Document:

Separation Agreement

 Exhibit 10.2

 SEPARATION AGREEMENT AND GENERAL RELEASE

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is dated as of February 2, 2015 (the “Effective Date”), by and between DuPont Fabros Technology, Inc., a Maryland corporation (the “Company”), DF Property Management LLC, a Delaware limited liability company (the “LLC”), and Hossein Fateh (the “Executive”).
WHEREAS, the Company, the LLC and the Executive (collectively the “parties”) previously entered into a Third Amended and Restated Employment Agreement dated as of February 5, 2013, as amended by the First Amendment to Third Amended and Restated Employment Agreement, dated December 2, 2014, by and among the Company, the LLC and Executive (together, the “Employment Agreement”), under which the Executive is employed by the Company and the LLC as President and Chief Executive Officer; 
WHEREAS, the Executive desires to voluntarily resign his employment with the Company and the LLC under the Employment Agreement, but to remain as a director and assume the role of Vice Chairman of the Company’s board of directors (the “Board”); 
WHEREAS, the parties desire to terminate the Employment Agreement, other than those sections of the Employment Agreement that by their terms survive termination of the Executive’s employment with the Company and the LLC (the “Surviving Employment Agreement Sections”), upon the Executive’s separation from employment as a result of his resignation of employment with the Company and the LLC; and
WHEREAS, the parties desire to effectuate an amicable and orderly separation from employment by setting forth herein the terms and conditions that will apply thereto.
Accordingly, the parties hereby agree as follows:
1.Resignation.  Executive shall resign from his employment as President and Chief Executive Officer and from any and all other positions he may have as an employee or officer with the Company and the LLC, and from any and all other positions he may have as an employee, officer or director of any subsidiary or affiliate of the Company, effective February 17, 2015 (the “Separation Date”), which shall be the date of termination of the Executive’s employment and the end of the Term referred to in Section 1 of the Employment Agreement.  Until and through the Separation Date, the Executive shall continue to be paid his current salary at the annualized rate of Five Hundred Twenty-Two Thousand ($522,000) (“Annual Salary Rate”), continue to receive the benefits, vacation and expense payment or reimbursement as provided in Sections 3.3, 3.4 and 3.5 of the Employment Agreement and continue to render services as an employee as provided in Section 2.1 of the Employment Agreement.  The parties agree to cooperate to facilitate an effective transition to new leadership.

2.Designation as Vice Chairman of the Board.

a.Contemporaneously with the execution of this Agreement, the Executive shall be designated as Vice Chairman of the Company’s Board, to have the responsibilities designated in the Company’s Bylaws.  Service on the Board and related terms shall be determined in accordance with the Company’s Bylaws and policies and other governing documents as they exist from time to time.

b.From and after the Separation Date, for so long as Executive shall be a member of the Board, the Executive shall be entitled to and shall receive the annual compensation awarded to non-employee members of the Company’s Board, plus the Company’s customary per-meeting fees attended in person and telephonically.

c.Nothing in this Agreement will prevent the Executive from resigning as Vice Chairman and/or as a member of the Company’s Board, and any such resignation shall not be a breach of this Agreement. 

d.Executive will be permitted, where reasonable, to fulfill his duties as Vice Chairman and as a member of the Company’s Board other than from the Company’s headquarters, including attending meetings telephonically.

3.Compensation and Benefits Accrued at Termination.  

a.The Executive shall be paid (i) Compensation and Benefits Accrued at Termination, which shall be paid within five (5) business days after the Separation Date, and (ii) any payment under the Company’s 2014 Short-Term Incentive Compensation Plan (the “2014 STIC Plan”) to which Executive is entitled (“2014 STIC Plan Payment”), which shall be paid no later than the earlier of (A) the date on which payments under the 2014 STIC Plan are made to plan participants other than Executive, and (B) March 15, 2015. 

b.For purposes of this Agreement, “Compensation and Benefits Accrued at Termination” means the following: 

i.the unpaid portion of the Executive’s annual salary at the Annual Salary Rate, pro-rated through the Separation Date, payable in accordance with the Company’s regular pay schedule;

ii.except as otherwise provided in this Agreement, all earned and unpaid and/or vested, nonforfeitable amounts owing or accrued at the Separation Date under any compensation and benefit plans, programs, and arrangements in which Executive theretofore participated, payable in accordance with the terms and conditions of the plans, programs, and arrangements (and agreements and documents thereunder) pursuant to which such compensation and benefits were granted or accrued;

iii.reasonable business expenses and disbursements incurred by Executive prior to the Separation Date, to be reimbursed to Executive in accordance the Company's reimbursement policies as in effect at the Separation Date; and

iv.to the extent consistent with the Company's policies for executives generally, compensation for vacation time accrued but unused at the Separation Date.

4.Severance Payment.  The Executive shall be paid a severance payment equal to the sum of: (i) Executive’s annual salary on the Effective Date, plus (ii) the average of the two highest annual cash bonus payments, if any, paid or approved for payment to Executive during the preceding three completed performance years (including the 2014 STIC Plan Payment) (the “Severance Payment”), which shall be paid within five (5) business days after the date that is six months following the Separation Date (or if earlier the Executive’s death).

5.Partial-Year Bonus.  The Executive shall be paid sixty-eight thousand, six hundred forty-seven dollars ($68,647) (the “Partial-Year Bonus”), which shall be paid as soon as practicable but in no event later than fourteen (14) days following the Separation Date.

