiliates and their respective heirs, successors and permitted assigns. 
  
 17. Choice of Law. ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF 
  

 14 

 LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. 
  
 18. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board), Parent and Executive, and no course of conduct or course of dealing or
failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for Cause) shall affect the validity, binding effect
or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. 
  
 19. Indemnification and Reimbursement of Payments on Behalf of Executive. The Company and its Affiliates shall be entitled to deduct or withhold
from any amounts owing from the Company or any of its Affiliates to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or
other payments from the Company or any of its Affiliates or Executive’s ownership interest in the Company (including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of
restricted equity). In the event the Company or any of its Affiliates does not make such deductions or withholdings, Executive shall indemnify the Company and its Affiliates for any amounts paid with respect to any such Taxes, together with any
interest, penalties and related expenses thereto. 
  
 20.
Consent to Jurisdiction. Each of the parties irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the Middle District of Florida, Tampa Division located in Tampa, Florida, for the purposes of any suit,
action or other proceeding arising out of this Agreement, any related agreement or any transaction contemplated hereby or thereby. Each of the parties hereto further agrees that service of any process, summons, notice or document by U.S. registered
mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in such court with respect to any matters to which it has submitted to jurisdiction in this Section 20.
Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, any related document or the transactions contemplated hereby and thereby in the
United States District Court for the Middle District of Florida, Tampa Division located in Tampa, Florida, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum. 
  
 21. Waiver of Jury Trial. As a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to consult with counsel), each party hereto
expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby. 
  
 22. Corporate Opportunity. During the Employment Period, Executive shall submit to the Board all business, commercial
and investment opportunities or offers presented to 
  

 15 

 Executive or of which Executive becomes aware which relate to any lines of business that the Company or its Affiliates
derive more than $50,000 annually of their revenue from or with respect to which the Company and its Affiliates have made a significant investment (“Corporate Opportunities”). Unless approved by the Board, Executive shall not accept
or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf or on behalf of another person or entity in or with respect to whom Executive has any economic interest. 
  
 23. Executive’s Cooperation. During the Employment Period and
thereafter, Executive shall cooperate with the Company and its Affiliates in any internal investigation, any administrative, regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company
(including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service of a subpoena or other
legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with
Executive’s other permitted activities and commitments). In the event the Company requires Executive’s cooperation in accordance with this Section, the Company shall reimburse Executive solely for reasonable travel expenses (including
lodging and meals) upon submission of receipts. 
  
 24.
Interpretation. Unless the context otherwise requires, references in this Agreement to Sections are to Sections of this Agreement. 
  
 25. Indemnification and Insurance. The Company and Parent shall each indemnify Executive to the fullest extent permitted by their respective
Certificates of Incorporation and By-Laws and the General Corporation Law of the State of Delaware. Executive shall be entitled to indemnification and advancement of expenses on terms no less favorable than those provided to any other officer or
director of the Company or Parent. The Company and Parent shall maintain officers’ and directors’ liability insurance coverage for Executive while he is employed by the Company or Parent or is serving on any board of directors of the
Company or Parent or any Subsidiary thereof and, at all times thereafter for the duration of any period of limitations during which any action may be brought against Executive, in such amounts and to the same extent as the Company and Parent covers
any other officer or director of the Company or Parent. 
  
 *    *    *    *    * 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	 Syniverse Technologies, Inc.

		
	 By:
	 	 /s/ Raymond L. Lawless

	 Its:
	 	 Chief Financial Officer and Secretary

	
	 Syniverse Holdings, Inc.

		
	 By:
	 	 /s/ Raymond L. Lawless

	 Its:
	 	 Chief Financial Officer and Secretary

	
	 /s/ Tony G. Holcombe

	 Tony G. HolcombeAmended and Restated Severance Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED SEVERANCE AGREEMENT 
  
 This AMENDED AND RESTATED SEVERANCE AGREEMENT (this “Agreement”) is effective as of the 4th day of January, 2006, by and
between Innkeepers USA Trust, a Maryland Real Estate Investment Trust (the “Trust”), and BRUCE RIGGINS (the “Executive”). 
  
