Document:

Form of Employment Agreement with Neil McLaughlin

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”) is made and entered into as of the __ day of ________, 2011 by and between FusionStorm Global, Inc., a Delaware corporation formerly known as Synergy Acquisition Corp. (“Parent”) and Neil McLaughlin (the
“Executive”), and will become effective upon the closing of the initial public offering (the “IPO”) of shares of the common stock, par value $0.01 per share, of Parent. The date of such closing is herein referred to as the
“Effective Date.” 
 WHEREAS, Executive desires to have assurances of continued employment after the closing of the
IPO; 
 WHEREAS, in consideration of the continued employment of the Executive and the benefits conferred on the Executive
hereunder, the Parent wishes to be assured that the Executive will not compete with the Parent and its Affiliates (collectively, the “Parent Group”) during the period described herein; 

WHEREAS, the Executive expressly acknowledges and recognizes that only by virtue of his employment with the Parent he will be privy to
the Parent Group’s confidential and proprietary business, vendor and customer information, to which the Executive would otherwise not have access, and that such information constitutes a valuable and protectable interest of the Parent Group;
and 
 WHEREAS, the Parent and the Executive acknowledge and agree that, the Parent will only agree to provide employment to the
Executive in consideration for the terms and conditions set forth in this Employment Agreement. 
 NOW THEREFORE, the parties
hereto agree as follows: 
  

	1)	Duties and Scope of Employment. 

  

	 	a)	Position and Duties. Executive will serve as the Parent’s General Counsel and will render such business and professional services in the performance of
Executive’s duties, consistent with Executive’s position with the Parent as will reasonably be assigned to him by the Parent’s Board of Directors (the “Board”) or the Parent’s Chief Executive Officer (the
“CEO”). In such capacity, the Executive shall perform such services and duties in connection with the business, affairs and operations of the Parent as may be assigned or delegated to the Executive from time to time by or under the
authority of the Board or the CEO. All duties assigned to Executive shall generally be consistent with his status as General Counsel of the Parent, and not in violation of applicable law or established Parent policies. 

 

	 	b)	Extent of Service. During the Executive’s employment under this Agreement, the Executive shall, subject to the direction and supervision of the Board and
the CEO, devote the Executive’s full business time, diligent efforts and business judgment, skill and knowledge to the advancement of the Parent’s interests and to the discharge of the Executive’s duties and responsibilities under
this Agreement. The Executive shall not engage in any other business activity, except as may be approved by the Board or the CEO; provided that nothing in this Agreement shall be construed as preventing the Executive from:

  

	 	i)	investing the Executive’s assets in any company or other entity in a manner not prohibited by Section 9(d) hereof; or 

 

	 	ii)	engaging in religious, charitable or other community or non-profit activities that do not impair the Executive’s ability to fulfill the Executive’s duties and
responsibilities under this Agreement. 

	2)	At-Will Employment. The parties agree that Executive’s employment with the Parent will be “at-will” employment and may be terminated by either the
Parent or Executive at any time with or without cause or notice. Executive understands and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Parent give rise to or in any way serve as
the basis for modification, amendment, or extension, by implication or otherwise, of the at-will nature of Executive’s employment with the Parent. However, as described in this Agreement, Executive may be entitled to severance pay and related
benefits depending on the circumstances of Executive’s termination of employment with the Parent. 

  

	3)	Term of Agreement. This Agreement will have an initial term (the “Initial Term”) beginning on the Effective Date and ending December 31, 2014,
unless earlier terminated in accordance with Section 5 of this Agreement. On December 31, 2014 and on each December 31 thereafter, this Agreement will automatically renew for additional one (1) year terms unless either party
provides the other party with written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal. The Initial Term and any renewal or extension thereof are referred to herein as the “Term.” If Executive
becomes entitled to severance benefits pursuant to Section 5 hereof, this Agreement will not terminate until all of the obligations under this Agreement have been satisfied. 

 

	4)	Compensation. 

  

	 	a)	Base Salary. During the Term, the Parent will pay Executive an annual salary of Two Hundred Fifty Thousand Dollars and No Cents ($250,000.00) as compensation for
Executive’s services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Parent’s normal payroll practices for its senior executives. On an annual basis, Executive’s salary will be subject
to review and possible increase, which will be determined by the Board following recommendation by the Compensation Committee of the Board (the “Committee”) in connection with the Parent’s normal performance review practices. The
increased salary resulting from any increases to the initial Base Salary shall be referred to herein as the “Base Salary.” 

  

	 	b)	Bonuses. The Executive shall be eligible to receive bonuses as set forth in this Section 4(b): 

 

	 	i)	With respect to the years ending on December 31, 2012 or on any December 31 occurring thereafter, Parent will maintain a bonus plan providing for potential
annual bonuses for Executive up to 100% of Executive’s Base Salary. The parameters for earning such bonus each year shall be agreed upon in advance by Parent and Executive and such bonus plan will specify the portion of such bonus which would
be earned for specified performance metrics. Payment of such bonus shall be made in accordance with Parent’s practices for the payment of bonuses to Senior Executives and in any event shall be paid not later than ninety (90) days after the
end of the year to which such bonus relates. 

  

	 	ii)	Executive will be eligible to participate in any other bonus plans or programs maintained from time to time by the Parent for the Parent Group on such terms and
conditions as provided to other Senior Executives of the Parent, as determined by the Board or the Committee. For purposes of this Agreement, “Senior Executive” shall mean the Parent’s officers under Section 16(a) of the
Securities Exchange Act of 1934. 

  

	 	c)	 Equity Awards. Executive will be eligible to receive awards of stock options, restricted stock, restricted stock units, stock appreciation
rights, performance units and performance shares or other equity awards (“Equity Awards”) pursuant to any plans or arrangements that Parent may have in effect from time to time. In the absence of specifically identified circumstances, and

  
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subject to the determination of the Board or the Committee, the Equity Awards to Executive shall generally be made on substantially the same terms and conditions (as to vesting and exercise
price) and at the same time, as the Board or the Committee provides to other Senior Executives of the Parent of similar rank and tenure. 