6.Equity Awards.

a.All stock options, restricted stock, RSUs and other equity awards held by the Executive on the Separation Date, as set forth on Schedule 1 attached hereto, shall become fully vested and exercisable or free from repurchase restrictions or other risk of forfeiture, as applicable, and all other terms of such awards shall be governed by the plans and programs and the agreements and other documents pursuant to which such equity awards were granted.

b.Each of the award agreements for stock options held by the Executive on the Separation Date, as set forth on Schedule 2 attached hereto (the “Stock Option Award Agreements”), are hereby amended to provide that the Option Period (as defined in the applicable Stock Option Award Agreement) for such stock options will continue until the earliest to occur of (i) the date of termination of the Executive’s Service (as defined in the Company’s 2011 Equity Incentive Plan) as a Director of the Company and (ii) the date on which the stock option otherwise would have expired pursuant to the applicable Stock Option Award Agreement.  In order to effect this amendment, each of the Stock Option Award Agreements is hereby amended as follows: 

		
	i.
	The last paragraph of Section 2 of each of the Stock Option Award Agreements is hereby amended and restated as follows:

Except as provided in this Section 2 or any other agreement with the Company to which the Participant is a party, any options to purchase shares of Common Stock with respect to the Stock Option Award that are not vested on or before the date of the Participant’s termination of Service, as that term is defined in Company’s 2011 Equity Incentive Plan (the “Termination Date”), shall be forfeited on the date that such Service terminates. Each Stock Option Award may be exercised after the date of the Termination Date only with respect to the number of Stock Option Awards that were exercisable on the Termination Date, and a Participant may exercise such a Stock Option Award, before the expiration of the Option Period, during the period beginning on the Termination Date and ending on the 90th day following Termination Date.  For the avoidance of doubt, all of the Stock Option Award became vested under the Separation Agreement to which Participant was a party with the Company.  
		
	ii.
	Section 7 of each of the Stock Option Award Agreements is hereby amended and restated as follows:

No Right to Continued Service.  The grant of the Stock Option Award does not give the Participant any right with respect to continuance of Service, as that term is defined in the Company’s 2011 Equity Incentive Plan, nor shall it interfere in any way with the right of the Company or an Affiliate to terminate his Service at any time.
7.Performance-Based Awards/Award of Common Stock. 

a.Any performance objectives applicable to the performance-based restricted stock, RSUs, stock units, other equity awards and other long-term incentive awards (including cash awards) held by the Executive, as set forth on Schedule 3 attached hereto, shall be deemed to have been met at the greater of (A) target level at the Separation Date, or (B) actual performance at the Separation Date, and such amounts shall become fully vested and non-forfeitable as a result of termination of employment at the Separation Date, and, in other respects, such awards shall be governed by the plans and programs and the agreements and other documents pursuant to which such awards were granted.
b.In consideration of the Executive entering into this Agreement, on the Separation Date, the Company shall award to the Executive that number of shares of common stock of the Company, par value, $0.001 per share, equal to one million seven hundred fifty thousand dollars ($1,750,000) divided by the average of the opening and closing prices of the Company’s common stock on the date that the award is granted, which common stock shall be fully vested and free from repurchase restrictions or other risk of forfeiture.

8.COBRA Payment.  The Executive shall separately be provided with a notification of rights pursuant to the law known as COBRA to elect continuation of health insurance coverage (i.e., medical dental and vision) under the Company’s group health plan(s) in which the Executive, his spouse and any dependent children are participating as of the Separation Date.  Assuming election of COBRA continuation coverage, the Company shall pay the cost of such continuation coverage for the Executive, his participating spouse and any participating dependents for a period of eighteen (18) months after the Separation Date.

9.Administrative Support.  Until such time as determined otherwise by the Board, but in no event less than a period of one (1) year after the Effective Date, the Company and the LLC shall provide the Executive at the Company’ s sole expense with: 

a.office space in the Company’s headquarters for use by the Executive when performing services as Vice Chairman or otherwise for the benefit of the Company;

b.a laptop computer and related IT support;

c.a cellular telephone with a voice and data plan consistent with such plans provided by the Company and/or the LLC to its employees, and, upon termination of this Agreement or the services under this Section 9(c), the Executive shall be entitled to retain the number associated with such cellular telephone;

d.an electronic mail address for use by the Executive when performing services as Vice Chairman or otherwise for the benefit of the Company;

e.an aircard wireless broadband modem and associated data plan;

f.smart tags;

g.parking space at the Company’s headquarters, and Executive shall retain the parking space that is designated for his exclusive use as of the Effective Date;

h.a Company paid American Express card for use by the Executive for Company-related expenses; and 

i.the services of an administrative assistant employed by the Company, the LLC or one of their respective subsidiaries, which such assistant shall be the administrative assistant assigned to Executive as of the Effective Date or, if such person’s employment with the Company is terminated, an administrative assistant designed by Executive, which such designation shall be subject to the Company’s prior written consent, which such consent shall not be unreasonably withheld, delayed or conditioned. 

10.Code Section 409A Compliance.  The parties acknowledge and agree that the interpretation of Section 409A of the Internal Revenue Code, as amended (the “Code”) and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available.  In no event whatsoever shall the Company or the LLC be liable for any tax, interest or penalties that may be imposed on the Executive by Code Section 409A or any damages for failing to comply with Code Section 409A. 

11.Release.  For and in consideration of the payments, awards and support provided in Sections 4 through 9 of this Agreement, including but not limited to the Severance Payment and the Partial-Year Bonus, and for other good and valuable consideration, the Executive hereby, for the Executive, the Executive's spouse and his children, the Executive's heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns, forever releases, discharges and covenants not to sue the Company, the LLC or any of their divisions, affiliates, subsidiaries, parents, branches, predecessors, successors, assigns, and, with respect to such entities, their officers, directors, trustees, employees, agents, shareholders, administrators, general or limited partners, representatives, attorneys, insurers and fiduciaries, past, present and future (the “Released Parties”) from any and all claims of any kind (other than the “Company Excluded Claims,” as defined below) arising out of, or related to, his employment with the Company, the LLC, its affiliates and subsidiaries (collectively, with the Company and the LLC, the “Affiliated Entities”) or the Executive's separation from employment with the Affiliated Entities, which the Executive now has or may have against the Released Parties, whether known or unknown to the Executive, by reason of facts which have occurred on or prior to the date that the Executive has signed this Agreement.  Such released claims include, without limitation, any and all claims relating to the foregoing under federal, state or local laws pertaining to employment, including, without limitation, the Age Discrimination in Employment Act, as amended, 29 U.S.C. 621 et. seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000e et. seq., the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et. seq., the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101 et. seq. the Reconstruction Era Civil Rights Act, as amended, 42 U.S.C. Section 1981 et. seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et. seq., the Family and Medical Leave Act of 1992, 29 U.S.C. Section 2601 et. seq., and any and all state, District of Columbia or local laws regarding employment discrimination and/or federal, state, District of Columbia or local laws of any type or description regarding employment, including but not limited to any claims arising from or derivative of the Executive's employment with the Affiliated Entities, as well as any and all claims under state or District of Columbia contract or tort law or any other source of law.  

