Document:

Exhibit 10.5

 

SECOND AMENDMENT
TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of June 26, 2015, by and among QUALITYTECH,
LP, a Delaware limited partnership (“Borrower”), THE ENTITIES LISTED ON THE SIGNATURE PAGES HEREOF AS GUARANTORS
(“Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), THE OTHER LENDERS WHICH ARE SIGNATORIES
HERETO (KeyBank and the other lenders which are signatories hereto, collectively, the “Lenders”), and KEYBANK
NATIONAL ASSOCIATION, a national banking association, as Agent (the “Agent” for the Lenders).

 

WITNESSETH:

 

WHEREAS, Borrower, Guarantors,
Agent, and the Lenders entered into that certain Third Amended and Restated Credit Agreement dated as of December 17, 2014, as
amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of June 5, 2015 (as the same
may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit
Agreement”);

 

WHEREAS, Borrower and Guarantors
have requested that the Agent and the Lenders make certain modifications to the Credit Agreement; and

 

WHEREAS, the Agent and
the Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.

 

NOW, THEREFORE, for and
in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.          Definitions.
All terms used herein which are not otherwise defined herein shall have the meanings set forth in the Credit Agreement.

 

2.          Modification
of the Credit Agreement. The Agent, the Lenders and the Borrower hereby amend the Credit Agreement by deleting the following
from subparagraph (b) of the definition of Change of Control in §1.1 of the Credit Agreement: “(excluding, in the case
of both clause (b)(ii) and (b)(iii) above, any individual whose initial nomination for, or assumption of office as, a member of
the REIT Board occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of
one or more directors or trustees by any Person or group other than a solicitation for the election of one or more directors or
trustees by or on behalf of the REIT Board)”.

 

3.          References
to Credit Agreement. All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit
Agreement as modified and amended herein.

 

4.          Consent
of Guarantors. By execution of this Amendment, Guarantors hereby expressly consent to the modifications and amendments relating
to the Credit Agreement and the Loan Documents as set forth herein, and Borrower and Guarantors hereby acknowledge, represent and
agree that the Loan Documents (including without limitation the Guaranty) remain in full force and effect and constitute the valid
and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their
respective terms, and that the Guaranty extends to and applies to the foregoing documents as modified and amended.

 

    	 

    	 

    

 

5.           Representations.
Borrower and Guarantors represent and warrant to Agent and the Lenders as follows:

 

(a)          Authorization.
The execution, delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the authority
of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not
and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which
any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do
not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under
any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation
or other charter documents or bylaws of, or any mortgage, indenture, agreement, contract or other instrument binding upon, any
of such Persons or any of its properties or to which any of such Persons is subject, and (v) do not and will not result in
or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons, other than
the liens and encumbrances created by the Loan Documents.

 

(b)          Enforceability.
The execution and delivery of this Amendment are valid and legally binding obligations of Borrower and Guarantors enforceable in
accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general
principles of equity.

 

(c)           Approvals.
The execution, delivery and performance of this Amendment and the transactions contemplated hereby do not require the approval
or consent of or approval of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing
or registration with, or the giving of any notice to, any court, department, board, commission or other governmental agency or
authority other than those already obtained.

 

(d)          Reaffirmation.
Borrower and Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by the Borrower,
the Guarantors and their respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in connection
therewith except for representations or warranties that expressly relate to an earlier date.

 

6.           No
Default. By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance
with all covenants under the Loan Documents after the execution and delivery of this Amendment, and that no Default or Event of
Default has occurred and is continuing.

 

7.           Waiver
of Claims. Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have
no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents,
the administration or funding of the Loans or with respect to any acts or omissions of Agent or any of the Lenders, or any past
or present officers, agents or employees of Agent or any of the Lenders, and each of Borrower and Guarantors does hereby expressly
waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.

 

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8.          Ratification.
Except as hereinabove set forth or in any other document previously executed or executed in connection herewith, all terms, covenants
and provisions of the Credit Agreement, the Notes and the Guaranty remain unaltered and in full force and effect, and the parties
hereto do hereby expressly ratify and confirm the Loan Documents as modified and amended herein. Nothing in this Amendment shall
be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment
or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents
(including without limitation the Guaranty).

 

9.          Counterparts.
This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.

 

10.        Miscellaneous.
This Amendment shall be construed and enforced in accordance with the laws of the State of Georgia (excluding the laws applicable
to conflicts or choice of law). This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective permitted successors, successors-in-title and assigns as provided in the Loan Documents.

 

11.        Effective
Date. This Amendment shall be deemed effective and in full force and effect as of the date hereof upon the execution and delivery
of this Amendment by Borrower, Guarantors, Agent and the Required Lenders.

 

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IN WITNESS WHEREOF, the
parties hereto have set their hands and affixed their seals as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	QUALITYTECH, LP, a Delaware limited partnership
	 	 	 	 
	 	By:	QTS Realty Trust, Inc., a Maryland corporation, its general partner
	 	 	 	 
	 	 	By:	/s/ Shirley E. Goza
	 	 	Name:	Shirley E. Goza
	 	 	Title:	General Counsel & Secretary
	 	 	 	 
	 	 	 	(SEAL)

 

	 	GUARANTORS:
	 	 
	 	QTS REALTY TRUST, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Shirley E. Goza
	 	Name:	Shirley E. Goza
	 	Title:	General Counsel & Secretary
	 	 	 
	 	 	(SEAL)

  