  

	 	d)	General Employee Benefits. Executive will be entitled to participate in the employee benefit plans including, without limitation, medical insurance plans, life
insurance plans, disability insurance plans, expense reimbursement plans and other benefits plans as may be currently or hereafter maintained by the Parent of general applicability to other Senior Executives of the Parent. Such participation shall
be subject to the terms of the applicable plan documents, generally applicable policies of the Parent, applicable law and the discretion of the Board, the Committee, the CEO or any administrative committee or other committee provided for in or
contemplated by any such plan. Parent reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time, and nothing contained in this Agreement shall be construed to create any obligation on the part of FS
or Parent to establish any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time. 

  

	 	e)	Vacation. Executive will be entitled to paid vacation of four (4) weeks, in accordance with the Parent’s vacation policy for senior executive officers,
with the timing and duration of specific vacations mutually and reasonably agreed to by the parties hereto. All accrued and unused vacation days of the Executive immediately prior to the Effective Date will carry over into the Initial Term. During
the Term of this Agreement, the Executive may carry over from year to year that number of accrued, unused vacation days equal to the greater of five (5) days or that number of accrued, unused vacation days which may be carried over by senior
executives of Parent in accordance with Parent’s policy. Upon Executive’s termination of employment for any reason, Executive will be entitled to receive Executive’s accrued but unpaid vacation through the date of Executive’s
termination. 

  

	 	f)	Taxation of Payments and Benefits. The Parent shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits under this
Agreement to the extent that it reasonably and in good faith believes that it is required to make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions and withholdings. Nothing
in this Agreement shall be construed to require the Parent to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deductions or withholding from any payment or benefit.

  

	 	g)	Exclusivity of Compensation and Benefits. The Executive shall not be entitled to any payments or benefits other than those provided under, or referenced within,
this Agreement. 

  

	 	h)	Expenses. The Parent will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection
with the performance of Executive’s duties hereunder, in accordance with the Parent’s expense reimbursement policy as in effect from time to time. For the avoidance of doubt, if Executive’s office is located in Boston, MA, the Parent
shall pay for, or reimburse Executive for, parking at, or within a reasonable distance of, Parent’s office. 

  

	 	i)	 Indemnification and D&O coverage. Executive will be entitled to the same indemnification rights as the Parent grants to other Senior
Executives of the Parent and, in addition, the Parent shall indemnify Executive to the fullest extent permitted under the Parent’s by-laws and/or Delaware law. Furthermore, at all times during Executive’s employment and for a period of at

  
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least two years following the termination of Executive’s employment, the Parent will maintain a directors and officers liability policy, under which Executive shall be deemed a covered
person. 

  

	5)	Termination and Termination Benefits. The provisions of Sections 2 and 3 above notwithstanding, the Executive’s employment under this Agreement shall
terminate under the following circumstances: 

  

	 	a)	Termination by the Parent for Cause. The Executive’s employment under this Agreement may be terminated for Cause without further liability of the Parent
other than payment of Accrued Obligations effective immediately upon a vote or written consent of the Board and written notice to the Executive, as further described below. For the purposes hereof, the Parent may terminate the Executive’s
employment for “Cause” upon the occurrence of one or more of the following actions by Executive after the Effective Date: 

  

	 	i)	commission, admission, confession, indictment, plea bargain or plea of nolo contendere by the Executive with respect to (A) a felony or (B) any misdemeanor
involving moral turpitude, deceit, dishonesty or fraud (“indictment” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable or reasonable cause with
respect to such offense is made); 

  

	 	ii)	excessive use of alcohol or the use of illegal drugs interfering with the Executive’s obligations hereunder, in either case continuing after written notice given
to the Executive by the Board; 

  

	 	iii)	willful failure or refusal (other than by reason of Disability) to perform a significant portion of any material duty or responsibility of the Executive which continues
for thirty (30) days after written notice by the Parent setting forth in reasonable detail the scope and nature of the same; 

  

	 	iv)	gross negligence or willful misconduct of the Executive which has caused or could reasonably be expected to cause material harm to Parent or the Parent Group; or

  

	 	v)	any breach by the Executive of any of the Executive’s material obligations under this Agreement, any material written policy of the Parent of general applicability
to all executive staff (including, without limitation, the Parent’s policies regarding disclosure of confidential information) or any other material written agreement between or among Executive and the Parent which breach has caused material
harm to Parent or the Parent Group. 

  

	 	b)	Termination by the Executive for Good Reason. The Executive’s employment under this Agreement may be terminated by the Executive for Good Reason effective
immediately upon written notice to the Parent, in which event the Executive shall be entitled to the termination benefits described in Section 5(c) below. For the purposes hereof, only the following shall constitute “Good Reason”:

  

	 	i)	any material breach by the Parent of its obligations under this Agreement, including without limitation, any failure by the Parent to comply with any provision of
Section 4 or Section 12 hereof in any material respect, or any other material written agreement between Executive and the Parent; 

  

	 	ii)	any unconsented material diminution in the Executive’s title, duties, reporting relationship, authority, or responsibilities; 

  
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	 	iii)	any decrease in Base Salary or bonus opportunity (unless such reduction is applied to all other similarly situated executive employees of the Parent Group and is less
than twenty percent (20%) of the Base Salary and bonus opportunity described in Section 4); or 

  

	 	iv)	the relocation of the Parent’s principal executive offices more than fifty (50) miles from 124 Grove Street, Franklin, Massachusetts.

 provided, however, that Executive will not resign for Good Reason without first providing the Parent with written notice of the
acts or omissions constituting the grounds for “Good Reason” and a cure period of thirty (30) days following the date of such notice. 
  