“Company Excluded Claims” means:  (i) any non-waivable rights under governing law, (ii) claims to enforce the terms of this Agreement and to the consideration under this Agreement, (iii) rights in respect of any equity, equity awards, stock options, restricted stock, RSUs, and performance based awards of the Company or any affiliates thereof held by or awarded to the Executive, his affiliates (including, without limitation, any trust or estate planning vehicle), the Executive's family members, (iv) the Executive’s rights to indemnification and D&O, E&O and liability insurance protection, (v) vested rights under the Company’s retirement and welfare benefit plans, and (vi) rights to the Compensation and Benefits Accrued at Termination and the 2014 STIC Plan Payment. 

The Executive has read this Agreement carefully, and by signing below, confirms that he understands its terms and enters into it knowingly and of his own free choice.  The Executive acknowledges that he has been given at least twenty-one (21) days to consider all of its terms and is being advised herein to consult with an attorney and any other advisors of the Executive's choice prior to executing this Agreement.  The Executive fully understands that by signing below the Executive is voluntarily giving up any right which the Executive may have to sue or bring any other claims seeking monetary of other relief against the Released Parties based on any claims lawfully released in this Agreement, including but not limited to any rights and claims under the Age Discrimination in Employment Act.  If the Executive signs this Agreement before the end of the twenty-one (21) day period, he acknowledges he has done so voluntarily of his own free choice.  The Executive also understands that the Executive has a period of seven (7) days after signing this Agreement within which to revoke his Agreement by delivering written notice of such revocation to the Company’s official who has signed this Agreement below, and that the Agreement is not effective and enforceable and neither the Company nor any other person is obligated to make any payments or provide any other benefits to the Executive pursuant to the Agreement until eight days have passed since the Executive's signing of this Agreement without the Executive's signature having been revoked, other than any accrued obligations or other accrued benefits payable.
For good and valuable consideration, the undersigned Company representative, on behalf of the Company and each of the Company Parties hereby forever releases, discharges and covenants not to sue the Executive, the Executive's spouse and his children, the Executive's heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns (collectively, the “Executive Released Parties”) from any and all claims of any kind which any such person or entity now has or may have against any of the Executive Released Parties, whether known or unknown, by reason of facts which have occurred on or prior to the date that the Company has signed this Agreement, including, without limitation, any and all claims under state or District of Columbia contract or tort law or any other source of law.  

12.Ownership of Work; Remedies.

a.Executive will promptly disclose in writing to the Company all inventions, discoveries, developments, improvements and innovations (collectively referred to as “Inventions”) that Executive has conceived or made during the period from the Separation Date until Executive is no longer a member of the Board; provided, however, that in this context “Inventions” are limited to those which (i) relate in any manner to the existing or contemplated business activities of the Company and its affiliates; (ii) are suggested by or result from Executive's services as a director of the Company; or (iii) result from the use of the time, materials or facilities of the Company and its affiliates.  All Inventions will be the Company's property rather than Executive's.  Should the Company request it, Executive agrees to sign any document that the Company may reasonably require to establish ownership in any Invention.

b.Executive agrees to cooperate with the Company by making himself available to testify on behalf of the Company or any subsidiary or affiliate of the Company, in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any subsidiary or affiliate of the Company, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any subsidiary or affiliate of the Company, as may be reasonably requested and after taking into account Executive's post-termination responsibilities and obligations.  The Company agrees to reimburse Executive, on an after-tax basis, for all reasonable expenses actually incurred in connection with his provision of testimony or assistance and to pay a mutually agreed hourly fee to Executive for any assistance provided after termination of Executive's employment.

c.Executive shall not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage or be damaging to the Company, its subsidiaries or affiliates or their respective officers, directors, employees, advisors, businesses or reputations.  The members of the Board, the executive officers of the Company and any personnel who are generally responsible for communications with investors and the public (including, without limitation, the Company's public relations and investor relations personnel) shall not, at any time during the Term and thereafter, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally or otherwise, or take any action which may, directly or indirectly, disparage or be damaging to Executive or his reputation.  The Company shall be liable for any such statement, representation, communication or action by any such member of the Board, executive officer or personnel.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from making truthful statements that are required by applicable law, regulation or legal process, including truthful statements in connection with an action, suit or other proceeding to enforce Executive's or the Company's respective rights under this Agreement.

d.Executive agrees that any breach of the terms of this Section 12 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; Executive therefore also agrees that in the event of said breach or any threat of breach and notwithstanding Section 13 the Company shall be entitled to seek an immediate injunction and restraining order from a court of competent jurisdiction to prevent such breach and/or threatened breach and/or continued breach by Executive and/or any and all persons and/or entities acting for and/or with Executive, without having to prove damages.  The availability of injunctive relief shall be in addition to any other remedies to which the Company may be entitled 

at law or in equity, but remedies other than injunctive relief may only be pursued in an arbitration brought in accordance with Section 13.  The terms of this Section 12.d. shall not prevent the Company from pursuing in an arbitration any other available remedies for any breach or threatened breach of this Section 12, including but not limited to the recovery of damages from Executive.  