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	 	QUALITY INVESTMENT PROPERTIES METRO, LLC
	 	QUALITY INVESTMENT PROPERTIES, SUWANEE, LLC
	 	QUALITY TECHNOLOGY SERVICES METRO II, LLC
	 	QUALITY TECHNOLOGY SERVICES, SUWANEE II, LLC
	 	QUALITY TECHNOLOGY SERVICES WICHITA II, LLC
	 	QUALITY INVESTMENT PROPERTIES SACRAMENTO, LLC
	 	QUALITY TECHNOLOGY SERVICES SACRAMENTO II, LLC
	 	QUALITY INVESTMENT PROPERTIES MIAMI, LLC
	 	QUALITY TECHNOLOGY SERVICES MIAMI II, LLC
	 	QUALITY INVESTMENT PROPERTIES SANTA CLARA, LLC
	 	QUALITY TECHNOLOGY SERVICES SANTA CLARA II, LLC
	 	QUALITY INVESTMENT PROPERTIES IRVING, LLC
	 	QUALITY TECHNOLOGY SERVICES IRVING II, LLC
	 	QUALITY TECHNOLOGY SERVICES JERSEY CITY, LLC
	 	QUALITY TECHNOLOGY SERVICES, N.J., LLC
	 	QUALITY TECHNOLOGY SERVICES, N.J. II, LLC
	 	QTS INVESTMENT PROPERTIES PRINCETON, LLC
	 	QUALITY TECHNOLOGY SERVICES PRINCETON II, LLC
	 	QTS INVESTMENT PROPERTIES CHICAGO, LLC
	 	QUALITY TECHNOLOGY SERVICES CHICAGO II, LLC
	 	QUALITY INVESTMENT PROPERTIES GATEWAY, LLC
	 	QUALITY TECHNOLOGY SERVICES LENEXA, LLC
	 	QUALITY INVESTMENT PROPERTIES LENEXA, LLC
	 	QUALITY TECHNOLOGY SERVICES LENEXA II, LLC
	 	QUALITY INVESTMENT PROPERTIES RICHMOND, LLC
	 	QUALITY TECHNOLOGY SERVICES RICHMOND II, LLC
	 	QTS CRITICAL FACILITIES MANAGEMENT, LLC
	 	QUALITY TECHNOLOGY SERVICES, LLC
	 	QUALITY TECHNOLOGY SERVICES, NORTHEAST, LLC
	 	QUALITY INVESTMENT PROPERTIES IRVING II, LLC
	 	QUALITY TECHNOLOGY SERVICES HOLDING, LLC,
	 	each a Delaware limited liability company
	 	 	 
	 	By:	/s/ Shirley E. Goza
	 	Name:	Shirley E. Goza
	 	Title:	Vice President, General Counsel & Secretary
	 	 	 
	 	 	(SEAL)

 

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	 	QLD INVESTMENT PROPERTIES WICHITA TECHNOLOGY GROUP, L.L.C., a Kansas limited liability company
	 	 	 
	 	By:	/s/ Shirley E. Goza
	 	Name:	Shirley E. Goza
	 	Title:	Vice President, General Counsel & Secretary
	 	 	 
	 	 	(SEAL)
	 	 	 
	 	QAE ACQUISITION COMPANY, LLC, a Georgia limited liability company
	 	 	 
	 	By:	/s/ Shirley E. Goza
	 	Name:	Shirley E. Goza
	 	Title:	Vice President, General Counsel & Secretary
	 	 	 
	 	 	(SEAL)
	 	 	 
	 	QTS FINANCE CORPORATION, a Delaware corporation
	 	 	 
	 	By:	/s/ Shirley E. Goza
	 	Name:	Shirley E. Goza
	 	Title:	General Counsel & Secretary
	 	 	 
	 	 	(SEAL)

 

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	 	AGENT AND LENDERS:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION, individually and as Agent
	 	 	 
	 	By:	/s/ Timothy Sylvain
	 	Name:	Timothy Sylvain
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	BANK OF AMERICA, N.A., as Co-Syndication Agent
	 	 	 
	 	By:	/s/ Gary J. Katunas
	 	Name:	Gary J. Katunas
	 	Title:	Senior Vice President
	 	 	 
	 		(SEAL)

 

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	 	DEUTSCHE BANK AG NEW YORK BRANCH
	 	 	 
	 	By:	/s/ James Rolison
	 	Name:	James Rolison
	 	Title:	Managing Director
	 	 	 
	 	By:	/s/ J. T. Johnston Coe
	 	Name:	J. T. Johnston Coe
	 	Title:	Managing Director
	 	 	 
	 	 	(SEAL)

 

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	 	REGIONS BANK, as Co-Syndication Agent
	 	 	 
	 	By:	/s/ Kerri L. Raines
	 	Name:	Kerri L. Raines
	 	Title:	Senior Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	CITIZENS BANK, NATIONAL ASSOCIATION f/k/a RBS CITIZENS, N.A.
	 	 	 
	 	By:	/s/ Michelle Dawson
	 	Name:	Michelle Dawson
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	GOLDMAN SACHS BANK USA
	 	 	 
	 	By:	/s/ Jamie Minieri
	 	Name:	Jamie Minieri
	 	Title:	Authorized Signatory
	 	 	 
	 	 	(SEAL)

 

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	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Andrew Fraser
	 	Name:	Andrew Fraser
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	MORGAN STANLEY SENIOR FUNDING, INC.
	 	 	 
	 	By:	/s/ Emanuel Ma
	 	Name:	Emanuel Ma
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	JPMORGAN CHASE BANK, N.A.
	 	 	 
	 	By:	/s/ Brendan Poe
	 	Name:	Brendan Poe
	 	Title:	Executive Director
	 	 	 
	 	 	(SEAL)

 

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	 	SUNTRUST BANK
	 	 	 
	 	By:	/s/ Francine Glandt
	 	Name:	Francine Glandt
	 	Title:	SVP, REIT Banking Group
	 	 	 
	 	 	(SEAL)

 

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	 	TORONTO DOMINION (TEXAS) LLC
	 	 	 
	 	By:	/s/ Savo Bozic
	 	Name:	Savo Bozic
	 	Title:	Authorized Signatory
	 	 	 
	 	 	(SEAL)

 

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	 	SYNOVUS BANK
	 	 	 
	 	By:	/s/ David W. Bowman
	 	Name:	David W. Bowman
	 	Title:	Director
	 	 	 
	 	 	(SEAL)

 

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	 	STIFEL BANK & TRUST
	 	 	 
	 	By:	/s/ Suzanne Agin
	 	Name:	Suzanne Agin
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	MORGAN STANLEY BANK, N.A.
	 	 	 