 RECITALS: 
  
 WHEREAS, the Trust employs the Executive to perform various services on behalf of Trust; and 
  
 WHEREAS, the Trust and Executive entered into a Severance Agreement,
dated July 20, 2005 (“Original Severance Agreement”), setting forth in writing the severance payable to Executive as a result of termination of Executive’s employment under certain circumstances; 
  
 WHEREAS, the Trust and Executive desire to amend and restate the
Original Severance Agreement to change the severance amounts payable to Executive under the circumstances pursuant to which severance would be payable under the Original Severance Agreement; and  
  
 WHEREAS, the Trust and Executive agree that any prior employment or
severance agreements between them, whether verbal or written, including but not limited to the Original Severance Agreement; are superceded and replaced by this Agreement and no longer have any force or effect whatsoever; and 
  
 WHEREAS, the parties understand that Executive’s employment may
at some point in the future cease for a variety of reasons and the parties intend, pursuant to this Agreement, to provide Executive with a severance package in the event such employment ceases due to certain reasons; and 
  
 NOW, THEREFORE, in consideration of Executive’s employment by the
Trust, the compensation that Executive shall receive during Executive’s employment, the parties’ covenants, representations and promises contained in this Agreement and other valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties agree as follows: 
  

	1.	Termination Provisions 

  

	 	A.	Termination Without Cause: The Executive’s employment may be terminated without “Cause” as follows: 

  

	 	(i)	By mutual written agreement of the Trust and Executive, in which case the Executive will be paid only for the time period in which he works, and will not be entitled to any further
compensation or severance benefits; 

	 	(ii)	Upon written notice to the other party, as follows: 

  

	 	a.	If Executive terminates his employment without “Good Reason”, or without “Good Cause” in the context of a “change of control”, Executive shall give
thirty (30) days advance notice. Executive will be paid his compensation during the thirty (30) day notice period. The Trust (or its Successor) may elect, in its sole discretion, to dispense with the notice period and to immediately sever
Executive’s employment relationship with the Trust (or its Successor), but will pay Executive through the thirty (30) day notice period. Executive will not be entitled to any additional compensation or severance benefits.

  

	 	b.	If the Trust terminates Executive’s employment without “Cause”, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of
Executive’s then-current annual base salary if the termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the
termination occurs after the first anniversary of the date of this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary
if the termination occurs after the second anniversary of the date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that
any provisions of separate agreements between the Trust and Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement.

  

	 	c.	If Executive terminates his employment for “Good Reason,” Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s
then-current annual base salary if the termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the termination occurs after
the first anniversary of the date of this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then- 

  

 2 

 current annual base salary if the termination occurs after the second anniversary of the date of this
Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of separate agreements between the Trust and Executive
governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement. “Good Reason” is defined as (a) a change in the Executive’s status,
position or responsibilities that does not represent a promotion, (b) a reduction in the Executive’s base salary or bonus, (c) a required relocation to a location more than thirty miles away from the Trust’s principal executive
offices, or (d) the failure of the Trust to continue to provide benefits (including severance) to the Executive as set forth in the Executive Compensation Plan or, if no Executive Compensation Plan then exists, the last written Executive
Compensation Plan approved by the Company’s Board of Trustees or the Compensation Committee of the Company’s Board of Trustees. 
  

	 	(iii)	Upon the death of Executive, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s then-current annual base salary if the
termination occurs on or before the first anniversary of the date of this Agreement; (b) One Hundred Percent (100%) of Executive’s then-current annual base salary if the termination occurs after the first anniversary of the date of
this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary if the termination occurs after the second anniversary of the
date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of separate agreements between the Trust and
Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement; or 

  

	 	(iv)	Upon the Executive becoming unable to perform the essential functions of Executive’s job, with or without reasonable accommodation, for a period of at least ninety
(90) days, Executive shall be entitled to severance benefits equal to (a) Fifty Percent (50%) of Executive’s then-current annual base salary if the termination occurs on or before the first anniversary of the date of this
Agreement; (b) One Hundred Percent (100%) of Executive’s 

  

 3 

 then-current annual base salary if the termination occurs after the first anniversary of the date of
this Agreement and on or before the second anniversary of the date of this Agreement; or (c) One Hundred Fifty Percent (150%) of Executive’s then-current annual base salary if the termination occurs after the second anniversary of the
date of this Agreement. Any unvested share options or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; provided, however, that any provisions of separate agreements between the Trust and
Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over the provisions of this Agreement. 
  

