Document:

EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), entered into on March 13, 2019, is made by and between Kevin Jones (the
“Executive”) and Rackspace US, Inc., a Delaware corporation (together with any of its subsidiaries and Affiliates as may employ the Executive from time to time, and any and all successors thereto,
the “Company”). 
 RECITALS 

A. The Executive shall commence employment with the Company on or before June 6, 2019 (the Executive’s actual date of commencement
of shall be referred to herein as the “Effective Date”). 
 B. The Company and the Executive desire to enter into this
Agreement to assure the Company of the exclusive services of the Executive and to set forth the rights and duties of the parties hereto. 

C. This Agreement is intended to supersede any prior agreements or understandings, whether formal or informal, between the Executive and the
Company or any of its Affiliates (as defined below). 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as
follows: 
 1. Certain Definitions. 
 (a)
“Action” shall have the meaning set forth in Section 9. 
 (b) “Affiliate” shall mean, with respect to
any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person, where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended. 

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

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

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

(f) “Apollo” means, collectively, the investment funds managed, sponsored or advised by Apollo Management VIII, L.P. A
reference to a member of Apollo is a reference to any such investment fund. 
 (g) “Board” shall mean the Board of Directors
of Parent. 
  

 (h) The Company shall have “Cause” to terminate the Executive’s
employment pursuant to Section 4(a)(iii) hereunder upon (i) the Executive’s conviction of, or plea of nolo contendere to, any felony or other crime involving either fraud or a breach of the Executive’s duty of loyalty with
respect to the Company or any Affiliates thereof, (ii) the Executive’s substantial and repeated failure to perform lawful duties as reasonably directed by the Board (other than as a consequence of Disability) after written notice thereof
and failure to cure within fifteen (15) days, (iii) the Executive’s fraud, misappropriation, embezzlement, or material misuse of funds or property belonging to the Company or any of its Affiliates, (iv) the Executive’s violation
of the written policies of the Company or any of its Affiliates, or other willful misconduct in connection with the performance of the Executive’s duties that in either case results in material injury to the Company or any of its Affiliates,
after written notice thereof and failure to cure within fifteen (15) days, (v) the Executive’s breach of this Agreement that results in material injury to the Company or any of its Affiliates, and failure to cure such breach within fifteen
(15) days after written notice, or (vi) the Executive’s breach of the confidentiality or non-disparagement provisions (excluding unintentional breaches that are cured within fifteen
(15) days after the Executive becomes aware of such breaches) or the non-competition and non-solicitation provisions to which the Executive is subject (including,
without limitation, under Sections 6 and 7 of this Agreement); provided, that any such event under sub-parts (ii), (iv), (v) or (vi) above shall not constitute Cause unless and until the Company shall
have provided the Executive with written notice thereof no later than thirty (30) days following the initial occurrence of such event or omission and the Executive shall have failed to cure such event or omission within fifteen (15) days
of receipt of such notice, and the Company shall have terminated the Executive’s employment with the Company promptly following the expiration of such remedial period. 

(i) A “Change in Control” means the occurrence of either of the following: (i) (A) Apollo and its Affiliates (the
“Apollo Holders”) cease to be the beneficial owners, directly or indirectly, of a majority of the combined voting power of the outstanding securities of the Company or Parent; and (B) a Person or group other than the Apollo
Holders becomes the direct or indirect beneficial owner of a percentage of the combined voting power of the outstanding securities of the Company or Parent that is greater than the percentage of the combined voting power of the outstanding
securities of such entity that is beneficially owned directly or indirectly by the Apollo Holders; or (ii) sale of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to a Person or group other than the
Apollo Holders; provided, however, that a mere initial public offering or a merger or other acquisition or combination transaction after which the Apollo Holders retain control of the Company or Parent, or have otherwise not sold or disposed
of more than 50% of its direct or indirect investment in the Company or Parent as of November 3, 2016 in exchange for cash or marketable securities, will not result in a Change in Control; provided, further, that following an
initial public offering, the above clause (i) shall be deleted and replaced with: “a Person or group other than Apollo and its Affiliates (the “Apollo Holders”) becomes the beneficial owner, directly or indirectly of 35%
or more of the combined voting power of the outstanding securities of the Company or Parent, and such combined voting power beneficially owned is greater than the percentage of the combined voting power of the outstanding securities of such entity
that is beneficially owned directly or indirectly by the Apollo Holders.” 
 (j) “Code” shall mean the Internal Revenue
Code of 1986, as amended. 

  
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 (k) “Date of Termination” shall mean (i) if the Executive’s
employment is terminated by his death, the date of his death, (ii) if the Executive’s employment is terminated pursuant to Section 4(a)(ii)-(vi), the date specified or otherwise effective pursuant to Section 4(b), or
(iii) if the Executive’s employment is terminated upon expiration of the Term due to either party’s non-renewal in accordance with Section 2(b), the last day of the then-current Term. 

(l) “Disability” shall mean a reasonable finding by the Company of the Executive’s incapacitation through any illness,
injury, accident or condition of either a physical or psychological nature that has resulted in his inability to perform the essential functions of his position, even with reasonable accommodations, for one hundred eighty (180) calendar days
during any period of three hundred sixty-five (365) consecutive calendar days, and such incapacity is expected to continue. 
 (m)
“Executive” shall have the meaning set forth in the preamble hereto. 
 (n) The Executive shall have “Good
Reason” to resign from his employment pursuant to Section 4(a)(v) in the event that any of the following actions are taken by the Company or any of its subsidiaries without his express written consent: (i) a material reduction of
the Executive’s duties, responsibilities or authority; (ii) a reduction in the Executive’s Annual Base Salary or Target Bonus, (iii) the Executive being required to work solely or substantially at a location more than 50 miles
from a location where the Executive has been permitted to work as of the date of beginning employment; (iv) any material breach by the Company or its subsidiaries of any term or provision of this Agreement, or (v) any requirement that the
Executive report to someone other than the Board; provided, that any such event shall not constitute Good Reason unless and until the Executive shall have provided the Company with written notice thereof no later than thirty (30) days following
the initial occurrence of such event and the Company shall have failed to fully remedy such event within thirty (30) days of receipt of such notice, and the Executive shall have terminated the Executive’s employment with the Company
promptly following the expiration of such remedial period. 
 (o) “Initial Term” shall have the meaning set forth in
Section 2(b). 
 (p) “Inventions” shall have the meaning set forth in Section 7(i). 

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

(r) “Parent” shall mean Inception Topco, Inc., a Delaware corporation. 

(s) “Performance-Based RSUs” shall have the meaning set forth in Section 3(d)(ii). 

(t) “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, governmental authority, or other entity of whatever nature. 
 (u)
“Proprietary Rights” shall have the meaning set forth in Section 7(i). 
 (v) “Service-Based RSUs”
shall have the meaning set forth in Section 3(c)(ii). 

  
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 (w) “Sign-on Cash Bonus” shall have
the meaning set forth in Section 3(c)(i). 
 (x) “Target Bonus” shall have the meaning set forth in Section 3(b).

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

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

(b) Term of Employment. The initial term of employment under this Agreement (the “Initial Term”) shall be for the
period beginning on the Effective Date and ending on the fifth (5th) anniversary of such date, unless earlier terminated as provided in Section 4. In the event that the Executive’s prior
employer waives all or part of the period of notice required to be given in advance of the Executive’s resignation from his prior employer, the Executive and the Company shall mutually agree on a start date earlier than June 6, 2019. The
Initial Term shall automatically be extended for successive one (1) year periods (together with the Initial Term, the “Term”), unless either party hereto gives notice of the non-extension
of the Term to the other party no later than ninety (90) days prior to the expiration of the then-applicable Term. 
 (c) Position
and Duties. 
 (i) During the Term, the Executive shall serve as Chief Executive Officer of the Company and shall serve as a member of
the Board, with responsibilities, duties, and authority customary for such position. The Executive shall also serve as an officer of Affiliates of the Company as requested by the Board. Except as otherwise provided herein, the Executive shall not be
entitled to any additional compensation for his service as a member of the Board or other positions or titles he may hold with any Affiliate of the Company to the extent he is so appointed. The Executive shall report to the Board. The Executive
agrees to observe and comply with the Company’s rules and policies as adopted from time to time by the Company. The Executive shall devote his full business time, skill, attention, and best efforts to the performance of his duties hereunder;
provided, however, that the Executive shall be entitled to (A) serve on civic, charitable, and religious boards and (B) manage the Executive’s personal and family investments, in each case, to the extent that such activities do
not materially interfere with the performance of the Executive’s duties and responsibilities hereunder, are not in conflict with the business interests of the Company or its Affiliates, and do not otherwise compete with the business of the
Company or its Affiliates. 
 (ii) The Executive’s employment shall be principally based at the Company’s headquarters in San
Antonio, Texas. The Executive shall perform his duties and responsibilities to the Company at such principal place of employment and at such other location(s) to which the Company may reasonably require the Executive to travel for Company business
purposes. 

  
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 3. Compensation and Related Matters. 

(a) Annual Base Salary. During the Term, the Executive shall receive a base salary at a rate of not less than eight hundred twenty-five
thousand dollars ($825,000) per annum, which shall be paid in accordance with the customary payroll practices of the Company (the “Annual Base Salary”). 

(b) Annual Bonus. With respect to each calendar year that ends during the Term, the Executive shall be eligible to receive an annual
cash bonus (the “Annual Bonus”), with a target Annual Bonus amount equal to one hundred and twenty five percent (125%) of the Annual Base Salary (the “Target Bonus”) and with a maximum Annual Bonus amount equal
to two hundred percent (200%) of the Annual Base Salary. The Executive’s actual Annual Bonus for a given year, if any, shall be determined on the basis of the Executive’s and/or the Company’s attainment of objective financial and/or
other subjective or objective criteria established by the Board and communicated to the Executive at the beginning of such year. Notwithstanding the foregoing, the Executive’s Annual Bonus for the 2019 calendar year shall be equal to a prorated
portion of the Target Bonus, determined based on the number of days worked in such calendar year beginning on the Effective Date. Each such Annual Bonus shall be payable on such date as is determined by the Board, but in any event within the period
required by Section 409A of the Code such that it qualifies as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Department of Treasury Regulations (or any successor
thereto). Notwithstanding the foregoing, no Annual Bonus shall be payable with respect to any calendar year (except as provided in Sections 5(b)-5(c) below) unless the Executive remains continuously employed
with the Company on the date of payment. 
 (c) Sign-on Compensation. 