	 	By:	/s/ Emanuel Ma
	 	Name:	Emanuel Ma
	 	Title:	Authorized Signatory
	 	 	 
	 	 	(SEAL)

 

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	 	JEFFERIES GROUP LLC
	 	 	 
	 	By:	/s/ Mark Sahler
	 	Name:	Mark Sahler
	 	Title:	Managing Director
	 	 	 
	 	 	(SEAL)

 

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	 	COBANK, ACB
	 	 	 
	 	By:	/s/ Kevin A. Oliver
	 	Name:	Kevin A. Oliver
	 	Title:	Vice President
	 	 	 
	 	 	(SEAL)

 

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	 	CROSSFIRST BANK
	 	 	 
	 	By:	/s/ Douglas McKay
	 	Name:	Douglas McKay
	 	Title:	Business Banker
	 	 	 
	 	 	(SEAL)Exhibit 10.8

 

EMPLOYMENT AGREEMENT

(Peter Weber)

 

This EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of May 6, 2015 (“Effective Date”), by and among QTS
Realty Trust, Inc., a Maryland Corporation (the “Company”), QualityTech, LP, a Delaware limited partnership
(the “OP”), Quality Technology Services Holding, LLC, a Delaware limited liability company (the “Purchaser”),
and Quality Technology Services, LLC, a Delaware limited liability company (“QTS”), and Peter Weber, an individual
(“Executive”), with respect to the following facts and circumstances:

 

RECITALS

 

WHEREAS, Executive and
Carpathia Hosting, Inc., a Delaware corporation have entered into an Employment Agreement effective as of May 30, 2008 (the “Original
Agreement”);

 

WHEREAS, the Purchaser,
Carpathia Holdings, LLC, a Delaware limited liability company (“Seller”), and Carpathia Acquisition, Inc., a
Delaware corporation, have entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) dated May
6, 2015, pursuant to which, at the Closing, as such term is defined in the Stock Purchase Agreement, Seller shall sell to Purchaser
and Purchaser shall purchase from Seller, all of the outstanding shares of capital stock of Carpathia Acquisition, Inc.;

 

WHEREAS, Executive’s
execution of this Agreement is a material inducement of, and is a condition precedent for, the Purchaser to enter into the Stock
Purchase Agreement;

 

WHEREAS, contingent upon
the consummation of the Closing, the Company and the OP desire for Executive to be appointed Chief Product Officer of QTS, and
Executive desires to accept such employment and appointment, on the terms set forth below; and

 

WHEREAS, the Company, OP,
QTS and the Executive desire to provide for the continued employment of the Executive and to supersede the Original Agreement with
this Agreement upon the consummation of the Closing.

 

NOW, THEREFORE, in consideration of the mutual
promises, covenants and agreements set forth herein, the parties hereto agree as follows:

 

ARTICLE 1

EMPLOYMENT, TERM AND DUTIES

 

1.1           Employment.
Effective as of the consummation of the Closing (the “Effective Date”) QTS and/or the Company shall employ Executive
as the Chief Product Officer of QTS, upon the terms and conditions set forth in the Agreement; provided that in the event the Closing
does not occur or the Stock Purchase Agreement is otherwise terminated upon the terms and subject to the conditions contained therein,
this Agreement shall thereupon become null and void and the Original Agreement will continue in accordance with its terms. Executive
shall report directly to the Chief Executive Officer (“CEO”) of the Company, unless otherwise determined by the CEO
(but subject to Section 4.1.3(a)).  Executive's principal place of employment shall be the principal offices of QTS currently
located in Dulles, Virginia.

 

    	 

    	 

    

 

1.2           Term.
QTS and/or the Company shall employ Executive, and Executive shall serve as the Chief Product Officer of QTS commencing upon the
Effective Date, and continuing thereafter for a two (2) year term (the “Term”), unless earlier terminated under
Article 4; provided, that the Term shall automatically renew for additional one (1)-year periods unless QTS (and/or the
Company) or Executive gives notice of non-renewal at least thirty (30) days prior to expiration of the Term (as it may have been
extended by any renewal period). 

 

1.3           Duties.

 

(a)          Executive
shall perform all of the duties and obligations consistent with the position of Chief Product Officer and consistent with the Bylaws
or other governing documents of QTS and/or the Company as in effect from time to time, subject to the lawful and good faith direction
of the CEO of the Company, and shall perform such other duties of an executive,
managerial or administrative nature as shall be specified and designated from time to time by the CEO (including the performance
of services for any subsidiary or affiliate of the Company without any additional compensation) consistent with the position of
Chief Product Officer. Executive shall perform the duties contemplated herein faithfully and diligently.

 

(b)          Executive
acknowledges and agrees that by executing this Agreement he waives any right to claim a termination for “Good Reason”
under the terms of the Original Agreement by virtue of the position to which he is being appointed as of immediately following
the Closing. Executive further acknowledges and agrees that effective as of the Closing this Agreement will completely supersede
and replace the Original Agreement.

 

(c)          Executive
shall devote substantially all of his business time and effort to the performance of Executive’s duties hereunder and to
the business affairs of the OP, the Company and QTS; provided, that in no event shall this provision prohibit Executive
from (i) performing social, civic, charitable and religious activities, (ii) managing personal investments and affairs (which includes
Massachusetts Burger Enterprises LLC), (iii) participating in educational or professional associations, or (iv) any other activities
approved by the CEO, so long as the activities set forth in clauses (i) through (iv) above do not materially and adversely interfere
with Executive’s duties and obligations hereunder or to the business affairs of the Company and/or QTS. Executive also may
serve on one or more boards of directors of another company (and committees thereof) upon approval of the CEO prior to commencing
service on such other company board.

 

ARTICLE 2

COMPENSATION

 

Subject to the provisions of this Agreement,
QTS or the Company shall pay and provide the following compensation and other benefits to Executive during each of the years of
the Term as compensation for services hereunder:

 

2.1           Salary.
In consideration for Executive’s services hereunder, QTS or the Company shall pay Executive an annual salary at the rate
of $350,000 per year (“Base Pay”), payable in accordance with QTS’ regular payroll schedule from time to time
(less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated
similar withholdings). The Base Pay shall be reviewed by the Compensation Committee (the “Compensation Committee”)
of the Board of Directors of the Company (the “Board”), no less frequently than annually. 