	 	B.	Termination with Cause: The Trust shall have the right to terminate the Executive with “Cause” at any time. If Executive is terminated with
“Cause”, he will be paid only for the time period in which he works, and will not be entitled to any further compensation, severance benefits, or other benefits, and any unvested share grants and share options will immediately become null
and void; provided, however, that any provisions of separate agreements between the Trust and Executive governing the vesting or forfeiture of share grants or options that are more favorable to the Executive shall control over this Agreement.
Termination with “Cause” is defined as the occurrence of any of the following events, as determined by the Trust’s Board of Trustees, acting in its sole discretion: 

  

	 	(i)	Executive violates any of the terms of this Agreement, including, without limitation, the terms and conditions set forth in the Non-Disclosure provision of this Severance Agreement,
or violates any company policy if such violation has a significant detrimental affect on the Trust; 

  

	 	(ii)	Executive enters a plea of nolo contendere or guilty with respect to a violation of, or is adjudicated by a court of competent jurisdiction to have violated, any law, order,
rule or regulation that constitutes a felony, a crime (that constitutes at least a misdemeanor) of dishonesty, or other crime (that constitutes at least a misdemeanor) involving moral turpitude; 

  

	 	(iii)	Executive commits an act or makes an omission, other than any traffic-related offenses and simple misdemeanors, that is fraudulent or dishonest, and that is intended to or
reasonably likely to discredit the Trust, and that results in a substantial amount of negative publicity for, or that materially damages the reputation or good standing of, the Trust or its affiliates; 

  

 4 

	 	(iv)	Executive fails to carry out specific, material and legal directives of the Trust’s Board of Trustees, or its designee, or of Executive’s supervisor, or fails to or
refuses to adequately perform duties that have been assigned to him, in each case that are consistent with Executive’s position and job responsibilities, but only after Executive has been given specific and written notice of his failure to
perform and a thirty (30) day opportunity to cure such deficiency; provided that the Executive is entitled to only one thirty (30) day cure period in any twelve (12) month period. 

  

	 	C.	Termination Upon Change in Control: 

  

	 	(i)	Upon a “change in control” of the Trust, the Trust or its successor after any transaction provided for in this subsection (hereinafter referred to as the
“Successor”) may terminate Executive’s employment by delivery of written notice to the Executive, which notice must specify an effective date of termination not less than thirty (30) days from the date of the notice. A
“change in control” for purposes of this subsection means (a) the Trust becomes a direct or indirect subsidiary of, or is merged or consolidated with or into, another entity, which entity is not controlled by the Trust or the
Trust’s shareholders immediately after the transaction, (b) 51% or more of the voting power of shares of the Trust immediately after the transaction are not held by persons or entities who were shareholders of the Trust immediately before
the transaction, (c) substantially all of the assets of the Trust are sold or transferred, in one transaction or a series of related transactions, to a person or entity, or two or more related people and/or entities, not owned or controlled by
the Trust or its shareholders at the time of the transaction or at the time of the first in a series of related transactions, or (d) the individuals who, as of the date of this Agreement, are members of the Board, cease for any reason to
constitute a majority of the members of the Board. 

