Document:

EX-10.25

 EXHIBIT 10.25 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into on the date set forth below to be effective as of
the      day of             ,          between Broadstone Net Lease, Inc. (the “Company”), a Maryland
corporation and                      (“Indemnitee”). 

WHEREAS, the Board of Directors of the Company has determined that the ability to attract and retain highly competent persons as
directors and officers of the Company is in the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be adequate protection against risks of claims and actions against them arising
out of their service to and activities on behalf of the Company in the future; 
 WHEREAS, it is reasonable and prudent for the
Company to contractually obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 

WHEREAS, the Indemnitee is willing to serve or continue to serve for or on behalf of the Company on the condition that the Indemnitee
be so indemnified; 
 NOW, THEREFORE, the Company and the Indemnitee hereby agree as follows: 

1.    Services by Indemnitee. Indemnitee serves or has agreed to serve as an officer or director of the Company. This
Agreement provides various assurances to Indemnitee in connection with such service, but does not impose any independent obligation on the Company to continue Indemnitee’s service to the Company except as otherwise provided by the
Company’s Articles of Incorporation or Bylaws, as amended from time to time (“Charter Documents”), or any other agreement between the Company and Indemnitee. 

2.    Statutory Indemnity. In addition to any other indemnification rights Indemnitee may have under the Charter Documents
and otherwise under this Agreement, the Company hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the applicable provisions of law including, without limitation, the Maryland General Corporation
Law (the “MGCL”) as in effect on the date hereof and as amended from time to time; provided, however, that no change in the Maryland MGCL shall have the effect of reducing the benefits available to Indemnitee hereunder. The rights
of Indemnitee provided in this Section 2 shall include, without limitation, the right to any indemnification permitted or required by Section 2-418 of the MGCL. 

3.    Contractual Indemnity. In addition to any other indemnification rights Indemnitee may have under the Charter Documents
and otherwise under this Agreement, but subject to the limitations and exclusions set forth in Section 4 hereof, the Company hereby agrees to hold harmless and indemnify Indemnitee: 

(a)    against any and all expenses including, without limitation, reasonable attorneys’ fees and
expenses incurred in defense or investigation of any claim, including a claim against the Company or Indemnitee with respect to this Agreement, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether civil (including
intentional and unintentional tort claims), criminal, administrative or 

 
investigative (formal or informal and including an action by or in the right of the Company), including appeals therefrom (collectively, “Proceedings”), to which Indemnitee is,
was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that Indemnitee is, was or at any time becomes a director, officer, employee or agent of the Company, or is or was serving or at any time serves at the
request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise; 

(b)    otherwise to the fullest extent as may be permitted to Indemnitee by the Company under the non-exclusivity provisions of Section 10.2.2 of the Company’s Articles of Incorporation as in effect on the date hereof and subparagraphs (g) and (h) of
Section 2-418 of the MGCL or any successor provision; and 

(c)    the Company covenants and agrees to maintain Directors’ and Officers’ Liability Insurance
on terms at least as favorable to Indemnitee as the policy in effect on the date hereof (the “D&O Policy”) unless otherwise approved by a majority of the Board of Directors of the Company. 

4.    Standard for Indemnification. Indemnity pursuant to Section 3 hereof shall be paid by the
Company, unless: 
 (a)    the act or omission of the Indemnitee was material to the matter giving rise
to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; 

(b)    Indemnitee actually received an improper personal benefit in money, property or services; 

(c)    in the case of any criminal Proceeding, the Indemnitee had reasonable cause to believe that the act
or omission was unlawful or is found by a court of competent jurisdiction to be guilty of a felony directly related to Indemnitee’s dealings with the Company; 

(d)    a final decision by a court having jurisdiction in the matter, or an opinion of Company counsel (or,
if requested by Indemnitee, counsel independent of the Company and Indemnitee) shall determine that such indemnification is unlawful; or 

(e)    the liability arises under the Securities Act of 1933 in connection with any offering registered
under that Act and the Company has not received an opinion of its counsel or opinion of a court of appropriate jurisdiction that such indemnification is not against public policy. 