 

    	 

    	 

    

 

2.2           Bonus.
Executive will have the opportunity to earn a bonus to be paid in accordance with QTS’ regular bonus payment schedule. Executive’s
bonus opportunity under the bonus plan in effect for calendar year 2015 as of immediately prior to the Closing shall be deemed
satisfied at the target level. Following the Closing and for the remainder of 2015, Executive is eligible for a target bonus equal
to 100% of his Base Pay based upon his performance, the performance of the Company and the attainment of integration objectives
(“Target Bonus”). Both components of the bonus described in this Section 2.2 will be prorated based on the number
of days the Executive worked pre-Closing and post-Closing and paid in 2016 in accordance with QTS’ regular bonus payment
schedule and will be paid in March 2016. 

 

2.3           Equity
Award: Executive will be entitled to participate in the
Company’s 2013 Equity Incentive Plan (or successor plan) (“Equity Plan”) in accordance with its terms
and conditions as may be in effect from time to time. Executive will be awarded Restricted Stock
Units with a value of $350,000 (based on the Closing price of a share of the Company on the date of grant) within ten (10) days
of the Effective Date. The Restricted Stock Units will vest ratably over four years, with 25% vesting each year on the anniversary
of the grant date, and will become 100% vested upon the occurrence of a Change in Control as defined in the Equity Plan. In
addition, Executive will be entitled to receive equity awards of Options or Restricted Stock with the Company’s regular issuance
schedule (“Equity Awards”) in accordance with QTS’ policies and as deemed appropriate by the Compensation Committee
(for fiscal year 2016, the Equity Award will have a target value of $350,000). Executive will be eligible for an additional equity
award pursuant to the Integration Bonus Plan as set forth in the Offer Letter between QTS and Executive, dated May 5, 2015, attached
hereto as Attachment A and which is incorporated herein by reference.

 

ARTICLE 3

EXECUTIVE BENEFITS

 

3.1           Vacation.
Executive shall be entitled to five (5) weeks paid vacation each calendar year in accordance with the general policies of QTS or
the Company. 

 

3.2           Employee
Benefits. Executive shall receive group insurance, retirement plan benefits and other benefits pursuant to the terms of employee
benefit plans and programs sponsored and maintained by the Company, QTS or its subsidiaries. Executive shall receive all other
such fringe benefits as QTS and/or the Company may offer to other senior executives under personnel policies in effect from time
to time. 

 

3.3           Reimbursement
for Expenses. Executive shall be reimbursed for all documented reasonable expenses incurred by Executive in the performance
of his duties or otherwise in furtherance of the business of QTS and/or the Company in accordance with the reimbursement policies
in effect from time to time. Any reimbursement under this Section 3.3 that is taxable to Executive shall be made by December 31
of the calendar year following the calendar year in which Executive incurred the expense. 

 

ARTICLE 4

TERMINATION

 

4.1           Grounds
for Termination.

 

4.1.1           Death
or Disability. Executive’s employment shall terminate immediately in the event of Executive’s death or Disability.
“Disability” has the meaning set forth in the long-term disability plan applicable to Executive. 

 

    	 

    	 

    

 

4.1.2           Cause.
QTS and the Company shall have the right to terminate Executive’s employment by giving written notice of such termination
to Executive upon the occurrence of any one or more of the following events (which, for purposes of this Agreement, shall constitute
“Cause”):

 

		(a)	Executive’s conviction of, or pleading guilty or nolo contendere
to, a crime that constitutes a felony or any lesser criminal offense involving dishonesty or moral turpitude;

 

		(b)	any commission by Executive of an act of dishonesty, theft, fraud
or embezzlement; 

 

		(c)	any willful act by Executive that has a significant adverse effect
on the reputation of QTS, the Company, or any of their affiliates;

 

		(d)	the substantial failure or refusal by Executive to perform the duties
of Chief Product Officer. It shall be a condition precedent to the Company’s right to terminate employment for Cause pursuant
to this subsection (d) that (i) the Company shall have first given Executive written notice stating with reasonable specificity
the act(s) on which such termination is premised; (b) if such act(s) is susceptible of cure or remedy, Executive shall have sixty
(60) days after receipt of such notice to cure any deficiencies, or; 

 

		(e)	Executive’s material violation of the material written rules,
regulations, procedures, or policies relating to the conduct of employees, directors or officers of the Company.

 

For purposes of paragraph
(c), no act or omission by Executive shall be “willful” if conducted in good faith and with a reasonable belief that
such act or omission was in the best interests of the Company.

 

4.1.3           Good
Reason. Executive may terminate his employment under this Agreement by giving written notice to the Company upon the occurrence
of any one or more of the following events (which, for purposes of this Agreement, shall constitute “Good Reason”):

 

		(a)	A material diminution in Executive’s authority, duties or responsibilities
(including reporting responsibilities), or any significant adverse change in Executive’s title as Chief Product Officer of
QTS, or;

 

		(b)	A material diminution in Executive’s Base Pay, as in effect
from time to time, or;

 

		(c)	Executive’s place of employment is moved more than fifty (50)
miles from Dulles, Virginia;

 

		(d)	A material breach by the Company or the OP of any term or provision
of this Agreement, or;

 

		(e)	The failure of a successor to the assets or business of the Company
or the OP to assume the obligations of the Company and the OP under the Agreement.

 

    	 

    	 

    

 

It shall be a condition
precedent to Executive’s right to terminate his employment for Good Reason that (a) he shall have first given the Company
written notice stating with reasonable specificity the act(s) on which such termination is premised within forty-five (45) days
after Executive becomes aware of such act(s), (b) if such act(s) is susceptible of cure or remedy, it has not been cured or remedied
within thirty (30) days after receipt of such notice, and (c) Executive has terminated his employment within forty-five (45) days
after so notifying the Company.

 

4.1.4           Any
Other Reason. Notwithstanding anything to the contrary herein, the Company shall have the right to terminate Executive’s
employment under this Agreement at any time without Cause by giving written notice of such termination to Executive, and Executive
shall have the right to terminate Executive’s employment under this Agreement at any time without Good Reason by giving written
notice of such termination to the Company. Any notice by Executive hereunder shall be given at least sixty (60) days in advance
of such termination.