  

	 	(ii)	 Executive agrees that, in the absence of such notice from the Trust or its Successor, he will continue to work for the Trust or its Successor as though a
“change in control” had not occurred, unless he terminates this Agreement (I) at any time under paragraph 1.A.(ii)a. above, (II) for “Good Cause” within eighteen months of the “change in control” occurring, as
provided in this subsection, or (III) at any time after eighteen months of the “change in control”, for “Good Reason” under paragraph 1.A.(ii)c. “Good Cause” is defined as (a) a change in the Executive’s
status, position or responsibilities that does not represent a promotion, (b) a reduction in the Executive’s base salary or bonus, (c) a required relocation to a location more than thirty miles away from the Trust’s principal

  

 5 

 
executive offices, (d) the failure of the Trust or its Successor to continue to provide severance and other benefits to the Executive substantially
similar to those specified in this Agreement, or (e) the failure or refusal of the Trust or its Successor to recognize Executive’s employment with the Trust, or to continue to provide Executive with the compensation and benefits provided
for in the Executive Compensation Plan in effect during the year in which the “change in control” occurs or, if no Executive Compensation Plan is in effect for such year, the last written Executive Compensation Plan approved by the
Company’s Board of Trustees or the Compensation Committee of the Company’s Board of Trustees. 
  

	 	(iii)	If the Trust or its Successor terminates Executive’s employment for any reason other than for “Cause” (as defined in paragraph 1.B, above) within eighteen months of a
“change in control” or Executive terminates this Agreement for “Good Cause” as defined in paragraph 1.C.(ii) above within eighteen months of a “change in control”, (a) Executive will receive, on the effective date
of the termination, severance benefits equal to one hundred fifty percent (150%) of the Executive’s (I) then-current annual base salary plus (II) the greater of (x) the average annual bonus paid to the Executive for the three
fiscal years of the Company ended immediately before the date of termination and (y) the annual bonus paid to the Executive for the fiscal year of the Company ended immediately before the date of termination; (b) any unvested share options
or restricted shares granted to the Executive under any share plan will vest and become immediately exercisable; and (c) if the excise tax on “excess parachute payments,” as defined in Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”), will be imposed on the Executive under Code Section 4999 as a result of the Executive’s receipt of the amounts or benefits referenced in clauses (a) or (b) of this paragraph 1.C.(iii)
(without regard to the “Additional Amount” described below) which the Executive receives or has the right to receive from the Company or any of its affiliates (the “Change of Control Benefits”), the Company shall indemnify the
Executive and hold him harmless against all claims, losses, damages, penalties, expenses, and excise taxes. 

  
 To effect the indemnification provided by clause (c) of this paragraph 1.C.(iii), the Company shall pay to the Executive the “Additional
Amount”, which is the amount that is sufficient to indemnify and hold the Executive harmless from the application of Code Section 280G and 4999 of the Code, including the amount of (x) the excise tax that will be imposed on the
Executive under Section 4999 of the Code with respect to the Change of Control Benefits; (y) the additional (A) excise tax under Section 4999 of 
  

 6 

 the Code, (B) hospital insurance tax under Section 3111(b) of the Code, and (C) federal,
state and local income taxes for which the Executive is or will be liable on account of the payment of the amount described in item (x); and (z) the further excise, hospital insurance and income taxes for which the Executive is or will be
liable on account of the payment of the amount described in item (y) and this item (z) and any other indemnification payment hereunder. The Additional Amount shall be calculated and paid to the Executive at the time that the amount
referenced in clause (a) of this paragraph 1.C.(iii) is payable to the Executive. In calculating the Additional Amount, the highest marginal rates of federal and applicable state and local income taxes applicable to individuals and in effect
for the year in which the Change of Control occurs shall be used. 
  

	 	D.	Effect of Termination: In the event Executive’s employment is terminated for any reason, the following shall occur: 

  

	 	(i)	Executive shall comply with the terms and conditions of the Non-Disclosure Agreement. 

  

	 	(ii)	All payments due under this Agreement after the death of Executive shall be made to such person as Executive may designate in writing to the Trust prior to Executive’s death or
to Executive’s estate. 