	 	c)	Termination other than for Cause or Death; or Upon Parent’s Election Not To Renew. If the Executive’s employment is terminated (a) by the Parent
other than for Cause or death, (b) by reason of Executive’s Disability, (c) by the Executive for Good Reason, or (d) upon the Parent’s election not to renew the Term pursuant to Section 3 then, subject to
Section 6 below, Executive will receive payment of the Accrued Obligations and the following severance pay and related benefits from the Parent: 

 

	 	i)	Severance Payment. The Parent (A) for a period of twelve (12) months after the effective date (the “Termination Date”) of such termination,
will continue to pay the Executive on regular pay days the Base Salary at the rate in effect immediately prior to such termination (but, in the case of a termination by Executive for Good Reason, disregarding any reduction in Base Salary that was
the basis of such Good Reason) and (B) pay to Executive a pro-rated amount of Executive’s bonus for the bonus year in which the termination occurs (which shall be pro-rated based upon the number of weeks worked by Executive in the year of
termination and calculated based upon the bonus paid or payable to Executive for the calendar year immediately preceding the year in which Executive’s employment is terminated). Such bonuses shall be payable when normally paid by the Parent (or
within thirty (30) days after the end of the bonus year, if there is no such normal pay date). In the event of a termination due to Executive’s Disability, the severance payments shall be reduced by any payments received by Executive under
any disability insurance plan or program of Parent. 

  

	 	ii)	Continued Group Health Benefits. The Parent shall provide the Executive with group health benefits for the Executive and Executive’s eligible dependents
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), in accordance with the Parent’s policies immediately prior to the Termination Date (subject to the requirements of the last sentence of
Section 4(d)) until the first to occur of (i) the date which is twelve (12) months after the Termination Date and (ii) the date upon which Executive and/or Executive’s eligible dependents are covered under similar plans. The
Parent shall also provide the Executive with information and access to enable the Executive to continue COBRA coverage thereafter for the maximum permitted period at the Executive’s expense; provided that during any period when the Executive
receives any such benefits under another employer-provided plan or a government plan, the group health benefits provided by the Parent hereunder may be made secondary to those provided under such other plan if permitted by such other plan.

  

	 	d)	 Termination for Cause or Death; Resignation without Good Reason; Or Upon Executive’s Election Not To Renew. If Executive’s employment
with the Parent (or another member of the Parent Group) is terminated voluntarily by Executive (except a resignation for Good Reason), for 

  
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Cause by the Parent, due to Executive’s death, or upon Executive’s election not to renew the Term, then (i) all continued vesting with respect to Executive’s outstanding
equity awards will terminate immediately as of the date of termination (and all shares and options that are fully vested as of the date of termination will remain exercisable as provided under the applicable stock option agreements or restricted
stock agreements, as applicable), (ii) all payments of compensation by the Parent to Executive hereunder will terminate immediately except for payment of the Accrued Obligations, and (iii) Executive will only be eligible for severance
benefits in accordance with the Parent’s established policies, if any, as then in effect. Bonus payments for the year in which Executive’s’ employment is terminated shall be made to Executive when normally paid by the Parent (or
within thirty (30) days after the end of the bonus year, if there is no such normal pay date). For purposes of this Agreement, “Accrued Obligations” shall mean payment of (i) Executive’s then-current Base Salary up to and
through the date of termination, (ii) all accrued but unused vacation pay up to and through the date of termination, (iii) any unreimbursed business expenses incurred by Executive up to and through the date of termination, which Executive
must submit within thirty (30) calendar days following the date of termination, (iv) any earned but unpaid Bonus for the calendar year immediately preceding the date of termination, which shall be paid within the timeframe as such bonus
payments are paid to other Senior Executives of the Parent, and (v) any payment or rights that Executive may be due or owed under any Parent benefit, plan or program, such as (without limitation) the Parent’s 401k plan and any short-term
or long-term disability plan. 

  

	 	e)	Determination of Disability. With respect to the Executive, the terms “Disabled,” “Disability” or any word or phrase of similar import shall
mean the inability of the Executive to perform the essential functions of the Executive’s then-existing position hereunder on a full-time basis by reason of physical or mental incapacity, sickness or infirmity that continues for more than 180
days or for periods aggregating 180 days during any period of 365 consecutive days. If any question shall arise as to whether during any period the Executive is Disabled with or without reasonable accommodation, the Executive may, and at the request
of the Parent, shall, submit to the Parent a certification in reasonable detail by a physician selected by the Parent to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so Disabled
and/or the period of time for which such Disability is expected to continue, and, for the purposes of this Agreement, any such certification shall be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician
in connection with such certification. If such a question shall arise and the Executive shall fail to submit such certification, the Parent’s determination of such issue shall be binding on the Executive. Nothing in this Section 5 shall be
construed to waive the Executive’s rights, if any, under the Family and Medical Leave Act of 1993, as amended, and/or the Americans with Disabilities Act, as amended, or other applicable federal, state, or local law. 

 

	6)	Conditions to Receipt of Severance; No Duty to Mitigate. 

  

	 	a)	Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 5 hereof will be subject to Executive signing and not revoking
a separation agreement and release of claims (the “Release”) in a reasonable and customary form which shall include only a release of claims, a covenant not to sue by Executive and other standard miscellaneous provisions as are necessary
to make such Release fully effective under applicable law and provided that such Release becomes effective no later than the date (the “Release Deadline”) which is sixty (60) days after the Termination Date. If the Release does not
become effective prior to the Release Deadline, Executive will forfeit any right to severance or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the Release becomes effective and irrevocable.

  
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	 	b)	Compliance with This Agreement. The receipt of any severance benefits pursuant to Section 5 will be subject to Executive’s compliance with the
provisions of Section 9. In the event Executive breaches any provision of Section 9, all continuing payments and benefits to which Executive may otherwise be entitled pursuant to Section 5 will immediately cease and Parent will be
entitled to any other rights and remedies which and may take any other action legally permissible as a result of breaching the provisions of Section 9. Promptly after taking action under this Section 6(b), Parent shall deliver to Executive
written notice setting forth in reasonable detail the scope and nature of such breach. 