5.    Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the
period Indemnitee is a director, officer, employee or agent of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise)
and shall continue thereafter for the benefit of Indemnitee and his personal representatives, with respect to any Proceeding that may be asserted, threatened or exist by reason of the fact that Indemnitee was a director of the Company or serving in
any other capacity referred to herein. 

  
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 6.    Notification and Defense of Claim. 

(a)    Indemnitee shall notify the Company promptly in writing upon being served with any summons,
citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of expenses hereunder and shall include with such notice a description of the nature of
the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee to indemnification or the advance of
expenses under this Agreement, unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby
actually so prejudiced. 
 (b)    Subject to the provisions of Section 6(c) below, the Company
shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within fifteen (15) business days following
receipt of notice of any such Proceeding under Section 6(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which: (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such
Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any expense, judgment, fine, penalty or limitation on Indemnitee. 

(c)    After notice from the Company to Indemnitee of its election so to assume the defense thereof the
Company will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of investigation, or reasonable expenses incurred by
Indemnitee in interpreting this Agreement and in concluding whether or not a conflict of interest may exist as contemplated in (ii) below, or as otherwise provided below. Indemnitee shall have the right to employ its counsel in such Proceeding,
but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of Indemnitee unless: (i) the employment of counsel by Indemnitee has been authorized by the
Company, (ii) Indemnitee shall have reasonably concluded, on the advice of counsel, that there may be a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding which would materially hinder the
ability of counsel to the Company to represent Indemnitee, or (iii) the Company fails to assume the defense of such Proceeding in a timely manner, in each of which cases the fees and expenses of Indemnitee’s counsel shall be at the expense
of the Company. The Company shall not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the conclusion provided for in (ii) above. 

(d)    The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed. 

(e)    Nothing contained in this Section 6 shall require Indemnitee or the
Company to take any actions which would limit the availability of coverage under the D&O Policy or would permit the carrier to disclaim coverage. Indemnitee and the Company agree to use their respective best efforts to comply with the terms and
conditions of the D&O Policy. 

  
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 7.    Advance of Expenses. The Company shall, without requiring a preliminary
determination of Indemnity’s ultimate entitlement to indemnification hereunder, advance to Indemnitee all reasonable expenses incurred by or on behalf of Indemnitee in defending any Proceeding against Indemnitee, within ten (10) business
days of receiving, whether prior to or after final disposition of such Proceeding: (a) a written affirmation of Indemnitee that (i) the act or omission giving rise to any such Proceeding was not committed in bad faith or the result of
active and deliberate dishonesty, and (ii) in the case of a criminal proceeding, Indemnitee did not have reasonable cause to believe that the act or omission giving rise to such Proceeding was unlawful, and (b) a written undertaking by or
on behalf of Indemnitee to repay the amount advanced if it is ultimately determined that the Indemnitee has not met the standard of conduct necessary for indemnification under this Agreement or applicable law. 

8.    Indemnification and Advance of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is or may be, by reason of the fact that Indemnitee is, was or at any time becomes a director, officer, employee or agent of the Company, or is or was serving or at any time serves at the request of the
Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the
Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable expenses and indemnified against all expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within ten (10) business days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the expenses incurred by Indemnitee. 
 9.    Procedure for Determination of
Entitlement to Indemnification. 
 (a)    To obtain indemnification under this Agreement, Indemnitee
shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. Notwithstanding the foregoing, any failure of Indemnitee to provide such a
request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of
the Company. 
 (b)    Upon written request by Indemnitee for indemnification pursuant to Section
9(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) by the Board of Directors by a majority vote of a quorum consisting of Directors not,
at the time, parties to the Proceeding, or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Directors not, at the time, parties to such Proceeding
and who were duly designated to act in the matter by a majority of the full Board of Directors, in which Indemnitee and any other directors party to the Proceeding may participate in accordance with the Articles of Incorporation, (ii) if
special legal counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, by such special legal counsel, in a written opinion to the Board of Directors, a copy
of which shall be delivered to Indemnitee, or (iii) if so directed by a majority of the members of the Board of Directors (in which Indemnitee and any other directors party to the Proceeding may participate), by the shareholders of the Company.
The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of 

  
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any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten
(10) business days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons
or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the
discretion of the Board of Directors or special legal counsel, if retained pursuant to clause (ii) of this Section 9(b). Any expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. 