13.Governing Law; Disputes; Arbitration.

a.Governing Law.  This Agreement and the Surviving Employment Agreement Sections are governed by and are to be construed, administered, and enforced in accordance with the laws of the District of Columbia, without regard to conflicts of law principles.  If under the governing law, any portion of this Agreement or any portion of the Surviving Employment Agreement Sections is at any time deemed to be in conflict with any applicable statute, rule, regulation, ordinance, or other principle of law, such portion shall be deemed to be modified or altered to the extent necessary to conform thereto or, if that is not possible, to be omitted from this Agreement or the Surviving Employment Agreement Sections.  The invalidity of any such portion shall not affect the force, effect, and validity of the remaining portion hereof or thereof. 
 
b.Arbitration.  Any dispute or controversy arising under or in connection with this Agreement or the Surviving Employment Agreement Sections shall be settled exclusively by arbitration in the District of Columbia by three arbitrators in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association in effect at the time of submission to arbitration.  Judgment may be entered on the arbitrators' award in any court having jurisdiction.  For purposes of entering any judgment upon an award rendered by the arbitrators, the Company and Executive hereby consent to the jurisdiction of any or all of the following courts: (i) the United States District Court for the District of Columbia, (ii) any of the courts of the District of Columbia, or (iii) any other court having jurisdiction.  The Company and Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.  The Company and Executive hereby waive, to the fullest extent permitted by applicable law, any objection which it or he may now or hereafter have to such jurisdiction and any defense of inconvenient forum.  The Company and Executive hereby agree that a judgment upon an award rendered by the arbitrators may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Each party shall bear its or his costs and expenses arising in connection with any arbitration proceeding pursuant to this Section 13; provided, however, that the party that substantially prevails in an arbitration shall be reimbursed by the other party for all reasonable costs, including reasonable attorneys' fees and costs, incurred by such prevailing party in connection with the arbitration.  Notwithstanding any provision in this Section 13, Executive shall be paid all compensation due and owing under this Agreement during the pendency of any dispute or controversy arising under or in connection with this Agreement.

c.Interest on Unpaid Amounts.  Any amount which has become payable pursuant to the terms of this Agreement, the Surviving Employment Agreement Sections or any decision by arbitrators or judgment by a court of law pursuant to this Section 13 but which has not been timely paid shall bear interest at the prime rate in effect at the time such amount first becomes payable, as quoted by the Company's principal bank.

d.LIMITATION ON LIABILITIES.  IF EITHER EXECUTIVE OR THE COMPANY IS AWARDED ANY DAMAGES AS COMPENSATION FOR ANY BREACH OR ACTION 

RELATED TO THIS AGREEMENT OR the Surviving Employment Agreement Sections, A BREACH OF ANY COVENANT CONTAINED IN THIS AGREEMENT OR the Surviving Employment Agreement Sections (WHETHER EXPRESS OR IMPLIED BY EITHER LAW OR FACT), OR ANY OTHER CAUSE OF ACTION BASED IN WHOLE OR IN PART ON ANY BREACH OF ANY PROVISION OF THIS AGREEMENT, SUCH DAMAGES SHALL BE LIMITED TO CONTRACTUAL DAMAGES PLUS INTEREST ON ANY DELAYED PAYMENT AT THE LOWER OF (I) THE RATE PERMITTED BY SECTION 13.C. OR (II) THE MAXIMUM RATE PER ANNUM ALLOWABLE BY APPLICABLE LAW FROM AND AFTER THE DATE(S) THAT SUCH PAYMENTS WERE DUE AND SHALL EXCLUDE CONSEQUENTIAL DAMAGES AND PUNITIVE DAMAGES EVEN IF THE RULES REFERRED TO IN SECTION 13.B. WOULD PROVIDE OTHERWISE.

e.WAIVER OF JURY TRIAL.  TO THE EXTENT APPLICABLE, EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL FOR ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, the Surviving Employment Agreement Sections OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT.  This provision is subject to Section 13.b, requiring arbitration of disputes hereunder.

14.Surviving Terms of Employment Agreement.  The parties understand and agree the Employment Agreement is hereby terminated, other than the Surviving Employment Agreement Sections, and that they continue to be bound by and agree to comply with their respective obligations under the Surviving Employment Agreement Sections.

15.Miscellaneous.  

a.Integration.  This Agreement cancels and supersedes the Employment Agreement, other than the Surviving Employment Agreement Sections, and except as stated herein, does not cancel or supersede any other ongoing agreements between the Executive and the Company or the LLC with respect to obligations following termination of employment.  This Agreement otherwise constitutes the entire agreement among the parties with respect to the Executive’s separation from employment as a result of his resignation of employment with the Company and the LLC, and no modification or waiver of any provision hereof shall be effective unless in writing and signed by the parties hereto.  The Executive shall not be entitled to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by the Executive under such prior agreements and understandings or under any benefit or compensation plan of the Company.

b.Successors; Transferability.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise, and whether or not the corporate existence of the Company continues) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise, and, in the case of an acquisition of the Company in which the corporate existence of the Company continues, the ultimate parent company following such acquisition.  Subject to the foregoing, the Company may 

transfer and assign this Agreement and the Company's rights and obligations hereunder only to another entity that is substantially comparable to the Company in its financial strength and ability to perform the Company's obligations under this Agreement.  Neither this Agreement nor the rights or obligations hereunder of the parties hereto shall be transferable or assignable by Executive, except in accordance with the laws of descent and distribution, for estate or tax planning purposes or as specified in Section 15.c.

c.Beneficiaries.  The Executive shall be entitled to designate (and change, to the extent permitted under applicable law) a beneficiary or beneficiaries to receive any compensation or benefits provided hereunder following Executive's death.

d.Notices.  Whenever under this Agreement it becomes necessary to give notice, such notice shall be in writing, signed by the party or parties giving or making the same, and shall be served on the person or persons for whom it is intended or who should be advised or notified, by Federal Express or other similar overnight service or by certified or registered mail, return receipt requested, postage prepaid and addressed to such party at the address set forth below or at such other address as may be designated by such party by like notice:
If to the Company or the LLC:
DUPONT FABROS TECHNOLOGY, INC. 
1212 New York Avenue, NW, Suite 900 
Washington, D.C. 20005
Attention: Secretary