(i) Sign-on Cash Bonus. The Executive shall be paid a cash bonus equal to $10,000,000 (the
“Sign-on Cash Bonus”), paid out semi-annually in four (4) equal installments of $2.5 million over an 18-month period (each an
“Installment Payment”). The 1st Installment Payment shall be paid on the Effective Date. The 2nd Installment Payment shall be
paid on the six-month anniversary of the Effective Date. The 3rd Installment Payment shall be paid on the 12-month
anniversary of the Effective Date. The 4th Installment Payment shall be paid on the 18-month anniversary of the Effective Date. Each Installment Payment
shall only be subject to the Executive not voluntarily resigning his employment without Good Reason prior to the date the Installment Payment is due. 

(ii) Sign-on RSU Grant. As soon as reasonably practicable following the Effective Date, the
Executive shall receive an upfront restricted stock unit grant (the “Service-Based RSUs”) with respect to a number of shares of common stock of Parent with a fair market value equal to $5,500,000 as of the date of grant. The
Service-Based RSUs will be subject to the terms and conditions set forth in Parent’s Equity Incentive Plan and an award agreement substantially in the form attached hereto as Exhibit A. 

(iii) Additional Cash Bonus. Within ten (10) days of the Effective Date, to the extent that the Executive’s prior employer
does not pay him all or any portion of his accrued and earned annual bonus in respect of calendar year 2018, the Company shall pay the Executive an additional cash bonus equal to $1,281,993.57 less any amount paid by the Executive’s prior
employer. 

  
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 (d) Equity. 

(i) Initial Option Grant. As soon as reasonably practicable following the Effective Date, the Executive shall be granted an option (the
“Option”) to purchase 200,000 shares of Parent common stock at an exercise price equal to the then-current fair market value, subject to the terms and conditions set forth in Parent’s Equity Incentive Plan and an award
agreement substantially in the form attached hereto as Exhibit B. 
 (ii) Performance-Based RSU Grant. As soon as reasonably
practicable following the Effective Date, the Executive shall be granted a performance-based restricted stock unit grant (the “Performance-Based RSUs”), that, subject to applicable performance criteria being satisfied, would entitle
the Executive to receive shares with a value of up to $20,000,000 on the applicable determination date, subject to the terms and conditions set forth in Parent’s Equity Incentive Plan and an award agreement substantially in the form attached
hereto as Exhibit C. 
 (e) Benefits. During the Term, the Executive shall be entitled to participate in the employee benefit
plans, programs, and arrangements of the Company now (or, to the extent determined by the Board, hereafter) in effect, in accordance with their terms, including, without limitation, medical and welfare benefits. 

(f) Vacation. During the Term, the Executive shall be entitled to four (4) weeks of paid vacation per calendar year, in accordance
with the Company’s vacation policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and the Executive. 

(g) Business Expenses. During the Term, the Company shall reimburse the Executive for all reasonable travel (including first-class
airfare) and other business expenses incurred by him in the performance of his duties to the Company, in accordance with the Company’s expense reimbursement policies and procedures. 

(h) Relocation Reimbursement. The Executive shall relocate to San Antonio, Texas within 18 months following the Effective Date. The
Company shall reimburse the Executive on an after-tax basis for the Executive’s out-of-pocket reasonable relocation expenses
incurred in connection with such relocation and up to 18-months of temporary living accommodations in San Antonio, up to a maximum of $200,000, relating to general moving costs, temporary living costs and the
cost of travel between Dallas and San Antonio until such 18-month anniversary. Any eligible reimbursements or payments (i) shall be subject to Executive’s presenting appropriate documentation to the
Company and (ii) shall be paid to Executive in accordance with the Company’s expense policies, but in no event later than the year following the year in which they were incurred. 

  
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 4. Termination. The Executive’s employment hereunder may be terminated prior to the expiration
of the Term resulting from a non-renewal pursuant to Section 2(b) above by the Company or the Executive, as applicable, without any breach of this Agreement only under the following circumstances: 

(a) Circumstances. 
 (i)
Death. The Executive’s employment hereunder shall terminate upon his death. 
 (ii) Disability. If the Executive has
incurred a Disability, the Company may give the Executive written notice of its intention to terminate the Executive’s employment. In that event, the Executive’s employment with the Company shall terminate effective on the later of the
thirtieth (30th) day after receipt of such notice by the Executive and the date specified in such notice, provided that within the thirty (30) day period following receipt of such notice, the
Executive shall not have returned to full-time performance of his duties hereunder. 
 (iii) Termination with Cause. The Company may
terminate the Executive’s employment with Cause. 
 (iv) Termination without Cause.
The Company may terminate the Executive’s employment without Cause. 
 (v) Resignation with Good Reason. The Executive may
resign from his employment with Good Reason. 
 (vi) Resignation without Good Reason. The Executive may resign from his employment
without Good Reason upon not less than thirty (30) days’ advance written notice to the Board. 
 (b) Notice of Termination.
Any termination of the Executive’s employment by the Company or by the Executive under this Section 4 (other than termination pursuant to Section 4(a)(i)) shall be communicated by a written notice to the other party hereto
(i) indicating the specific termination provision in this Agreement relied upon, (ii) except with respect to a termination pursuant to Section 4(a)(iv) or (vi), setting forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) specifying a Date of Termination as provided herein (a “Notice of Termination”). If the Company delivers a Notice of
Termination under Section 4(a)(ii), the Date of Termination shall be at least thirty (30) days following the date of such notice; provided, however, that such notice need not specify a Date of Termination, in which case the Date of
Termination shall be determined pursuant to Section 4(a)(ii). If the Company delivers a Notice of Termination under Section 4(a)(iii) or 4(a)(iv), the Date of Termination shall be, in the Company’s sole discretion, the date on which
the Executive receives such notice or any subsequent date selected by the Company (subject to the provisions of Section 1(h) above). If the Executive delivers a Notice of Termination under Section 4(a)(v) or (a)(vi), the Date of
Termination shall be at least thirty (30) days following the date of such notice; provided, however, that the Company may, in its sole discretion, accelerate the Date of Termination to any date that occurs following the Company’s
receipt of such notice, without changing the characterization of such termination as voluntary, even if such date is prior to the date specified in such notice. The failure by the Company or the Executive to set forth in the Notice of Termination
any fact or circumstance that contributes to a showing of Cause or Good Reason shall not waive any right of the Company or the Executive hereunder or preclude the Company or the Executive from asserting such fact or circumstance in enforcing the
Company’s or the Executive’s rights hereunder. 

  
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 (c) Termination of All Positions. Upon termination of the Executive’s employment
for any reason (unless otherwise requested by the Company), the Executive shall be deemed to have resigned, as of the Date of Termination, from all positions and offices that the Executive then holds with the Company and its Affiliates. 

5. Company Obligations upon Termination of Employment. 

(a) In General. Subject to Section 10(a), upon termination of the Executive’s employment for any reason, the Executive (or the
Executive’s estate) shall be entitled to receive (i) any amount of the Executive’s Annual Base Salary earned through the Date of Termination not theretofore paid, (ii) any then-remaining unpaid installments of the Sign-on Cash Bonus, (iii) any expenses owed to the Executive under Section 3(g) or Section 3(h), and (iv) any amount arising from the Executive’s participation in, or benefits under, any
employee benefit plans, programs, or arrangements under Section 3(e) (other than severance plans, programs, or arrangements), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs,
or arrangements including, where applicable, any death and disability benefits (the “Accrued Obligations”). Notwithstanding anything to the contrary, upon a resignation without Good Reason, the Accrued Obligations shall not include
any unpaid amounts set forth in clause (ii) of the preceding sentence. 
 (b) Termination due to Death. Subject to
Section 10(a), if the Executive’s employment terminates due to the Executive’s death the Company shall, in addition to the Accrued Obligations, pay the Executive’s estate, if applicable, a prorated portion of the Annual Bonus
payable with respect to the calendar year in which such termination occurs, determined on a daily basis, based on actual performance for such year, and payable if and when annual bonuses are paid to other senior executives of the Company with
respect to such year but no later than March 15 of the year immediately after the year of termination. 
 (c) Termination due to
Disability. Subject to Section 10(a) and subject to the Executive’s continued compliance with the covenants contained in Sections 6 and 7, if the Executive’s employment terminates due to the Executive’s Disability
pursuant to Section 4(a)(ii) the Company shall, in addition to the Accrued Obligations, pay the Executive a prorated portion of the Annual Bonus payable with respect to the calendar year in which such termination occurs, determined on a daily
basis, based on actual performance for such year, and payable if and when annual bonuses are paid to other senior executives of the Company with respect to such year but no later than March 15 of the year immediately after the year of
termination. 
 (d) Termination without Cause, Resignation with Good Reason or Non-Renewal by the
Company. Subject to Section 10(a) and subject to the Executive’s continued compliance with the covenants contained in Sections 6 and 7, if the Company terminates the Executive’s employment without Cause pursuant to
Section 4(a)(iv), the Executive resigns from his employment with Good Reason pursuant to Section 4(a)(v), or the Company elects not to renew the Term pursuant to Section 2(b), the Company shall, in addition to the Accrued Obligations:

  
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 (i) continue to pay the Annual Base Salary in accordance with the Company’s customary
payroll practices during the period beginning on the Date of Termination and ending on the earlier to occur of (A) the twelve (12) month anniversary of the Date of Termination and (B) the first date that the Executive violates any
covenant contained in Section 6 or 7, and pay the Executive an amount equal to his Target Bonus in a lump sum within sixty (60) days following the Date of Termination (the “Severance Payment”); 

(ii) if continued coverage under the Company’s health and welfare plans is timely elected by the Executive, payment of any COBRA premiums
from the Date of Termination until the earlier of (x) the twelve (12) month anniversary of the Date of Termination and (y) the first date that the Executive is no longer eligible for COBRA; 

provided, however, the installment payments payable pursuant to this Section 5(d) shall commence on the first payroll period following the
effective date of the Release (as defined below), and the initial installment shall include a lump-sum payment of all amounts accrued under this Section 5(d) from the Date of Termination through the date
of such initial payment. 
 (e) Release. Notwithstanding anything herein to the contrary, the amounts payable to the Executive under
Sections 5(b), (c), and (d), other than the Accrued Obligations, shall be contingent upon and subject to the Executive’s (or the Executive’s estate, if applicable) execution and non-revocation
of a general waiver and release of claims substantially in the form attached hereto as Exhibit D (the “Release”) (and the expiration of any applicable revocation period), on or prior to the sixtieth (60th) day following the Date of Termination. 
 (f) Survival. The expiration or
termination of the Term shall not impair the rights or obligations of any party hereto, which shall have accrued prior to such expiration or termination. 