 

4.2           Termination
Date. Except as provided in Section 4.1.1 with respect to Executive’s death or Disability, any termination under Section
4.1 shall be effective upon receipt of notice by Executive or the Company, as the case may be, of such termination or upon such
other later date as may be provided herein or specified by the Company or Executive in the notice (the “Termination Date”).

 

4.3           Effect
of Termination.

 

4.3.1           Termination
with Cause or without Good Reason. In the event that Executive’s employment is terminated by the Company with Cause or
by Executive without Good Reason, the Company shall pay all Accrued Obligations to Executive in a lump sum in cash within twenty
(20) days after the Termination Date or on such earlier date required by applicable law. “Accrued Obligations” means
the sum of (a) Executive’s Base Pay hereunder through the Termination Date to the extent not theretofore paid, (b) the amount
of any accrued but unused vacation pay, and (c) any business expense reimbursements incurred by Executive as of the Termination
Date and submitted for reimbursement, in each case, consistent with the policy for such reimbursements, within ten (10) days following
the Termination Date.

 

4.3.2           Termination
without Cause, with Good Reason or due to Company Non-Renewal after the initial two-year Term. In the event that Executive’s
employment is terminated by the Company without Cause, by Executive for Good Reason or due to Company Non-Renewal after the initial
two-year Term:

 

		(a)	The Company shall pay all Accrued Obligations to Executive in a lump
sum in cash within twenty (20) days after the Termination Date or on such earlier date required by law;

 

		(b)	The Company shall pay to Executive, in a lump sum in cash one (1)
year of Executive’s Base Pay plus the Target Bonus as in effect on the Termination Date;

 

		(c)	The Company shall pay to Executive, in a lump sum in cash all bonus
amounts earned but not yet paid for the year prior to the year in which the Termination Date occurs;

 

		(d)	If Executive elects COBRA coverage, the Company shall reimburse Executive
for his premiums for such coverage for a period of twelve (12) months; and

 

    	 

    	 

    

 

		(e)	The Company shall provide to Executive, at the Company’s expense,
with outplacement services and support, the scope and provider of which will be selected by Executive, for a period of one (1)
year follow the Termination Date. 

 

The Company’s delivery
of any notice under Section 1.2 of this Agreement that the Agreement will not be renewed and any subsequent termination of Executive’s
employment at the expiration of such Term of the Agreement shall not be considered a termination without Cause except in the case
of non-renewal after the initial two-year Term, and Executive shall not be entitled to any payments or benefits under Section 4.3.2
under such circumstance.

 

4.3.3           Termination
Due to Death or Disability. In the event that Executive’s employment is terminated due to Executive’s death or
Disability the Company shall pay all Accrued Obligations to Executive or Executive’s estate in a lump sum in cash within
thirty (30) business days after the Termination Date.

 

4.3.4           Waiver
and Release Agreement. In consideration of the severance payments and other benefits described in clauses (b), (c), and (e)
of Section 4.3.2, to which severance payments and benefits Executive would not otherwise be entitled, and as a precondition to
Executive becoming entitled to such severance payments and other benefits under this Agreement, Executive agrees to execute and
deliver to the Company a waiver and general release of claims (the “Release Agreement”) in favor of the Company
and the OP, their respective predecessors and successors and affiliates, and all of the respective current or former directors,
officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, in a form reasonably satisfactory
to the Company, that has become effective in accordance with its terms within sixty (60) business days after the applicable Termination
Date. If Executive fails to execute and deliver the Release Agreement and if such Release Agreement fails to become irrevocable
within sixty (60) business days after the applicable Termination Date, or if Executive revokes such Release as provided therein,
the Company shall have no obligation to provide any of the severance payments and other benefits described in clauses (b), (c),
or (e) of Section 4.3.2. The severance payments and other benefits described in clauses (b), (c), and (e) of Section 4.3.2 shall
be made as soon as practicable after the Release Agreement becomes irrevocable, provided that if such severance payments and other
benefits could be paid in either of two calendar years depending on the date such release is delivered to the Company, such payments
shall be made on the later of January 15, or the date such release is delivered and becomes non-revocable, of such later calendar
year.

 

4.4           Required
Delay For Certain Deferred Compensation and Section 409A. In the event that any compensation with respect to Executive’s
termination is “deferred compensation” within the meaning of Section 409A of the Code and the regulations promulgated
thereunder (“Section 409A”), the shares of the Company, the OP or any affiliate is publicly traded on an established
securities market or otherwise, and Executive is determined to be a “specified employee,” as defined in Section 409A(a)(2)(B)(i)
of the Code, payment of such compensation shall be delayed as required by Section 409A. Such delay shall last six (6) months from
the date of Executive’s termination, except in the event of Executive’s death. Within twenty (20) business days following
the end of such six (6)-month period, or, if earlier, Executive’s death, the Company shall make a catch-up payment to Executive
equal to the total amount of such payments that would have been made during the six (6)-month period but for this Section 4.4.
Such catch-up payment shall bear simple interest at the prime rate of interest as published by the Wall Street Journal’s
bank survey as of the first day of the six (6)-month period, which such interest shall be paid with the catch-up payment. Wherever
payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for
purposes of Section 409A. 

 

    	 

    	 

    

 

4.5           Non-Exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company, QTS, the OP or its subsidiaries and for which Executive may qualify, nor shall
anything herein limit or otherwise affect such rights as Executive may have under any other contract or agreement with the Company,
QTS, the OP or its subsidiaries at or subsequent to the termination date, which shall be payable in accordance with such plan,
policy, practice or program or contract or agreement, except as explicitly modified by this Agreement.

 

ARTICLE 5

RESTRICTIVE COVENANTS

 

5.1           Confidential
Information.

 

5.1.1           Obligation
to Maintain Confidentiality. Executive acknowledges that, by reason of Executive’s employment by the Company, Executive
will have access to confidential information (collectively, “Confidential Information”) of the Company, the
OP and their respective subsidiaries (collectively, the “Quality Companies”). Executive acknowledges that such
Confidential Information is a valuable and unique asset of the Quality Companies and covenants that, both during and after the
Term, Executive shall not disclose any Confidential Information to any person, partnership, corporation, limited liability company,
or any other entity (“Person”) (except as Executive’s duties as a manager, or employee of the Company
and the OP require) without the prior written authorization of the Board. The obligation of confidentiality imposed by this Section
5.1 shall not apply to Confidential Information that otherwise becomes known to the public through no act of Executive in breach
of this Agreement or which is required to be disclosed by court order, applicable law or regulatory requirements, nor shall it
apply to Executive’s disclosure of Confidential Information to his attorneys and advisors in connection with a dispute between
Executive and a Quality Company.