  

	 	c)	No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive
may receive from any other source reduce any such payment. 

  

	7)	Section 409A. 

  

	 	a)	Separation from Service. Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Code Section 409A, and the final regulations and any guidance promulgated thereunder
(“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to
Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the
meaning of Section 409A. 

  

	 	b)	 Delivery of Deferred Payments. Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid
on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section7(c). Except as required by Section 7(c), any installment payments that would have
been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the
remaining payments shall be made as provided in this Agreement. 

  

	 	c)	409A “Specified Employee.” Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the
meaning of Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service, will become
payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with
the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from
service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with
the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

  
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	 	d)	Short-Term Deferral. Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (a) above. 

  

	 	e)	Involuntary Separation. Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (a) above. 

 

	 	f)	409A Compliance. The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits
to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Parent and Executive agree to work together in good faith to consider amendments to this
Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

 

	 	g)	409A Limit. For purposes of this Agreement, “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of his or her separation from service as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal
Revenue Code for the year in which Executive’s separation from service occurred. 

  

	8)	Limitation on Parachute Payments. 

  

	 	a)	 If it is determined that any payment or benefit provided to or for the benefit of Executive (a “Payment”), whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, would be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise tax (such excise tax together with any such
interest and penalties, shall be referred to as the “Excise Tax”), then a calculation shall first be made under which such payments or benefits provided to Executive are reduced to the extent necessary so that no portion thereof
shall be subject to the Excise Tax (the “4999 Limit”). Parent shall then compare (a) Executive’s Net After-Tax Benefit (as defined below) assuming application of the 4999 Limit with (b) Executive’s Net After-Tax
Benefit without application of the 4999 Limit. “Net After-Tax Benefit” shall mean the sum of (i) all payments that Executive receives or is entitled to receive that are contingent on a change in the ownership or effective
control of Parent or in the ownership of a substantial portion of the assets of Parent within the meaning of Code section 280G(b)(2), less (ii) the amount of federal, state, local, employment, and Excise Tax (if any) imposed with respect to
such payments. In the event (a) is greater than (b), Executive shall receive Payments solely up to the 4999 Limit. In the event (b) is greater than (a), then Executive shall be entitled to receive all such Payments, and shall be solely
liable for any and all Excise Tax related thereto. If a reduction in the severance and other benefits constituting “parachute payments” is necessary so that no portion of such severance benefits is subject to the excise tax under
Section 4999 of the Code, the reduction shall occur in the following order: (1) reduction of the severance payments under Section 5(c)(i); (2) cancellation of accelerated vesting of equity awards; and (3) reduction of
continued employee benefits. In the 

  
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event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s
equity awards. 

  

	 	b)	Determination of Value. Unless the Parent and Executive otherwise agree in writing, any determination required under this Section 8 will be made in writing
by an independent valuation firm (the “Firm”) immediately prior to any Change of Control, whose determination will be conclusive and binding upon Executive and the Parent for all purposes. For purposes of making the calculations required
by this Section 8, the Firm 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 Parent and
Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 8. The Parent will bear all costs the Firm may reasonably incur in connection with any
calculations contemplated by this Section 8. 

  

	 	c)	Change of Control. For purposes of this Agreement, “Change of Control” means the occurrence of any of the following events 

 

	 	i)	the acquisition by any one person, or more than one person acting as a group (for these purposes, persons will be considered to be acting as a group if they are owners
of a corporation that enters into a merger, consolidation, purchase, exchange, or acquisition of stock, or similar business transaction with the Parent), (“Person”) that becomes the owner, directly or indirectly, of securities of the
Parent representing more than fifty percent (50%) of the total voting power represented by the Parent’s then outstanding securities; provided, however, that for purposes of this subsection (i), the acquisition of additional securities by
any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the securities of the Parent shall not be considered a Change of Control; 

 

	 	ii)	a change in the ownership of a substantial portion of the Parent’s assets which occurs on the date that any Person acquires (or has acquired during the twelve
(12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Parent that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value
of all of the assets of the Parent immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this Section 8(c)(ii) the following shall not constitute a change in the ownership of a substantial portion of the
Parent’s assets: (1) a transfer to an entity that is controlled by the Parent’s shareholders immediately after the transfer; or (2) a transfer of assets by the Parent to: (A) a shareholder of the Parent (immediately before
the asset transfer) in exchange for or with respect to the Parent’s securities; (B) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Parent; (C) a Person,
that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Parent; or (D) an entity, at least fifty percent (50%) of the total value or voting power of which
is owned, directly or indirectly, by a Person described in subsection (C). For purposes of this Section 8(c)(ii), gross fair market value means the value of the assets of the Parent, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets; or 

  

	 	iii)	 a change in the composition of the Board occurring within a twelve (12) month period, as a result of which fewer than a majority of the directors
are Incumbent Directors. “Incumbent 

  
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Directors” will mean directors who either (A) are directors of the Parent as of the Effective Date, or (B) are elected, or nominated for election, to the Board with the affirmative
votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election
of directors to the Parent’s Board). 
  

	9)	Confidentiality, Non-Competition, Non-Solicitation and Assignment of Inventions.  

 

	 	a)	Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the Parent Group which is of value to
the Parent Group in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Parent or another member of the Parent Group. Confidential Information includes, without limitation,
financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans,
business models, business strategies, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Parent or another member of the Parent
Group. Confidential Information includes information relating to the structure of the transactions entered into by and among Parent and each of its affiliates and subsidiaries. Confidential Information includes information developed by the Executive
in the course of the Executive’s employment by the Parent that relates to the Parent’s business, as well as other information to which the Executive may have access in connection with the Executive’s employment. Confidential
Information also includes the confidential information of others with which the Parent has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain (such as general
information about the markets, vendors, customers, and technology with which the Parent Group deals), unless due to breach of the Executive’s duties under Section 9(b). 