6. Non-Competition; Non-Solicitation;
Non-Hire. 
 (a) To the fullest extent permitted by applicable law, the Executive agrees that
during the Executive’s employment with the Company, and for the one (1) year period following the Executive’s termination of employment for any reason, the Executive will not, directly or indirectly, have any equity or equity-based
interest, or work or otherwise provide services as an employee, contractor, officer, owner, consultant, partner, director or otherwise, in any business anywhere in the world that sells hosting and information technology services substantially
similar to those services provided by the Company, namely (i) provisioning, hosting, management, monitoring, supporting, or maintenance of applications, computer servers (whether dedicated, shared or virtual) and network connectivity in a
datacenter for remote use via the Internet, (ii) hosted email, storage, collaboration, compute, virtual networking and similar services, and (iii) all similar related services. Notwithstanding the foregoing, the Executive shall be
permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business. 

  
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 (b) To the fullest extent permitted by applicable law, the Executive agrees that during the
Executive’s employment with the Company, and for the eighteen (18) month period following the Executive’s termination of employment for any reason, the Executive will not, directly or indirectly, on the Executive’s own behalf or
on behalf of another (i) solicit, induce or attempt to solicit or induce any officer, director or employee of the Company to terminate their relationship with or leave the employ of the Company, or in any way interfere with the relationship
between the Company, on the one hand, and any officer, director or employee thereof, on the other hand, (ii) hire (or other similar arrangement) any Person (in any capacity whether as an officer, director, employee or consultant) who is or at
any time was an officer, director or employee of the Company until six (6) months after such individual’s relationship (whether as an officer, director or employee) with the Company has ended, or (iii) induce or attempt to induce any
customer, supplier, prospect, licensee or other business relation of the Company to cease doing business with the Company, or in any way interfere with the relationship between any such customer, supplier, prospect, licensee or business relation, on
the one hand, and the Company, on the other hand. 
 (c) In the event that the terms of this Section 6 shall be determined by any court
of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over
the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in
such action. The Executive hereby acknowledges that the terms of this Section 6 are reasonable in terms of duration, scope and area restrictions and are necessary to protect the goodwill of the Company. The Executive hereby authorizes the
Company to inform any future employer or prospective employer of the existence and terms of Sections 6 and 7 of this Agreement without liability for interference with the Executive’s employment or prospective employment. 

(d) As used in this Section 6, the term “Company” shall include Parent, the Company and any direct or indirect subsidiaries
thereof or any successors thereto. 
 (e) The provisions contained in Sections 6(a) and 6(b) may be waived with the prior written consent of
the Board. 
 7. Nondisclosure of Confidential Information; Nondisparagement; Intellectual Property. 

(a) Non-Disclosure of Confidential Information; Return of Property. The Executive recognizes and
acknowledges that he has access to confidential information and/or has had or will have material contact with the Company’s customers, suppliers, licensees, representatives, agents, partners, licensors, or business relations. The Executive
agrees that during the Term and in perpetuity thereafter, the Executive shall maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for the Executive’s benefit or the benefit of
any Person, any confidential or proprietary information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company’s operations, processes, products, inventions, business practices,
finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms of employment, or deliver to any Person any
document, record, notebook, computer program or similar repository of or containing any such confidential or proprietary information 

  
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or trade secrets. Upon the Executive’s termination of employment for any reason, the Executive shall promptly deliver to the Company (with the cost of shipping reimbursed by the Company) all
correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the Company’s customers, business plans, marketing strategies, products or processes. The
Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the
documents and other information sought and, if requested by the Company, shall reasonably assist such counsel in resisting or otherwise responding to such process. Notwithstanding anything to the contrary contained herein, (i) the Executive
will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (A) in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding, and (ii) nothing in this
Agreement shall prohibit the Executive from reporting possible violations of federal law or regulation to or otherwise cooperating with or providing information requested by any governmental agency or entity, including, but not limited to, the
Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. The Executive does not
need the prior authorization of the Company to make any such reports or disclosures and Employee is not required to notify the Company that Employee has made such reports or disclosures. If the Executive files a lawsuit for retaliation by the
Company for reporting a suspected violation of law, the Executive may disclose the Company’s trade secrets to the Executive’s attorney and use the trade secret information in the court proceeding if the Executive: (x) files any
document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order. 
 (b) Non-Disparagement. The Executive shall not, at any time during the Term and in perpetuity thereafter, directly or indirectly, knowingly disparage, criticize, or otherwise make derogatory statements regarding the
Company, or any of its successors, directors or officers. The Board shall not, at any time during the Term and in perpetuity thereafter, directly or indirectly, knowingly disparage, criticize, or otherwise make derogatory statements regarding the
Executive (excluding statements to or about the Executive in the course of preparing or providing normal performance reviews for the Executive). The foregoing shall not be violated by either parties’ truthful responses to legal process or
inquiry by a governmental authority. 
 (c) Intellectual Property Rights. 

(i) The Executive agrees that the results and proceeds of the Executive’s services for the Company (including, but not limited to, any
trade secrets, products, services, processes, know-how, designs, developments, innovations, analyses, drawings, reports, techniques, formulas, methods, developmental or experimental work, improvements,
discoveries, inventions, ideas, source and object codes, programs, matters of a literary, musical, dramatic or otherwise creative nature, writings and other works of authorship) resulting from services performed for the Company and any works in
progress, whether or not patentable or registrable under copyright or similar statutes, that were made, developed, conceived or reduced to practice 

  
 11 

 
or learned by the Executive, either alone or jointly with others (collectively, “Inventions”), shall be
works-made-for-hire and the Company (or, if applicable or as directed by the Company) shall be deemed the sole owner throughout the universe of any and all trade secret,
patent, copyright and other intellectual property rights (collectively, “Proprietary Rights”) of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, with the right to
use the same in perpetuity in any manner the Company determines in its sole discretion, without any further payment to the Executive whatsoever. If, for any reason, any of such results and proceeds shall not legally be a work-made-for-hire and/or there are any Proprietary Rights which do not accrue to the Company under the immediately preceding sentence, then the Executive hereby irrevocably
assigns and agrees to assign any and all of the Executive’s right, title and interest thereto, including, without limitation, any and all Proprietary Rights of whatsoever nature therein, whether or not now or hereafter known, existing,
contemplated, recognized or developed, to the Company (or, if applicable or as directed by the Company, any of its Affiliates), and the Company or such Affiliates shall have the right to use the same in perpetuity throughout the universe in any
manner determined by the Company or such Affiliates without any further payment to the Executive whatsoever. As to any Invention that the Executive is required to assign, the Executive shall promptly and fully disclose to the Company all information
known to the Executive concerning such Invention. The Executive hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that the Executive now or may hereafter have for infringement of any Proprietary Rights
assigned hereunder to the Company. 
 (ii) The Executive agrees that, from time to time, as may be requested by the Company and at the
Company’s sole cost and expense, the Executive shall do any and all things that the Company may reasonably deem useful or desirable to establish or document the Company’s exclusive ownership throughout the United States of America or any
other country of any and all Proprietary Rights in any such Inventions, including, without limitation, the execution of appropriate copyright and/or patent applications or assignments. To the extent the Executive has any Proprietary Rights in the
Inventions that cannot be assigned in the manner described above, the Executive unconditionally and irrevocably waives the enforcement of such Proprietary Rights. This Section 7(c)(ii) is subject to and shall not be deemed to limit, restrict or
constitute any waiver by the Company of any Proprietary Rights of ownership to which the Company may be entitled by operation of law by virtue of the Executive’s employment with, or service to, the Company. The Executive further agrees that,
from time to time, as may be requested by the Company and at the Company’s sole cost and expense, the Executive shall assist the Company in every proper and lawful way to obtain and from time to time enforce Proprietary Rights relating to
Inventions in any and all countries. To this end, the Executive shall execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for,
obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the assignment thereof. In addition, the Executive shall execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designees.
The Executive’s obligation to assist the Company with respect to Proprietary Rights relating to such Inventions in any and all countries shall continue beyond the termination of the Executive’s employment with the Company. 

(d) As used in this Section 7, the term “Company” shall include Parent, the Company and any direct or indirect subsidiaries
thereof or any successors thereto. 

  
 12 

 8. Injunctive Relief. The Executive recognizes and acknowledges that a breach of any of the covenants
contained in Sections 6 and 7 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly,
the Executive agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 6 and 7, in addition to any other remedy that may be available at law or in equity, the Company will be entitled to specific
performance and injunctive relief (without posting a bond). In the event of any breach or violation by the Executive of any of the covenants contained in Section 6 and 7, the time period of such covenant with respect to the Executive shall, to
the fullest extent permitted by law, be tolled until such breach or violation is enjoined. 
 9. Cooperation. The Executive agrees that during the
three (3) year period after his employment with the Company, the Executive will reasonably assist the Company and its Affiliates in the defense of any claims or potential claims that may be made or threatened to be made against the Company or
any of its Affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, investigative, or otherwise, that are not adverse to the Executive (each, an “Action”), and will reasonably assist the Company and
its Affiliates in the prosecution of any claims that may be made by the Company or any of its Affiliates in any Action, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s employment by
the Company and its Affiliates. The Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to participate (or otherwise become involved) in any such Action. The Executive also agrees, unless precluded by
law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or otherwise) of the Company or any of its Affiliates (or their actions) to the extent that such investigation may relate to the
Executive’s employment or the period of the Executive’s employment by the Company, regardless of whether a lawsuit has then been filed against the Company or any of its Affiliates with respect to such investigation. The Company or one of
its Affiliates shall reimburse the Executive for all of the Executive’s reasonable out-of-pocket expenses (including attorneys’ fees) and will compensate
Executive at an hourly rate of $400 per hour for his time associated with such cooperation following his Date of Termination. 
 10.
Section 409A of the Code. 
 (a) General. The parties hereto acknowledge and agree that, to the extent
applicable, this Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable
hereunder will be taxable currently to the Executive under Section 409A(a)(1)(A) of the Code and related Department of Treasury guidance, the Company and the Executive shall cooperate in good faith to (i) adopt such amendments to this
Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that they mutually determine to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this
Agreement, to preserve the economic benefits of this Agreement, and to avoid less-favorable accounting or tax consequences for the Company, and/or (ii) take such other actions as mutually determined to be necessary or appropriate to exempt the
amounts payable 

  
 13 

 
hereunder from Section 409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder; provided,
however, that this Section 10(a) does not create an obligation on the part of the Company to modify this Agreement and does not guarantee that the amounts payable hereunder will not be subject to interest or penalties under
Section 409A, and in no event whatsoever shall the Company or any of its Affiliates be liable for any additional tax, interest or penalties that may be imposed on the Executive as a result of Section 409A of the Code or any damages for
failing to comply with Section 409A of the Code. 
 (b) Separation from Service under Section 409A.
Notwithstanding any provision to the contrary in this Agreement: (i) no amount shall be payable pursuant to Section 5(a), (b), (c) or (d) unless the termination of the Executive’s employment constitutes a “separation from
service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; (ii) if the Executive is deemed at the time of his separation from service to be a “specified
employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the termination benefits to which the Executive is entitled under this Agreement (after taking into account all
exclusions applicable to such termination benefits under Section 409A), including, without limitation, any portion of the additional compensation awarded pursuant to Section 5(a), (b), (c) or (d), is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (A) the expiration of the
six-month period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under
Section 409A) and (B) the date of the Executive’s death; provided, that upon the earlier of such dates, all payments deferred pursuant to this Section 11(b)(ii) shall be paid to the Executive in a lump sum, and any
remaining payments due under this Agreement shall be paid as otherwise provided herein; (iii) the determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the
time of his separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation,
Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); (iv) for purposes of Section 409A of the Code, the Executive’s right to receive
installment payments pursuant to Section 5 shall be treated as a right to receive a series of separate and distinct payments; (v) if the sixty day period following the Date of Termination ends in the calendar year following the year that
includes the Date of Termination, then payment of any amount that is conditioned upon the execution of the Release and is subject to Section 409A shall not be paid until the first day of the calendar year following the year that includes the
Date of Termination, regardless of when the Release is signed; and (vi) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under
Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible
for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other
year. 