 

5.1.2           Non-Competition.
Executive agrees that for the period during which Executive is employed by, or serving as an officer of the Company, and for three
(3) years thereafter, Executive will not, (a) directly or indirectly, engage in any business involving the development, construction,
acquisition, ownership or operation of data center properties, colocation facilities, cloud, and/or the provision of managed services,
whether such business is conducted by Executive individually or as a principal, partner, member, stockholder, joint venturer, director,
trustee, officer, employee, consultant, advisor or independent contractor of any Person (as defined below) or (b) own any interests
in any data center facilities, colocation facilities or managed service providers, in each case in the United States of America;
provided, however, that this Section 1 shall not be deemed to prohibit the direct or indirect ownership by Executive
of up to five (5) percent of the outstanding equity interests of any public company. For purposes of this Agreement, “Person”
means any individual, firm, corporation, partnership, company, limited liability company, trust, joint venture, association or
other entity.

 

5.1.3           Non-Solicitation.
Executive agrees that for the period during which Executive is employed by, or serving as an officer of Company, and for three
(3) years thereafter, Executive will not directly or indirectly (a) solicit, induce or encourage any employee (other than clerical
employees) or independent contractor to terminate their employment with Company or to cease rendering services to Company, and
Executive shall not initiate discussions with any such Person for any such purpose or authorize or knowingly cooperate with the
taking of any such actions by any other Person, or (b) solicit, recruit, induce for employment or hire (on behalf of Executive
or any other person or entity) any employee (other than clerical employees) or independent contractor who has left the employment
or other service of Company (or any predecessor thereof) within one year of the termination of such employee’s or independent
contractor’s employment or other service with Company or (c) solicit any of Company’s tenants to lease, purchase or
otherwise occupy data center space in the United States of America or encourage any of Company’s tenants to reduce its patronage
of Company.

 

    	 

    	 

    

 

5.1.4           Company
Property. All records, designs, business plans, financial statements, customer lists, manuals, memoranda, lists, research and
development plans, Intellectual Property and other property delivered to or compiled by Executive by or on behalf of any Quality
Company or its providers, clients or customers that pertain to the business of any Quality Company, whether in tangible or electronic
or digital form, shall be and remain the property of such Quality Company and be subject at all times to its discretion and control.
Likewise, all correspondence, reports, records, charts, advertising materials and other similar data, whether in tangible or electronic
or digital form, pertaining to the business, activities, research and development, Intellectual Property or future plans of a Quality
Company that is collected by Executive shall be delivered promptly to such Quality Company without request by it upon termination
of Executive’s employment for any reason. 

 

5.1.5           “Intellectual
Property” shall mean patents, copyrights, trademarks, trade dress, trade secrets, other such rights, and any applications
therefor.

 

5.2           Inventions.
Executive is hereby retained in a capacity such that Executive’s responsibilities may include the making of technical and
managerial contributions of value to the Quality Companies. Executive hereby assigns to the applicable Quality Company all rights,
title and interest in such contributions and inventions, and Intellectual Property therein, made or conceived by Executive alone
or jointly with others during the Term that relate to the business of such Quality Company. This assignment shall include (a) the
right to file and prosecute patent applications on such inventions in any and all countries, (b) the patent applications filed
and patents issuing thereon, and (c) the right to obtain copyright, trademark or trade name protection for any such work product.
Executive shall promptly and fully disclose all such contributions and inventions to the Company and the OP and assist the Company
and the OP or any other Quality Company, as the case may be, in obtaining and protecting the Intellectual Property rights therein,
in any and all countries; provided, however, that said contributions and inventions shall be the property of and
are hereby assigned to the applicable Quality Company, whether or not patented or registered for copyright, trademark or trade
name protection, as the case may be. Executive agrees to take any further steps and execute any further documentation necessary
to assign rights in such contributions, inventions and Intellectual Property therein to the applicable Quality Company. Notwithstanding
the foregoing, no Quality Company shall have any right, title or interest in any work product or copyrightable work developed outside
of work hours and without the use of any Quality Company’s resources that does not relate to the business of any Quality
Company and does not result from any work performed by Executive for any Quality Company.

 

5.3           Non-disparagement.
Executive agrees that he will not talk about or otherwise communicate to any third parties in a malicious, disparaging, or defamatory
manner regarding the Company, the OP or any of their affiliates, owners or their past or present employees, directors, officers
or other representatives and will not make or authorize to be made any written or oral statement that may disparage or damage the
reputation of the Company, the OP or any of their affiliates, owners or their past or present employees, directors, officers or
other representatives or their past or present employees, officers or other representatives.

 

The Company and the OP agree
that they will not talk about or otherwise communicate to any third parties in a malicious, disparaging, or defamatory manner regarding
Executive and will not make or authorize to be made any written or oral statement that may disparage or damage the reputation of
Executive. For purposes of this non-disparagement provision, the Company and the OP are defined to mean the Company’s executive
team and the Board.

 

    	 

    	 

    

 

5.4           Cooperation.
At all times during Executive’s employment and after the date of Executive’s termination of employment, Executive agrees
to reasonably cooperate (if occurring after termination of employment, to the extent not interfering with Executive’s other
business endeavors or personal commitments) (i) with the Company and the OP in the defense of any legal matter involving any matter
that arose during Executive’s employment in the business of the Company and the OP, and (ii) with all government authorities
on matters pertaining to any investigation, litigation or administrative proceeding pertaining to the business of the Company and
the OP. The Company or the OP, as applicable, will reimburse Executive for reasonable travel and out of pocket expenses incurred
by Executive in providing such cooperation.