With a copy to:
Stuart A. Barr
Hogan Lovells US LLP
555 Thirteenth Street, N.W.
Washington, D.C. 20004

If to the Executive:

Hossein Fateh

Address on file with the Company

With a copy to:
Robert G. Lian Jr.
Akin Gump Strauss Hauer & Feld LLP
1333 New Hampshire Avenue, N.W.
Washington, D.C. 20036-1564

If the parties by mutual agreement supply each other with fax numbers for the purposes of providing notice by facsimile, such notice shall also be proper notice under this Agreement.  In the case of Federal Express or other similar overnight service (or facsimile, if the parties supply fax numbers as described in the preceding sentence), such notice or advice shall be effective when 

sent, and, in the cases of certified or registered mail, shall be effective two business days after deposit into the mails by delivery to the U.S. Post Office.
e.Reformation.  The invalidity of any portion of this Agreement shall not be deemed to render the remainder of this Agreement invalid.

f.Headings.  The headings of this Agreement are for convenience of reference only and do not constitute a part hereof.

g.No General Waivers.  The failure of any party at any time to require performance by any other party of any provision hereof or to resort to any remedy provided herein or at law or in equity shall in no way affect the right of such party to require such performance or to resort to such remedy at any time thereafter, nor shall the waiver by any party of a breach of any of the provisions hereof be deemed to be a waiver of any subsequent breach of such provisions.  No such waiver shall be effective unless in writing and signed by the party against whom such waiver is sought to be enforced.

h.Offsets; Withholding; Other.  The amounts required to be paid by the Company to the Executive pursuant to this Agreement shall not be subject to offset other than with respect to any amounts that are owed to the Company by the Executive due to his receipt of funds as a result of his fraudulent activity.  The foregoing and other provisions of this Agreement notwithstanding, all payments or awards of common stock of the Company to be made to the Executive under this Agreement or otherwise by the Company shall be subject to withholding to satisfy withholding taxes and other required deductions.  In the event of the Executive’s death prior to the Separation Date or payment of any amount due under this Agreement, the payments otherwise due hereunder shall be payable to the Executive’s beneficiary or estate, and the terms of any life insurance or other relevant death benefits shall apply.  The Executive shall return to the Company on or before the Separation Date all equipment, property and confidential information of the Company or the LLC in his possession or control (whether in paper or other tangible form or electronic form), excepting personal compensation, financial and benefits information and items possessed in his capacity as a director of the Company.  No benefits or amounts hereunder will be subject to an obligation of the Executive to mitigate.  

i.Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the Executive, his heirs, executors, administrators and beneficiaries, and shall be binding upon and inure to the benefit of the Company and its successors and permitted assigns.

j.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.  PDF and electronic/facsimile copies shall have the effect of originals.  
k.Due Authority and Execution.  The execution, delivery and performance of this Agreement have been duly authorized by the Company and this Agreement represents the valid, legal and binding obligation of the Company, enforceable against the Company according to its terms.
l.Representations of the Executive.  The Executive represents and warrants to the Company that he has the legal right to enter into this Agreement and to perform all of the obligations on his part to be performed hereunder in accordance with its terms and that he is not a party to any agreement or understanding, written or oral, which prevents him from entering into this Agreement or performing all of his obligations hereunder.  Notwithstanding a termination by 

the Company under this Section 15.l, the Executive's obligations under Section 13 shall survive such termination.

16.Disclosure.  The Executive will be consulted on any press release or other public disclosure regarding his separation from the Company, and such release and disclosure will be subject to the Executive’s prior agreement, which shall not be unreasonably withheld, conditioned or delayed.  

17.Certain Definitions.  For purposes of this Agreement:
a.an “affiliate” of any person means another person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first person, and includes subsidiaries;

b.a “business day” means the period from 9:00 am to 5:00 pm on any weekday that is not a banking holiday in New York City, New York;

c.a “person” means an individual, corporation, limited liability company, partnership, association, trust or any other entity or organization, including any court, administrative agency or commission or other governmental authority; and

d.a “subsidiary” of any person means another person, an amount of the voting securities, other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting interests or no board of directors or other governing body, 50% or more of the equity interests of which) is owned directly or indirectly by such first person.

[Signature page follows]

        
  

IN WITNESS WHEREOF, the parties have signed their names as of the first day and year written above.
DUPONT FABROS TECHNOLOGY, INC.

By:     /s/ Lammot J. du Pont        
Name:    Lammot J. du Pont
Title:    Chairman of the Board

DF PROPERTY MANAGEMENT LLC

		
	By:
	DuPont Fabros Technology, L.P.,

its Managing Member

		
	By:
	DuPont Fabros Technology, Inc.,

its General Partner

By:     /s/ Lammot J. du Pont        
Name:    Lammot J. du Pont
Title:    Chairman of the Board

/s/ Hossein Fateh            
Name:  Hossein Fateh

Schedule 1

	
					
	Option Award
	 
	Unvested Options
	 
	Exercise Price

	2012 Stock Option Award
	 
	50,374
	 
	$22.57

	2013 Stock Option Award
	 
	122,807
	 
	$22.62

	Total
	 
	173,181
	 
	N/A

Schedule 2

Outstanding Stock Option Award Agreements:

		
	1.
	Stock Option Award Agreement, dated February 25, 2010, between the Company and Executive, with respect to option to purchase 97,223 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”);

		
	2.
	Stock Option Award Agreement, dated February 24, 2011, between the Company and Executive, with respect to option to purchase 298,103 shares of the Common Stock;

		
	3.
	Stock Option Award Agreement, dated February 23, 2012, between the Company and Executive, with respect to option to purchase 151,123 shares of the Common Stock; and

		
	4.
	Stock Option Award Agreement, dated February 21, 2013, between the Company and Executive, with respect to option to purchase 184,211 shares of the Common Stock;

Schedule 3

	
			
	Performance Unit Award
	 
	Target Award Unvested

	2013 Performance Unit Award
	 
	38,479

	2014 Performance Unit Award
	 
	68,413EX-10.1

 Exhibit 10.1 

Form of HCA Holdings, Inc. 