  
 14 

 11. Section 280G of the Code. 

(a) If there is a change of ownership or effective control or change in the ownership of a substantial portion of the assets of a corporation
(within the meaning of Section 280G of the Code) and any payment or benefit (including payments and benefits pursuant to this Agreement) that the Executive would receive from the Company or otherwise (“Transaction Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of the Transaction Payment are paid to the Executive, which of the following two alternative forms of payment would
result in the Executive’s receipt, on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the Transaction Payment may be subject to the Excise
Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”), or (2) payment of only a part of the Transaction Payment so that the Executive receives the largest payment possible without the
imposition of the Excise Tax (a “Reduced Payment”). For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local income and
employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes). If a Reduced Payment is made,
the reduction in payments and/or benefits will occur in the following order: (1) first, reduction of cash payments, in reverse order of scheduled payment date (or if necessary, to zero), (2) then, reduction of
non-cash and non-equity benefits provided to the Executive, on a pro rata basis (or if necessary, to zero), and (3) then, cancellation of the acceleration of
vesting of equity award compensation in the reverse order of the date of grant of the Executive’s equity awards. 
 (b) Unless the
Executive and the Company otherwise agree in writing, any determination required under this section shall be made in good faith in writing by an independent accounting firm selected by the Company which is reasonably acceptable to the Executive (the
“Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes absent manifest error. For purposes of making the calculations required by this section, the Accountants may
make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Accountants shall provide detailed supporting
calculations to the Company and the Executive as requested by the Company or the Executive. The Executive and the Company shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a
determination under this section. The Company shall bear all costs of the Accountants in connection with any calculations contemplated by this Section 11(b). 

(c) Notwithstanding the foregoing, in the event that no stock of the Company or its Affiliates is readily tradable on an established securities
market or otherwise (within the meaning of Section 280G of the Code) at the time of the change in control, the Company shall, upon request of the Executive, submit to a vote of shareholders for approval the portion of the Transaction Payments
that exceeds three times the Executive’s “base amount” (within the meaning of Section 280G of the Code) (the “Excess Parachute Payments”) in accordance with Treas. Reg.
§1.280G-1, and the parties shall cooperate with such vote of shareholders, including the execution of any required documentation subjecting the Executive’s entitlement to all Excess Parachute
Payments to such shareholder vote. 

  
 15 

 12. Assignment and Successors. The Company may assign its rights and obligations under this Agreement
to any entity, including any successor to all or substantially all the assets of the Company, by merger or otherwise, and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its Affiliates.
The Executive may not assign his rights or obligations under this Agreement to any individual or entity. This Agreement shall be binding upon and inure to the benefit of the Company and the Executive and their respective successors, assigns,
personnel, legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. In the event of the Executive’s death following a termination of his employment, all unpaid amounts otherwise due the
Executive (including under Section 5) shall be paid to his estate. 
 13. Governing Law. This Agreement shall be governed, construed,
interpreted, and enforced in accordance with the substantive laws of the State of Delaware, without reference to the principles of conflicts of law of Delaware or any other jurisdiction, and where applicable, the laws of the United States. 

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

(a) If to the Company, to it at: 

Rackspace US, Inc. 
 1 Fanatical
Place 
 San Antonio, TX 78218 

Attention: General Counsel 
 with
a copy (which shall not constitute notice) to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, New York 10019 
 Fax: (212) 757-3990 

Attention: Taurie M. Zeitzer 
 (b)
If to the Executive, at his most recent address on the payroll records of the Company. 

  
 16 

 16. Counterparts. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original, but all of which together will constitute one and the same Agreement. 
 17. Entire Agreement. The terms of this Agreement
(together with any other agreements and instruments contemplated hereby or referred to herein) are intended by the parties hereto to be the final expression of their agreement with respect to the employment of the Executive by the Company and may
not be contradicted by evidence of any prior or contemporaneous agreement. The parties hereto further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that to the extent there are any inconsistencies
between the terms of this Agreement and any other long-term incentive or equity plans or agreements the terms of this Agreement shall control and govern. 

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

21. Dispute Resolution. The parties agree that any suit, action or proceeding brought by or against a party in connection with this Agreement or
Executive’s employment with or separation from the Company shall be brought solely in the state districts courts of Texas. Each party expressly and irrevocably consents and submits to the jurisdiction, forum and venue of such courts in
connection with any such legal proceedings, including to enforce this Agreement or 

  
 17 

 
its/his rights or obligations hereunder, and both parties agree to accept service of process by the other party or any of its agents in connection with any such proceeding. EACH PARTY HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST A PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER. 

22. Enforcement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the
term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never a part of this Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there
shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable. 

23. Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, and foreign
withholding and other taxes and charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

24. Employee Representations. The Executive represents, warrants and covenants that (i) that he has read and understands this Agreement, is fully
aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on his own judgment, (ii) Executive has
the full right, authority and capacity to enter into this Agreement and perform Executive’s obligations hereunder, (iii) Executive is not bound by any agreement that conflicts with or prevents or restricts the full performance of
Executive’s duties and obligations to the Company hereunder during or after the Term, (iv) the execution and delivery of this Agreement shall not result in any breach or violation of, or a default under, any existing obligation, commitment
or agreement to which Executive is subject, and (v) the Executive shall keep all terms of this Agreement confidential, except with respect to disclosure to the Executive’s spouse, accountants or attorneys, each of whom shall agree to keep
all terms of this Agreement confidential. 
 [signature page follows] 

  
 18 

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

 

			
	 RACKSPACE US, INC.

		
	 By:
	 	 /s/ David Sambur

		 	Name:
		 	 Title:

	
	EXECUTIVE
	
	/s/ Kevin Jones
	      Kevin Jones

  
 [Signature Page to
Employment Agreement] 

 Exhibit A 

Service-Based RSU Agreement 

[See attached.] 

  
 A-1 

 Exhibit B 

Non-Qualified Stock Option Agreement 

[See attached.] 

  
 B-1 

 Exhibit C 

Performance-Based Restricted Stock Unit Agreement 

[See attached.] 

  
 C-1 

 Exhibit D 

RELEASE OF CLAIMS (“Release”) 

1. Release of Claims 
 In partial
consideration of the payments and benefits described in Section 5 of the employment agreement (the “Employment Agreement”) dated March 13, 2019 between Rackspace US, Inc. and its subsidiaries and affiliates (collectively,
the “Company”), and Kevin Jones (“Executive”), to which Executive agrees that Executive is not entitled until and unless Executive executes this Release and it becomes effective in accordance with the terms hereof,
Executive, for and on behalf of himself and his heirs, successors and assigns, subject to the last sentence of this Section 1, hereby waives and releases any common law, statutory or other complaints, claims, charges or causes of action of any
kind whatsoever, both known and unknown, in law or in equity, which Executive ever had, now has or may have against the Company and its shareholders, parents, subsidiaries, affiliates, predecessors, successors, assigns, directors, officers,
partners, members, managers, employees, trustees (in their official and individual capacities), employee benefit plans and their administrators and fiduciaries (in their official and individual capacities), representatives or agents, and each of
their affiliates, successors and assigns, (collectively, the “Releasees”) by reason of facts or omissions which have occurred on or prior to the date that Executive signs this Release, including, without limitation, any complaint,
charge or cause of action arising out of Executive’s employment or termination of employment, or any term or condition of that employment, or arising under federal, state, local or foreign laws pertaining to employment, including the Age
Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits discrimination on the basis of age), the Older Workers Benefit Protection Act, the National Labor Relations Act, the Civil Rights Act of 1991, the Americans
With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and any other Federal, state and local
laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress,
and any related claims for attorneys’ fees and costs. Executive further agrees that this Agreement may be pleaded as a full defense to any action, suit, arbitration or other proceeding covered by the terms hereof which is or may be initiated,
prosecuted or maintained by Executive, Executive’s descendants, dependents, heirs, executors, administrators or permitted assigns. By signing this Release, Executive acknowledges that Executive intends to waive and release any rights known or
unknown that Executive may have against the Releasees under these and any other laws; provided, that Executive does not waive or release claims with respect to (i) any rights he may have to any severance payments or benefits under the
Employment Agreement, (ii) rights to any vested benefits under the Company’s employee benefit plans, (iii) any existing rights to indemnification protection that is otherwise provided to Executive by the Company or (iv) rights
that cannot be released as a matter of law, (collectively, the “Unreleased Claims”). 