(c)    The Company shall pay the reasonable fees and expenses of special legal counsel, if one is appointed
pursuant to Section 9(b)(ii) above. 
 10.    Presumptions and Effect of Certain Proceedings. It is the intent of
this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the MGCL and public policy of the State of Maryland. Accordingly, the parties agree that the following procedures and presumptions shall
apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 

(a)    In making any determination with respect to entitlement to indemnification hereunder, the person or
persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the
Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 
 (c)    The Company acknowledges that a settlement or other disposition short of final
judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against
Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action,
suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(d)    The knowledge or actions, or failure to act, of any other director, officer, employee or agent of
the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

  
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 11.    Enforcement. The Company expressly confirms and agrees that it has
entered into this Agreement and assumed the obligations imposed on the Company hereby in order to induce Indemnitee to become or continue as a director or officer of the Company, and acknowledges that Indemnitee is relying upon this Agreement in
continuing in such capacity. In the event either the Company or Indemnitee brings any action to enforce rights or to collect moneys due under this Agreement, to the extent that Indemnitee is successful in such action, the Company shall reimburse
Indemnitee for all of Indemnitee’s reasonable fees and expenses in defending, bringing or pursuing such action. 

12.    Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be
paid to Indemnitee for any reason other than for failure to satisfy the standard of conduct set forth in Section 4, then, in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu or indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for
expenses (including reasonable attorneys’ fees), judgments, penalties, or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee. 
 13.    Severability. Each of the
provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the
validity or enforceability of the other provisions hereof. 
 14.    Governing Law; Binding Effect; Amendment and Termination.

 (a)    This Agreement shall be interpreted and enforced in accordance with the laws of the State
of New York without regard to principles of conflicts of laws except to the extent the laws of the State of Maryland apply by reason of the fact that the Company is a corporation organized under the laws of the State of Maryland. 

(b)    This Agreement shall be binding upon Indemnitee and upon the Company, its successors and assigns,
and shall inure to the benefit of Indemnitee, his heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns, and supersedes any prior agreement between the parties. 

(c)    No amendment, modification, termination or cancellation of this Agreement shall be effective unless
in writing signed by both parties hereto. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth
below to be effective as of the day and year first above written. 
  

							
	Dated:                    	 		 	BROADSTONE NET LEASE, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
	Dated:                     	 		 	  

		 		 	Name:Exhibit

Exhibit 10.1

March 20, 2017
STRICTLY PRIVATE
David J. Russo
3018 Hilltop Drive
Murrysville, PA 15668

Dear David:
I am pleased to offer you the position of Senior Vice President, Chief Financial Officer and Treasurer with Black Box Corporation (“Black Box”), reporting to E.C. Sykes.  Your position will be located in Lawrence, Pennsylvania.  Should you accept this offer, your annual salary as an exempt team member will be $370,000 paid on a bi-weekly basis.  Your projected start date with Black Box is April 24, 2017.
In addition, you are eligible for a Black Box Bonus Plan beginning with fiscal year 2018 (April 1, 2017).  Upon 100% achievement of your Plan's objectives, and in accordance with your Plan's requirements, you are eligible to receive a prorated target bonus payout of 60% of your annual eligible earnings after the close of the fiscal year-end.  Details of the Plan’s objectives and requirements will be provided in a separate communication.
Subject to approval by Black Box’s Board of Directors, you will be recommended for participation in the Black Box Long Term Incentive Plan (LTIP) for a value of approximately 150% of your base salary.  The Board typically makes decisions about LTIP participation and amounts in May of each year.  This amount normally consists of restricted stock, stock options and performance shares.
You will receive additional financial consideration in the form of a signing bonus. The signing bonus will consist of a Restricted Stock Unit grant for $200,000 of Black Box Common Stock (RSUs), ratably vesting over a three-year period based on your grant date, with additional details of the RSU grant provided separately.  The RSUs will be granted at or near your start date, subject to Compensation Committee approval.
This offer is made contingent on you passing the Company’s pre-employment screening process, which includes a background check, education verification and drug screening.