Stock Appreciation Rights Agreement 

This STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”), dated as of
                 (the “Grant Date”) is made by and between HCA Holdings, Inc., a Delaware corporation (together with its Subsidiaries and other Service
Recipients, hereinafter referred to as the “Company”), and the individual whose name is set forth below, who is an employee of the Company and hereinafter referred to as the “Grantee”. Any capitalized terms herein
not otherwise defined in Article I shall have the meaning set forth in the 2006 Stock Incentive Plan for Key Employees of HCA Holdings, Inc. and its Affiliates, as amended and restated (the “Plan”). 

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement;
and 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company, including any subcommittee formed pursuant to
Section 3(a) of the Plan, (or, if no such committee is appointed, the Board of Directors of the Company) (the “Committee”) has determined that it would be to the advantage and best interest of the Company and its shareholders
to grant an award of Stock Appreciation Rights (“SARs”) as provided for herein to the Grantee as an incentive for increased efforts during his or her term of office, employment or service with the Company, and has advised the
Company thereof and instructed the undersigned officers to issue said SARs; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

STOCK APPRECIATION RIGHTS GRANT 
  

			
	Grantee:		[Participant Name]
			[Participant Address]
		
	Aggregate number of SARs granted hereunder:		[SAR Award]
		
	Base Price of all SARs granted hereunder:		 [Base Price]

		
	Grant Date of Award (“Grant Date”):		 [Grant Date]

 ARTICLE I 

DEFINITIONS 
 Whenever the
following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. 

Section 1.1. Cause 

“Cause” shall mean “Cause” as such term may be defined in any employment agreement or change-in-control agreement in effect
at the time of termination of employment between the Grantee and the Company or, if there is no such employment or change-in-control agreement, “Cause” shall mean (i) willful and continued failure by Grantee (other than by reason of a
Permanent Disability) to perform his or her material duties with respect to the Company which continues beyond ten (10) business days after a written demand for substantial performance is delivered to Grantee by the Company (the “Cure
Period”); (ii) willful or intentional engaging by Grantee in material misconduct that causes material and demonstrable injury, monetarily or otherwise, to the Company or its Affiliates; (iii) conviction of, or a plea of nolo
contendere to, a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor for which a sentence of more than six months’ imprisonment is imposed; or (iv) Grantee’s engaging
in any action in breach of restrictive covenants made by Grantee under any agreement containing restrictive covenants (e.g., covenants not to disclose confidential information, to compete with the business of the Company or to solicit the employees
thereof to terminate their employment) or any employment or change-in-control agreement between the Grantee and the Company, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be
cured). 
 Section 1.2. Good Reason 

“Good Reason” shall mean “Good Reason” as such term may be defined in any employment agreement or change-in-control
agreement in effect at the time of termination of employment between the Grantee and the Company, or, if there is no such employment or change-in-control agreement, “Good Reason” shall mean (i) (A) a reduction in Grantee’s
base salary (other than a general reduction in base salary that affects all similarly situated employees (defined as all employees within the same Company pay grade as that of Grantee) in substantially the same proportions that the Board implements
in good faith after consultation with the Chief Executive Officer and Chief Operating Officer of the Company, if any); (B) a reduction in Grantee’s annual incentive compensation opportunity; or (C) the reduction of benefits payable to
Grantee under the Company’s Supplemental Executive Retirement Plan (if Grantee is a participant in such plan), in each case other than any isolated, insubstantial and 

  
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inadvertent failure by the Company that is not in bad faith and is cured within ten (10) business days after Grantee gives the Company written notice of such event; provided that the
events described in (i)(A) or (i)(B) above will not be deemed to give rise to Good Reason if employment is terminated, but Grantee declines an offer of employment involving a loss of compensation of less than 15% from a purchaser, transferee,
outsourced vendor, new operating entity or affiliated employer; (ii) a substantial diminution in Grantee’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad
faith and is cured within ten (10) business days after Grantee gives the Company written notice of such event; or (iii) a transfer of Grantee’s primary workplace to a location that is more than twenty (20) miles from his or her
workplace as of the date of this Agreement; provided that Good Reason shall not be deemed to occur merely because Grantee’s willful decision to change position or status within the Company causes one or more of the occurrences described
in (i), (ii), or (iii) to come about. 
 Section 1.3. Permanent Disability 

“Permanent Disability” shall mean “Disability” as such term is defined in any employment agreement between Grantee and the
Company, or, if there is no such employment agreement, “Disability” as defined in the long-term disability plan of the Company. 

Section 1.4. Retirement 

“Retirement” shall mean Grantee’s resignation (other than for Good Reason) from service with the Company (i) after
attaining 65 years of age or (ii) after attaining 55 years of age and completing ten (10) years of service with the Company. 

Section 1.5. SARs 

“SARs” shall mean the aggregate of the SARs granted under Section 2.1 of this Agreement. 

Section 1.6. Secretary 

“Secretary” shall mean the Secretary of the Company. 

ARTICLE II 
 GRANT OF SARS

 Section 2.1. Grant of SARs 

For good and valuable consideration, on and as of the date hereof the Company grants to the Grantee an award of SARs (the
“Award”) on the terms 

  
 3 

 
and conditions set forth in this Agreement. Each SAR represents the right to receive pursuant to this Agreement, upon exercise of the SAR, a payment from the Company in shares of Common Stock
having a value equal to the excess of the Fair Market Value of one Share on the exercise date over the Base Price (as defined below). 