  
 D-1 

 2. Proceedings 

Executive acknowledges that Executive has not filed any complaint, charge, claim or proceeding, against any of the Releasees before any local,
state, federal or foreign agency, court or other body (each individually a “Proceeding”). Executive represents that Executive is not aware of any basis on which such a Proceeding could reasonably be instituted. Executive
(i) acknowledges that Executive will not initiate or cause to be initiated on his behalf any Proceeding and will not participate in any Proceeding, in each case, except as required by law; and (ii) waives any right Executive may have to
benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). Further, Executive understands that, by
executing this Release, Executive will be limiting the availability of certain remedies that Executive may have against the Company and limiting also the ability of Executive to pursue certain claims against the Releasees. Notwithstanding the above,
nothing in Section 1 of this Release shall prevent Executive from (i) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against the Company before any local, state or federal agency, court or
other body challenging the validity of the waiver of his claims under the ADEA contained in Section 1 of this Release (but no other portion of such waiver); or (ii) initiating or participating in an investigation or proceeding conducted by
the EEOC. 
 3. Time to Consider 

Executive acknowledges that Executive has been advised that he has twenty-one (21) days from the
date of receipt of this Release to consider all the provisions of this Release and he does hereby knowingly and voluntarily waive said given twenty-one (21) day period. EXECUTIVE FURTHER ACKNOWLEDGES THAT
EXECUTIVE HAS READ THIS RELEASE CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO, AND HAS IN FACT, CONSULTED AN ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW EXECUTIVE IS GIVING UP CERTAIN RIGHTS WHICH HE MAY HAVE TO SUE OR ASSERT A CLAIM
AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION 1 OF THIS RELEASE AND THE OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE, AND EXECUTIVE AGREES TO
ALL OF ITS TERMS VOLUNTARILY. 
 4. Revocation 

Executive hereby acknowledges and understands that Executive shall have seven (7) days from the date of execution of this Release to
revoke this Release (including, without limitation, any and all claims arising under the ADEA) and that neither the Company nor any other person is obligated to provide any benefits to Executive pursuant to Section 5 of the Employment Agreement
until eight (8) days have passed since Executive’s signing of this Release without Executive having revoked this Release, in which event the Company immediately shall arrange and/or pay for any such benefits otherwise attributable to said
eight- (8) day period, consistent with the terms of the Employment Agreement. If Executive revokes this Release, Executive will be deemed not to have accepted the terms of this Release, and no action will be required of the Company under any
section of this Release. 

  
 D-2 

 5. No Admission 

This Release does not constitute an admission of liability or wrongdoing of any kind by Executive or the Company. 

6. General Provisions 
 A failure of any
of the Releasees to insist on strict compliance with any provision of this Release shall not be deemed a waiver of such provision or any other provision hereof. If any provision of this Release is determined to be so broad as to be unenforceable,
such provision shall be interpreted to be only so broad as is enforceable, and in the event that any provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of this Release shall
remain valid and binding upon Executive and the Releasees. 
 7. Governing Law 

The validity, interpretations, construction and performance of this Release shall be governed by the laws of the State of Delaware without
giving effect to conflict of laws principles. 
 IN WITNESS WHEREOF, Executive has executed and delivered this Release as of the date
written below. 
  

					
	 	  		 	 
	 DATE
	  		 	Kevin Jones

  
 D-3EX-10.14

 Exhibit 10.14 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (“Agreement”) is between Rackspace US, Inc. (“Company’’) and Dustin Semach (“Employee”). 
  

	1.	 TERM OF EMPLOYMENT 

This Agreement commences July 8, 2019 (“Effective Date”) and ends on July 23, 2021 (the “Employment
Period’’); however, the Employment Period will thereafter be automatically extended for one year periods unless either Company or Employee gives written notice of non-renewal no later than ninety
days prior to the expiration of the then-applicable Employment Period. The term “Employment Period” shall refer to the Employment Period if and as so extended. 
  

	2.	 TITLE AND EXCLUSIVE SERVICES 

 

	(a)	 Title and Duties. Employee’s title is Chief Transformation Officer. Employee will perform job
duties that arc usual and customary for this position. This position will be based in San Antonio, Texas. The Company reserves the right to assign to the Employee duties of a different nature, either additional to, or instead of, those referred to
above, it being understood that Employee will not be assigned duties that Employee cannot reasonably perform. Employee and Company each represent that they believe in good faith that Employee is under no contractual or other restriction inconsistent
with the execution of this Agreement or the performance of Employee’s duties hereunder. 

  

	(b)	 Exclusive Services. Employee shall not be employed or render services elsewhere during the Employment
Period. Notwithstanding the foregoing provision of this Section, during the Employment Period, Employee may devote reasonable time to activities other than those required under this Agreement, including activities of a charitable, educational,
religious or similar nature (including professional associations), or activities related to corporate board or advisory board positions for non-competitive companies, subject to the company’s standard
approval policy, and the management of the Employee’s personal investments, to the extent such activities do not compete in a material way with the business of the Company. 

 

	3.	 COMPENSATION AND BENEFITS 

 

	(a)	 Base Salary. Employee shall be paid an annual base salary of $450,000 and shall be eligible for
increases in base salary consistent with Company’s ordinary compensation cycles and process. 

  

	(b)	 Annual Corporate Bonus. Employee is eligible for an annualized on-target bonus of 75% of annual salary,
subject to the Rackspace Corporate Cash Bonus Plan {the “Plan’”) as approved by the board of directors or compensation committee. 

  
  

					
		 	Initials:	  	 HW

	    	 	Company:
		 	Employee:	  	DSS

 1 

	(c)	 Equity Award. In consideration for signing this Agreement, Company will recommend to the Executive
Committee of the Board of Directors of Inception Topco, Inc. (the “Executive Committee”) a one-time recruiting grant of options to purchase 50,000 shares of Inception Topco, Inc. common stock, at a
per share strike price equal to the fair market value of a share of Inception Topco, Inc. common stock on the date of grant, pursuant to the Equity Incentive Plan (the “Equity Award”). The Executive Committee has ultimate authority over
this recommended award and would have to issue final approval before it would be granted. The recommended equity award is expected to be presented for review and approval within ninety (90) days of the first date of employment and would be
issued pursuant and subject to the Equity Incentive Plan and a form of agreement for similarly situated employees of the Management Equity Program, which outline the vesting schedule and other terms. 

 

	(d)	 Relocation Package. Employee agrees to relocate to San Antonio within three (3) months following
the Effective Date of this Agreement (the “Relocation Date.). To assist with that relocation, Employee is eligible to receive a relocation package, the details of which arc outlined in the attached Exhibit A. The relocation benefits will be
administered by Company’s approved vendor, currently Relocation Synergy. In the event employment ends for any reason other than termination by the Company without Cause or by Employee for Good Reason within one year following the relocation to
San Antonio, Employee agrees to reimburse the relocation expenses and relocation lump sum payment to Company. Employee agrees that the reimbursement amount owed to the Company shall be made immediately by a cash payment on or before Employee’s
last date of employment. If Employee has not submitted the reimbursement amount to the Company as agreed to herein, Employee authorizes Company to deduct the reimbursement amount from any amount due to Employee, including any compensation or any
pending expense reimbursements otherwise owed by Company to Employee. In the event Employee does not relocate to San Antonio on or before the Relocation Date, Employee agrees that Employee can be terminated for Cause under Section 8(d) and, in
addition to any other available remedies, Employee will be required to reimburse the Company for any previously advanced relocation related payments made to Employee. 

 

	(e)	 PTO. Employee is eligible for PTO (paid time off) subject to the Employee Handbook.

  

	(f)	 Employment Benefit Plans. Employee may participate in employee benefit plans in which other similarly
situated employees may participate, according to the terms of applicable policies and as stated in the Employee Handbook. Employee acknowledges receipt of the Employee Handbook available on the intercompany website and will review and abide by its
terms. 

  

	(g)	 Expenses. Company will reimburse Employee for business expenses pursuant to Company policy.

  

					
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	4.	 NONDISCLOSURE OF CONFIDENTIAL INFORMATION 

Company has provided and will continue to provide to Employee confidential information and trade secrets including but not limited to
Company’s operational, sales, marketing, personally identifiable information about employees, employee contact information and/or materials used for training and or/employee development, and engineering information, customer lists, business
contracts, partner agreements, pricing and strategy information, product and cost or pricing data compensation information, strategic business plans, budgets, financial statements, and other information Company treats as confidential or proprietary
(collectively the “Confidential Information”). This section is not intended to limit Employee’s rights to discuss Employee’s compensation or other terms and conditions of employment as allowed by law. Employee will not be liable
under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or
investigating a suspected violation of law or that is made in a document filed in a lawsuit so long as it is filed under seal. Employee acknowledges that such Confidential Information is proprietary and agrees not to disclose it to anyone outside
Company except to the extent that (i) it is necessary in connection with performing his duties; (ii) Employee is required by court order to disclose the Confidential Information. provided that Employee shall promptly inform Company, shall
cooperate with Company to obtain a protective order or otherwise restrict disclosure, and shall only disclose Confidential Information to the minimum extent necessary to comply with the court order. Employee agrees to never use Confidential
Information in competing, directly or indirectly, with Company. When employment ends, Employee will immediately return all Confidential Information to Company. The terms of this Section 4 shall survive the expiration or termination of this
Agreement for any reason. 
  

	5.	 NON-HIRE OF COMPANY EMPLOYEES 

To further preserve the Confidential Information, during employment and for twelve (12) months after employment ends, Employee will not,
directly or indirectly, (i) hire or engage any current employee of Company; (ii) solicit or encourage any employee to terminate employment or services with Company; or (iii) solicit or encourage any employee to accept employment with
or provide services to Employee or any business associated with Employee. The terms of this Section 5 shall survive the expiration or termination of this Agreement for any reason. 

 

	6.	 NON-SOLICITATION OF CUSTOMERS AND SUPPLIERS

 To further preserve the Confidential Information, for twelve (12) months after employment ends, Employee agrees not
to directly or indirectly, on Employee’s own behalf or on behalf of any other person or entity, recruit or otherwise solicit or induce any customer or supplier of the Company, to terminate its employment or arrangement with the Company,
otherwise change its relationship with the Company or establish any relationship with Employee or any of Employee’s affiliates for any business purpose deemed competitive with the business of the Company. The terms of this Section 6 shall
survive the expiration or termination of this Agreement for any reason. 
  

	7.	 NON-COMPETITION AGREEMENT 

To further preserve the Confidential Information, Employee agrees that during employment and for twelve (12) months after employment ends (the
“Restricted Period”), Employee will not work, as an employee, contractor. officer, owner, consultant, or director, in any business anywhere in the world that sells hosting or information technology services substantially similar to those
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management, monitoring, supporting, or maintenance of applications, computer servers (whether dedicated, shared, or virtual), and network connectivity in a datacenter for remote use via the
Internet, (ii) hosted or managed email, storage, collaboration, compute, virtual networking and similar services, or (iii) any similar related IT services, all of the foregoing being defined for the purposes of this Agreement as
“Competitive IT Services.’’ Notwithstanding the foregoing, Employee shall be permitted to acquire a passive stock or equity interest in such a business, provided that the stock or other equity interest acquired is not more than two
percent (2%) of the outstanding interest in such business. Provided, that the forgoing restriction shall not prevent Employee from becoming an employee of or contractor for a division of any Competitive IT Services company so long as the division
for which Employee will work does not provide Competitive IT Services, and as long as Employee does not, during the Restricted Period, perform services (including but not limited to providing information, advice, strategy, recruiting or any other
interaction with regard to business matters) for any division of such company that provides Competitive IT Services. The terms of this Section 7 shall survive the expiration or termination of this Agreement for any reason. 