 

	 	b)	Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive
and the Parent and the other members of the Parent Group with respect to all Confidential Information. At all times, both during the Executive’s employment with the Parent and after its termination, the Executive will keep in confidence and
trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Parent, except as may be necessary in the ordinary course of performing the Executive’s duties to the
Parent. 

  

	 	c)	Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Executive by the Parent and the other members of the Parent Group or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of the Parent or the Parent Group,
as applicable. The Executive will return to the Parent all such materials and property as and when requested by the Parent. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s
employment for any reason. The Executive will not retain with the Executive any such material or property or any copies thereof after such termination. 

  

	 	d)	 Noncompetition and Nonsolicitation. During Term and for a period of twenty-four (24) months following the effective date of the termination
of Executive’s employment by the Parent or another member of the Parent Group, the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage,

  
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participate, assist or invest in any Competing Business (as hereinafter defined) or otherwise engage in any activity that competes with the business of the Parent or any other member of the
Parent Group over which the Executive exercises direct or indirect management control; (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person, then
employed by Parent or any other member of the Parent Group, or employed by Parent or any member of the Parent Group within the twelve (12) months prior to such solicitation or attempt to employ, to leave employment with the Parent or any other
member of the Parent Group; and (iii) will refrain from contacting, soliciting or encouraging any customer or supplier of the Parent Group to terminate or otherwise modify adversely its business relationship with such member of the Parent
Group. The Executive understands that the restrictions set forth in this Section 9(d) are intended to protect the interest of the Parent Group in its Confidential Information and established employee, customer and supplier relationships and
goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any business conducted anywhere in the world which is competitive with
any business which the Parent or any member of the Parent Group conducts immediately prior to date of Executive’s termination. The provisions of this Section 9(d) shall not apply to passive investments in any mutual funds that may have
investments in a Competing Business or in any enterprise the shares of which are publicly traded if such investment in such enterprise constitutes less than one percent (1%) of the equity of such enterprise. 

 

	 	e)	Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or
other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Parent that the Executive’s execution of this Agreement, the
Executive’s employment with the Parent and the performance of the Executive’s proposed duties for the Parent will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work
for the Parent, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Parent any copies or
other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

  

	 	f)	Assignment of Inventions. 

  

	 	i)	Inventions and Developments. As used in this Agreement, “Inventions and Developments” means any and all any inventions, modifications, discoveries,
designs, developments, improvements, processes, software programs, works of authorship, documentation, formulas, data, techniques, know-how, secret or intellectual property rights whatsoever or any interest therein (whether or not patentable or
registrable under copyright or similar statutes or subject to analogous protection). Inventions and Developments include, by way of example and without limitation, discoveries and improvements which consist of or relate to any form of Confidential
Information. 

  

	 	ii)	 Company-Related Inventions and Developments. For purposes of this Agreement, “Company-Related Inventions and Developments” means all
Inventions and Developments which either (A) relate at the time of conception or development to the actual or anticipated business of the Parent or any member of the Parent Group or to the actual anticipated research and development of the
Parent or any member of the Parent Group; (B) relate to any work performed by the Executive for the Parent or any member of the Parent Group, whether or not during normal business hours; (C) are developed on Parent time; or (D) are

  
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developed primarily through or in substantial reliance on the use of the Confidential Information or the equipment and software or other facilities or resources of the Parent or any member of the
Parent Group. 

  

	 	iii)	Ownership of Inventions and Developments. Executive hereby agrees that all Company-Related Inventions and Developments which Executive conceives or develops, in
whole or in part, either alone or jointly with others, during the Term will be the sole property of the Parent or a member of the Parent Group. The Parent or such member of the Parent Group will be the sole owner of all patents, copyrights and other
proprietary rights in and with respect to such -Related Inventions and Developments. To the fullest extent permitted by law, such Company-Related Inventions and Developments will be deemed works made for hire. Executive hereby transfers and assigns
to the Parent any proprietary rights which Executive has, may have or may acquire in any such Company-Related Inventions and Developments without further compensation, and waives any moral rights or other special rights which Executive has, may have
or may accrue therein. At the request and cost of the Parent, Executive agrees to execute any documents and take any actions that may be required to effect and confirm such transfer and assignment and waiver. The provisions of this Section 9(f)
will apply to all Company-Related Inventions and Developments which are conceived or developed during the Term whether before or after the date of this Agreement, and whether or not further development or reduction to practice may take place after
termination of Executive’s employment by the Parent or another member of the Parent Group, for which purpose it will be presumed that any Company-Related Inventions and Developments conceived by Executive which are reduced to practice within
one year after termination of Executive’s employment were conceived during the Term unless Executive is able to establish a later conception date by clear and convincing evidence. 

 

	 	iv)	Disclosure of Inventions and Developments. Executive agrees promptly to disclose to the Parent, or any persons designated by it, all Company-Related Inventions
and Developments which are or may be subject to the provisions of this Section 9(f). 

  

	 	g)	Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate reasonably and fully with the Parent in
the preparation, defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Parent or any Parent Group entity which relate to events or occurrences that transpired while the
Executive was employed by the Parent. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being reasonably available to meet with counsel to prepare for mediation, arbitration, agency
proceeding, discovery or trial and to act as a witness on behalf of the Parent at mutually convenient times and subject to any then-current obligations Executive may have to another employer. During and after the Executive’s employment, the
Executive also shall cooperate reasonably and fully with the Parent in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that
transpired while the Executive was employed by the Parent. The Parent shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this
Section 9(g). If Parent seeks Executive’s cooperation, involvement or assistance pursuant to the above at any time after his employment with Parent has terminated, then Executive’s involvement shall be subject to his reasonable
availability and the needs of any new employer of Executive, and Parent shall provide reasonable compensation to Executive for his time and reimbursement for any expenses reasonably incurred by the Executive. 