Section 2.2. Base Price 

Subject to Section 2.4, the base price of each SAR granted pursuant to this Agreement (the “Base Price”) shall be as set
forth on the first page of this Agreement. 
 Section 2.3. No Guarantee of Employment 

Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in the employ of the Company nor interfere with or
restrict in any way the rights of the Company, which are hereby expressly reserved, to terminate the employment of the Grantee at any time for any reason whatsoever, with or without cause, subject to the applicable provisions of, if any, the
Grantee’s employment agreement with the Company or offer letter provided by the Company to the Grantee. 
 Section 2.4. Adjustments to
SARs 
 The SARs shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan, provided, however, that
in the event of the payment of an extraordinary dividend by the Company to its stockholders, then: first, the Base Price of each SAR shall be reduced by the amount of the dividend per share paid, but only to the extent the Committee
determines it to be permitted under applicable tax laws and it will not have adverse tax consequences to the Grantee; and, if such reduction cannot be fully effected due to such tax laws, second, the Company shall pay to the Grantee a cash
payment, on a per SAR basis, equal to the balance of the amount of the dividend not permitted to be applied to reduce the Base Price of the applicable SARs as follows: (a) for each Share with respect to which a vested SAR relates, promptly
following the date of such dividend payment; and (b), for each Share with respect to which an unvested SAR relates, on the date on which such SAR becomes vested and exercisable with respect to such Share. 

ARTICLE III 
 PERIOD OF
EXERCISABILITY 
 Section 3.1. Commencement of Exercisability 

(a) So long as the Grantee continues to be employed by the Company, this Award shall become vested and exercisable with respect to 25%

  
 4 

 
of the SARs on each of the first four anniversaries of the Grant Date (each such date, a “Vesting Date”). Except as provided in Section 3.1(b), or as otherwise
provided by the Committee, no part of this Award shall become vested as to any additional SARs as of any date following the termination of Grantee’s employment with the Company for any reason and any SAR, which is (or determined to be) unvested
as of the Grantee’s termination of employment, shall immediately expire without payment therefor. 
 (b) Notwithstanding the foregoing,
upon the occurrence of a Change in Control (the definition of which is set forth on Schedule A attached hereto): 
 (1) In the
event the entity surviving the Change in Control (the “Successor”) assumes the Award granted hereby, if the Grantee’s employment with the Successor is terminated without Cause by the Successor, or terminates for Good Reason by
the Grantee or on account of Grantee’s death or Permanent Disability prior to an applicable Vesting Date, all unvested SARs not previously forfeited shall immediately vest and become exercisable as of the date of such termination of employment
for the applicable period set forth in Section 3.2. 
 (2) In the event the Successor does not assume the Award granted hereby, all
unvested SARs not previously forfeited shall vest immediately prior to the effective date of the Change in Control, and shall be cancelled in exchange for the payment described in Section 9(a)(ii)(A) of the Plan as of the effective date of the
Change in Control. 
 Section 3.2. Expiration of SARs 

The Grantee may not exercise any SAR granted pursuant to this Award after the first to occur of the following events: 

(a) The tenth anniversary of the Grant Date so long as the Grantee remains employed with the Company or a Successor through such date; 

(b) The third anniversary of the date of the Grantee’s termination of employment with the Company or a Successor, if the Grantee’s
employment terminates by reason of death or Permanent Disability; 
 (c) Immediately upon the date of the Grantee’s termination of
employment by the Company or a Successor for Cause; 
 (d) One hundred and eighty (180) days after the date of the Grantee’s
termination of employment by the Company or a Successor without Cause (for any reason other than as set forth in Section 3.2(b)); 

(e) One hundred and eighty (180) days after the date of the Grantee’s termination of employment with the Company or a Successor by
the Grantee for Good Reason; 

  
 5 

 (f) The third anniversary of the date of the Grantee’s termination of employment with the
Company or a Successor by the Grantee upon Retirement; or 
 (g) Sixty (60) days after the date of the Grantee’s termination of
employment with the Company or a Successor by the Grantee without Good Reason (except due to Retirement, death or Permanent Disability). 
 For the
avoidance of doubt, for purposes of this Agreement, Grantee’s employment shall not be deemed to have terminated so long as Grantee remains employed by any Service Recipient. 

ARTICLE IV 
 EXERCISE 

Section 4.1. Person Eligible to Exercise 

The Grantee may exercise only that portion of this Award that has both vested and become exercisable at the time Grantee desires to exercise
this Award and that has not expired pursuant to Section 3.2. During the lifetime of the Grantee, only the Grantee (or his or her duly authorized legal representative) may exercise the SARs granted pursuant to this Award or any portion thereof.
After the death of the Grantee, any vested and exercisable portion of this Award may, prior to the time when such portion becomes unexercisable under Section 3.2, be exercised by his personal representative or by any person empowered to do so
under the Grantee’s will or under the then applicable laws of descent and distribution. 
 Section 4.2. Partial Exercise 

Any vested and exercisable portion of this Award, or the entire Award, if then wholly vested and exercisable, may be exercised in whole or in
part at any time prior to the time when the Award or portion thereof becomes unexercisable under Section 3.2. 
 Section 4.3. Manner of
Exercise 
 Subject to the Company’s code of conduct and securities trading policies as in effect from time to time, this Award,
or any exercisable portion thereof, may be exercised solely by delivering to the Company or its designated agent all of the following prior to the time when the Award or such portion becomes unexercisable under Section 3.2: 

(a) Notice in writing (or such other medium acceptable to the Company or its designated agent) signed or acknowledged by the Grantee or other
person then entitled to exercise the Award, stating the number of SARs subject to the Award in respect of which the Award is thereby being exercised, such notice complying with all applicable rules established by the Committee; 

  
 6 

 (b) (i) Full payment (in cash or by check or by a combination thereof) to satisfy the
minimum withholding tax obligation with respect to which the Award or portion thereof is exercised or (ii) indication that the Grantee elects to satisfy the withholding tax obligation through an arrangement that is compliant with the
Sarbanes-Oxley Act of 2002 (and any other applicable laws and exchange rules) and that provides for the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Award and to deliver promptly to the Company an
amount to satisfy the minimum withholding tax obligation that would otherwise be required to be paid by the Grantee to the Company pursuant to clause (i) of this subsection (b), or (iii) if made available by the Company, indication that
the Grantee elects to have the number of Shares that would otherwise be issued to the Grantee upon exercise of such Award (or portion thereof) reduced by a number of Shares having an aggregate Fair Market Value, on the date of such exercise, equal
to the payment to satisfy the minimum withholding tax obligation that would otherwise be required to be made by the Grantee to the Company pursuant to clause (i) of this subsection (b). 