 

	8.	 TERMINATION 

Employee’s employment may be terminated prior to the end of this Agreement only by mutual written agreement or: 

 

	(a)	 Death. The date of Employee’s death shall be the termination date. 

 

	(b)	 Disability. Company may terminate this Agreement and/or Employee’s employment if Employee is unable
to perform the essential functions of Employee’s full-time position for more than 180 days in any 12-month period, subject to applicable law. 

 

	(c)	 Termination By Employee For Good Reason. Employee may terminate Employee’s employment at any time
for “Good Reason.” which is: (i) Company’s repeated failure to comply with a material term of this Agreement after written notice by Employee specifying the alleged failure; (ii) a substantial and unusual reduction in
responsibilities and authority; (iii) reduction of Employee’s annual base salary in subsection 3(a); or (iv) failure to approve and issue the Equity Award within 180 days of the first date of employment. If Employee elects to terminate
Employee’s employment for “Good Reason,” Employee must first provide Company written notice within thirty (30) days, after which Company shall have sixty (60) days to cure. If Company has not cured and Employee elects to
terminate employment, Employee must do so within ten (10) days after the end of the cure period 

  

	(d)	 Termination By Company. Company may terminate Employee’s employment with or without Cause and
determine the termination date. “Cause” means: 

 (i) willful misconduct, including, without limitation,
violation of sexual or other harassment policy, gross negligence. misappropriation of or material misrepresentation regarding property of Company, other than customary and de minimis use of Company property for personal purposes, as determined in
the discretion of Company, or failure to take reasonable and appropriate action to prevent material injury to the financial condition, business or reputation of the Company; 

  

					
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 (ii) abandonment of duties (other than by reason of disability) following a written warning
and opportunity to cure for two business days; 
 (iii) failure to follow lawful directives of the Company, or failure to meet reasonable
performance objectives following a written warning and opportunity to cure for thirty (30) days; 
 (iv) a felony conviction or
indictment. a plea of guilty or nolo contendere by Employee, or other conduct by Employee that has or would result in material injury to Company’s reputation, including indictment or conviction of fraud, theft, embezzlement, or a crime
involving moral turpitude; 
 (v) a material breach of this Agreement including violation of any material representation in Section 9;
or 
 (vi) a significant violation of Company’s employment and management policies. 

 

	9.	 OBLIGATIONS TO FORMER EMPLOYERS 

 

	(a)	 Representations. As a material term of this Agreement, Employee represents that he has disclosed to
Company all agreements, restrictions, or obligations that: (i) purport to impose on Employee any post-employment obligations with respect to a current or former employer; (ii) may affect Employee’s ability to assume employment with
Rackspace; (iii) may affect Employee’s ability to perform the duties of Chief Transformation Officer of Rackspace; or (iv) may result in forfeiture or recoupment of any compensation (whether in the form of cash or equity) paid or
payable by a current or former employer. As a material term of this Agreement, Employee represents that he is in compliance with, and will continue to comply with. the terms of all lawful, enforceable and ongoing post-employment restrictions from
his prior employment with respect to: (i) nondisclosure of confidential information and trade secrets; and (ii) non-solicitation of employees, customers, and suppliers. 

 

	(b)	 Legal Expenses Reimbursement. Notwithstanding Employee’s and Company’s good-faith belief that
Employee is under no contractual or other restriction inconsistent with the execution of this Agreement or the performance of Employee’s duties hereunder, Employee and Company recognize that Employee’s current or former employers or other
third parties may take a different view by initiating legal action against Executive or falsely accusing him of wrongdoing, and thus requiring Executive to obtain a legal defense in the event of such a dispute. Therefore, in the unexpected event of
litigation against Employee that includes an allegation of a violation of an alleged noncompetition clause, unless Company terminates Employee for Cause or Employee terminates his employment without Good Reason, Company agrees to pay the cost to
defend such a lawsuit; provided that Company has the right to select counsel and control the strategy and any resolution of the 

  

					
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 case; however, Company must seek consent from Employee if any such resolution would include
admissions of liability or monetary obligations on the part of Employee, such consent not to be unreasonably withheld. In the event of a final judicial order of, or an agreed settlement for, recoupment regarding equity grants (“clawback
damages”) in a case related primarily to an alleged noncompetition clause, Company will reimburse Employee, or at the Company’s option, pay the former employer directly, for the first $500,000 of loss to Employee at a rate of 100%, and
will further reimburse Employee for any additional clawback damages thereafter at a rate of 50% (“Reimbursement Payment”); provided that if Employee is terminated for Cause or resigns without Good Reason within one year of any
Reimbursement Payment, Employee will repay to Company the Reimbursement Payment, along with any payment made pursuant to Section 9(d), within thirty days of termination. Notwithstanding the foregoing, Company will not be required to make a
Reimbursement Payment if there is more than insubstantial evidence that Employee has violated his obligations to a former employer related to confidentiality, trade secrets, or non-solicitation. The terms of
this Section shall survive the expiration or termination of this Agreement unless employment is terminated by Company for Cause or by Employee for any reason other than Good Reason. 

 

	(c)	 Treatment of Reimbursement Payment. Employee and Company intend and understand that any Reimbursement
Payment will not be included in Executive’s taxable income for federal income tax purposes, or his wages for purposes of the Federal Insurance Contributions Act, either as reimbursements under an accountable plan as defined in §62(a)(2)(A)
of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation §l.62-2(c)(2), or as working condition fringes as defined in Code §132(d) and Treasury Regulation §1.132-5. The parties, and any third party, shall construe and administer this Agreement, to the fullest extent allowable under any applicable laws and regulations, accordingly. Without limiting the foregoing,
Employee shall provide to Company, not later than sixty (60) days after any Reimbursement Payment is paid to Employee, any information Company requests to enable Company to identify the specific nature of each reimbursed expense. If, for any
reason, Company pays Employee an amount that exceeds the actual amount of the reimbursable expense, Company shall notify Employee after which Employee shall repay such amount to Company not more than one hundred twenty (120) days after the
expense is incurred. 

  

	(d)	 Conditional Gross-Up Payment. Notwithstanding the parties
treatment of any Reimbursement Payment in accordance with subsection (c), if at any time the Internal Revenue Service asserts that Employee is subject to federal income tax or a FICA obligation by reason of a Reimbursement Payment, Company shall pay
to Employee an additional gross-up amount such that the net amount paid to or on behalf of Employee after the payment of all applicable withholdings or taxes shall be equal to the amount that would have been
paid had such payments not been subject to tax plus penalties and interest, if any; provided that Employee must first: (i) promptly notify Company of any audit of his personal tax return in the course of which the auditor raises the
issue of whether such payments are taxable, and permit Company in its sole discretion to control the defense against the imposition of any such tax at Company’s expense; and (ii) in the event that Employee or Company are unsuccessful in
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 tax, use reasonable efforts to obtain a refund of any taxes paid with respect to the equity
grants subject to recoupment. In the event that Employee obtains a partial or total refund of any taxes paid with respect to the equity grants subject to recoupment, any gross-up payment to be paid by Company
hereunder shall be offset by such refund, or if the gross-up payment has already been made, Employee shall promptly pay to the Company the amount so refunded. The terms of this Section shall survive the expiration or termination of this Agreement
unless employment is terminated by Company for Cause or by Employee for any reason other than Good Reason. 
  

	(e)	 Reimbursement Limitation. Notwithstanding anything in this Agreement to the contrary, any Reimbursement
Payment paid to Employee, as supplemented by the gross-up payment, if any, shall not exceed $2,000,000. For the sake of clarity, in no event shall Company be required to pay more than $2,000,000 to Employee
with respect to reimbursement of forfeiture damages and any applicable gross-up payment. This limitation does not apply to the cost to defend a lawsuit. The terms of this Section shall survive the expiration
or termination of this Agreement unless employment is terminated by Company for Cause or by Employee for any reason other than Good Reason. 

  

	(f)	 Injunctive Relief. In the event Employee is enjoined from working in certain areas of the Company as a
result of an alleged noncompetition clause, Company, in its sole discretion, may: (i) reassign Employee to an interim role that does not violate the injunction, which reassignment shall not constitute Good Reason; (ii) place Employee on a
paid leave of absence, which leave shall not constitute Good Reason; or (iii) terminate employment without Cause provided Employee has not violated his obligations related to confidentiality, trade secrets, or
non-solicitation. 

  

	10.	 COMPENSATION UPON TERMINATION 

 

	(a)	 Death. Company shall, within 30 days, pay to Employee’s designee or, if no person is designated, to
Employee’s estate, Employee’s accrued and unpaid base salary and bonus, subject to the terms of any applicable bonus plan, through the date of termination, and any payments required under applicable employee benefit plans.

  

	(b)	 Disability. Company shall, within 30 days, pay all accrued and unpaid base salary and bonus, subject to
the terms of any applicable bonus plan, through the termination date and any payments required under applicable employee benefit plans. 

  

	(c)	 Termination By Company For Cause: Company shall, within 30 days, pay to Employee, Employee’s
accrued and unpaid base salary through the termination date and any payments required under applicable employee benefit plans (other than plans which provide for severance or termination payments or benefits). 

 

	(d)	 Non-Renewal By Employee. If Employee gives notice of non-renewal under Section 1, Company shall determine the termination date and will pay accrued and unpaid base salary through the termination date, and any payments required under applicable employee benefit plans
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 benefits). If the termination date is before the end of the then current Employment Period,
and if Employee signs and does not revoke a commercially reasonable Severance Agreement and General Release of claims with customary carve-outs in a form satisfactory to Company, then Company will, in periodic payments in accordance with ordinary
payroll practices and deductions, pay Employee an amount equal to Employee’s pro-rata base salary through the end of the then current Employment Period (the “Severance Payments or “Severance Pay
Period”). 
  

	(e)	 Termination With Severance. 