Background Check and Drug Screen
In order to perform a background check and drug screen, the Company requires your authorization.  Enclosed is a background check Disclosure and Release of Information Authorization form for your review and signature.  Please complete both forms and return them to Jillian Petras via fax or e-mail as listed below.  It is important that you return these as quickly as possible since your employment is contingent on your successful completion of the background check and drug screen.
Once Jillian receives your authorization, she will notify First Advantage, our background check vendor, to send you the drug test order form along with an address for a drug testing facility in your area.  This will be sent via email to the email address provided on your employment application.  You must complete the drug screening within the timeframe specified on the form.  If you fail to do so, our offer for employment may be withdrawn.

Jillian Petras, Talent Acquisition Leader
Fax:  (724) 873-6510
Jillian.Petras@BlackBox.com 

Black Box Corporation
1000 Park Drive
Lawrence, PA 15055

An Affirmative Action/Equal Opportunity Employer

Benefits
As a full-time team member, you will be eligible to participate in Black Box’s comprehensive benefits plan.  These benefits plans are comprised of various insurance plans, including medical, dental, vision, life, short & long term disability, flexible spending accounts, Paid Time Off, and holidays.  The benefits, their effective dates, eligibility requirements and cost sharing features are summarized in the attached benefits documentation and will be explained at the time of your new team member orientation.
You will be automatically enrolled in the Charles Schwab 401K plan at a 6% deferral rate unless you opt out within 45 days of your hire date.

Form I-9 Employment Eligibility Verification
To be eligible for employment with Black Box, Federal law requires that you provide proof of citizenship or resident alien status by completing Form I-9, Employment Eligibility Verification.  You will be required to complete Form I-9 in front of your hiring manager or a Company representative on your first day of employment.
Once we receive your acceptance of this offer, you will receive additional documents for completion by, or on, your first day of employment, including Form I-9.  Please review Form I-9 to ensure you bring valid documents for review on your first day of employment.

Executive Agreement
As an executive officer of Black Box, you will be entitled to an Executive Agreement providing certain severance benefits in the event that you are terminated following a change in control of Black Box, a copy of which in enclosed with this offer letter.  Due to the nature of our business and the commitment that is required of our team members having access to proprietary information, including our customer base, this Executive Agreement includes certain confidentiality, non-compete and non-solicitation provisions.  Our offer is contingent on your signing and complying with this Executive Agreement.  In accepting this offer, you are also acknowledging that you are not currently under a non-compete or other agreement which would prevent you from fulfilling the duties of the position being offered.  Please sign, date and return the Executive Agreement with your acceptance of this offer.  
Dave, we are excited about you joining our team and believe this employment relationship will be mutually beneficial and rewarding.  If you have any questions or need additional information, please do not hesitate to contact me.  Welcome to Black Box.

Sincerely,
/s/ David M. Pasternak
David M. Pasternak
Vice President of Human Resources
724-873-6521

Black Box Corporation
1000 Park Drive
Lawrence, PA 15055

An Affirmative Action/Equal Opportunity Employer

If you agree and accept the terms outlined in this letter, please sign this letter and the Executive Agreement and return no to HR Shared Services.  I understand that nothing contained in this Employment Offer Document, or in any policies, procedures or handbooks that I might receive, is intended by the Company to create an employment contract between itself and me.  I understand that no promise or guarantee is binding upon the Company unless made in writing and signed by an Officer of the Company.  I understand that I have the right to terminate my employment at any time, with or without any reason, and the Company retains the identical right regarding the discontinuation of my employment.  I acknowledge and agree that this Offer Letter and the Executive Agreement may be filed with the Securities and Exchange Commission and therefore will be publicly available when filed.

Accepted by:

     /s/ David J. Russo                                                                           March 27, 2017              

David J. Russo                                                           Date Signed

Black Box Corporation
1000 Park Drive
Lawrence, PA 15055

An Affirmative Action/Equal Opportunity Employer

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