  

	2.	NON-DISCLOSURE AGREEMENT: In connection with Executive’s employment by the Trust, the Trust will disclose or has disclosed to Executive, and Executive has been
given access to or may become acquainted with, various confidential trade secret or proprietary information and ideas, proprietary rights, and other confidential and valuable information that constitutes trade secrets belonging to the Trust, its
affiliates, vendors, and contractors. The Executive further recognizes that the Trust’s business interests require a confidential relationship between the Trust, the Trust’s management team, and the Executive and the fullest practical
protection and confidential treatment of its trade secrets, operating manuals, marketing techniques, designs, concepts, investors and potential investors, franchise operation and system management programs, potential and future acquisitions,
business models, target and focus areas for business, customer lists, marketing procedures and systems, innovations and improvements, personal information of any Trustee or member of the Trust’s management team or the management team’s
respective families (collectively referred to as “Confidential Information”) that will be conceived or learned by him in the course of his employment with the Company. The Executive represents, warrants and agrees that the Executive will
keep any and all of the Confidential Information that he is provided from being known by or disclosed to any person or entity, except for the exclusive use and benefit of the Trust. The Executive further warrants and agrees that he shall not
reproduce, or permit the 

  

 7 

 reproduction, directly or indirectly, of any of the Confidential Information that he is provided by the
Trust except as required by the Trust or by law, and that he shall not permit the removal of, nor remove, any of the Confidential Information that he is provided by the Trust. The Executive further warrants that he will not make any disparaging
comments about the Trust or any member of its management team to anyone outside of the Trust, and will not engage in any conduct that would tend to disparage or cast in a negative light the Trust or any of the members of its management team. The
Executive agrees, both during and after the termination of his employment, for whatever reason, to keep secret and to treat confidentially all of the Trust’s Confidential Information and not to use or aid others in using any such Confidential
Information in competition with or otherwise to the detriment of the Trust. The obligations set forth in this paragraph shall exist during the Executive’s employment and shall continue after the termination of the Executive’s employment
for whatever reason, and for so long as any of the Trust’s Confidential Information retains any confidentiality. Confidential Information shall not include information that is or becomes part of the public domain without violation of this
Agreement by Executive. 
  

	3.	EXECUTIVE’S WARRANTIES AND INDEMNIFICATION: Executive warrants and represents the Executive is not subject to commitments or obligations that (i) are inconsistent
with this Agreement or (ii) would prevent or restrict Executive from fully performing all of Executive’s obligations under this Agreement. Executive shall indemnify the Trust and its affiliates and their respective officers, directors,
shareholders, employees and agents on demand for and against any and all judgments, losses, claims, damages, expenses and costs (including, without limitation, all legal fees and costs, even if incident to appeals) incurred or suffered as a result
of any breach of the warranties and representations made in this Section. (As used herein an “affiliate” of a person or entity means any person or entity that directly or indirectly controls, is controlled by or is under common control
with such entity or person.) 

  

	4.	ARBITRATION: Except for Trust’s specific right to seek a temporary injunction restraining any breach or threatened breach of this Agreement by Executive of the
provisions regarding Non-Disclosure, the parties hereto agree that any controversies or claims arising out of or relating to this Agreement, or the breach thereof, or that otherwise relate to Executive’s employment with, or the termination of
such employment with, the Trust, shall be settled by binding arbitration with the American Arbitration Association. This arbitration clause shall apply to all claims at law or in equity, including but not limited to claims arising under Title VII of
the Civil Rights Act of 1964, as amended; 42 U.S.C. § §1981, 1983, 1986 and 1988, the Age Discrimination in Employment Act of 1967, as amended; the Americans with Disabilities Act; the Equal Pay Act of 1963, as amended; the Fair Labor
Standards Act, as amended; Florida’s Whistleblower Act and any other laws governing the rights of whistleblowers, the Family and Medical Leave Act, federal statutory and common law; the Florida Civil Rights Act of 1992, as amended; the Florida
Equal Rights Law, as amended; Florida’s General Labor Regulations, as amended, Workers’ Compensation laws; 

  

 8 

 tort claims; claims for wrongful discharge; tortious interference with contractual relations, or the
common law of the State of Florida. The parties shall arbitrate the claim or controversy in accordance with the Employment Arbitration Rules of the American Arbitration Association. Any such arbitration shall be held in Palm Beach County, Florida.
Judgment upon the award rendered by the arbitrators shall be final, binding and conclusive upon the parties and their respective successors and assigns, and may be entered in any court of competent jurisdiction. 
  