 

	 	(1)	 Termination By Company Without Cause or Termination by Employee for Good Reason - Severance: If Company
terminates Employee’s employment without Cause and not by reason of death or disability or if Employee terminates for Good Reason, Company will pay the accrued and unpaid base salary through the termination date and any payments required under
applicable employee benefit plans (other than plans which provide for severance or termination payments or benefits). In addition, if Employee signs and does not revoke a commercially reasonable Severance Agreement and General Release of claims with
customary carve-outs in a form satisfactory to Company, Company will pay Employee, (i) in periodic payments in accordance with ordinary payroll practices and deductions, the greater of Employee’s current base salary for twelve
(12) months or the amount that would be provided by the severance guidelines that are prevailing at the time of termination based on the Employee’s location, and (ii) a pro rata bonus, which represents the unpaid pro-rata portion of the actual annual performance bonus that Employee would otherwise be entitled to receive based on the actual level of achievement of the applicable performance objectives for the fiscal year in
which Employee’s termination occurs. The bonus amount shall be paid in a lump sum at the same time bonuses are paid to the Company’s other similarly situated employees. The payment made pursuant to this section are referred to as (the
“Severance Payments” or “Severance Pay Period”). 

  

	 	(2)	 Non-Renewal By Company - Severance: If Employee’s
employment ends because Company gives notice of non-renewal under Section 1, Company shall determine the termination date, even if such date is prior to the end of the Employment Period and will pay the
accrued and unpaid base salary through the termination date and any payments required under applicable employee benefit plans (other than plans which provide for severance or termination payments or benefits). In addition, if Employee signs and does
not revoke a commercially reasonable Severance Agreement and General Release of claims with customary carve-outs in a form satisfactory to Company, Company will pay Employee, in periodic payments in accordance with ordinary payroll practices and
deductions, the greater of Employee’s current base salary for twelve (12) months or the amount that would be provided by the severance guidelines that are prevailing at the time of termination base on the Employee’s location (the
“Severance Payments” or “Severance Pay Period”). 

  

					
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	 	(3)	 Employment by Competitor or Re-hire During Severance Pay Period:

 (i)        If Employee competes with Company, or is hired or engaged in any
capacity by any competitor of Company (to be determined in Company’s discretion), during any Severance Pay Period, then the Severance Payments shall cease. The foregoing shall not affect Company’s right to enforce the Non-Compete pursuant to Section 7. For purposes of this sub-section, a “competitor” of Company means: any business anywhere in the world that sells Competitive IT
Services as defined in Section 7. 
 (ii)        If Employee is rehired by Company or employed
by or performing services in any non-competitive capacity or business during any Severance Pay Period, the Severance Payments shall cease. Furthermore, as a condition to receiving Severance Payments, Employee
agrees to use reasonable efforts to obtain an offer of comparable employment. If Employee receives such an offer, the Severance Payments shall cease as of the offer’s proposed employment start date. 

 

	11.	 OWNERSHIP OF MATERIALS 

Employee agrees that all inventions, improvements, discoveries, designs, technology, and works of authorship (including but not limited to
computer software) made, created, conceived, or reduced to practice by Employee, whether alone or in cooperation with others, during employment, together with all patent, trademark, copyright, trade secret, and other intellectual property rights
related to any of the foregoing throughout the world, arc among other things works made for hire and belong exclusively to the Company, and Employee hereby assigns all such rights to the Company. Employee agrees to execute any documents, testify in
any legal proceedings, and do all things necessary or desirable to secure Company’s rights to the foregoing, including without limitation executing inventors’ declarations and assignment forms. If there is a separate signed agreement
between Employee and the Company including terms directly related to intellectual property rights, then the intellectual property terms of that agreement shall control. 
  

	12.	 PARTIES BENEFITED; ASSIGNMENTS 

This Agreement shall be binding upon Employee, Employee’s heirs and Employee’s personal representative or representatives, and upon
Company and its respective successors and assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned by Employee, other than by will or by the laws of descent and distribution. The Company may assign its rights and
obligation under this Agreement to any entity, including any successor to all or substantially all the assets of the Company, by merger or otherwise; provided, however, that Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume in writing on or prior to the effective date of such succession and agree to perform this Agreement in the
same manner and to the same extent the Company would be required to perform if no succession had taken place. 
  

	13.	 GOVERNING LAW 

  

					
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 This Agreement shall be governed, construed, interpreted, and enforced in accordance with
the substantive laws of the State of Texas, without reference to the principles of conflicts of law of Texas or any other jurisdiction, and where applicable, the laws of the United States. Each of the Company and Employee (on behalf of itself and
its affiliates) expressly consents to the personal jurisdiction of the Texas state and federal courts for any lawsuit relating to this Agreement, waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to
such personal jurisdiction or service of process, and waives any objection to jurisdiction based on improper venue or improper jurisdiction. 

Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any
suit, action, or proceeding arising out of or relating to this Agreement. Each party hereto (i) certifies that no representative, agent, or attorney of any other party has represented, expressly or otherwise, that such party would not, in the
event of any action, suit, or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party hereto have been induced to enter into this Agreement by, among other things, the mutual waiver and certifications
in this Section. 
 Employee acknowledges and agrees that Employee is advised to be represented by counsel in connection with his review and
agreement to all terms and conditions of this Agreement. 
 Employee acknowledges and agrees that entering into this Agreement is not a
condition of Employee’s employment with the Company or its affiliates. 
  

	14.	 DEFINITION OF COMPANY 

“Company” shall include Rackspace US, Inc., and its past, present and future divisions, operating companies, subsidiaries, affiliates
and successors. 
  

	15.	 LITIGATION AND REGULATORY COOPERATION 

During and after employment, Employee shall reasonably cooperate in the defense or prosecution of claims, investigations, or other actions
which relate to events or occurrences during employment. Employee agrees, unless precluded by law, to promptly inform the Company if Employee is asked to participate (or otherwise become involved) in any such claim, investigation or action.
Employee’s cooperation shall include being available to prepare for discovery or trial and to act as a witness. Company will pay an hourly rate (based on base salary as of the last day of employment) for cooperation that occurs after
employment, and reimburse for reasonable expenses, including travel expenses, reasonable attorneys’ fees and costs. 
  

	16.	 DISPUTE RESOLUTION 

 

	(a)	 Injunctive Relief: Employee agrees that irreparable damages to Company will result from Employee’s
breach of this Agreement, including loss of revenue, loss of goodwill associated with Employee as a result of employment, and/or loss of the benefit to Company of any training, confidential, and/or trade secret information provided to Employee, and
any other tangible and intangible investments made to and on behalf of Employee. A breach 

  

					
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 or threat of breach of this Agreement shall give the
non-breaching party the right to seek a temporary restraining order and a preliminary or permanent injunction enjoining the breaching party from violating this Agreement in order to prevent immediate and
irreparable harm. The breaching party shall pay to the non-breaching party reasonable attorneys’ fees and costs associated with enforcement of this Agreement, including any appeals. Pursuit of equitable
relief under this Agreement shall have no effect regarding the continued enforceability of the Arbitration Section below. Remedies for breach under this Section are cumulative and not exclusive; the parties may elect to pursue any remedies available
under this Agreement. 
  

	(b)	 Arbitration:The parties agree that any dispute or claim, that could be brought in court including
discrimination or retaliation claims, relating to this Agreement or arising out of Employee’s employment or termination of employment, shall, upon timely written request of either party, be submitted to binding arbitration, except claims
regarding: (i) workers’ compensation benefits; (ii) unemployment benefits; (iii) Company’s employee welfare benefit plans.if the plan contains a final and binding appeal procedure for the resolution of disputes under the
plan; (iv) wage and hour disputes within the jurisdiction of any state Labor Commissioner; and (v) issues that could be brought before the National Labor Relations Board or covered by the National Labor Relations Act. This Agreement is
not intended to prohibit the Employee from filing a claim or communicating with any governmental agency including the Equal Employment Opportunity Commission, the National Labor Relations Board or the Department of Labor. The arbitration shall
be conducted in San Antonio, Texas. The arbitration shall proceed in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association (“AAA”) in effect at the time the claim or dispute
arose, unless other rules are agreed upon by the parties. Unless agreed to in writing, the arbitration shall be conducted by one arbitrator from AAA or a comparable arbitration service, and who is selected pursuant to the National Rules for
Resolution of Employment Disputes of the AAA, or other rules as the parties may agree to in writing. Any claims received after the applicable statute of limitations period shall be deemed null and void. The parties further agree that by entering
into this Agreement, the right to participate in a class or collective action is waived. CLAIMS MAY BE ASSERTED AGAINST THE OTHER PARTY ONLY IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE
PROCEEDING. Further, unless the parties agree otherwise, the arbitrator may not consolidate more than one person’s claims, and may not otherwise preside over any form of a representative, collective or class proceeding. lf this specific
provision is found to be unenforceable, then the entirety of this arbitration provision shall be null and void. The arbitrator shall issue a reasoned award with findings of fact and conclusions of law. Either party may bring an action in any court
of competent jurisdiction to compel arbitration under this Agreement, or to enforce or vacate an arbitration award. However, in actions seeking to vacate an award, the standard of review to be applied by said court to the arbitrator’s findings
of fact and conclusions of law will be the same as that applied by an appellate court reviewing a decision of a trial court sitting without a jury, unless state law requires otherwise. Company will pay the actual fee for the arbitrator and the
claimant’s filing fee; unless otherwise provided by law and awarded by the arbitrator, each party will pay their own attorneys’ fees and other expenses. 

  

					
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	17.	 REPRESENTATIONS AND WARRANTIES OF EMPLOYEE 

Employee shall keep all terms of this Agreement confidential, except as may be disclosed to Employee’s spouse, accountants or attorneys,
each of whom shall agree to keep all terms of this Agreement confidential. Employee authorizes the Company to inform any prospective employer of the existence and terms of this Agreement without liability for interference with Employee’s
prospective employment. Employee represents that Employee is under no disability that prevents Employee from performing the essential functions of Employee’s position, with or without reasonable accommodation. Employee represents that Employee
is represented by counsel in connection with this Agreement. 
  