 

5.5           Reasonableness
of Restrictions; Blue-Penciling. Executive has carefully read and considered the provisions of Section 5 of this Agreement,
and, having done so, agrees that the restrictions set forth in such paragraphs are fair and reasonable and reasonably required
for the protection of the interests of the Company and the OP and their businesses. If any of the provisions of Section 5
shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable
as though the invalid or unenforceable parts had not been included therein. If any provision of Section 5 relating to time
periods or areas of restriction shall be declared by a court of competent jurisdiction to exceed the maximum time period or areas
such court deems reasonable and enforceable, said time periods and/or areas of restriction shall be deemed to become and thereafter
be the maximum time period and/or areas which such court deems reasonable and enforceable.

 

5.6           Breach
of Restrictive Covenants. The parties agree that a breach or violation of any provision of this Article 5 will result in immediate
and irreparable injury and harm to the Company, the OP and their business, and that the Company, the OP and their affiliates shall
have, in addition to any and all remedies of law and other consequences under this Agreement, the right to seek an injunction,
specific performance or other equitable relief to prevent the violation of the obligations hereunder, including without limitation,
to address any threatened breach or violation, and to enjoin and restrain Executive and each and every person, firm, company or
corporation concerned therewith, from the violation or continuance of such violation or breach. In addition thereto, Executive
shall be responsible for all damages, including reasonable attorneys’ fees, sustained by the Company, the OP and their affiliates
by reason of such violation. 

 

ARTICLE 6

GOVERNING LAW

 

6.1           Governing
Law. THER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF VIRGINIA APPLICABLE TO AGREEMENTS
MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS
OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF VIRGINIA.

 

    	 

    	 

    

 

ARTICLE 7

MISCELLANEOUS

 

7.1           Amendments.
The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in part except by the signed written
consent of the parties sought to be bound by such waiver, alteration, amendment or repeal.

 

7.2           Entire
Agreement. This Agreement, together with the Offer Letter, constitute the total and complete agreement of the parties with
respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous understandings and agreements heretofore
made, and there are no other representations, understandings or agreements.

 

7.3           Counterparts.
This Agreement may be executed in one of more counterparts, each of which shall be deemed and original, but all of which shall
together constitute one and the same instrument.

 

7.4           Severability.
Each term, covenant, condition or provision of this Agreement shall be viewed as separate and distinct, and in the event that any
such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be invalid
or unenforceable, the court or arbitrator finding such invalidity or unenforceability shall modify or reform this Agreement to
give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified
or reformed shall be deleted and the remaining terms and provisions shall continue in full force and effect.

 

7.5           Waiver
or Delay. The failure or delay on the part of the Company or Executive to exercise any right or remedy, power or privilege
hereunder shall not operate as a waiver thereof. A waiver, to be effective, must be in writing and signed by the party making the
waiver. A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future
occasion.

 

7.6           Successors
and Assigns. This Agreement shall be binding on and shall inure to the benefit of the parties to it and their respective heirs,
legal representatives, successors and assigns, except as otherwise provided herein. Neither this Agreement nor any of the rights,
benefits, obligations or duties hereunder may be assigned or transferred by Executive except by operation of law. The Company and
the OP may assign this Agreement to any affiliate or successor. The Company and the OP shall require any successor (whether direct
or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
and the OP to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place.

 

7.7           Necessary
Acts. Each party to this Agreement shall perform any further acts and execute and deliver any additional agreements, assignments
or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement.

 

7.8           Notices.
All notices, requests, demands and other communications to be given under this Agreement shall be in writing and shall be deemed
to have been duly given on the date of service, if personally served on the party to whom notice is to be given, or 48 hours after
mailing, if mailed to the party to whom notice is to be given by certified or registered mail, return receipt requested, postage
prepaid, and properly addressed to the party at his address set forth as follows or any other address that any party may designate
by written notice to the other parties:

 

    	 

    	 

    

 

	To Executive:	Peter Weber
	 	Address on file with the Company
	 	 
	To the Company or the OP:	c/o QTS Realty Trust, Inc. 
	 	12851 Foster Street, Suite 205
	 	Overland Park, Kansas  66213
	 	Attention: General Counsel
	 	Facsimile: (913) 814-7766

 

7.9           Headings
and Captions. The headings and captions used herein are solely for the purpose of reference only and are not to be considered
as construing or interpreting the provisions of this Agreement.

 

7.10         Construction.
All terms and definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible
to the express or implied intent of the parties hereby.

 

7.11         Counsel.
Executive has been advised by the Company and the OP that he should consider seeking the advice of counsel in connection with the
execution of this Agreement and the other agreements contemplated hereby and Executive has had an opportunity to do so. Executive
has read and understands this Agreement, and has sought the advice of counsel to the extent he has determined appropriate.

 

7.12         Withholding
of Compensation. Executive hereby agrees that the Company may deduct and withhold from the compensation or other amounts payable
to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld
by the Company under the provisions of any applicable Federal, state and local statute, law, regulation, ordinance or order.

 

7.13         Executive
Representation. Executive acknowledges that by entering into or complying with any provision of this Agreement he is not breaching
or acting in contravention of any other agreement or commitment he has to any other firm, corporation, partnership, organization,
person or any other individual or entity. 

 

IN WITNESS WHEREOF, the
parties hereto have caused the Agreement to be duly executed and delivered as of the date first above written.

 

	 	COMPANY
	 	 
	 	QTS Realty Trust, Inc. 
	 	 	 
	 	By:	/s/ Chad L. Williams
	 	Name: 	Chad L. Williams
	 	Title:	Chief Executive Officer

 

    	 

    	 

    

 

	 	OP
	 	 
	 	QualityTech, LP
	 	 	 	 
	 	By:	QTS Realty Trust, Inc., its sole general partner
	 	 	 	 
	 	 	By:	/s/ Chad L. Williams
	 	 	Name:  	Chad L. Williams
	 	 	Title:  	Chief Executive Officer
	 	 	 	 
	 	PURCHASER
	 	 
	 	Quality Technology Services Holding, LLC
	 	 	 	 
	 	By:	QualityTech, LP, its sole member
	 	 	 	 
	 	By:	QTS Realty Trust, Inc., its sole general partner
	 	 	 	 
	 	 	By:	/s/ Chad L. Williams
	 	 	Name:  	Chad L. Williams
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	QTS
	 	 
	 	Quality Technology Services, LLC
	 	 	 	 
	 	By: 	/s/ Chad L. Williams
	 	Name:  	Chad L. Williams
	 	Title:	Chief Executive Officer
	 	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Peter Weber
	 	Peter Weber

 

    	 

    	 

    

 

ATTACHMENT A

 

Offer Letter

 

    	 

    	 

    

 

 

 

May 5, 2015

 

Peter Weber

15201 Highview Court

Waterford, VA 20197

 

Dear Peter,

 

On behalf of QTS, I am pleased to
welcome you to our company. We are “Powered by People” and we are excited at the prospect of having the great people
of Carpathia join our team. In particular, we are delighted that YOU will be joining our expanded leadership team. Together, we
have a wonderful opportunity to create a truly great company and we are psyched you have decided to be part of this adventure.