	5.	WAIVER OF JURY TRIAL: The parties agree that the right to a jury trial of any claim is waived and that neither party will have the right to request trial by jury of
any claim arising under this Agreement or that relate in any way to Executive’s employment. This waiver is intended to encompass all claims, whether at law or in equity, and whether based upon statute or common law, including but not limited to
those laws particularly referred to in paragraph 4 above. 

  

	6.	NOTICES: All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing (including electronic transmission)
and shall be (as elected by the person giving such notice) hand delivered by messenger or courier service, electronically transmitted, or mailed (airmail if international) by registered or certified mail (postage prepaid), return receipt requested,
addressed to: 

  

					
	Trust:	  	 	  	Executive
			
	Innkeepers USA Trust	  	 	  	114 Via Condado Way
	Attn.: Chairman of the Board	  	 	  	Palm Beach Gardens, FL
	340 Royal Poinciana Way, Suite 306	  	 	  	33418
	Palm Beach, FL 33414	  	 	  	 

  
 or to such other
address as any party may designate by notice complying with the terms of this Section. Each such notice shall be deemed delivered (a) on the date delivered if by personal delivery; (b) on the date of transmission with confirmed answer back
if by electronic transmission; and (c) on the date upon which the return receipt is signed or delivery is refused or the notice is designated by the postal authorities as not deliverable, as the case may be, if mailed. 
  

	7.	ENTIRE AGREEMENT: This Agreement represents the entire understanding and agreement among the parties with respect to the subject matter hereof, and supersedes all
other negotiations, understandings and representations (if any) made by and among such parties with respect to such subject matter 

  

	8.	AMENDMENTS: This Agreement may not be amended, supplemented, waived or changed orally, but only by a writing signed by the party as to whom enforcement of any such
amendment, supplement, waiver or modification is sought and making specific reference to this Agreement. 

  

 9 

	9.	ENFORCEMENT COSTS: In the event of an action or proceeding for the enforcement of this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs and all expenses. 

  

	10.	BINDING EFFECT: The terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto, and their
respective purchasers, administrators, executors, legal representatives, heirs, successors and assigns. Rights, assignments, and representations made or granted by Executive in this Agreement, are assignable by the Trust and are for the benefit of
the Trust, its successors and assigns. 

  

	11.	CONSTRUCTION: If any provision of this Agreement may be construed in two or more ways, one of which would render the provision invalid or otherwise voidable or
unenforceable and another of which would render the provision valid and enforceable, such provision shall have the meaning which renders it valid and enforceable. 

  

	12.	WAIVERS: The failure or delay of any party at any time to require performance by another party of any provision of this Agreement, even if known, shall not affect the
right of such party to require performance of that provision or to exercise any right, power or remedy hereunder. Any waiver by any party of any breach of any provision of this Agreement should not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right, power or remedy under this Agreement. No notice to or demand on any party in any case shall, of itself, entitle such party to any other or further
notice or demand in similar or other circumstances. 

  

	13.	REMEDIES CUMULATIVE: Except as otherwise expressly provided in this Agreement, no remedy in this Agreement conferred upon any party is intended to be exclusive of any
other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. No single or partial exercise by any party
of any right, power or remedy hereunder shall preclude any other or further exercise thereof. 

  

	14.	GOVERNING LAW: This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Florida without regard to
principles of conflicts of laws. 

  

 10 

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

			
	EXECUTIVE:
		
	Executive’s Signature:	 	 /s/ Bruce Riggins

	Printed Name:	 	BRUCE RIGGINS

			
	
	INNKEEPERS USA TRUST:
		
	By:	 	 /s/ Jeffrey H. Fisher

	Name:	 	Jeffrey H. Fisher
	Title:	 	Chairman, CEO and President

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