	18.	 SECTION 409A COMPLIANCE 

 

	(a)	 General. The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall
be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the date hereof. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable hereunder will be taxable currently to
the Employee under Section 409A(a)(l )(A) of the Code and related Department of Treasury guidance, the Company and the Employee shall cooperate in good faith to (i) adopt such amendments to this Agreement and appropriate policies and
procedures, including amendments and policies with retroactive effect, that they mutually determine to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement, to preserve the economic benefits
of this Agreement, and to avoid less-favorable accounting or tax consequences for the Company, and/or (ii) take such other actions as mutually determined to be necessary or appropriate to exempt the amounts payable hereunder from
Section 409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder, provided, however, that this Section does not create an obligation on the part of the
Company to modify this Agreement or any other agreement, arrangement or plan and does not guarantee that the amounts payable hereunder will not be subject to interest or penalties under Section 409A, and in no event whatsoever shall the Company
or any of its affiliates be liable for any additional tax, interest, or penalties that may be imposed on Employee as a result of Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

  

	(b)	 Separation from Service under Section 409A. Notwithstanding any provision to the contrary in this
Agreement: (i) no Severance Payments shall be payable unless the termination of the Employee’s employment constitutes a “separation from service” within the meaning of
Section 1.409A-l(h) of the Department of Treasury Regulations; (ii) if the Employee is deemed at the time of Employee’s separation from service to be a “specified 

  

					
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		 	Employee:	 	DSS

  
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employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent that delayed commencement of any portion of the Severance Payments (after taking into account all
exclusions applicable to such Severance Payment under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Severance Payments shall not be provided to the
Employee prior to the earlier of (A) the expiration of the six-month period measured from the date of the Employee’s “separation from service” with the Company (as such term is defined in the
Department of Treasury Regulations issued under Section 409A) and (B) the date of the Employee’s death; provided, that upon the earlier of such dates, all payments deferred pursuant to this Section 18(b) shall be paid to the
Employee in a lump sum, and any remaining Severance Payments shall be paid as otherwise provided herein; (iii) the determination of whether the Employee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the
Code as of the time of Employee’s separation from service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including, without limitation, Section 1.409A-l(i) of the Department of Treasury Regulations and any successor provision thereto); (iv) for purposes of Section 409A of the Code, the Employee’s right to receive installment payments
of the Severance Payments shall be treated as a right to receive a series of separate and distinct payments; and (v) to the extent that any reimbursement of expenses or in-kind benefits constitutes
“deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year
shall not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of
in-kind benefits provided in any other year. Reimbursements and in-kind benefits are not subject to liquidation or exchange for another benefit. With regard to any
requirement that Employee sign and does not revoke a Severance Agreement and General Release as a condition to receipt of payments under section 10, such Severance Agreement and General Release must become effective and irrevocable in accordance
with its terms on or before the 60th day following Employee’s separation from service; provided that if the 60-day period begins in one taxable year of Employee and ends in a second taxable year of
Employee, such payments under section 10 conditioned on such Severance Agreement and General Release shall not commence until the second taxable year. 
  

	19.	 WITHHOLDING 

The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, and foreign withholding and
other taxes and charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

 

	20.	 EXCESS PARACHUTE PAYMENTS 

If it is determined (as hereafter provided) that any payment or distribution by the Company to or for the benefit of Employee, whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, 

  

					
		 	Initials:	 	
	    	 	Company:	 	HW
		 	Employee:	 	DSS

  
 13 

 policy, plan, program, or arrangement, including without limitation any stock option, stock
appreciation right, or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Code (or
any successor provision thereto) by reason of being contingent on a change in ownership or effective control of the Company or of a substantial portion of the assets of the Company, within the meaning of Section 280G of the Code (or any
successor provision thereto), or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest or penalties, are hereafter collectively referred to
as the “Excise Tax”), then, in the event that the after-tax value of all Payments to Employee (such after-tax value to reflect the reduction for the Excise Tax
and all federal, state, and local income, employment, and other taxes on such Payments) would, in the aggregate, be less than the after-tax value to Employee (reflecting a reduction for all such taxes in a
like manner) of the amount that is 2.99 times Employee’s “base amount” within the meaning of Section 280G(b)(3) of the Code (the “Safe Harbor Amount”), (a) the cash portions of the Payments payable to Employee under
this Agreement shall be reduced, in the reverse order in which they are due to be paid commencing with the latest such payment, until the Parachute Value (as defined below) of all Payments paid to Employee, in the aggregate, equals the Safe Harbor
Amount, and (b) if the reduction of the cash portions of the Payments, payable under this Agreement, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then any cash portions of the Payments
payable to Employee under any other agreements, policies, plans, programs, or arrangements shall be reduced, in the reverse order in which they are due to be paid commencing with the latest such payment, until the Parachute Value of all Payments
paid to Employee, in the aggregate, equals the Safe Harbor Amount, and (c) if the reduction of all cash portions of the Payments, payable pursuant to this Agreement or otherwise, to zero would not be sufficient to reduce the Parachute Value of
all Payments to the Safe Harbor Amount, then non-cash portions of the Payments shall be reduced, in the reverse order in which they are due to be paid commencing with the latest such payment, until the
Parachute Value of all Payments paid to Employee, in the aggregate, equals the Safe Harbor Amount. All calculations under this Section shall be determined by a national accounting firm selected by the Company (which may include the Company’s
outside auditors). The Company shall pay all costs to obtain and provide such calculations to Employee and the Company. For purposes of this Agreement, the “Parachute Value” of a Payment shall mean the present value as of the date of the
change in ownership or effective control, within the meaning of Section 280G of the Code, of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined for purposes of
determining whether and to what extent the Excise Tax will apply to such Payment. 
  

	21.	 MISCELLANEOUS 

This Agreement is not effective unless fully executed by all parties, including the President and CEO or authorized officer of the Company, and
approved by the Executive Committee as required by Company or its affiliates. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by Employee and the President and CEO or authorized officer of the
Company that expressly identifies the amended provision of this Agreement. This Agreement contains the entire agreement of the parties on the subject matters in this agreement and supersedes any prior written or oral agreements or understandings
between the parties except as noted in Section 11 above. No modification shall be valid unless in writing and 

  

					
		 	Initials:	 	
	    	 	Company:	 	HW
		 	Employee:	 	DSS

  
 14 

 signed by the parties. This Agreement may be executed in counterparts, a counterpart transmitted via
electronic means, and all executed counterparts, when taken together, shall constitute sufficient proof of the parties’ entry into this Agreement. The parties agree to execute any further or future documents which may be necessary to allow the
full performance of this Agreement. The failure of a party to require performance of any provision of this Agreement shall not affect the right of such party to later enforce any provision. A waiver of the breach of any term or condition of this
Agreement shall not be deemed a waiver of any subsequent breach of the same or any other term or condition. The headings in this Agreement are inserted for convenience of reference only and shall not control the meaning of any provision hereof. 

If any provision of this Agreement shall, for any reason, be held unenforceable, such unenforceability shall not affect the remaining
provisions hereof, except as specifically noted in this Agreement, or the application of such provisions to other persons or circumstances, all of which shall be enforced to the greatest extent permitted by law. Company and Employee agree that the
restrictions contained in Section 4, 5, 6, and 7, are reasonable in scope and duration and are necessary to protect Confidential Information. If any restrictive covenant is held to be unenforceable because of the scope, duration or
geographic area of such restrictive covenant, the parties agree that a court or arbitrator may reduce the scope, duration, or geographic area, and in its reduced form, such provision shall be enforceable. Should Employee violate the provisions of
Sections 5, 6, or 7, then in addition to all other remedies available to Company, the duration of these covenants shall be extended for the period of time when Employee began such violation until Employee permanently ceases such violation.

 If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the
term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never a part of this Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there
shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable. Upon full execution by all parties, this Agreement
shall be effective when signed below. 
  

							
	 EMPLOYEE:
	 	 /s/ Dustin Semach
	 	
			
	 COMPANY:
	 	 /s/ Holly Windham
	 	
				
		 	 Rackspace US, Inc.
	 		 	
				
		 	 Printed Name:
	 	 Holly Windham
	 	
				
		 	 Title:
	 	 Chief Legal Officer & General Counsel
	 	

  

					
		 	Initials:	 	
	    	 	Company:	 	HW
		 	Employee:	 	DSS

  
 15 

 Exhibit A 

Relocation Benefits Summary for Dustin Semach: Executive Package 

Below is an outline of the relocation package being offered to you as part of your Employment Agreement. 

The full relocation policy will be provided to you by the Company’s third-party relocation vendor during your initial consultation for your move to San
Antonio. In the event of any conflicts between the policy and your Employment Agreement, the terms of your Employment Agreement will apply. 
  

			
	 BENEFIT
	  	 DESCRIPTION

	Lump Sum Allowance	  	Once your move is scheduled, Rackspace will provide you with a one-time lump sum allowance in the amount of $100,000.00 (gross), intended to assist with usual and customary out-of-pocket relocation expenses. The allowance will be funded by the relocation provider, currently Relocation Synergy Group (RSG). You are responsible for applicable taxes on the payment.
		
	Temporary Living	  	Rackspace will provide you and your family with temporary accommodations up to a maximum of 60 days. RSG will book these arrangements for you in accordance with Rackspace guidelines. Rackspace will cover up to two trips home while
in temporary living. Reimbursement of economy flights or mileage will be at the IRS current rate only.
		
	Home Search Trip	  	Covered by lump sum allowance.
		
	Final Relocation Trip	  	Covered by lump sum allowance.
		
	Home Marketing Assistance	  	Referral to RSG approved broker; assistance with marketing strategies and contract negotiations. No home sale closing costs.
		
	Home Search/Rental Assistance	  	Referral to RSG approved broker or rental agent; with preferred mortgage lender, if applicable. No new home closing costs will be covered.
		
	Shipment and Unpacking of Household Goods	  	You are eligible for a full pack and move including unpacking services. (Pack, load, ship, unload, and unpack household goods.) Fully insured. Up to two (2) automobiles, if moving over 500 miles. No storage.

  
  

					
		 	Initials:	  	 HW

	    	 	Company:
		 	Employee:	  	DSS

  
 16 

 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 

This First Amendment to the Employment Agreement between Dustin Semach and Rackspace US, Inc. (hereinafter the “Agreement”) is made with an
effective date as of the date both parties have signed below (“Amendment Effective Date”). 
 WHEREAS, the parties hereto desire to amend the
Agreement as hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreement contained in the
Agreement, as amended, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the patties hereto agree as follows: 
  

	 	1.	 The Employment Period in Section 1 of the Agreement is amended to commence July 22, 2019 (the
“Effective Date”) and end on July 14, 2021 (the “Employment Period”). 

  

	 	2.	 Section 2(a) of the Agreement is amended to change Employee’s title to EVP and Chief Financial
Officer. 

  

	 	3.	 Section 3(a) of the Agreement is amended to change Employee’s annual base salary to $485,000.

  

	 	4.	 Section 9(a) of the Agreement is amended to change Employee’s title to EVP and Chief Financial
Officer. 

 All other terms and conditions of the Agreement not expressly amended herein remain in full force and effect. 

 

							
	EMPLOYEE:	 		 	
				
	/s/ Dustin Semach	 		 	Date:	 	7/5/2019
	Dustin Semach	 		 		 	

  

							
	COMPANY:	 		 	
				
	Holly B. Windham	 		 	Date:	 	July 7, 2019
	Rackspace US, Inc.	 		 		 	
	
By: Holly B. Windham             
                                         
                      
	 		 		 	
	 Title: General Counsel

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