  
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	 	h)	Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Parent which might result from any breach by the Executive of
the promises set forth in this Section 9, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 10 of this Agreement, the Executive agrees that if the Executive breaches, or
proposes to breach, any portion of this Agreement, the Parent shall be entitled, in addition to all other remedies that it may have, to seek an injunction or other appropriate equitable relief to restrain any such breach without showing or proving
any actual damage to the Parent. In the event of any breach of any part of Section 9 of this Agreement, the duration of any such provision shall be extended by the period of the Employee’s breach. 

 

	10)	Arbitration. 

  

	 	a)	Arbitration of Claims. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the
Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by
arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute
Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This
Section 10 shall be specifically enforceable. Notwithstanding the foregoing, this Section 10 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary
injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 10. The Parent shall bear the costs and fees of the arbitrator’s
services and the AAA. Subject to the discretion of the arbitrator, the prevailing party shall be entitled to recover their reasonable attorney’s fees. 

 

	 	b)	Waiver of Jury Trial. Executive fully understands that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL 

 

	11)	Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 10 of this Agreement, the parties hereby
consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts sitting in Boston, Massachusetts or the United States District Court for the District of Massachusetts sitting in Boston, Massachusetts. Accordingly, with respect
to any such court action, the Executive (a) submits to the personal jurisdiction of such courts, (b) consents to service of process, and (c) waives any other requirement (whether imposed by statute, rule of court or otherwise) with
respect to personal jurisdiction and service of process. 

  

	12)	 Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any Successor of the Parent. Any such Successor of the Parent will be deemed substituted for the Parent under the terms of this Agreement for all purposes. For this purpose, “Successor” means any
person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Parent. None of the rights of Executive to
receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,

  
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transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

 

	13)	Notice. All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery
if delivered personally, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and
addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing. 

If to the Parent: 
 FusionStorm Global Inc. 
 124 Grove Street 

Suite 311 
 Franklin, MA 02038 
 Attn: Chief Executive Officer 

With a copy to: 
 FusionStorm Global Inc. 
 124 Grove Street 

Suite 311 
 Franklin, MA 02038 
 Attn: General Counsel 

If to Executive: 
 Neil McLaughlin 
 31 Curtis Street 

Scituate, MA 02066 
 With a copy to: 
 Jason W. Morgan 

Dohan Tocchio & Morgan, PC 

175 Derby Street 
 Suite 30 
 Hingham, MA 02043 

or at the last residential address of the Executive known by the Parent. 

 

	14)	Miscellaneous Provisions. 

(a) Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Parent (other than Executive) that is expressly designated as an amendment to this Agreement. 

(b) Waiver. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the
other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

  
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 (d) Entire Agreement. This Agreement represents the entire agreement and
understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements between them whether written or oral, except for the Contingent Bonus Agreement by and between Executive and FS. 

(e) Governing Law. This Agreement will be governed by the internal laws of the State of Delaware (without giving effect to its
conflicts of laws principles). 
 (f) Severability. The invalidity or unenforceability of any provision or provisions of
this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 
 (g) Survival. The provisions of Sections 9, 10 and 11 above and this Section 14 shall survive any termination of this Agreement. 

(h) Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his
private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

(i) Counterparts; Facsimile Signatures. This Agreement may be executed in counterparts, and each counterpart will have the same
force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. This Agreement may be executed by the delivery of signatures by facsimile or other electronic means. 

[The remainder of this page has been left blank intentionally.] 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Parent by its duly authorized officer, as of the date first set forth above. 
  

			
	FUSIONSTORM GLOBAL INC.
		
	By:	 	 
	 Name:
 Title:
	 	

  
  

			
	EXECUTIVE
	
	 
	Neil McLaughlinUnassociated Document

AMENDMENT NO. 2

 

TO THE

 

AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

WRT REALTY L.P.

This Amendment is made as of November 28, 2011 by and among Winthrop Realty Trust, an Ohio real estate investment trust (the “General Partner”), as the general partner of WRT Realty L.P., a Delaware limited partnership (the “Partnership”), and First Union Management Inc., a Delaware corporation, as the limited partner of the Partnership, for the purpose of amending the Agreement of Limited Partnership of the Partnership, dated as of January 1, 2005, as amended by Amendment No. 1 to Agreement of Limited Partnership of the Partnership, dated as of December 1, 2005 (the “Partnership Agreement”).  Capitalized terms used herein and not defined shall have the meanings given to them in the Partnership Agreement.

 

WHEREAS, the Board of Trustees (the “Board”) of the General Partner, met and approved on November 2, 2011 certain resolutions classifying and designating 1,840,000 preferred shares of beneficial interest of the General Partner as Series D Preferred Shares (as defined below);

 

WHEREAS, the General Partner filed a Certificate of Designations (the “Certificate of Designations”) to the Second Amended and Restated Declaration of Trust (the “Declaration of Trust”) with the Secretary of State of Ohio on November 22, 2011, establishing a series of preferred shares of beneficial interest of the General Partner, designated the “Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $1.00 per share” (the “Series D Preferred Shares”);

 

WHEREAS, on the date hereof, the General Partner issued 1,600,000 Series D Preferred Shares;

 

WHEREAS, the General Partner, has determined that, in connection with the issuance of the Series D Preferred Shares, it is necessary and desirable to amend the Partnership Agreement to create an additional class of Partnership Interests having designations, preferences and other rights that are substantially the same as the economic rights of the Series D Preferred Shares.

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows:

 

Section 1.  Article I of the Partnership Agreement is hereby amended by adding or modifying the following definitions:

 

  

  

  

 

“Common Units” means Partnership Interests that are not entitled to any preferences with respect to any other class or series of Partnership Interests as to distributions or voluntary or involuntary liquidation, dissolution or winding-up of the Partnership.