 

The purpose
of this letter is to outline the key terms of your employment which will become effective upon the closing of the QTS/Carpathia
transaction. Your title will be Chief Product Officer reporting to Chad Williams, CEO of QTS. For purposes of this letter, your
first day of work at QTS will be considered your “Employment Start Date” and will be the transaction closing date.

 

Please direct
any questions pertaining to this offer to either Tammy Viola or myself. The following sections of this letter briefly outline terms
of employment and employee benefits:

 

Compensation and Incentives 

 

Your starting
annual base salary will be $350,000. QTS’s regularly scheduled pay days are currently on the 15th and last day
of every month. You also will be eligible to participate in the Company’s incentive compensation plan with a target bonus of 100%
of your base salary prorated for any changes to your base salary in 2015. This bonus will be based on your performance and the
performance of QTS. This bonus will be paid in March 2016. In addition, you will be eligible to receive a 2016 Long Term Incentive
(LTI) grant with a target value of $700,000 based on you your performance. As an exception to normal practice, this LTI will be
made in two separate grants your first year. The first grant has a target value of $350,000 and will be made in time-based Restricted
Stock Units within ten days of the closing. These shares will vest ratably over four years, 25% vesting each year on the anniversary
of the grant date. The second grant also has a target value of $350,000 and will be made in accordance with the Company’s regular
issuance schedule for 2016 LTI grants in the same form and terms as other QTS executives, the final design of this portion of your
2016 LTI grant is pending subject to the approval of our compensation committee.

 

 

 

    	 

    	 

    

 

 

Furthermore, you have been selected to participate
in an Integration Bonus Plan with a target payout of $200,000. This target value will be granted to you within 10 days of closing
in the form of Performance Based Restricted Stock Units (PBRSUs). This award has a one year performance period that begins on the
day of closing. Specific objectives will be established with your input by the Integration Steering Committee. The degree to which
we collectively achieve these objectives will determine the number of PBRSUs that actually vest, ranging from 0 to 150%. These
shares will vest ratably over three years on the anniversary of the grant date and will vest 100% upon (i) your termination of
employment by the Company without “Cause”; (ii) your resignation for “Good Reason” and (iii) the occurrence
of a “Change in Control”, in each case, as such terms are defined in your employment agreement that was effective as
of the closing. Stay tuned for more details about this exciting incentive program.

 

QTS offers a full range of benefits that include
company-paid holidays, vacation time, sick leave, etc. You will be eligible to accrue 200 hours of personal time annually. A summary
of other benefit offerings is as follows:

 

Employee Benefits 

Health/ Dental / Vision/401k /Flex options 

QTS sponsors a comprehensive, employee subsidized
benefits package for employees classified as full-time. For employees who elect to participate, benefits commence on the first
day of the month following the employee’s date of hire. Premium amounts are payroll-deducted in accordance with the semi-monthly
pay cycle and are based on the selected level of coverage.

 

All employees who work over 1000 hours per
year and are at least 21 years of age are eligible to participate in the 401K plan after a 90 day waiting period. QTS provides
an employer match of 50% of employee deferral up to a contribution limit of 6% of eligible earnings. Eligible earnings includes
base salary, and annual bonus or commission payments subject to IRS limitations.

 

Supplemental Insurance Options 

 

Employees classified as full-time, are eligible
to enroll in supplemental insurance benefits. The plans include basic life, AD&D insurance coverage in the amount of $100,000.00.
As an eligible employee, you also may elect to enroll in additional supplemental coverage either for yourself and/or qualifying
dependents. Employee coverage amount(s) up to $150,000.00 (self), $50,000.00 (spouse), and $10,000.00 (qualifying dependent), do
not require completion of a personal health application. Amounts in excess of the listed amounts will require completion
of a personal health application. Premium costs for any supplemental coverage are payroll-deducted in accordance with the semi-monthly
pay cycle.

 

    	 

    	 

    

  

Continuation of Your Current Carpathia Benefit Elections 

 

You will continue your current elections on your Carpathia benefit
plans until the end of 2015. You will complete annual enrollment of benefits with QTS in the fall during our normal annual enrollment
cycle.

 

I hope this letter provides you with a good
overview of our customized compensation package for you. If you have questions, please do not hesitate to contact me directly at
913.802.6297.

 

Peter, we genuinely look forward to you joining
QTS. Your leadership and continued outstanding contributions will be key to our collective success. We are “Powered by People”.
This is how we deliver a premium customer experience and differentiate ourselves from the competition. With your help, we will
build on the past successes of Carpathia and QTS to build an enduring company that makes a big difference in the world! We can’t
wait to get started.

 

Sincerely,

/s/ Stan Sword

Stan Sword

Chief People Officer

Quality Technology Services, LLC (“QTS”)

 

Acceptance of Employment 

By accepting employment
with QTS, you acknowledge and understand that employment with QTS is “at-will,” meaning that either QTS, or you, may
terminate employment at any time for any reason with or without notice. By signing and accepting this offer of employment, you
acknowledge your agreement with the terms of employment set forth in this letter. You further acknowledge that you are not subject
to any employment, non-compete or other agreement that would limit or prohibit your acceptance of employment with QTS. In addition
to the previous background checks and screening, you acknowledge that QTS may require you to submit to additional background checks
and screening depending upon the requirements of our customers or as otherwise required by applicable law. Please sign and date
in the space below.

 

	/s/ Peter
    Weber	 	5/5/2015 
	Executive Acceptance	 	Date 

 

		CC:	HR file

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