(c) If required by the Company, a bona fide written representation and agreement, in a form satisfactory to the Company, signed by the Grantee
or other person then entitled to exercise such Award or portion thereof, stating that the shares of Common Stock are being acquired for his own account, for investment and without any present intention of distributing or reselling said shares or any
of them except as may be permitted under the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder, and that the Grantee or other person then entitled to exercise such Award or portion
thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement
referred to above; provided, however, that the Company may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect
compliance with the Act and any other federal or state securities laws or regulations; and 
 (d) In the event the Award or portion thereof
shall be exercised pursuant to Section 4.1 by any person or persons other than the Grantee, appropriate proof of the right of such person or persons to exercise the Award. 

Without limiting the generality of the foregoing, the Company may require an opinion of counsel acceptable to it to the effect that any subsequent transfer of
shares acquired on exercise of this Award (or portion thereof) does not violate 

  
 7 

 
the Act, and may issue stop-transfer orders covering such Shares. Share certificates evidencing stock issued on exercise of any portion of this Award shall bear an appropriate legend referring to
the provisions of subsection (c) above and the agreements herein. The written representation and agreement referred to in subsection (c) above shall, however, not be required if the shares to be issued pursuant to such exercise have been
registered under the Act, and such registration is then effective in respect of such shares. 
 Section 4.4. Conditions to Issuance of Stock
Certificates 
 The Shares issuable (whether by certificate or otherwise) upon the exercise of this Award, or any portion thereof,
may be either previously authorized but unissued Shares or issued Shares, which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. If share certificates are to be issued, the Company shall not be required to
issue or deliver any certificate or certificates for Shares purchased upon the exercise of this Award or portion thereof prior to fulfillment of all of the following conditions: 

(a) The obtaining of approval or other clearance from any state or federal governmental agency which the Committee shall, in its reasonable
and good faith discretion, determine to be necessary or advisable; and 
 (b) The lapse of such reasonable period of time following the
exercise of the Award as the Committee may from time to time establish for reasons of administrative convenience or as may otherwise be required by applicable law. 

Section 4.5. Rights as Stockholder 

Except as otherwise provided in Section 2.4 of this Agreement, the holder of any SARs subject to this Award shall not be, nor have any of
the rights or privileges of, a stockholder of the Company in respect of any Shares issuable upon the exercise of this Award or any portion thereof unless and until certificates representing such Shares shall have been issued by the Company to such
holder, or the Company or its designated agent has otherwise recorded the appropriate book entries evidencing Grantee’s ownership of the Shares. 

ARTICLE V 
 MISCELLANEOUS

 Section 5.1. Administration 

The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke any 

  
 8 

 
such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other interested persons. No member
of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award. In its absolute discretion, the Board may at any time and from time to time exercise any and all
rights and duties of the Committee under the Plan and this Agreement. 
 Section 5.2. Award Not Transferable 

No part of, or interest in, this Award shall be liable for the debts, contracts or engagements of the Grantee or his successors in interest or
shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any
other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 5.2 shall not prevent transfers by will or by the applicable laws
of descent and distribution. 
 Section 5.3. Notices 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary or its
designee, and any notice to be given to the Grantee shall be addressed to him at the address (including an electronic address) reflected in the Company’s books and records. By a notice given pursuant to this Section 5.3, either party may
hereafter designate a different address for notices to be given to him. Any notice, which is required to be given to the Grantee, shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such representative
has previously informed the Company of his status and address by written notice under this Section 5.3. Any notice shall have been deemed duly given when (i) delivered in person, (ii) delivered in an electronic form approved by the
Company, (iii) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service, or (iv) enclosed in
a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier. 

Section 5.4. Titles; Pronouns 

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. The
masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. 

  
 9 

 Section 5.5. Applicability of Plan  

The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this
Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 

Section 5.6. Amendment 

Subject to Section 10 of the Plan, this Agreement may be amended only by a writing executed by the parties hereto, which specifically
states that it is amending this Agreement. 
 Section 5.7 Governing Law 

The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the
law that might be applied under principles of conflicts of laws. 
 Section 5.8 Arbitration 

In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the
parties, such controversy shall be finally, exclusively and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules, by a single independent arbitrator. Such arbitration
process shall take place within the Nashville, Tennessee metropolitan area. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of
the arbitrator’s reasoning. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator. If the Grantee
substantially prevails on any of his or her substantive legal claims, then the Company shall reimburse all legal fees and arbitration fees incurred by the Grantee to arbitrate the dispute. 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto. 

 

			
	HCA HOLDINGS, INC.
		
	By:	 	  

		
	Its:	 	
	     

	
	Grantee:
	
	 (electronically accepted)

  
 11 

 Schedule A 

Definition of Change in Control 

For purposes of this Agreement, the term “Change in Control” shall mean, in lieu of any definition contained in the Plan: 

(i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any
Person or Group other than an employee benefit plan (or trust forming a part thereof) maintained by (1) the Company or (2) any corporation or other Person of which a majority of its voting power of its voting equity securities or equity
interest is owned, directly or indirectly, by the Company (a “Permitted Holder”); or 
 (ii) any Person or Group, other than a
Permitted Holder, becomes the Beneficial Owner (as such term is defined in Rule 13d-3 under the Exchange Act (or any successor rule thereto) (except that a Person shall be deemed to have “beneficial ownership” of all shares that any such
Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time)), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls
the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or 
 (iii) a reorganization,
recapitalization, merger or consolidation (a “Corporate Transaction”) involving the Company, unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in
the election of directors of the Company or the corporation resulting from such Corporate Transaction (or the parent of such corporation) are Beneficially Owned subsequent to such transaction by the Person or Persons who were the Beneficial Owners
of the outstanding voting securities entitled to vote generally in the election of directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate
Transaction; or 
 (iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with
any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning
of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board then in office.

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