“Distribution Payment Date” means the date upon which the General Partner makes distributions in accordance with Section 5.1 of the Partnership Agreement.

“Distribution Period” means the period from the day immediately following a Distribution Payment Date through the date that is the subsequent Distribution Payment Date.

“Junior Units” means Partnership Interests representing any class or series of Partnership Interest ranking, as to distributions or voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, junior to the Series D Preferred Units.

“Parity Preferred Unit” means any class or series of Partnership Interests of the Partnership now or hereafter authorized, issued or outstanding expressly designated by the Partnership to rank on parity with the Series D Preferred Units with respect to distributions or rights upon voluntary or involuntary liquidation or winding-up or dissolution of the Partnership, or both, as the context may require.

“Percentage Interest” means, as to a Partner holding a class or series of Partnership Interests, its interests in such class or series as determined by dividing the Partnership Interests of such class or series owned by such Partner by the total number of Partnership Interests of such class then outstanding as specified in Exhibit A attached hereto, as such Exhibit may be amended from time to time.  If the Partnership issues more than one class or series of Partnership Interests, the interest in the Partnership among the classes or series of Partnership Interests shall be determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated by Section 4.2 of the Partnership Agreement.

“Preferred Distribution Shortfall” means, with respect to any Partnership Interests that are entitled to any preference in distributions, the aggregate amount of the required distributions for such outstanding Partnership Interests for all prior Distribution Periods minus the aggregate amount of the distributions made with respect to such outstanding Partnership Interests.

“REIT Series D Preferred Shares” means a share of 9.25% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $1.00 per share, liquidation preference $25 per share, of the General Partner, with such rights, priorities and preferences as shall be designated by the Board of Trustees in accordance with the Declaration of Trust.

“Series D Certificate of Designations” means the Certificate of Designations of the General Partner in connection with its REIT Series D Preferred Shares, as filed with the Ohio Secretary of State on November 22, 2011.

“Series D Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 2.2.A of this Amendment.

 

  

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“Series D Preferred Units” shall have the meaning set forth in Section 2.1 of this Amendment.

“Series D Priority Return” shall mean an amount equal to 9.25% per annum on the stated value of $25 per Series D Preferred Unit (equivalent to the fixed annual amount of $2.3125 per Series D Preferred Unit), commencing on the date of original issuance of the Series D Preferred Units.  For any partial quarterly period, the amount of the Series D Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months.

Section 2.  In accordance with Section 4.2 of the Partnership Agreement, set forth below are the terms and conditions of the Series D Preferred Units hereby established and issued to the General Partner in consideration of the General Partner’s contribution to the Partnership of the net proceeds from the issuance and sale of the Series D Preferred Shares by the General Partner:

 

Section 2.1.  Designation and Number.  A series of Limited Partnership Interests in the Partnership designated as the “9.25% Series D Cumulative Redeemable Preferred Units” (the “Series D Preferred Units”) is hereby established, with the rights, priorities and preferences set forth herein. The number of Series D Preferred Units shall be 1,840,000.

Section 2.2.  Distributions

A.           Payment of Distributions.  Pursuant to Section 5.1 of the Partnership Agreement and subject to the rights of holders of Parity Preferred Units as to the payment of distributions, the General Partner, as holder of the Series D Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, cumulative preferential cash distributions in an amount equal to the Series D Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December of each year, commencing on December 30, 2011, and (ii) in the event of a redemption of Series D Preferred Units, on the date on which the Series D Preferred Units are redeemed (each a “Series D Preferred Unit Distribution Payment Date”).  If any date on which distributions are to be made on the Series D Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date.

B.           Distributions Cumulative.  Notwithstanding anything herein to the contrary, distributions on the Series D Preferred Units will accrue whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized or declared.

 

  

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C.           Priority as to Distributions

(1) Except as provided in Section 2.2.C(2) of this Amendment, no distributions shall be declared and paid or declared and set apart for payment and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds shall be paid or made available for a sinking fund for the redemption of such units, and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series D Preferred Shares or any other REIT shares of any other class or series of classes of capital shares ranking, as to dividends and upon liquidation, on parity with or junior to the REIT Series D Preferred Shares to be purchased by the General Partner pursuant to the By-Laws to the extent necessary to preserve the General Partner’s status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding share purchase pursuant to the By-Laws), unless full cumulative distributions on the Series D Preferred Units for all past periods shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment.

(2) When distributions are not paid in full (and a sum sufficient for such full payment is not so set apart) upon the Series D Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series D Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be declared pro rata so that the amount of distributions declared per Series D Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series D Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distributions on such other class or series of Parity Preferred Units for prior Distribution Periods if such other class or series of Parity Preferred Units does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series D Preferred Units which may be in arrears.

D.           No Further Rights.  The General Partner, as holder of the Series D Preferred Units, shall not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series D Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such Series D Preferred Units which remains payable. Accrued but unpaid distributions on the Series D Preferred Units will accumulate as of the Series D Preferred Unit Distribution Payment Date on which they first become payable.

 

  

4

  

 

E.           Limitations.  No distributions on Series D Preferred Units shall be made or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law.

Section 2.3  Liquidation Proceeds

A.           Distributions.  Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, subject to the provisions of Section 2.5 of this Amendment, distributions on the Series D Preferred Units shall be made in accordance with Article XIII of the Partnership Agreement.

B.           Notice.  Written notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by the General Partner pursuant to Section 13.6 of the Partnership Agreement.

C.           No Further Rights.  After payment of the full amount of the liquidating distributions to which it is entitled, the General Partner, as holder of the Series D Preferred Units, will have no right or claim to any of the remaining assets of the Partnership.

D.           Consolidation, Merger or Certain Other Transactions.  The voluntary sale, conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership), shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership.

Section 2.4  Redemption

A.           Redemption.  If the General Partner elects to redeem any of the REIT Series D Preferred Shares in accordance with the terms of the Series D Certificate of Designations, the Partnership shall, on the date set for redemption of such REIT Series D Preferred Shares, redeem the number of Series D Preferred Units equal to the number of REIT Series D Preferred Shares for which the General Partner has given notice of redemption pursuant to Section 6 or Section 7, as applicable, of the Series D Certificate of Designations, at a redemption price, payable in cash, equal to the product of (i) the number of Series D Preferred Units being redeemed, and (ii) an amount equal to the sum of $25, any Preferred Distribution Shortfall per Series D Preferred Unit, and any accrued and unpaid distribution per Series D Preferred Unit for the current Distribution Period.

B.           Procedures for Redemption.  The following provisions set forth the procedures for redemption:

 

  

5

  

 

(1) Notice of redemption will be given by the General Partner to the Partnership concurrently with the notice of the General Partner sent to the holders of its REIT Series D Preferred Shares in connection with such redemption. Such notice shall state: (A) the redemption date; (B) the redemption price; (C) the number of Series D Preferred Units to be redeemed; (D) the place or places where the Series D Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the Series D Preferred Units to be redeemed will cease to accumulate on such redemption date. If less than all of the Series D Preferred Units are to be redeemed, the notice shall also specify the number of Series D Preferred Units to be redeemed.

(2) On or after the redemption date, the General Partner shall present and surrender the certificates, if any, representing the Series D Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units (including all accumulated and unpaid distributions up to but excluding the redemption date) shall be paid to the General Partner and each surrendered Unit certificate, if any, shall be canceled. If fewer than all the Units represented by any such certificate representing Series D Preferred Units are to be redeemed, a new certificate shall be issued representing the unredeemed Units.

(3) From and after the redemption date (unless the Partnership defaults in payment of the redemption price), all distributions on the Series D Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the redemption price thereof (including all accumulated and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and such Series D Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the Partnership, prior to a redemption date, may irrevocably deposit the redemption price (including accumulated and unpaid distributions to but not including the redemption date) of the Series D Preferred Units so called for redemption in trust for the General Partner with a bank or trust company, in which case the redemption notice to the General Partner shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the redemption price and (C) require the General Partner to surrender the certificates, if any, representing such Series D Preferred Units at such place on or about the date fixed in such redemption notice (which may not be later than the redemption date) against payment of the redemption price (including all accumulated and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the General Partner at the end of two years after the redemption date shall be returned by such bank or trust company to the Partnership.

Section 2.5  Ranking.  The Series D Preferred Units shall, with respect to distribution rights and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Interests the terms of which provide that such Partnership Interests shall rank junior to the Series D Preferred Units; (ii) on parity with all Parity Preferred Units; and (iii) junior to all Partnership Interests the terms of which provide that such Partnership Interests shall rank senior to the Series D Preferred Units.  The term “Partnership Interests” does not include convertible or exchangeable debt securities, which will rank senior to the Series D Preferred Units prior to conversion or exchange.  The Series D Preferred Units shall also rank junior in right of payment to the Partnership’s other existing and future debt obligations.

 

  

6

  

 

Section 2.6  Voting Rights.  The General Partner shall not have any voting or consent rights in respect of its Partnership Interests represented by the Series D Preferred Units.

 Section 2.7  Transfer Restrictions. The Series D Preferred Units shall not be transferable except in accordance with Section 11.2 of the Partnership Agreement.

 Section 2.8  Conversion.  In the event of a conversion of REIT Series D Preferred Shares into REIT Shares at the option of the holders of REIT Series D Preferred Shares upon certain changes of control, upon conversion of such REIT Series D Preferred Shares, the General Partner shall convert an equal whole number of Series D Preferred Units into Common Units as such REIT Series D Preferred Shares are converted into REIT Shares.  In the event of a conversion of REIT Series D Preferred Shares into REIT Shares, (a) to the extent the General Partner is required to pay cash in lieu of fractional REIT Shares pursuant to the Series D Certificate of Designations in connection with such conversion, the Partnership shall distribute an equal amount of cash to the General Partner; and (b) to the extent the General Partner receives cash proceeds in addition to the REIT Series D Preferred Shares tendered for conversion, the General Partner shall contribute such proceeds to the Partnership.  To the extent the provisions of this Section 2.8 are inconsistent with the provisions of Section 4.7 of the Partnership Agreement, the provisions of this Section 2.8 shall control.

 Section 2.9  No Sinking Fund.  No sinking fund shall be established for the retirement or redemption of Series D Preferred Units.

Section 3.  To the extent any provisions of this Amendment are inconsistent with the provisions of the Partnership Agreement, the provisions of this Amendment shall control.

 

Section 4.  The Partnership hereby issues 1,600,000 Series D Preferred Units to the General Partner.

 

Section 5.  Exhibit A to the Partnership Agreement is hereby replaced by Exhibit A attached hereto.

 

Section 6.  Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms.

 

  

7

  

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

WRT REALTY L.P.

	
  

	
By:  Winthrop Realty Trust, an Ohio

real estate investment trust, its

General Partner

 

	
 

	
By: 

	/s/ 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 	 
	 	 	 	 

	 	

FIRST UNION MANAGEMENT INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

[Signature Page to Amendment to Agreement of Limited Partnership]

 

  

  

  

 

EXHIBIT A

Partners And Percentage Interest

 

General Partner Interests

OP Units

	
Name

	  	
Class

	  	
Number

	  	
Percentage Interest

	  	  	  	  	  	  	  
	
Winthrop Realty Trust

	  	
Common

	  	
32,974,952

	  	
99.8%

	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

Limited Partnership Interests

OP Units

	
Name

	  	
Class

	  	
Number

	  	
Percentage Interest

	  	  	  	  	  	  	  
	
Winthrop Realty Trust

	  	
Series D Preferred Units

	  	
1,600,000

	  	
100%

	  	  	  	  	  	  	  
	
First Union Management Inc.

	  	
Common

	  	
66,082

	  	
.2%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]